Unfiltered Review of ZERODHA

Zerodha is an Indian financial service company, member of NSE, BSE, MCX, MCX-SX that offers retail and institutional broking, currencies, and commodities trading, mutual funds, and bonds. Founded in 2010, it is known for its discount pricing model and innovative use of technology. The company claims to be “India's first discount brokerage” having debuted the “discount broking” model in India that is popular in developed markets. Zerodha is only available to Indian people, it only serves the Indian market.

SEBI REGULATED BROKER

Zerodha is regulated by the Securities and Exchange Board of India (SEBI). It is a member of the National Stock Exchange of India (NSE), the Bombay Stock Exchange (BSE), the Multi Commodity Exchange of India (MCX), and the Metropolitan Stock Exchange of India (MCX-SX).

Trading Products:

· Equity: You can trade in stocks listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

· Derivatives: Zerodha allows trading in Futures and Options (F&O) on NSE and BSE. These are financial instruments that derive their value from an underlying asset like a stock, index, or currency.

· Currency: You can trade in currency derivatives on NSE and BSE.

· Commodities: Zerodha offers commodity trading on the Multi Commodity Exchange (MCX).

· Mutual Funds: Zerodha's platform, Coin, allows you to invest in mutual funds directly from asset management companies.

· Bonds and Government Securities: You can invest in tax-free bonds, government securities, and other corporate bonds through Zerodha.

Trading Platform

· Zerodha Kite: is an ultra-fast trading platform that offers real-time market data streaming, full and adjustable charting, and an easy and polished user interface.

· Zerodha Console: The core dashboard for your Zerodha account, providing detailed reporting and analytics on your transactions and investments. It provides an in-depth and comprehensive history analysis of your equities by trade from the date of acquisition.

· Zerodha Coin: You can invest in mutual funds and government bonds with no commissions.

· Zerodha Varsity is a free and complete online educational platform that sets down numerous topics of the stock market and finance so that you can learn.

Account Types:

· Equity & Derivatives Trading Account: This account allows you to trade in stocks, futures, and options on NSE and BSE. There are no annual maintenance charges for this account.

· Demat Account: This is where you keep stocks in electronic format. It's needed if you intend to take delivery of stocks (buy and hold stocks overnight). The annual maintenance charge (AMC) for a Demat account at Zerodha is Rs.300.

· Commodity Trading Account: This account allows you to trade in commodities on MCX. There are no annual maintenance charges for this account.

· NRI Account: Zerodha also offers accounts for Non-Resident Indians (NRIs). The documents required and the process to open an NRI account are different from resident accounts.

Fund Transfer:

Zerodha offers multiple ways to transfer funds to your trading account:

· UPI: You can transfer funds instantly from your registered bank account using UPI for free. All UPI transfers must be initiated from Kite.

· Instant payment gateway: Funds can be transferred instantly through net banking. A charge of Rs.9 + 18% GST is applicable for such transfers.

· IMPS/NEFT/RTGS transfer: You can add Zerodha's bank account details as payees to transfer funds to your Zerodha account.

· Cheque: You can also deposit funds via cheque.

Deposits and Withdrawals:

Zerodha offers multiple ways to deposit funds into your trading account including UPI, IMPS/NEFT/RTGS, and the instant payment gateway.

For withdrawals, you can place a withdrawal request from the Zerodha Console or Kite. The funds are typically credited to your bank account within 24 hours if the request is placed before the cut-off time. If the request is placed after the cut-off time, it takes an additional working day for the funds to be credited to your bank account.

Customer Service:

Zerodha offers customer support through multiple channels including email, phone, and ticket-based support. They also have a comprehensive support portal that covers a wide range of topics and questions that customers might have. The support portal is categorized into different sections such as Kite (their trading platform), Console (their back office), Coin (their mutual fund investment platform), and Varsity (their educational platform). Each section has a list of frequently asked questions and detailed articles on various topics. They also have a 'New to Zerodha' section for new customers to help them get started with their services.

Educational Resources:

Zerodha provides a comprehensive educational platform called Varsity. Varsity is an extensive and in-depth resource for learning about the stock market, trading, and investing. It is divided into several modules, each focusing on a different aspect of trading and investing. These modules include topics like introduction to stock markets, technical analysis, fundamental analysis, futures trading, options theory for professional trading, option strategies, markets and taxation, personal finance, and risk management & trading psychology. Each module is further divided into chapters providing detailed information on specific topics.

Pros & Cons:

Review

On Wikifx, Zerodha is rated as a low-score broker. The rating is 1.15 out of 10. Zerodha not having a license is yet another red flag. Furthermore, WikiFX warned, stating that it has been verified that this broker currently has no valid regulation. Please be aware of the risk! Here is the proof of it. Stay alert, and don't choose this broker.

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