TradeBulls is a full-service stockbroker based out of Mumbai. The full-service stockbroker was established in the year 2009 and has more than 1000 employees on its rolls. As of now, the broker has a presence in 18 locations through its sub-broker and franchise offices.
The broker has a major presence in the states of Gujarat and Maharashtra and is looking to increase its coverage in other parts of the country.
Let’s understand how well it is going for the broker.
It has memberships with NSE, BSE, MCX-SX, MSEI, NCDEX and MCX and allows clients to trade across the following segments:
“Tradebulls has an active client base of 69,501 for the financial year 2019-20.”
Dinesh Chhagganlal Thakkar, CEO & MD – TradeBulls
TradeBulls Trading Platforms
Here are the details on different trading platforms offered by Tradebulls to its clients. All the platforms have been developed in-house and get upgraded on a continuous basis.
TradeBulls Client is the web-based browser trading platform where users can directly login with valid username and password and start trading. There is no need to download or install any software in this and can be used across devices including Mobile, Desktop, Laptop or tablet. It comes loaded with the following features:
Multiple windows in a single screen allowed for quick analysis
Lightweight and requires basic internet connection
Live market streaming
Research and recommendations available
TradeBulls Diet is a trading terminal based software best suitable for heavy traders who are looking to spend long hours in trading. It is a high-performance platform which can be installed on a user’s laptop or desktop. Here are some of its features:
Suitable for traders looking for high speed and performance especially in order execution
Real-time quotes streaming provided
Users provided with views of multiple exchanges in a single screen
Users allowed to transfer funds from multiple banks
This is one of the views of the trading application:
Tradebulls Touch is the mobile app from the full-service stockbroker. The app is rated at a mediocre level and provides an average performance to clients. Here are some of the features provided by the mobile app:
Track your trades and investments
View stock market details like Index Watch, Global Watch, Metal Watch, News and Mutual Funds
Place calls directly to your Relationship Manager
View reports like Ledger, Holdings, Margin, Trade details, Derivatives and Open Position.
Send service requests
Here are some of the screenshots of the mobile app:
The stockbroker provides the following channels of communications to its clients as listed below:
Generally, clients keep high expectations from full-service stock brokers when it comes to customer support, but in the case of Tradebulls, customer service quality is below the industry average. To give you a perspective, the broker has received around 70 feedbacks at Google play store and not even a single feedback has received a comment or acknowledgement from the broker, forget the resolution.
Furthermore, the broker lags in providing a consistent turnaround time to clients for different types of queries. This is what generally expected from a professional stock broker but Tradebulls seems to be a misfit as of now in this particular aspect.
The full-service stockbroker provides research to its clients at the following levels with the corresponding frequency cycles:
Daily Research Reports
Daily Call Evaluation
Weekly Research Reports
As far as accuracy is concerned, the stockbroker till now has failed to impress its clients with its accuracy, regularity and performance. The recommendations and tips are provided through channels such as SMS, Email and also trading platforms across devices. Depending on the segment you are interested in, corresponding research can be used for your order executions.
Users are suggested to perform their own analysis and not trust Tradebulls’ research as it is for their order executions since the feedback received from its existing client base is not positive by any standards.
There are different costs associated when you start your trading journey. Here are the details listed:
TradeBulls Account Opening Fees
You can get your trading and demat account with this full-service stockbroker for free. Furthermore, the AMC charges are pretty nominal as shown below:
Demat Account opening charges
Trading Account opening charges
Demat Account Annual Maintenance Charges
Trading Account Annual Maintenance Charges
You can get your Annual maintenance charges waived off forever by paying INR 550 upfront.
TradeBulls Brokerage Charges
Even though Tradebulls is a full-service stockbroker, still the brokerage it charges is pretty reasonable in nature. The way it works it simply too. For instance, if you are trading in Equity Delivery segment and your overall trade value is ₹1,00,000 then you will be required to pay a brokerage of ₹200 at 0.2%.
Similarly, in other segments, corresponding brokerage charges will be calculated.
Like Account related payments and brokerage charges, the full-service stockbroker charges transaction charges at a reasonable level too. There are few stock brokers in India that take advantage of marketing low account opening or brokerage charges and compensate by transaction charges to an extent.
The full-service stockbroker provides exposure at an average level and plays safe.
3 to 5 times for Delivery
10 times for Intraday
We must inform you that although exposure or leverage has all the potential to bring lucrative returns, it is a risky concept too. Thus, unless you understand the implications and risks of exposure, it’s better to avoid using it.
Let’s talk about some of the concerns if you use this full-service stockbroker for your stock market trading:
Low rating of mobile app implying few performance concerns with the app
Be wary about the hidden charges
Mediocre research quality across fundamental and technical levels
Low-quality customer service
“Tradebulls has received 2 complaints about 2019-20 with the complaint percentage of 0.01% with respect to its active client base.
The industry average is just 0.01%. Thus, the full-service stockbroker needs to work in providing much better service to its existing client base and reduce the complaint percentage.”
Also, you will get these benefits if you go ahead and open an account with this full-service stockbroker:
Wide array of trading and investment segments for customers
In-house developed trading platforms
Reasonable brokerage within full-service stockbroking space
“Tradebulls is a recently established full-service stockbroker (the Year 2009) and is low cost in nature. Be it account opening, maintenance, brokerage or transaction charges, the broker charges pretty nominal values. Thus, if you are looking for a low-cost full-service stockbroker, Tradebulls is certainly an optimal choice.
However, apart from cost, the broker does not really provide many values to its clients. Be it exposure, trading platforms, customer service or research – the full-service stockbroker fails to impress its client base and provides average quality service across these facets.”
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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 6 months
AMC fees (if applicable)
Trading Account cheque
Once you are done with this, your account gets opened within 2-3 business days.
Here is the membership information of the broker with different exchanges and intermediate parties:
Tradebulls House, Sindhubhavan Road, Bodakdev, Ahmedabad, India -380054
The details can be verified from the corresponding websites of the exchanges.
The full-service stockbroker is present in the following locations across different parts of the country:
Here are some of the most frequently asked questions about this full-service stockbroker:
Is Tradebulls a reliable stockbroker? Is it trustable?
Although it is a full-service stockbroker, it’s not a long time since its establishment. The broker is in a growing phase and needs to work on multiple aspects including the performance of trading platforms, accuracy of research and quality of customer service.
Thus, the broker is certainly trustable but needs to work on its reliability among its client base. That aspect is still missing.
What is the account opening charge at Tradebulls? How about AMC or annual maintenance charges?
There is no account opening charge at Tradebulls. Be it trading account or demat account, the account opening is free. As far as AMC or annual maintenance charges are concerned, you are required to pay ₹350 every year. Thus, from the account perspective, the broker is one of the reasonable ones in the industry.
For more information, refer to the ‘Pricing’ section above.
Is Tradebulls suitable for beginner traders?
Not really. The broker as of now is just reasonable in its pricing but every other aspect is ‘work-in-progress’. Beginner traders require quite a bit of initial handholding, be it research, customer service, platforms etc. This full-service stockbroker lags in all these aspects and needs to tighten up its values to its clients.
Thus, as of now, Tradebulls is one of the stockbrokers that is not recommendable for beginner traders.
How is the customer service quality of Tradebulls?
With limited communication channels, the quality of messaging and turnaround time – all customer support mechanisms need to see an overhaul. Support executives must go through extensive training programmes on a regular basis to keep the overall communication quality consistent and at par with industry standards.
For more information, refer to the ‘Customer Service‘ section above.
What is the quality of research of Tradebulls?
Although the stockbroker has set up a process for its research as of now there are gaps in accuracy, regularity and performance of the tips and recommendations provided by the stockbroker.
For more information, refer to the ‘Research’ section above.
What trading and investment products are provided by Tradebulls?
This full-service stockbroker offers a wide range of the following trading and investment products to its clients such as Equity, Commodity, Currency, Derivatives, IPOs, Personal Loans, Insurance, Portfolio Management and Mutual Funds.
Thus, with all these options, clients do not need to open separate accounts with other financial houses.
You can check out detailed comparisons of Tradebulls Vs Other Stock brokers here: