Tradingo is the latest addition to the list of technologically sound stock brokers in India. But, honestly, you should open a Tradingo Demat account if you have grown weary of the medieval vibes of your current trading platform.
This stockbroker follows a full-service premium brokerage model, therefore, provides customers with research and advisory. Moreover, it is registered with NSE and BSE as well as with depository bodies NSDL and CDSL.
Additionally, it is also recognized by MCX, MSEI, and NCDEX.
Now let’s talk specifically about the Tradingo Demat account.
Tradingo Demat Account Review
It will be better to go through the unique and essential features of the Tradingo Demat Account before you actually start the application process. An overview will help you understand whether this broker is suitable for your needs and requirements.
It’s always better to open a Demat Account with a broker that you can trust with your hard-earned money. And Tradingo is just that. In fact, its integrity to its customers and credibility as a stockbroker has been lauded by MCX, NSE, BSE, NCDEX, and NSDL.
If you have a Tradingo Demat account, you’ll always have the option of trading in equity, currency, and commodity. Apart from this, Tradingo gives you the choice of four different plans with benefits like brokerage credit.
With an active client base that exceeds the 2 lakh mark, Tradingo ensures customer support using a ticket-raising module.
Now that we have established that a Demat Account with Tradingo is secure and genuine let’s jump straight into the account opening process.
Here are some of the features of the demat account of Tradingo:
Free account opening
Multiple brokerage plans
Free AMC for lifetime
Option to trade in different segments including commodities, currencies and IPOs.
Multiple brokerage plans.
So, now reap the benefit of trade with the stockbroker by knowing the whole process and charges associated with the demat account.
Tradingo Demat Account Opening
The digital boom demands that trading platforms ensure accessibility to basic features like opening a Demat account using a mobile phone. Tradingo has effectively met this demand, and you’ll be glad to see how simple it is to open an account with this broker.
All that is required is a few documents, a good internet connection, and you are all are set to open a Demat account with the broker.
Starting with the documents required to open a demat account, here is the list for the same:
Voter ID Card
Passport Size Photograph
Income Proof (if you want to trade in derivatives)
Last 6 months account statement
Make sure you have all the required documents to avoid any delay in account opening.
Tradingo Demat Account Opening Process
As already discussed, the broker offers a seamless and online way to open a Demat account.
To give you a better insight into the process, the following is a step by step guide of how to apply for a Tradingo Demat account using the app:
Step 1: Fill in your mobile ID and email address and click on Get OTP.
Step 2: Enter the OTP.
Step 3: Fill in your Mobile number, email address and re-enter each and then click continue. This was your basic info form.
Step 4: Next, fill in your PAN card details and Date of Birth. Now, simply press Continue.
Step 5: In addition to a mobile number and email address, you have to submit: Full Name, Father’s/Spouse’s name, Mother’s name, marital status, and gender.
Step 6: For the Regulatory Information form, fill in details like the name of the person who can trade on your behalf, annual income, occupation, and political associations, if any.
Step 7: Select a plan from the list and click continue.
Step 8: Upload documents like PAN and Signature and then click Continue.
Step 9: Upload any additional documents and then click Continue again.
Step 10: In this step, you can review all the details before submitting.
Step 11: Click the “yes” button if your number is Aadhar linked.
Step 12: Fill Check box “ I have checked PDF. “
Step 13: Simply click on OK on this window.
Step 14: In this final NSDL step, enter the Adhaar number, generate OTP, and fill in the OTP column.
Step 15: On successful completion of all the above steps, you’ll see this window on the app. All you have to do now is, submitting of the client code generated to the KYC Team. That’s it, now sit back and wait for verification.
As you might have inferred from the easy and simplified guide above, it’s better to keep important documents like a PAN card, Adhaar card, and your Signature photo or doc to upload.
And in case you are using the Tradingo website, the opening process looks pretty similar, and only the thing is that you’ll be redirected to the Swastika Investment website for the whole process.
Tradingo offers you a 2-in-1 trading+demat account. Remember, for stock market trading; you always require a trading account in addition to a demat account. And for this 2-in-1 account, Tradingo will charge no account opening fee.
Other full-service brokers will not just ask you to pay a huge account opening fee but charge you very heavily for research tips and stock advisory. But Tradingo doesn’t do that. Instead, its full-service model offers tips and advisory for free.
Incredibly high Account Maintenance Charges will often feel an enormous burden, especially to traders who wish to enter day trading. Tradingo understands this sentiment. That’s why it offers you two plans for AMC.
Tradingo Demat Account AMC Charges
250/- plus GST per year from second year onwards
With this, we have covered every aspect of the Tradingo Demat account, but we aren’t leaving you without giving a recap in the form of the merits and demerits of trading on Tradingo. This one-time fee will also include charges for customer support as well. And you can trade on your Demat Account on the mobile app as well without any additional cost.
Tradingo Demat Account Refer and Earn
Tradingo has a special program of Refer and Earn. According to this program you can register by filling up an “Amigo” application form and then send it to Tradingo, attaching documents like PAN card, Adhaar card, Bank Proof, and 10th standard mark sheet.
Once Tradingo approves your application, you will become an official “Amigo”. And all this will cost you Rs.1500/- (plus GST). Let’s look at what you can earn by becoming an Amigo.
For every Discount Broking plan(standard plan), you’ll earn 50% brokerage.
For every Premium Plan refer, you’ll earn just 10 % brokerage.
Your earnings are debited to your bank account on the 7th working day of every month. So, you don’t have to worry about late payouts.
Tradingo Demat Account Advantages
See, the choice of going for a demat account with Tradingo will amount to some advantages as well as a few disadvantages.
Some salient features that will establish Tradingo as a broker that stands out in the market are:
Online and Offline Account Opening: You can open a demat account by using a mobile device or a desktop and following very simple steps. Additionally, you can visit the nearest branch of Swastika and initiate the demat opening process.
Free Demat Account Opening: You won’t be charged a penny if you open a demat account on Tradingo. And you can enjoy free brokerage on delivery trading once you open the account.
Free Research tips and advisory: No matter what plan you choose, Tradingo will always provide you with free and profitable stock market tips.
Tradingo Demat Account Disadvantages
So far, we have gone through some merits of Tradingo. But choosing a broker is not a decision to be made in a hurry. It’s important to observe the disadvantages of a Tradingo Demat account.
Evolving Platform: Since it’s fairly new, Tradingo can improve its services and platform to serve the traders/customers better.
Inadequate Customer Support: The helpdesk of Tradingo, on several occasions, failed to serve the needs and solve queries of the customer.
Glancing at the above table will help you evaluate the worthiness of the Tradingo Demat account in light of the client-specific expectations and requirements. We’ll recommend you adequately go through this article before you actually make up your mind.
Hoping this article has helped you, and if that’s so, keep watching this space for more detailed reports on the Tradingo platform. Thanks for reading!!
Want to open a demat account now online for FREE. Get in touch with us and we will assist you in your account opening process.