Samco is one of those few discount stock brokers in India that has lagged in the area of trading platforms and technology. Arguably, the performance of the trading platform is the most important aspect of a stockbroker, especially in this day and age of technology.
Although Samco has been able to provide in-house trading platforms across the devices when it comes to performance, speed or user experience, there is a lot that can be improved.
In this review of the mobile app of Samco, we will discuss several features available in the application, their usage, overall merits and demerits of the application etc. Hopefully, with this, you will be able to make up your mind in terms of going ahead with the mobile app or not.
Samco Mobile App Features
Here are the details:
Once you have downloaded and installed this application onto your mobile phone, the below screen is displayed to you. Here you are supposed to enter your valid login id followed by the password screen. One big turnoff is that the app does not provide any guest login. The problem with that is, that users looking to explore different mobile trading apps before opening an account cannot do so with Samco.
At the basics level, the samco mobile app provides you multiple market watch-lists where you can add specific scrips of your choice. Once added, you can monitor these stocks or financial classes on a regular basis. One good thing about this feature is its fancy and interactive UI (User interface) which also makes the usability of this feature pretty easy.
If you are looking to view the current situation of different indices, such information is available by tapping on the ‘Index Details’ menu item. Once done, you will be able to check out the exchange, index name and value at that point in time. This feature can be made more useful by introducing a ‘Bullish/Bearish indicator’ in form of arrows or any other signs so that user can make out some actionable sense of this feature.
If you tap at the breadcrumb displayed on the top left part of the screen, a menu will be displayed to you with all the specific features you can access in this mobile application. However, from a competitive point of view, a number of features are pretty limited as compared to other mobile trading apps in India.
As displayed below, this mobile app from Samco allows you to place different types of orders including Limit, Market, Stop-loss based orders. Such a feature assists different kinds of traders and investors to place their orders as per their preferences, risk appetite, and market understanding.
This is how an order is placed using the mobile app. You can pick the order type, option to buy or sell, product name, quantity, price, scrip etc. Once done, you are supposed to press ‘Place Order’ which is followed by a confirmation screen. Once confirmed, you order gets placed and in-line to get executed at the stock exchange.
If you want to view your holdings, you can do so within your portfolio section (as displayed on the screen below). This screen displays your current positions overall, scrip name, LTP (Last traded price), used quantity etc.
You can set different alerts and notifications based on your preferences and requirements at a specific index, stock or any financial class level. These notifications can be provided in the form of an email or SMS to your mobile number. This way, you don’t need to monitor a stock continuously and the app notifies you automatically once a specific price point or percentage is reached.
As you can see, the app has a very small satisfaction score (less than 50%) while the industry standard is around 80%. This fact makes this Samco mobile app as one of the worst rated mobile trading apps in India.
Samco Mobile App Advantages
Here are some of the benefits of using Samco Mobile App:
The app offers a fancy user interface which makes it soothing for experience, especially for beginner traders (not so much for intermediate or heavy traders since UI is one of the secondary requirements for those users).
Personalization and customization are allowed to a specific level within features such as watchlist, dashboard, alerts, notifications etc.
The mobile app is available for both Android and iOS users.
You can trade across different types of orders within this mobile app, across different trading segments of course.
The app has a two-level authentication mechanism where users need to verify themselves with their password followed by a few security questions.
Samco Mobile App Disadvantages
At the same time, here are a few concerns that revolve around the Samco Mobile App:
The technical team of Samco does not update their mobile app on a regular basis. In fact, they have not updated this mobile app for the last 15 months or so. To give you an idea, some of the prominent mobile apps have an update frequency cycle of 3-4 weeks.
The app does not offer a guest login. A guest login, these days, is more than a “good-to-have” feature simply because users have become technologically aware across different facets of the society and they want to have a dry run at the trading softwares before they make their final broker choice.
The app faces regular issues with crashing and getting hanged. This is a big turn-off for intra-day traders who are looking for consistent performance and reasonable user experience.
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