Zerodha is a well-known discount broker in the Indian online trading market. It is a Bengaluru based, popular discount/budget stockbroker that has made it big in the stockbroking industry in a very short period. Zerodha backoffice is one of its most popular applications used for trading-related activities.
Let’s talk about the different features it has to offer along with some of the provisions you must be aware of:
Zerodha Backoffice Review
“Q” is the name of Zerodha’s first backoffice application which was introduced in the year 2014. “Q” was aimed to be the ultimate financial assistant to the traders and investors having their demat account with Zerodha.
In 2018, Zerodha upgraded its backoffice application and it’s now called ‘Console’. ‘Console’ is the latest Zerodha backoffice application.
It has replaced ‘Q’ and has been integrated within Zerodha Kite recently. ‘Console’ has come with few advanced features and also rectified the drawbacks that ‘Q’ had, in order to give the traders a pleasant trading experience.
Zerodha Backoffice Login
Previously the login page was “q.zerodha.com” which has now changed to this link. If you are looking to access Zerodha backoffice, here are some of the steps you need to follow:
Once you open the login page with the above link, click on “Login with kite”. Since Zerodha works on an SSO (Single Sign-On) model, a single user id is enough to log in to different Zerodha applications. So, if you have already opened kite account, you can log in with that user id.
That’s it. You have now logged in to the new Zerodha backoffice application ‘console’.
Let’s take a quick look at some of the features office in this backoffice application of Zerodha:
Dashboard – After you log in, the first thing you see there is the Dashboard which shows a brief graphical summary of your trading account.
Portfolio – It’s a simple feature that shows ‘position’ of your stock and “holding” details. You can see all the stocks that you purchased and are holding on ‘Console’ by going to the “portfolio” icon and choosing the dropdown options “position” and “Holdings” respectively.
If you wish to see the stocks you are holding on a specific date, then choose a ‘date’. And if you search a particular share that you are holding then type the scrip name in the search bar and hit enter.
There is also an option to filter your holdings for long term (more than a year), pledged holdings (when you pledge for margin for a particular stock) and discrepant holdings (displays stocks that you are holding with discrepancy).
Reports – Click on “reports” icons and you will see 4 drop-down menus. Depending on the type of report you want to check, you may click on the corresponding menu item.
Tradebook – It shows all of your trading transactions. Just select the segment, date range and click on “view” or “download”.
P&L – It gives the summary of the profits you made and loss you faced while trading. Go to “reports”, click on “P&L” and then select the segment. You can choose the view as combined, realised and unrealised. Choose dates and click on ‘view”. You can also download the P&L report to a spreadsheet.
Tax P&L – It covers the details of tax payable for profit and loss you made while trading through Zerodha backoffice application.
Zerodha 60 Day challenge – It’s a unique feature i.e. exclusive to Zerodha backoffice. Zerodha uses it to encourage traders to invest in stocks and also to make trading fun for them. The trader is challenged to be a profit maker for 60 days. He/she should not incur any loss in these 60 days.
In 60 days of the challenge, you need to be net profitable. The profit will be counted after deducting brokerage, tax or any other fee. If you prove to be net profitable in the period, you get a winner’s certificate from Zerodha.
Select “reports” and then select “60-day challenge”. Then select the segment – EQ & FO, currency or commodity (you can select one or more) and click on ‘start challenge’. This feature really makes your time and money invested in trading worthwhile.
Downloads – It’s a common feature for all reports. Through this feature of Zerodha backoffice, you can download any report you need. It also lets you download your contract note. To download ‘contract note’ click on download option from dropdown menus, then select ‘contact note”, select the category (equity or commodity), then select a date range, then select the output format (such as pdf) and lastly download.
Funds – It’s quite simple, used for all fund-related activities. It has two dropdowns “Overview” and “Statement”.
If you want to withdraw your traded funds, then go to “Overview” and then enter the withdrawal amount either under ‘equity’ or under ‘commodity’ and click on ‘process.
If you process a withdrawal today, the amount will get credited to your linked bank account the next morning. Zerodha backoffice is very prompt when it comes to any fund-related transactions.
In the ‘statement’ tab you will get to see any transaction statement related to your Zerodha backoffice trading account. Just select the segment and period for which you are seeking the statement. There will be debt, credit and net balance details in the statement.
Zerodha ZPin – It is an essential element for trading. It is a numerical ID unique to your Zerodha backoffice account. To find your ZPIN, go to your ‘client ID’ at the right top corner of the user interface, and select ‘my profile’.
Here you will get your ZPIN. Without ZPIN no transaction is possible. Especially when you call Zerodha customer care for carrying out any transaction you have to provide your ZPIN. You can reset your ZPIN if needed.
Referral program – This new version of Zerodha backoffice has this option available but without a bonus.
Zerodha Backoffice Advantages
Here are some of the benefits of using Zerodha Backoffice:
It has a very simple, one-step login process.
While you are trading with Zerodha backoffice one thing you can be sure about, that it won’t be heavy on your wallet. Brokerage for Zerodha is most probably the lowest in the market. In case of delivery based trades, Zerodha charges you as low as ₹0.01. However, it charges 18% GST on brokerage.
Zerodha has simplified the user interface in Console compared to the user interface of Q, the previous version of Zerodha backoffice application.
The application is so easy to use that any novice traders also can use it with ease and without any guidance.
Zerodha Backoffice Disadvantages
At the same time, here are a few concerns associated with this backoffice platform:
Reports could be more versatile.
Cancelling the referral bonus discourages clients to refer somebody.
Customer service has a lot of scopes for improvement.
The number of customer Zerodha complaints about Zerodha backoffice application is increasing and few inconsistent and weird bugs are bothering traders as well.
Since its launch in 2010, Zerodha has always strived towards providing value to its client, like most of the top stockbrokers in India. Therefore, if the discount broker can work on the drawbacks and feedback provided by its client base, it can provide even more value to its existing client base.
In case you are looking to get started with stock market trading, let us assist you in getting started.