Grab the best experience of trade with the Trade Smart Online Demat Account.
Here we are with the complete detail, opening process, and charges associated with the account.
Trade Smart Online, a Mumbai based discount broker, has been founded as a part of a bigger group, VNS Finance. They focus on making the experience of traders associated with them better with the latest technology and automation.
Opening a Trade Smart Online demat account can open avenues of investing and holding different kinds of financial instruments like equity, commodity, currency, derivatives, etc for its clients.
Trade Smart Online Demat Account Review
Trade Smart Online is based in Mumbai and provides average services for a low-cost discount broker. It has one of the best and low-cost brokerage plans and the overall pricing of the broker is pretty much on the lower side. In addition to the Trade Smart Online demat account, individuals can also open trading accounts with the company to trade in securities.
The demat account would enable you to hold stocks and other financial instruments and a trading account would enable you to trade in those securities. The account opening and maintenance charges are not very high and are approximately the same as other discount brokers in India.
If you have a Trade Smart Online trading account, you would have access to average trading platforms. The customer service experience of this broker is quite average and a lot can be done to improve this experience.
The channels through which you can get in touch with them are emails, telephone, social media, and online support systems.
Trade Smart Online offers flexible plans for brokerages according to the clients’ needs. Also, they provide reasonable exposure to their trading clients.
The services offered by Trade Smart Online demat account are not that great because of the absence of facility to invest in mutual funds, IPOs and FPOs. Also, they do not provide any services to enable their clients to manage their portfolio to fetch better returns from the markets.
Trade Smart Online Demat Account Opening
It is extremely easy to open a Trade Smart Online demat account. You can open a Demat Account via an online and offline process.
The first way is to get an account opening form from their website. This form is required to be filled completely and signed by the person who wants to be the account holder. After this, some documents necessary for the demat account are needed to be scanned and uploaded. The list of the required documents are listed here :
Document for address proof can be any one of these – passport, driver’s license, recent electricity or telephone bill, Aadhar card, etc.
Photograph of the client (passport size)
Some bank cheques, the details of which depend on the kind of account you want to open
After this, the process of in-person verification needs to be done. This can also happen online. The client needs to be present himself or herself on a webcam on a pre-decided date.
The documents needed in the offline method are the same. The only difference is that you can visit their office to get a form and submit it along with all the documents mentioned above.
Thus, the broker offers all the facilities to make the customer feel comfortable.
Once you get the form from the branch or website, fill all the required details.
Sign the form at all the mandatory places.
In case of joint account, make sure that all the account holders sign the form.
Attach the self-attested photocopies of the document mentioned above.
Attach your recent photograph too and send it via courier to the branch or to the main office of the broker.
Willing to open a Demat Account
Trade Smart Online Demat Account Login
Once all the formalities of opening Trade Smart Online demat account are completed on both the ends, the account will be opened within three working days. A client id and password would be shared with you with the opening of the account.
To log into your account, you need to have a laptop, desktop, or even a mobile phone with an internet connection. You can log into your account with the information shared earlier with you and can change its password to your own choice for future logins.
To use the Trade Smart Online demat account, you can download their app on your phones and have immediate access to your account and start operating it.
Trade Smart Online Demat Account Charges
To open a Trade Smart Online demat account, you would need to pay a one time charge of Rs. 200. Thereafter, a charge of Rs. 300 would be required to be paid as an annual maintenance fee for the demat account.
The demat charges are Rs. 500 for every certificate and Rs. 15 plus service tax for every demat transaction. The inter DP transfer charges levied on the client are Rs. 25. Needless to say, there will be an additional service tax with this amount.
Rs. 500 are the charges for opening a trading as well as demat account simultaneously. Also, there will be no additional annual maintenance charges for the trading account.
Here is the complete detail of the demat account charges of Trade Smart Online.
Trade Smart Online Demat Account Charges
Demat Account Opening Charges
Trading Account Opening Charges
Demat Account AMC
Trading Account AMC
Trade Smart Online Demat Account Closure Form
In case you want to change your DP or sell off all the holdings from the demat account, you should close your Trade Smart Online demat account by going through the demat account closure process.
This is recommended to save the annual maintenance charges mentioned above. These charges are applicable even if the demat account is not in use for a long time.
For this, you would be required to procure the account closure form and fill it. if there are multiple holders of the Trade Smart Online demat account, all of them would need to sign on the account closure form.
Once the formalities are complete from you as well their end, your account will be closed.
Make sure that there are no holdings in your demat account. If there is any, transfer it to the other existing account.
Also, there should be any pending dues with the broker. It is good to clear all the dues before processing an account closing process.
In case of any doubts, you can get in touch with Trade Smart Online executives who will guide you through the process.
There are three ways of getting in touch with them to open a Trade Smart Online demat account.
The first way is the most traditional way of visiting their office.
The second way is to talk to them on the phone numbers assigned for this purpose.
And the third way is to email them at their email id designated for new customers.
Trade Smart Online Demat Account Advantages
There are a few advantages of opening a Trade Smart Demat Account. This will influence you to grab its services without delay.
1) Since it is a zero balance account, any security deposit or margin is not required for a trading account.
2) Trading is allowed across multiple segments spread through multiple exchanges.
3) The pricing of Trade Smart Online is very competitive. They have one of the lowest rates in the industry. Also, there are different kinds of plans to suit the needs of different kinds of customers.
4) Trade Smart Online provides some good trading tools like bracket orders, span calculators, etc.
Trade Smart Online Demat Account Disadvantages
On the other hand, there are some cons to this account too. Some of the disadvantages of Trade Smart Online demat account are listed below –
1) The service of the 3 – in – 1 account is not available in Trade Smart Online. That means the clients can not avail of the benefits of banking services along with trading and demat accounts.
2) Specific reports on stocks like annual and monthly reports on stocks are not provided by them.
3) Their reach is limited as they do not have any branches spread across India.
4) Free call and trade facility is not available here. Clients need to pay Rs. 20 + brokerage for every order that has been executed in the market.
5) Also, clients can not invest in initial public offerings (IPOs) through them.
Trade Smart Online is an average discount broker that offers the services of demat and trading accounts to its clients. Opening a Trade Smart Online demat account is a simple and hassle-free process with some basic documents and details.
They are quite good on the pricing front for their clients.
They can improve their experience better by taking some measures like making their technology-related experience above average.
Also, a lot of improvement is needed when it comes to the area of customer support and getting the queries of the clients resolved promptly.
Frequently Asked Questions
1. Can someone open only a trading account with Trade Smart Online without having a demat account with them?
Yes, only trading accounts can be opened with Trade Smart Online. The charges for opening only a trading account with them are Rs. 200.
2. Can the account be opened with Trade Smart if someone can not provide the last 6 months’ bank statements as the account has been recently opened?
Yes, in such cases, a copy of the welcome letter of the bank can be submitted. The welcome letter should contain your account number and other details. Also, the copy should be self-attested.
3) How quickly can the process of opening a Trade Smart Online demat account be completed?
In case all the required documents have been submitted along with the account opening form as per the KYC norms, it would take a time of around 3 working days after their submission to open the account.