Steel City Securities Limited is a promising retail full-service stockbroker based out of Southern India. The company works through the franchise model to expand its business in the urban and rural areas of Andhra Pradesh.
Steel City also has a presence in other states such as in Tamil Nadu, Karnataka, Orissa, Chhattisgarh and Maharashtra (Mumbai).
Steel City Securities Review
In the year 2004, the Steel City Commodities [P] Ltd became the subsidiary of the parent company to provide the clients an integrated platform to trade in Commodity market segment.
Steel City Securities has the membership of NSE, BSE, MCDEX, MCX-SX, MCX with provision to invest in Equity, Derivative, Currency and Commodity segment. Further, Steel City Securities is also recognized as the POP by Pension Fund Regulatory and Development Authority, Govt. of India to take ahead the pension schemes for the welfare of the society.
Steel City Securities is focused on building high-end trading platforms to earn the goodwill and confidence of the market. The company has an in-house Software Development team to design the application and implementation for the back-office operations running through all the segments of different Exchanges.
The company is ISO 9001:2015 certified, thus, ensuring quality services to the clients looking to try their hand in the stock market.
Steel City Securities has a presence in 420 locations out of which 70 are branches and 350 are sub-brokers across India. There are over 1600 terminal licenses connected to the Central Location. The broking house is focused on expanding in the remote locations along with creating awareness for all the categories to encourage people to invest in the burgeoning financial market.
In order, to cater to the needs of the clients from all the walks of life, Steel City Securities does have an experienced team to train clients and also market their products to target more clients in every business segment. In the rest of the review, we will see whether the services provided by Steel City Securities are good enough for you or not.
Steel City Securities Products & Services
Steel City Securities provides active services to the clients in different segments such as:
This full-service stockbroker provides a mix of trading platforms across web, terminal and mobile. Let’s have a quick look at some of the trading platforms provided by Steel City Securities to its clients:
ODIN Diet is a third-party trading platform that needs to be installed on your computer and laptop. Some of the features you should be able to access in this terminal software are:
Research reports, tips and recommendations within the trading platform for a quick glance
Charts, technical indicators & heatmaps for share market analysis
Short-cut keys for quick order placement and feature execution
Facility to set alerts and notifications for your reference
Some concerns raised by the clients about ODIN Diet are:
The trading platform expects that your computer and laptop has a reasonable configuration
User experience can be a bit of a challenge, especially for beginner level traders.
Steel City Securities E-Trading
In order to start E-trading, the client should have a trading account and a Depository account with Steel City Securities. Things like receipts and payments for buying and selling of shares along with all commission and charges would reflect in the trading account.
Shares that are bought and sold by the client in the trading account would be delivered in the Demat account. If a client already has the demat account with Steel City Securities, then the same account can be linked to the E-trading account.
This is how the web solution looks like:
Before the account is activated, the client should also fill and sign the forms/agreements, included in the Account opening kit along with all the relevant legal documents and financial information as per law.
The client should warrant and represent that the information supplied in the Account application is accurate and truthful. The client also authorizes the Steel City Securities to get the reports about their credit standing and business conduct.
Once the application is approved, Steel City Securities would open an E-trading account. However, it is within the absolute right of the company to accept or reject the application on any ground, and the client agrees that they would never dispute the result in any manner whatsoever.
Steel City Smart
Steel city smart is the mobile trading app from this full-service stockbroker. In this competitive trading space, different stockbrokers put in a lot of effort in providing high-performance trading apps with smooth experience. When it comes to apps such as Steel City Smart, there is a lot that can be done to put them in the leagues of the best mobile trading apps in India.
Some of the top features this mobile app provides are:
Market toppers and losers with latest data points.
Access to order book and trade book for you to have a quick idea of your trade positions
Multiple types of charts for stock market analysis
At the same time, a few issues have been raised as well that you must be aware of:
For Intra-day Trades – 0.1% on the buy side and 0.1% on the sell side. This is subject to a minimum brokerage of 5 paise per share. This means that if the share price you trade is ₹50/- or less, a minimum brokerage of 5 paise per share will be charged.
For Delivery-based Trades – 0.5% or 10 paise per share or ₹20 per Scrip whichever is higher. The minimum brokerage of 10 paise per share will be applicable when the share price is ₹20/- or less. The minimum brokerage of ₹20/- per scrip will be applicable when the total traded value is ₹4000/- or less.
Futures and Options Segment
For Index & Stock Futures – 0.10% of Trade Price.
For Index & Stock Futures (Same day Sq. off) – 0.10% of Trade the Price on first Leg and 0.02% of Trade Price on Second Leg
Steel City Securities provides the following communication channels to its clients for support:
Offline branches and sub-broker offices
With limited communication channels, Steel city provides average quality customer support. The support executives of this full-service stockbroker seem to have a limited understanding of the sharemarket terminologies and the different services/pricing the broker has to provide.
Steel City Securities Advantages
Listed below are some of the top benefits of using the services of Steel City Securities:
Wide Range of Services – Steel City Securities provides an array of services ranging from equities to currency derivatives. Further, the broking company does provide the services in the remote area, accessible to those who want to see their investment grow in the stock market, but have backed out due to the lack of options.
Online Services – The company has taken its account opening and trading activity on the web to make it easier for the clients to access their accounts from anywhere, and put a trade rather than depending on the call and order facility. Further, they also have a smartphone app to make trading convenient.
Competitive Brokerage and Commissions – The broker house has kept the brokerage and other costs very competitive, given the fact that it is looking to tap the remote areas, where they have ample opportunity to grow.
Wide Presence – The company enjoys a wide presence – through its sub-brokers at over 420 locations – usually targeting the first time stock market investors. Therefore, the broker is aware of the demography and the requirement that the clients in these areas have.
Clarity of terms – Steel City Securities have disclosed almost everything on their website, including the charges and also the refund policy. Not many broker houses do that.
Steel City Securities Disadvantages
At the same time, here are a few issues that the clients of this stockbroker have reported over a period of time:
Limited Customer Support Option – There is no online chat service available, something that has become the staple of all the companies providing services these days.
The client always grows more confident if the company provides good assistance to make the day-to-day trading smooth. Although there are a couple of numbers given, lack of online support is a big minus.
Unprofessional Website – Customers rely on the official websites of the service providers for any assistance or even to know about the company.
Though Steel City Securities has provided all the information on its websites, the website looks overstuffed with things. This could give users a hard time in finding the relevant information.
Overall, Steel Securities is a fast-growing brokerage house, tapping the potential clients even in the far-flung areas and providing them an opportunity to earn returns by investing in different financial instruments such as stocks and commodities.
However, the company needs to work towards making service more user-friendly and future ready.
Steel City Securities Account Opening Process
The Process starts with a simple form, wherein the person needs to feed in the basic details such as Name, Email, Mobile, Pincode, Address and so on. Thereafter, the representative would call you to guide through a further process to open the account.
Just like other broking companies, Steel City Securities would also want the users to fill the KYC form, and keep ready all the required documents such as a photograph, identity card, cancelled cheque and more.
Here is the form for the callback:
More on Steel City Securities
If you are looking to learn more about this stockbroker, here are a few references for you: