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Motilal Oswal review
Consider the pros and cons of trading with Motilal Oswal.
Motilal Oswal is a specialised brokerage in India, offering educational workshops, investment screeners and a wide range of financial securities for trading.
This review covers what you need to know about trading with Motilal Oswal, including the features, fees and sign-up process involved.
Compare Motilal Oswal as an online broker
What's in this guide?
What markets can I trade with Motilal Oswal?
Unlike most stockbrokers in India, Motilal Oswal offers the added benefits of access to US markets along with Indian markets. Within India, Motilal Oswal supports financial securities on four exchanges — the National Stock Exchange of India (NSE), BSE (formerly Bombay Stock Exchange), National Commodity and Derivatives Exchange (NCDEX) and the Multi Commodity Exchange of India (MCX).
This makes Motilal Oswal a great choice for prospective investors looking to gain exposure to both US and Indian markets.
Motilal Oswal accounts
Motilal Oswal offers three different types of accounts: a default trading account, Value Pack account and Margin Pack account.
- Default account
The default account is just a standard trading and demat account that grants full access to all Motilal Oswal investment products — from fixed income funds to commodity options. This standard trading account is targeted to those who are new to trading and investing.
- Value Pack
Compared to the default account, the Value Pack allows you to transact securities at lower rates, in exchange for an upfront payment system. There are multiple Value Pack accounts available, all of which give different levels of discounts in brokerage charges. This account type is targeted to investors who trade frequently.
- Margin Pack
Like the Value Pack accounts, Margin Pack accounts also offer trades with a significant fee reduction, in exchange for users committing an upfront payment. However, this account also has margin features which allow you to gain greater leverage on your trades. As such, the account is often preferred by traders with higher risk appetites.
Motilal Oswal account features
- Multiple trading products to choose from. With Motilal Oswal’s accounts, you can invest in a range of financial products including equities, derivatives, commodities, currency options, futures, mutual funds and IPOs. Motilal Oswal’s range of securities tends to be more expansive than that offered by other brokers on the market.
- Four trading platforms available.
- MO Investor. Motilal Oswal Investor is an online platform that helps you monitor your portfolio. Like a Robo Advisor, the MO Investor platform can compare your portfolio composition to your suggested risk profile and help you readjust your holdings accordingly. The MO investor platform is available online, as well as via the Google Play Store and iOS App Store.
- MO Trader (desktop). Motilal Oswal offers a Desktop Trading Terminal, features such as advanced charting software, detailed watchlists and screeners, as well as immediate order execution
- MO Trader (mobile/web). These lite versions of the MO desktop come with the same features including market screeners and watchlists, except with a lower level of customisability. In addition to this, the MO Trader also offers access to algo-based products such as the Option Writer.
- Miscellaneous. Other than these main services, Motilal Oswal offers additional trading platforms. These include a Call-and-Trade service and the ability to place the order for a systematic investment plan (SIP) through Whatsapp.
- Quick sign-ups. With Motilal Oswal, you can apply for an account in under 15 minutes and get your application approved on the same day.
- Alerts. If you’re using the MO Trader Mobile or MO Investor Mobile, you can set custom alerts to be notified of important price movements on stocks that you’re either holding or tracking.
- Research & Screeners. Motilal Oswal offers comprehensive screeners across multiple product classes.
- Customer Support. According to reviews, Motilal Oswal generally answers queries within a day. They offer a 24/7 Live Chatbot, as well as email and telephone support — even in local languages.
What are Motilal Oswal’s trading fees?
Trading fees
Trading fees are charges paid to the brokerage for use of their services.
There are a total of 14 different schemes for you to choose from, each with their own upfront fees. Due to the large number of products and package plans offered by Motilal Oswal, we will only cover their default trading plans charges below.
Do remember that the charges differ based on various factors such as your trading volume, amount of margin used, as well as the type of plan that you intend to subscribe to. These figures were correct as of May 4, 2021.
Fees for Motilal Oswal default plan
- Equity delivery: 0.50% (of order value)
- Intraday cash or futures: 0.05% (charged once on buying, and once upon selling)
- Equity options: ₹100 per lot (charged once on buying, and once upon selling)
- Currency futures and options: ₹20 per lot (charged once on buying, and once upon selling)
Account-related fees
These account-related fees are costs incurred from non-trading-related activities, such as administrative fees and taxes.
- Demat account maintenance fee: ₹550
- Demat administrative fee: ₹199
- GST tax: 18%
Please note that the fees above are not exhaustive and additional costs including taxes and duties may apply. We encourage you to get in touch with Motilal Oswal’s customer support team to understand how much you could end up paying, depending on your account type and how you intend to trade.
Pros and cons
Pros
- Intuitive trading platforms
- Low trading latency
- Multiple brokerage plans to suit your investment needs
- Access to international markets
Cons
- Complex fees and charges
- No access to CFDs or cryptocurrency
- Some reviews note inconsistent customer support
Is Motilal Oswal safe?
Motilal Oswal is regulated by the Securities and Exchange Board of India. It is also under the larger umbrella of Motilal Oswal Financial Services (MOFSL). As such, it 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 with Motilal Oswal online. Do note that MO trading accounts are only available to Indian citizens with a local residence, or NRI holders.
To sign up for an account, follow these steps.
- Go to Motilal Oswal’s site and click on the “Open Demat Account” button. You’ll have to fill up the registration form with your full name, mobile number and residence.
- You will also need to submit supporting documents. This may include a copy of your PAN card, proof of residence, bank statements, and passport. Do note that you may be asked to submit additional documents if you’ve indicated an interest in trading futures and options.
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Bottom Line
Motilal Oswal is a broker based in India, offering a variety of trading plans and financial products for you to choose from. While its fee structure may be slightly confusing, it is one of the few brokers in India that offers access to international markets. This makes Motilal Oswal a great choice for Indian residents or non-residential Indians who are interested in trading both Indian and international securities.
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
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