Compare the pros and cons of choosing Geojit.
Geojit Financial Services, or Geojit, is a major Indian stockbroker based in Kochi, Kerala. Besides offering general insurance and portfolio management services, Geojit also offers a suite of commonly traded financial instruments for all users.
In this review, we’ll take a look at how Geojit works and other details that you should look out for when considering Geojit investment accounts.
What markets can I trade with Geojit?
With Geojit, you can access the domestic Indian market through exchanges like the NSE and the BSE. Geojit has also recently rolled out its Geojit-Global offering, which allows users to also invest in the US thanks to its partner brokerage Stockal.
As of May 2021, Geojit plans to add other key global markets like the UK, Japan, Hong Kong, Germany and Singapore to its platform.
As a client of Geojit, you can open a Trading account and Demat account, which together will allow you to buy and sell different financial securities as well as hold them overnight in a long-term portfolio.
Additionally, Geojit offers an affiliated account with Stockal for users who wish to diversify their global portfolio, which is separate from the Demat and Trading accounts that are only applicable to Indian securities.
Geojit Trading Account features
As a user of Geojit’s Trading Account, here’s what you can expect:
- Multiple trading platforms.
- SELFIE Platinum: SELFIE Platinum is the desktop trading software offered by Geojit, with full customisability of the platform’s layout and tabs, real-time market data as well as comprehensive charting.
- SELFIE Web: Unlike SELFIE Platinum, SELFIE Web can be accessed directly through your web browser, which means that you don’t have to download and set up any software. The platform is streamlined and easy to use.
- SELFIE Mobile: Available on both Google’s Play Store and Apple’s App Store, SELFIE Mobile allows users to invest on the go, wherever and whenever they want. Like the SELFIE Web, the platform is easy to use and make trades with.
- FundsGenie: While most brokerages offer separate mobile, desktop and web trading software, not many offer a platform that does what FundsGenie can—analyse and invest in mutual funds. The FundsGenie mobile app is only available for Android users and comes with a similar interface as SELFIE Mobile.
- A range of financial products.
- Equities: Geojit allows users to trade equities listed on both the NSE and BSE, the two main exchanges in India. Additionally, you can invest in stocks listed on the NYSE, NASDAQ and CBOE exchanges for the US market.
- Mutual Funds: For those looking to diversify their portfolio and for the guidance of professional investors, mutual funds are a great bet. Geojit offers 1500 schemes from more than 40 investment advisories.
- Currency Futures: Currency Futures enable investors to hedge their portfolio against currency risk, or simply bet on the movement of a certain currency. Geojit offers 65 currency pairs for you to trade.
- Initial Public Offerings (IPO): Get ahead of the crowd with Geojit’s IPO access. By investing in the IPO of a company, you’ll get private access to the shares when they’re first introduced to the public market.
- Commodities: If you want to hedge against inflation and reduce portfolio correlation, commodities could be a good asset class. Geojit offers both spot and futures trading of commodities.
- Sovereign Gold Bonds: Relatively safer and cheaper than investing in physical gold, a practice common in India, Sovereign Gold Bonds are a simple alternative that Geojit offers.
- Tools & Research: More than 90 technical indicators for charting, stock screeners, daily market updates—these are just a few of the tools that Geojit offers.
- Alerts: Stay up to date with stock movements, news, company announcements and board meetings with Geojit alerts. You can also set notifications for specific trading activities and order confirmations.
What are Geojit’s fees?
Geojit offers separate pricing plans for users interested in global investing.
- Basic Plan: For Rs.0 in annual subscription fees, you will be subject to brokerage fees of 0.60% per trade for a minimum of $1.50.
- Premium Plan: For Rs. 5000 in annual subscription fees, you can reduce the brokerage fees to 0.25% per trade for a minimum of $1 per trade.
Trading and transaction fees
Here is a short summary of some important fees you should take note of.
- Brokerage Fees. Equity delivery will cost you 0.3%. For all types of futures, contracts and intraday equity trading, expect to pay about 0.03%. For options, expect a flat fee of Rs. 125 per executed order instead. Do note that if you intend to buy and hold in your demat account, you won’t pay any brokerage fees. Rather, you’ll be subjected to demat transaction charges upon selling.
- STT/CTT Charges. These additional transaction taxes range from 0% to 0.125% of your order amount, depending on the specific product you’re trading.
- Transaction Charges. From clearing fees to exchange turnover costs, these charges could amount to 0.003% of your order.
- GST Charges. An 18% tax on your total charges will be levied.
- SEBI Charges. An additional fee of Rs. 5 applies per crore of traded amount.
These are costs associated with any account-related activities, such as withdrawal and inactivity fees.
- Monthly Maintenance Fee: NIL
- Account fee: Rs 425 (excluding GST)
Do note that the fees above are not exhaustive, and will differ depending on how you use your broker account. You can refer to Geojit’s website for a detailed list of fees and use their brokerage calculator to estimate exactly how much you might end up paying.
Pros and cons
- Access to a large number of intuitive and well-developed trading platforms
- Complimentary 3-in-1 account for certain domestic users of local banks
- Limited resources provided for market tips and investment ideas
- Relatively higher commissions
Is Geojit safe?
Geojit is a SEBI-registered broker and also registered with the various Indian exchanges (NSE, BSE). Besides this, Geojit is a former partner of BNP Paribas, one of the world’s biggest investment advisories, which continues to be invested in Geojit. As a result, Geojit is generally considered to be safe.
Note: Investing and trading itself always carries risks which you should be aware of, so read up before you start investing. Do your research and compare brokers in India before signing up with any trading platform.
How do I sign up for an account?
You can sign up for a Geojit account easily online. Visit Geojit’s website and follow the steps below.
- Fill up Geojit’s online registration form. The details required may include your name, mobile number and email address.
- You will be prompted to submit supporting documents. This may include your Aadhaar card number, proof of income, photograph and PAN number.
For most users, Geojit offers a comprehensive solution with financial instruments like IPOs and mutual funds, as well as a wide range of trading platforms and access to multiple markets. However, these advantages come at a high price considering Geojit’s relatively steep commissions.
As such, Geojit is best suited for investors who are looking for a full-fledged trading platform and are willing to shell out more for its features.
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