Fisdom, a multiservice financial institute cum a discount stock broker that has recently set its foot in the stockbroking industry has been making a lot of news of late because of various reasons. Intrigued about knowing what Fisdom is and how can you begin your trading journey with Fisdom?
Well, just stick around with us till the very end as we look at Fisdom demat account, charges, its app, its advantages, and disadvantages, whether it is safe or not, how to refer and earn, and how to contact customer care in case of any trouble you face with the stockbroker, all in detail.
Fisdom was first incorporated in 2015 but it only provided services like investments in segments like mutual funds, health insurance, and National Pension Schemes.
With the growing interest of investors towards different stock market investment products, it decided to step its game up in 2021 and gave users the opportunity to invest in equity, IPO, Non-Convertible Bonds and Gold Bonds.
Here is the detail of the stockbroker.
Fisdom is registered with the NSE and BSE, thus allowing you to trade in equity and currency segments along with other available investment products including IPO.
Now to invest in any of these trading products, it is essential to have a trading and demat account, which is completely free for all users.
Also, the broker offers you a seamless way of opening the account and provides you with an app that makes it easier even for beginners to trade using different options.
Let’s now have a quick look at the process of opening a demat account with Fisdom.
Fisdom Demat Account Opening
Now as we all know you need a demat account in order to trade in different segments. Fisdom provides a demat account absolutely free of cost and without any AMC for the first year. However, there is an AMC of ₹299 from next year.
You can open a demat account in only 5 minutes. The process is rather quick and convenient and it takes only 5 minutes to open an account. All you have to do is to download the Fisdom mobile app or go to their website terminal and sign-up using either your mobile number or email address.
After signing up, you have to first submit your PAN number and then the required documents for a demat account opening online and then verify those documents through an online KYC process. Once your documents are verified, it will take a maximum of 24 hours for your account to be activated.
Here is a list of documents you will need to provide to in order to open your demat account.
- Identity proof: One of Aadhar card, PAN Card, Driving license, Voter ID Card, or Passport
- Residence proof: One of Aadhar card, Ration Card, or Utility Bill
- Bank account proof: One of Passbook or canceled cheque
- Income proof: One of Account statement, Salary slip or ITR acknowledgment slip
Like any other stockbroker, Fisdom too charges fees for offering brokerage services. However, being a discount broker, these fees are quite low thus allowing traders to trade across segments without worrying much about the charges.
Now the list of charges includes:
- Demat Account opening charge
- Demat Account AMC Charges
- DP charges
- Brokerage Charges
Fisdom Brokerage Charges
Fisdom has two ways of charging brokerage commission. One is a flat fee-based brokerage commission while the other includes paying a periodic subscription charge to pay no commission on trading. We will look at both of the charges one by one.
Since it is a discount stockbroker, it charges a fixed brokerage commission of ₹20 on every executed order across all the trading segments.
Fisdom Freedom Plan
When it comes to the subscription-based brokerage charges, Fisdom has 3 plans based on the time period. All of them exempt you from paying any brokerage once you subscribe to those plans by paying the mentioned amount.
Fisdom DP Charges
Along with the brokerage and other charges discussed above, there are debit transaction charges or DP charges applicable on the sell side of the delivery trading.
The DP charges are Rs 15 per scrip per day.
The variety and efficiency of the trading platforms provided by a stockbroker go a long way in deciding how easy or difficult the whole process of trading is going to be with that stockbroker.
Fisdom provides two trading platforms – one through the mobile app and the other through the website.
Fisdom Mobile app
The mobile app is available both on the Google play store and the App Store for users to download. It has a 4.4 rating with more than 10 lakhs on the Play store and 4.6 ratings on the app store.
The app gives you multiple features such as
- Risk analyzer
- Tax Calculator
- Financial Health check
- Portfolio tracker
- Market screener
All these features make your entire trading experience easier and more profitable. You can make better trading decisions using these tools and earn more profits.
Even though the slow speed of the app along with the lack of enough charts and indicators might prove to be a problem and can play a spoilsport in your otherwise convenient trading experience, it allows the investors and traders to invest in a variety of options in one place only.
Fisdom Super Trade Desktop Terminal
The other trading tool that Fisdom provides is through its website. Once you sign in on its official website, it gives you multiple options including investing in your desired trading option.
You also get other tools such as checking your financial health, Risk profiler, and options like withdrawing your funds and tracking your investment portfolio.
Trading through the website gives you the option to manage your investments on a bigger screen and it certainly loads faster than the mobile app.
Through its refer and earn program, Fisdom gives its existing clients an opportunity to save some money on their trading.
At the same time, it also gives benefits to the new customers who join the app through the refer and earn program.
- For every two successful referrals, the referrer gets one additional month of zero brokerage.
- For a customer who joins Fisdom through a referral link, he or she gets a demat account opened for free and without any AMC for the first year. At the same time, the person has to pay no brokerage charges for the first three months of joining.
To refer Fisdom to your friends, you need to copy your customized referral link and share it with them on different platforms.
Fisdom Customer Care
Even though Fisdom has an active complaint percentage of zero at the moment, it is important for a stockbroker to have a competent customer service team that can resolve whatever issue a customer faces while using its services.
The broker often resolves the problems of customers in two ways.
- For phone call service, you need to call Fisom on their given number from Monday to Friday and between 9 AM and 5:30 PM to get a reply. You can also place a trade order by calling this same number. Your trade order will be updated in your online account.
- For the email service, you can write to them anytime and the designated team will revert to you as soon as possible.
There are several benefits associated with choosing Fisdom as your stockbroker.
- The flexibility of brokerage charges is a major benefit because it allows the traders to either opt for a limitless plan in case they trade on a larger scale or pay a flat brokerage fee for the smaller trade volume.
- The availability of multiple tools both on the app and the website ease the way of trading, especially for a beginner.
- With its refer and earn benefits, a new client doesn’t have to pay any brokerage charge for the first 3 months if joined through the referral program which is quite motivating for the traders, be it new or old.
Is Fisdom Safe?
After reviewing everything about Fisdom, the next question that obviously comes into mind is how much one can trust this stockbroker? Is Fisdom safe? Well, even though it is a new kid on the block when it comes to the stockbroking industry, it has been there as a financial institute since 2015, providing multiple other investment services and winning several awards.
It would be safe to say that it is an absolutely safe stockbroker. However, it is recommended that you do your own research before choosing a broker for you.
“ If you’re saving, you’re succeeding, “ – Steve Burkholder
With Fisdom being a discount stockbroker, you automatically save and you succeed right from the account opening to trading.
You also get to save more of your trading charges by either opting for a subscription plan or by referring it to your friends or family members.
However, since the broker has only entered the stock market in 2021, the reliability factor might come it’s way even though it has been a well-established brand when it comes to mutual fund or gold bond investments.
It has received several accolades for the financial services it has been providing since 2015.
The best thing about the broker is that it covers and provides multiple investment options in one place and you can choose to invest in your desired investment option or options like Stocks or Gold bonds or retirement planning or health insurance without going anywhere else.
We hope now you got all the information that you were looking for about Fisdom.
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