Have you heard of Fisdom a lot of times from different sources? Do you also want to open a Fisdom demat account but the lack of information is coming your way?
Well in this article, we give you all the information of the Fisdom demat account and the parameters that help you in to know that is Fisdom safe?
Fisdom Demat Account Review
Fisdom began as a finance company that initially used to provide services like investment in Mutual funds, Insurance, and NPS only.
However, with time it began to expand its services and since 2021, it offers more services like demat account maintenance, trading in Equity, IPO, Non-convertible Bonds (NCDs), and Gold Bond investments.
Fisdom is functional in more than 120 cities across the country. Initially, it was backed by Naspers which is a South African headquartered company.
Now, it has partnerships with some of the renowned Indian banks (9 in total) like Oriental Bank of Commerce, Indian Bank, Apna Bank, SBM Bank, and a few other digital platforms (8 in total) like TVS Credit, Business Line, and Google Pay.
Fisdom Demat Account Review
Equity, Currency, Gold Bonds, IPO, Mutual Funds
Fisdom Demat Account Opening
The demat account opening process on Fisdom is rather easy, convenient, and quick. All a person has to do is to download the Fisdom app or visit the web, sign-up using the required documents, verify those documents through an online KYC process in 5 minutes and that’s it!
Upon approval of the KYC documents, it will take a maximum of 24 hours for the account to become functional.
Let’s now give you a quick overview of the process involved in opening a demat account with Fisdom:
Visit the Fisdom webpage and click on the option “SignUp”.
Register yourself by entering your mobile number and Email ID.
Now enter your basic details and proceed further by entering other details like PAN card number.
For KYC verification enter your Aadhar card number and upload the supporting documents.
Since trading involves the transfer of funds and so you have to link the valid Bank account details.
Now choose the trading segments and the brokerage plan from the options provided to you.
Post this, the next step is the e-sign where you need to enter the Aadhar card number and OTP received on the linked mobile number.
Once done, the last step is the In-Person Verification where you have to upload a short video of your face to verify your details and identity in person.
On successful validation of documents and details entered by you, your account gets activated within a few hours.
These days many stockbrokers whether it is a full-service or discount broker, it comes up with specific plans and discounts that allow the clients to use their services.
To start with, they allow the client to open the demat account without any fees and like most of the known stockbrokers, Fisdom too does not charge any account opening fees.
Fisdom Demat Account AMC Charges
Now apart from the opening fees, the demat account involves the maintenance cost as well. Here again, the broker offers the benefit of zero AMC for the first year, hence the customer does not have to pay any fees during demat account registration.
However, from the second year onwards, the fee is ₹299 annually as Fisdom demat account AMC.
Make sure you pay this fee on time to avoid any overdue or penalty charges.
Fisdom Demat Account App
Once your Fisdom demat account gets activated successfully, you will be provided with an app, that helps you to trade online across segments.
Fisdom demat account app comes with a lot of new-age features that help the traders make better assessments while investing and thus, making more money. Here are some of the top highlighted features of the trading platform:
The app is suitable for both Android and iOS platforms.
Trading & Investment in Equity, Mutual Funds, IPO, Insurance, and NPS on one platform.
A seamless way to create, add, and edit watchlists.
Market section to offer you the ocean of information. Also, it allows investors and traders to filter the news that they want to read.
Charting tools with advanced UI and interactive charts, indicators that help traders to know a lot about the market volatility and make a trade decision accordingly.
Stockbrokers usually introduce very lucratively refer and earn demat account programs to bring more customers through their existing customer base. Fisdom also has exciting demat account refer and earn programs for both the referrer and the referee.
When a customer refers Fisdom to their friends or anyone they know, they get access to one month of unlimited trading with zero brokerage plan for every two successful referrals. The customer also gets ₹ 250 every time someone opens a demat account on Fisdom through their referral.
On the other hand, the person who joins through a referral program gets a 3 months limitless trading facility where they have to pay zero brokerage charges.
After the complete review, let’s have a quick look at the benefits of the demat account with Fisdom:
The biggest benefit of having a Demat account with the broker is the minimal Fisdom charges. It has a flat fee brokerage model along with a limitless trading brokerage model. The traders get to choose what suits them best.
With the watchlist feature, you can choose the stocks you want to keep an eye on. It helps you when you forget or don’t keep track of the stocks you were earlier interested in.
With Market Screener, the traders get all the market insights, tools, and access to important discussions. It means Fisdom works like a full-service broker at the expense of a discount broker.
Along with many features and benefits, there are some drawbacks too that are associated with the Fisdom demat account. Let’s have a look:
Even after 7 years of establishment, it has not been able to make a good client base in the market.
Being new in the industry, it is not registered with the MCX and NCDEX.
The major focus is on mutual fund investment and thus there are many features in that need to be upgraded for stock market investors.
How to Close Fisdom Demat Account?
For some reason, if you are not satisfied with the Fisdom services or you are now not using your demat account, then it is better to close it to avoid any kind of penalty.
So when it comes to the decision of closing your Fisdom demat account then, you have two methods to choose from.
Call the customer care number: You can simply call their customer care number +91-8048093070 and request them to close your account by giving them the account details.
Email: You can write to firstname.lastname@example.org, get the account closure form, fill it out, and send it to them through mail or post.
Not only does the Fisdom demat account have a hassle-free, quick and easy way to open your demat account, it also has flexible brokerage charges with as little as ₹ 20 per executed order along with a subscription-based brokerage plan.
Fisdom also gives you easy access to trade in Stocks as well as F&O, all on one platform. To make the trading more fruitful, it also has advanced research and analysis tools through which you can play your investments better and earn bigger shares of profit.
On top of that, the Fisdom demat account opening process is absolutely FREE and there is no AMC for the first year either.
Want to begin your investment journey in the stock market? Begin now by filling in the basic details in the form below: