IIFL Securities is one of the biggest retail brokers which is a part of an IIFL Group, India’s biggest financial service provider. IIFL group enjoys the reputation of becoming the leading financial service company. From online trading and investment to well-researched advisory services, IIFL Securities has created its own brand in the fast-growing Indian economy. There are quite a few stockbrokers in India whose in-house research and advisory services had been award-winning amongst all others and IIFL Securities is one of those few.
This review article from the Trade Brains is exclusively made available to you that will serve as your complete manual and will enable you to study the IIFL Securities from the start to finish. Our IIFL Securities Review will include its origin, the fees they charge, why it is recommendable to trade through IIFL, what are its cons, what range of other products and services they offer apart from the stockbroking service and much more.
Introduction to IIFL
‘An ex-commodity trader in HUL leaves his job to become a billionaire’ may sound unrealistic to you. But the truth is Mr. Nirmal Jain, promotor of IIFL Holdings Limited has given his company a well-recognized brand name when he founded IIFL Group in 1995. One of the country’s first online trading websites was initiated by him in the year 2000.
A brief look at his education makes anyone wonder how he could make it get the double degrees called Chartered accountancy from the Institute of Chartered Accountants of India and Master of Business Administration from the Indian Institute of Management (IIM)– Ahmedabad. There is one more feather to his qualification and that is he is a qualified Cost Accountant from the Institute of Cost Accountants of India.
He initially started the company as an equity research firm and gradually he diversified his products and services and today they provide Life Insurance, stockbroking service, Mutual Fund Distribution, Commodities, Fixed Deposits, Loans, IPO, Bonds, NRI Services and other financial services. The very popular among the retail traders, IIFL Securities is present in almost every major cities and not only that, but they also have their branches across the globe including Dubai, New York, Colombo, London, Mauritius, Singapore, and Hong Kong.
Account Opening Charges at IIFL
At India Infoline (IIFL), the opening of accounts under the default plan will attract account opening fee of Rs 750/- inclusive of GST, The Demat AMC is free for the first year.
- Default Account Opening Charges: ₹750
- Annual Maintenance Charges (AMC): ₹400
Equity Brokerage Plan
IIFL offers different brokerage plans as Flat Brokerage Plan (FBP), Variable Brokerage Plan (VBP), and Value Added Subscription Plan (VAS). Here is the list of the charges in all these plans consisting of Brokerage and Transaction Charges, Account Opening Charges, and Other Related Charges.
Related:-The Best Things to do in Fort Kochi
Key Features of IIFL Securities
Here are. a few of the best features offered by IIFL Securities while trading using their platform:
- The Cutting edge technology of IIFL makes it user friendly and easy to trade and invest any time anywhere.
- The panel of experts produces well-researched reports, charts, tips and recommendations that help investors make efficient decisions.
- The platform is quite user friendly in a way that there is no specific training required for any new investor. Everybody using the service will be able to easily go through all the features and the investing and trading are made very easy for everyone.
- The personalized advisory services are given to each client exclusively and that is why the company attracts more customers.
- They also provide customer-centric brokerage plans based on the requirements by each investor and trader being either a regular investor or an active trader.
Products and Services by IIFL
In order to stay competitive, the firm launched many products to expand its reach and to overcome some challenges they were facing. Below is a brief on what each product provides:
Products: The range of products IIFL offers includes trading in Equity, Commodity, Currency, Options, Futures, Mutual Funds and Forex. The main objective of the company is to meet the financial goals of their investors efficiently and effectively. For better convenience, the broking house provides support for the trading and its related reports. They also provide customized products based on the requirements of each investor.
Services: The extensive services offered by the full-service broker contains Demat, Trading, Intraday, IPO, Stock Advisory and Portfolio Management Services. The company is known for providing tailor-made services. The continuous support from the company executives helps investors to maintain a strong portfolio base. All transactions are provided on a technology-based platform from where investors can easily track their holdings. The service of providing expert tips with research reports and analysis are appreciated by the majority of their users.
IIFL Research and Advisory: The company is renowned for its advisory and research-related services. This includes fundamental reports, company reports, annual reports, IPO reports and other regular frequency reports. They also provide a daily market review as well as the company stock review reports.
IIFL Markets App: Ranking amongst the highest-rated trading app, it provides its users smooth trading and investment platform along with online research reports and stock tips, any time available customer support and many more.
TT Website and Desktop Software for Trading: The website and the desktop software are specifically designed keeping into mind the users’ demands and needs and ease of access to trade from the website as well as the software for the PC.
TT Iris: With an annual charge of Rs. 54,000, the TT Iris focuses on the frequent traders where this decision-making software enables investors and traders to study real-time market updates with the latest information and such software also provides personalized charting, portfolio optimization, candlestick scanners, strategy testing and the price watch.
IIFL Mutual Fund App: This smartphone app allows its users to buy, sell, create SIP, and monitor the performance of their mutual funds online. It also provides an online opening of the account without any requirement to submit any documents. Equipped with the latest updates and news alerts relating to this industry, the app is a go-to guide for every investor for his investments into mutual funds.
Pros and Cons of IIFL Securities Account
Talking about the pros and cons of trading with IIFL Securities, it should be noted that the below are the generalized Pros and Cons and it may be different from person to person as the need and requirement of trading and investment will also change from one person to the other.
Pros of IIFL Securities
- The review and research report by experts are available for free and not only that they also provide stock tips and recommendations to their investors.
- The IIFL Securities have a presence in many major cities as well as outside India.
- Their trading platform ‘Trading Terminal’ provides advanced technology-based trading and investment solutions.
- They offer a dedicated team of customer support executives who are well-structured and for the personalized needs, they also provide the relationship managers.
- They accept personal Fixed Deposits as collateral security for the margin funding.
- It serves as your one-stop solution for your trading as well as financial related needs.
Cons of IIFL Securities
- They do not offer 3-in-1, trading, Demat and bank account service
- Their brokerage charges are comparatively higher than the other full-service stockbrokers.
- The subscription fees are non-refundable and the brokerage plans selected can not be changed during the validity period.
- Margin and brokerage calculators are not provided to know how much it will cost for a particular transaction.
India Infoline (IIFL) is a renowned name in the broking industry in India. Through this IIFL Securities review article, we tried to cover what IIFL Offers, their different Brokerage Charges, Pros, Cons & other important points that investors and traders should know before opening their account.