The company is a discount broker and is spread across India through its more than 350 branches. In a small time, it has gained much fame because of its low brokerage charges of ₹10 per order or ₹1000 per month or ₹10000 per year to trade in all segments.
With the My Value Trade Demat account, you would be able to access your account and can get a better hold on the stocks and other financial instruments.
My Value Trade Demat Account Review
My Value Trade is quite an old organization offering its services to its clients for many years. You can benefit from different services provided by My Value Trade like trading, demat account, funds paying, and payout services through a single login.
A demat account is used for holding securities like stocks, ETF investments, etc. On the other hand, a trading account is used for making buy and sell transactions on the securities which you hold.
Opening both these accounts with the same broker should be done simultaneously.
My Value Trade offers some unique services like the Flexi balance feature. Also, there is a customer service helpdesk at My Value Trade which offers their customer care services through various means like email, phone call, social media and chat online.
As per their clients’ reviews, the quality of the customer care services is not up to the mark and has a lot of scope for improvement.
My Value Trade operates from a single place and there are no franchises or branches because of which people from different parts of the country can’t reach them.
Also, in terms of services, some things are missing like non-availability of tips and recommendations for investing and lack of service of automated trading.
My Value Trade Demat Account Opening
To open a Demat Accountwith the My Value Trade, the customer has to pay the sum of ₹300. You can avail both online and offline support for opening the account with the broker.
Here are the steps to open the My Value Trade Demat Account:
The demat account opening form needs to be procured either online or by visiting their office.
The required details need to be filled in the form along with your signatures at the correct places.
These documents are used as proofs of a person’s identity and his / her address like PAN card, Aadhar card number, ratio card, passport, driver’s license, etc.
Passport size photographs of the client would be required along with a canceled cheque
Copies of bank statements of the last 6 months also need to be submitted at the time of opening the demat account.
After this, all these details and documents will be verified by the representatives of My Value Trade. Once all the formalities are complete on their end, your My Value Trade demat account will be opened.
Want to open a Demat Account
My Value Trade Demat Account Login
Once the My Value Trade demat account is opened, a username/client id and login password would be shared with you.
The login credentials give you access to login to different platforms of the firm including the trading account, trading platform, backoffice, etc
You just need an internet-enabled device to be able to login to your account and operate it.
You need to download the app of My Value Trade from Google play store or Apple store depending upon your device. As mentioned earlier, to login to your app, you would be required to have your client Id and password.
My Value Trade Demat Account Charges
Before opening any demat account, one should get a clear idea of all the charges related to that account whether they are an onetime cost or recurring in nature.
My Value Trade demat account offers a 2- in- 1 account plan in which the demat and trading account can be opened together. For this, you have to pay the sum of ₹300, which needs to be paid only once at the time of account opening.
The annual maintenance charges for the My Value Trade demat account is Rs. 400. These charges can be waived off for the first year of the opening of the account. After the first year, Rs. 400 would need to be paid every year.
Here are the demat charges for the My Value Trade
My Value Trade Demat Account Charges
Demat Account Opening Charges
Trading Account Opening Charges
Demat Account: ₹400 (from second year onwards)
Trading Account: Nil
Other charges include –
An advance deposit of the sum of Rs. 2000 out of which Rs. 1000 are refundable. They can also be adjusted on other occasions.
The charges for demat are Rs. 3 for every certificate and Rs. 20 per DFR.
A charge of Rs. 50 is charged for pledge creation.
My Value Trade Demat Account Closure Form
If because of any reason, a client decides to close his / her My Value Trade demat account, then, he/she would be required to close the account formally.
An account closure form needs to be filled and all the account holders need to sign the form. Once the formalities are complete at your as well as their end, the account will be closed.
Before starting the process to close the account, it is recommended to check if there are any holdings or any outstanding payments in your account.
If there are any holdings, they need to be transferred to the account with another DP and in case of any outstanding balances, they need to be paid off too.
Even if your My Value Trade demat account is not in use, you need to close it to save yourself from the payments of annual maintenance charges that are to be paid every year.
My Value Trade Demat Account Advantages
There are some advantages to having a My Value Trade demat account. These are going to be discussed here –
1) They offer the facility of choosing from more than 40 banks to link with My Value Trade demat account.
2) The process of payout of funds takes only 1 working day.
3) My Value Trade is one discount broker that offers a flat yearly plan for its charges.
My Value Trade Demat Account Disadvantages
Where there are advantages, there are disadvantages as well. Let us discuss some of the disadvantages of a My Value Trade demat account here –
1) One can not apply for an initial public offering (IPOs) through a My Value Trade account.
2) They do not provide the services of a 3 – in – 1 account which means that the banking services are not provided along with demat and trading account services.
3) There are no branches of My Value Trade because of which their reach is quite low as compared to other brokers.
4) They do not provide the facility of free tips for transactions, quarterly reports for stocks and news and live updates.
My Value Trade is a discount broker operating from a single office. The My Value Trade demat account opening process is simple and the charges are comparable to other discount brokers in India.
Their customer service is not very great. Although if we look at them across different facets, they seem to provide reasonable value.
There are several pros and cons of opening a demat and trading account with them that should be analyzed carefully before deciding whether to go with them or not.
One must complete his / her whole research before making this decision.
Frequently Asked Questions
1) Does My Value Trade provide 24 * 7 customer support services?
No, the customer care service does not operate continuously for 24 hours a day. However, you can reach their customer care through phone, email, or chat.
2) Is the service of a 3 – in – 1 account offered by My Value Trade?
No, the service of banking is not included in the 2 – in – 1 account offered by My Value Trade. Thus, you can have a demat and trading account in one fold.
3) What are the charges for opening the My Value Demat Account?
Unlike many other discount brokers, there are charges for the opening of My Value Trade demat account of Rs. 300. Although the opening of the trading account is free.
4) Are there additional charges for using the My Value Trade applications for login?
No, there are no extra charges for login through any app of My Value Trade.
In case, you need more assistance feel free to contact us