Is Groww App Safe?
Check All Frequently Asked Questions
Groww is offering mutual fund investment services since 2016 and got registered with SEBI in 2020 to offer brokerage services as well. In the shortest time span, it is able to attract many potential investors and traders. But here is the question, is Groww app safe for investment?
So, if you are someone who is looking forward to opening a Groww demat account then get into the details and check different parameters essential for checking the reliability of the broker.
Is Groww App Safe for Investment?
Now to check how famous the broker is what data should be checked? Ofcourse the client base, Right? But having a high number of active clients make the broker reliable and safe?
Therefore to get clear information of is Groww app safe or not here we have summarized a few important parameters:
- Registration details of the broker with the exchange.
- App Review
- Active Client Base
- Active Complaint Percentage
- Customer Support
- Awards and Recognition
Let’s discuss all these parameters in detail.
Before proceeding ahead it will be wise to check the reliability and authenticity of the broker whose application you are using for trading and to know that you can check whether it is registered with the Indian stock market regulator and exchanges or not.
Groww is registered with the Indian stock market regulator SEBI (the Security and Exchange Board of India) under the registration ID INZ000208032.
Also, Grow is registered with NSE (National Stock Exchange), BSE (Bombay Stock Exchange) with the name Nextbillion Technology Pvt. Ltd which means that you can trade in diverse segments. Groww is a registered member of AMFI India and distributor with BSE too.
As a depository participant Groww is registered with NSDL and CDSL to provide Demat account service to its clients.
Registration with such reputed and trusted institutions assures that the Groww app is safe for investment and trading.
Let’s summarize all these below for ease of understanding.
Once you complete the process of Groww sign up you can access the Groww app available both on Google Playstore and Apple Store. The app has been downloaded more than one crore times from Google Playstore and it has 6.79 Lakh reviews with a user rating of 4.5 stars.
On the App store, it has got a rating of 4.4 stars with 17.6K ratings.
Reviews published on Google Playstore claim that its user interface is straightforward to use.
Also, we are living in an age when the safety of the client and stock market transaction data is of utmost importance for a stockbroker, Groww too has taken initiatives to enhance the security of the app.
For this Groww employs 128-bit encryption which equips the app to safeguard the data of clients and trade transactions more efficiently.
There is more information about Groww App tabulated below.
Groww Active Clients
Groww stepped into the Indian stock market in the year 2016. Since then its client base is rising steadily.
As of now, Groww has an active client base of forty-two lakh, sixty-eight thousand three hundred eighty-three (44,22,161) with a client share of 11.31% per the latest data released on the NSE website.
This huge active client base is itself a certificate of assurity of the Groww app. But along with the active client base it becomes important to check for the complaint percentage to check that is the broker able to resolve the issues and queries of its client or not. As per complaints, data compiled from the NSE website for the last 3 years shows that the total number of serious exchange complaints against Groww is Zero.
As per the BSE website, 11 complaints were received against Groww in 2022-23 and 91% of them show resolved status.
This data clearly shows the trust clients put in the services of Groww. You can take it as the hallmark of the safety of the Groww app.
Groww Customer Care
As you have seen above customers can face problems on the Groww App trading platform so providing clients with good customer care support is a prerequisite for becoming a successful stock broker.
Groww provides clients with an efficient customer support team. As Groww is a discount broker so you cannot contact them physically through offices but can reach out to them via email and phone number.
A client can approach the support team Monday to Friday between 9 AM and 7 PM and on Saturday from 9 AM to 2 PM.
Is Groww App Safe or Not?
From the above parameters, it is clear that although the broker is offering limited trading services to its clients but has proven itself to stay active when it comes to resolve queries and ensuring safety and security of the demat account.
Apart from this the following awards and recognition added a hallmark in the efficiency of a stockbroker.
The Nextbillion Technology Pvt Ltd which owns Groww has won the BSE award in the RFD category for being the 2nd best performer in 2018.
Winning a BSE award in this competitive Indian stock market is not an easy affair.
The BSE ward won by Groww itself is proof that Groww is a secure and trustable stockbroker so is the Groww app.
The safety of the stockbroking app holds utmost importance to a trader and investors. All these details we discussed above answer your question ‘is Groww app safe’ in YES.
Hige active client base,128-bit app encryption, low or almost zero active complaints and active customer support make the Groww app one of the most secure trading apps available in the Indian stock market.
Willing to begin your investment journey in the stock market? Get in touch with us now and we will assist you in choosing the right stockbroker and in opening a demat account online for FREE!