Overview of Finance Monitor
Finance Monitor is an Indian financial services firm that was founded in 1992. It provides a wide range of services, such as e-broking, mutual funds, trading in stocks and derivatives, insurance, and financial advising. Finance Monitor endeavors to fulfill the varied investment requirements of its clientele by providing sophisticated trading platforms and extensive product choices.
Is Finance Monitor Legit？
Finance Monitor is not regulated by any financial regulatory authority. This lack of regulation means that there is no oversight of the broker's activities, which can pose significant risks to traders and investors.
Pros and Cons
A comprehensive array of financial services is provided by Finance Monitor, such as an easy-to-use mobile trading app and affordable margin trading funding (MTF) rates. However, as there is no control of the broker's operations, the lack of regulation by any financial institution carries a number of serious hazards.
Products and Services
Finance Monitor offers a comprehensive range of financial services, including financial advisory, wealth management, mutual funds, insurance, e-broking, equity trading (cash and derivatives), and global investments. Our extensive product line encompasses the equity, derivatives, and bond markets, thereby satisfying a broad spectrum of investment interests, objectives, and aspirations.
How to Open an Account
To open an account on Finance Monitor, follow these steps:
- Visit the eKYC (Account Opening) Section: Navigate to the eKYC section on the Finance Monitor website or mobile app.
2. Complete the eKYC Process: Provide the necessary personal details and documents as required for electronic Know Your Customer (eKYC) verification.
3. Submit the Application: Once all information is filled out and verified, submit the application for account opening.
4. Confirmation: After submission, you will receive confirmation of your account opening.
Trading Platforms
Finance Monitor offers advanced trading platforms, including a user-friendly mobile app, for equity, derivatives, and bond market trading, ensuring accessibility and efficiency for all users.
Fees
Finance Monitor charges for Margin Trading Funding (MTF) as follows:
- Margin Trading Funding (MTF): Enables buying stocks with a small margin amount.
- Using Stocks as Margin: Use your existing stocks instead of cash for margin requirements.
- Funding by ICICIdirect: The balance amount is funded by ICICIdirect.
- Interest Charges: Interest is as low as Rs. 32 per day on a funded amount of Rs. 1 lakh.
Customer Support
Finance Monitor's customer support can be reached at their corporate and registered office located at: 403-B, Dalamal Chambers, 29, New Marine Lines, Churchgate, Mumbai - 400020
Phone: 022 62534400 / 022 62534416
Email: operations@fmipl.in
User reviews
User 1:
“I've been with Finance Monitor for about a year now. Their wealth management services are top-notch, and I've seen decent returns on my investments. The customer support is pretty responsive too, which is a big plus for me. However, I do worry about the lack of regulation. It makes me a bit uneasy about the safety of my funds, but so far, no major issues.”
User 2:
“I started using Finance Monitor for their e-broking services, and I have to say, their trading platform is really user-friendly. I like that they offer a wide range of investment options, including global investments. The educational resources have also been quite helpful. The only downside is the high fees on some services, which can eat into your profits a bit.”
Conclusion
Finance Monitor provides a broad spectrum of financial services and an advanced trading platform, making it a comprehensive solution for various investment needs. However, the lack of regulation introduces significant risks, underscoring the importance for potential clients to proceed with vigilance and undertake comprehensive investigations prior to utilizing the platform.
FAQs
Is Finance Monitor regulated？
No, Finance Monitor is not regulated by any financial regulatory authority.
What services does Finance Monitor offer？
Finance Monitor offers financial advisory, wealth management, mutual funds, insurance, e-broking, equity trading, and global investments.
How can I open an account with Finance Monitor？
You can open an account by visiting the eKYC section on the Finance Monitor website or mobile app, completing the eKYC process, submitting the application, and awaiting confirmation.
What fees does Finance Monitor charge？
Finance Monitor charges interest as low as Rs. 32 per day on a funded amount of Rs. 1 lakh for Margin Trading Funding (MTF).
How can I contact Finance Monitor's customer support？
You can contact Finance Monitor's customer support at their Mumbai office, via phone at 022 62534400 / 022 62534416, or by email at operations@fmipl.in.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then.
