Today, we present a SAMCO review to help you select the best broker for you.
So, let’s try to answer a fundamental question – What SAMCO is.
SAMCO broker is one of the cheapest stock brokers charging a flat amount as brokerage (more on that later). Based out of Mumbai, SAMCO Securities allows its clients to trade across multiple financial segments, including:
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The number of active clients is a critical aspect of SAMCO Review.
“By 2020, SAMCO has an active client base of 66,419.”
SAMCO is known to be a suitable stockbroker for beginners since it provides an exhaustive repository of introductory and intermediate tutorials on trading and investing.
Simultaneously, with low brokerage charges, this discount broker leaves a low chance of risk for beginners compared to other stockbrokers.
As it is a discount broker, it does not have an offline presence, but you have the option to become a referrer and get a percentage brokerage share for your referrals. Check this review on SAMCO Franchise for more information.
“Having said that, you’d realize by the end of the SAMCO review, that low brokerage is most probably the ONLY positive point about this stockbroker. Other than that, it fails to deliver much of value to its clients.”
The discount broker offers SAMCO best trading platforms India necessary for SAMCO Review, across devices like desktop, mobile, or web application. Let’s discuss each of these applications one by one:
SAMCO NEST TRADER
SAMCO NEST trader is a terminal-based trading platform by the stockbroker. NEST is the short form of Next-generation Electronic Securities Trading.
The clients need to download and install the trading platform to go ahead with trading.
NEST trader software is highly popular among the traders. It facilitates trading in the prominent stock exchanges like BSE (Bombay Stock Exchange), NSE (National Stock Exchange), and MCX (Multi Commodity Exchange).
The trader can use the SAMCO trading login to commence the process of using the platform. Suitable for heavy traders, this terminal platform comes with the following features:
Regular Market watch
Segregated market watchlists.
Snap Quote trading feature explains the movements of a particular stock and current buyers’ and sellers’ current price and several stocks offered.
More on these features can be viewed here in a few of the demo videos:
SAMCO STOCK BASKET
SAMCO Stock Basket is a responsive SAMCO trading platform that can be accessed directly through a mobile application. It is available on Android and iOS devices.
Clients have to enter a valid username and password and start trading from anywhere, anytime.
It comes loaded with all kinds of attractive features and looks. It has a fantastic feature of getting suggestions about a basket of stocks recommended by the experts.
These stock baskets are to be chosen by the trader as per his investment goals. The login page is as shown below:
Although this mobile-application adds many brownie points to the SAMCO review based on the idea behind the trading platform, it fails in the implementation aspect.
SAMCO seems to have a quantitative approach when it comes to trading platforms. Although they have provided multiple trading platforms, quality-wise, there are quite a few compromises that can be observed.
The Bigger concern is, there are minimal updates done on these trading platforms. These small problems add up to bringing the ratings in the SAMCO review down.
This platform is one of the latest additions in the discount broker’s trading platforms’ list to its clients. It is accessible on mobile phones (Stock Note App) and web browsers (Stock Note Web).
They can access the portal by entering the SAMCO Stock Note Login credentials.
The application has been acknowledged well in the initial phase and claims to be based on a proprietary technology called Giga Trading Engine.
The overall user experience of the application is pretty smooth. However, the number of features can still be increased. The App also offers a primary features-based guest login. This is how the app looks like:
SAMCO Star is the discount broker’s back-office system where most of the administrative tasks related to your trading are conducted. The accessibility to a back-office increases the way a customer provides the SAMCO Review.
The trader has to enter the SAMCO back office login credentials to access the portal. This system allows you to take care of:
The discount broker can be reached out to by the clients through various communication channels. They are as follows:
SAMCO Helpline – 022-2222-7777, 022-4503-0450
Raise a Ticket on the website.
Social Media (Facebook, Twitter, Youtube, LinkedIn, and Instagram)
When it comes to customer service, the thing with SAMCO is that they are very sales-like in their discussion mode. However, customer service primarily aims to help out an existing client base when they get stuck in any specific aspect.
If the broker is looking to provide any value to its clients through SAMCO support, it needs to look at some aspects very closely as they matter a lot in the SAMCO review. These aspects are:
Train its customer executives team and make them skillful enough to deal with clients coming with different queries.
Quicken up the turnaround time for the resolution provided to the client.
Once these primary areas get figured out by this discount broker, clients’ outlook may change.
“SAMCO introduced ITL (Indian Trading League), in lines to Zerodha‘s 60-day challenge, with Kapil Dev to bring in organic popularity. But what matters to clients is transparency, value for money service, and decent trading platforms.”
There are three ways to transfer funds to your trading account in SAMCO. The more options they extend, the better ratings are received in the SAMCO review.
The fund transfer methods are:
UPI (Unified Payments Interface)
Through Stock Note Web
The broker requires the clients to either use the back-office or submit a payout request through the trading platforms. The fund’s transfer happens in 2-3 days (although it is claimed that it happens the same day).
In pricing, a client needs to pay the following charges during trading:
Account Opening Charges
The brokerage of the stockbroker
Transaction Charges of the exchange
Goods and Services Tax
Stamp Duty Charge (varies from state to state)
“The minimum initial deposit you need to provide for account opening is ₹25,000.”
SAMCO ACCOUNT OPENING CHARGES
The process of the SAMCO account opening is just as easy as the charges levied on the client. Here are the SAMCO trading account and demat account opening charges :
If you are looking for high exposure, then the discount broker provides a couple of options to its clients. These leverage plans add to the valuation in the SAMCO review. The leverage is offered using these plans:
SAMCO Cashplus is one of the SAMCO Products. By paying ₹1000 yearly, you can avail of this service where you can be entitled to get up to 4 times exposure or leverage in Equity Delivery Segment.
The product offers leverage on more than 300 stocks listed on the stock market.
Further, it depends on the kind of stock you are looking to purchase, and then the corresponding exposure value is offered to you.
The only catch in this plan is that you are required to pay an interest of 0.05% per day on the outstanding amount of delay payment. So make sure you pay back the money quickly to avoid any such charges.
You need to understand one thing clearly before using such plans, and that is, although it certainly enhances the buying power of the client, it also exposes the capital to much high risk.
Unless you understand the way it works, what its implications are, etc. Thus, you are advised not to use the product with half or incomplete knowledge about the terms and conditions.
Suitable for Intraday traders, this is another leverage-based product where clients can get access to margin against their shares. With this margin value, clients can trade at the intraday level. Clients are supposed to pledge their holdings in the demat account and based on the assets’ value. A corresponding value is opened up for the client for intraday trading on the stock market.
The plan costs ₹1000 + GST yearly to the clients of the stockbroker with an additional charge of ₹60for each scrip that gets pledged or unpledged. In this plan, clients can get a margin against 801 stocks and ETFs.
BTPT stands for Buy Today and Pay in Two Days. SAMCO BTPT is an unconventional way of delivery trading. How?
Have you waited for the shares to get credited to your demat account for two days? Have you experienced the Transaction + 2 days (T + 2) plan?
Well, you have the option to say a big NO to that wait.
Under this plan, you can instantly receive the shares and pay the shares’ price within two days. This unique plan stands out in the market, especially against the trading free brokerage model.
With this product, you can avail of margins with the ZERO cash balance in your trading account. Thus, it is generally suitable for Intraday and positional traders.
This product’s concept depends on the value of your holdings in the SAMCO demat account, which will decide a corresponding amount to be opened up by the broker for you to trade in other segments.
The way it works is based on the value of your holdings. Let’s say the value of your holdings post haircut is ₹10,00,000. Then you can get to trade up to ₹10,00,000 across multiple segments ONCE you pledge your holdings with SAMCO.
The service is available across 820 stocks and ETFs for the clients of the broker.
The subscription charge for this plan is ₹1500 (yearly), with an additional charge of ₹60 for pledging or un-pledging shares (irrespective of the number of shares.)
Some of the positives of using the services of this discount broker are:
Comprehensive education material for beginner and intermediate trading clients.
Exhaustive margins for different trading segments based on the order type.
Low brokerage plans.
You must be aware of the following concerns before you make up your mind on opening your demat account with this discount broker:
No monthly or yearly fixed price plans for heavy traders.
Traders have raised security concerns in the case of trading platforms.
Concerns regarding mobile apps have been raised regularly.
“0.05% is the complaint percentage of active clients of SAMCO, as per the latest numbers in this financial year. Further, no client has filed an arbitration against the broker.”
SAMCO Securities is a discount broker founded by Mr. Jimeet Modi. It is based in Mumbai and is famous for charging one of the industry’s lowest brokerage charges.
It extends the service of unique margin products and multiple trading platforms. They present the highest percentage of leverage.
Moreover, India’s first capital league – ITL (Indian Trading League), was launched by SAMCO Securities.
They aim to extend the various trading services at the lowest cost possible and facilitate them with multiple trading platforms. However, their attempts have seen lesser successes in the case of trading platforms.
According to reviews on multiple fora, the platforms have regularly disappointed the customers and even led to huge losses.
Not only this, customer support has been less of a support to the users and more of a business dealing. To achieve the best of their capabilities, SAMCO needs to focus on multiple things and make itself reliable in the customers’ eyes.
The above statements do not mean that there are no advantages or good sides to the story. The broker extends the facility of learning about the share market using videos for beginners and intermediate learners.
Further, it also has the option for NRIs to have an NRI demat account.
“SAMCO did well initially, but there have been a lot of concerns raised by its client base. These concerns are in low performing trading platforms, below quality customer service, hidden charges, etc.
So, if you want to have a word with SAMCO executives, you may go ahead. Still, we are sure about the realization that many grey areas need immediate attention from the broker, including their trading platforms, customer service, and transparency.”
This information was all about the SAMCO Securities review. We hope that this was helpful to you. For further details, you could comment below.
HOW TO OPEN A DEMAT AND TRADING ACCOUNT?
Enter Your Details below and get a Free call back right away to guide you more about the broker.
Post this call. You need to provide a few documents to start your account opening process. The documents required are as follows:
An address proof
Bank statement for the last six months, canceled cheque
AMC fees (if applicable)
Trading Account cheque
Once you are done with this, your account gets opened within 2-3 business days.
You need to follow a few necessary steps if you are looking to close your demat account with SAMCO. Please follow this link onHow to Close Demat Account for complete details.
6. Is SAMCO offering the lowest brokerage charges in India?
SAMCO, by no means, is offering the lowest brokerage charges in India. If you look closely, it is even more expensive than Zerodhaor 5Paisa. There are a lot of other stockbrokers that offer competitive and affordable brokerage services.
7. What are the account opening Charges?
There are no account opening charges, but the broker charges you ₹400 for your demat account’s annual maintenance.
8. How to login to the SAMCO back office?
You have to enter the SAMCO star login credentials to access the back office portal.
9. What are the brokerage charges with SAMCO?
For Equity Intraday or Delivery, the maximum brokerage you are charged is ₹20per executed order. They don’t have any fixed brokerage plans for their clients.
You can check out the detailed comparison of Samco Vs Other Stockbrokers here