Have you also been hearing about the new broker in the stockbroking industry – M Stock by Mirae Asset a lot lately? In case you are looking to open an account with the stockbroker, you deserve to know everything necessary about the M Stock Demat Account.
Therefore, here in this article, you’ll get to know all the essential information about the M Stock Demat Account so you could decide whether to go for this broker or not.
M Stock Demat Account Review
M Stock is a product by Mirae Asset, which is a South Korean company having over 25 years of experience in financial services.
The company provides stock broking services in several countries including China, America, and Brazil. However, it has recently set foot in India.
The stock broker has deep roots, so you don’t have to worry about its genuinity.
Apart from that, this broker offers to trade and invest across various segments including equity, currency, futures and options, IPO, etc.
M Stock is gaining popularity because of its zero brokerage and zero AMC plan, which we will discuss later in this article.
M Stock serves as a convenient and rapid onboarding process. It offers Digilocker benefits, which makes the process of document verification complete in 30 minutes or less.
For M Stock demat account opening, all you need to do is download the mStock App or visit the webpage, enter your mobile number, fill out an online KYC form, and verify your details and documents through eSign.
Then you will receive the login details, and your account will be functional within a few couples of minutes.
Let’s have a quick look at the process of demat account opening with M Stock
Enter your mobile number and mail id on the mStock app or website for registration.
Enter your basic details and fill out the KYC by uploading the required documents.
After the KYC, link your bank account with your trading account to transfer funds for investing or trading.
Since M Stock doesn’t provide free account opening, Pay the account opening charges according to the plan chosen.
eSign the account opening form by entering the OTP received on your Aadhar-linked mobile number.
Then, verify your details and documents by doing an IPV (In-Person Verification), in which you will have to upload a short video confirming your identity.
Your account becomes functional once the verification process completes.
Another thing that must be popping into your head is what are the charges associated with the M Stock account? Well, let us have a look and have a list of charges for demat account.
These days, stockbrokers generally offer free account openings to attract customers. Whereas, M Stock charges ₹999 as an upfront fee as Demat account opening charges.
Now, You must be thinking, what’s the point of paying ₹999 when you can open it for free with several other brokers?
Well, hold on before you make your judgment. What you are about to know will seem unbelievable, but it’s true.
M Stock broker provides lifetime free brokerage on all trading orders and segments for a one-time payment of ₹999 as AMC. This plan eliminates the brokerage charges that most of the time significantly impact your profits.
However, hidden charges such as stamp duty charges, SEBI charges, GST, etc will be levied.
Nonetheless, if you do not feel comfortable paying ₹999 upfront. You can opt for another plan, in which you will have to pay ₹149 upfront, but you will lose access to the zero brokerage benefits.
After account opening charges, the next question that comes in line is about the M Stock Demat account maintenance charges. Let’s check them out as well.
M Stock Demat Account Maintenance Charges
Account Maintenance charges (AMC) vary from one stock broker to another.
Likewise to the opening charges, M Stock charges ₹999 as a one-time fee for lifetime account maintenance. This feature excites every long-term investor who will be free of paying AMC for a lifetime in ₹999 as an upfront fee.
Anyways, don’t worry if it doesn’t excite you much, you can go for another AMC option that M Stock offers.
In this, one will have to pay ₹120 as AMC quarterly, which will make it a whopping ₹480 per year. Now choose wisely!
mStock Demat Account AMC Charges
One Time AMC Fees
₹120 per quarter
The next major thing that tells you whether it’s a ‘Yay’ or ‘Nay’ for a stockbroker is their app. So let’s have a look at the M Stock demat account app.
M Stock Demat Account App
The M Stock trading and investing app is available for both IOS and Android users.
Download the app and log in with the credentials you received after account opening, you will be all set to use the different features of this app.
Since it’s a discount broker, the UI looks pretty basic. Apart from that, it provides fine access to the domestic as well as international market.
The platform also provides quick order processing and bank-grade security.
Let’s throw some light on other features that the M Stock app provides:
Seamless fund transfer via Net banking and UPI.
All kinds of charting tools and indicators for better analysis.
Exhaustive option chain.
Complete portfolio information.
M Stock Demat Account Refer and Earn
Like any other stock broker, M Stock also offers to refer and earn a demat account facility where the existing client can refer the services of the broker and can earn a good amount as a referral bonus.
Not only the referer but a referee also earn a cash bonus of ₹149. However, the condition is that the referrer refers to the ₹999 accounts.
You can refer via WhatsApp or enter the name and mobile number of your friend or family in the referral form available on the website.
M Stock Demat Account Advantages
Let’s now summarize all the benefits of opening a demat account with M Stock:
The company has a long-standing history of providing financial services across different countries. So, the reputation of the company shouldn’t be a matter of concern.
The zero brokerage and zero AMC for a lifetime are quite fascinating, as these charges are always a burden on traders and investors.
M Stock demat account offers to trade and invests in various segments to diversify your portfolio.
Since the active client base is low, the app and web page will have less traffic, making the work faster.
M Stock Demat Account Disadvantages
With so many benefits, there are some disadvantages too. So, it is good to consider them as well before opening an account.
The company is new in the stock broking business, especially in India. So, this might become a point of concern whether or not it will be able to compete with the benchmark of India’s stockbroking industry.
There are several other options available in stock brokers that provide free AOC along with free AMC for the first year with zero to minimal brokerage charges. Apart from that, the risk of not getting along with the app and services after paying the upfront fee is also there. As the ₹999 is a non-refundable amount in case you wish to close your demat account.
As for now, when the article is being written, M Stock is not registered with NCDEX, which means agricultural commodity trading is not available.
M Stock demat account can be your portal to the Indian Stock Market since it has several features and good technology to serve the needs of its customers.
The process of M Stock demat account opening is pretty convenient, simple, and fast. On top of that, it offers lifetime free brokerage and AMC, which makes it a favorable choice for different groups of investors and traders.
The ₹999 one-time fee plans are appealing to both short-term and long-term traders and investors.
As short-term traders will be free from paying brokerage several times every trading day. While long-term traders can enjoy the benefit of holding their securities free of cost for a lifetime.
Other than this, this broker will bring the market to your fingertips and provide trading and investing across several products. Although the brokerage charges are lifted in the 999₹ plan, all other CDSL Demat Account Charges will be applicable.
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