Despite the emergence of new-age stockbrokers like Zerodha and Upstox, traditional players are still going strong and don’t look like slowing down anytime soon. IIFL Securities, which is part of the wider IIFL Group, is one such established name that is growing like never before. As of last year, the company had an active client base of over 2.5 lakh, with most of them based in the northern region of the country.
That said, IIFL, as it is widely called, has a strong presence throughout India and has offices in Hong Kong, London, New York, and Geneva as well. So what is so special about this broker? Let’s find out!
IIFL, like all brokers, facilitates investments in various schemes like:
- Mutual funds
- Exchange-Traded Funds (ETFs)
- Fixed Deposits (FDs)
- Initial Public Offerings (IPOs)
- Currency Trading
- Commodity trading
IIFL Equity is arguably the company’s biggest offering. You can buy and sell shares of various firms listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) through this service. IIFL charges a small fee (₹20 per executed order on equity options and ₹20/- per executed order, or 0.05% whichever is lower, on equity intraday, futures & options, and currency & commodity) as brokerage.
The IIFL Mutual Fund is another popular product that allows investors to build wealth over a period of time. Mutual funds work by investing a small amount monthly in various sectors. The risk factor is comparatively lesser in mutual funds as compared to equity. IIFL gives customers tons of mutual fund options to choose from and the investments can be easily tracked.
IIFL, meanwhile, is also renowned for its research. The company assists clients in making informed investment decisions through its Research Reports, which are filled with technical analysis and stock recommendations.
As you’d expect from any modern-day broker, opening a Demat account with IIFL is easy and quick. You’ll need a few basic details, like your PAN and Aadhar, to get started. Once you’ve done that and filled out the application, your Demat account credentials will be allotted to you.
You’ll not be charged a single rupee for opening the account and the first year doesn’t incur any maintenance charge as well. From the second year, however, you’ll need to pay an annual maintenance fee of ₹400 to keep the account active. The trading account, meanwhile, comes with a one-time fee of ₹750. The account is used to keep all your holdings and is needed for getting the most out of the securities market.
This is what it’s all about. IIFL offers both a website and an app to facilitate trading. Its desktop application, the IIFL Trading Terminal, provides real-time market updates, allows trading of shares at a decent speed, and gives access to research reports, market calls, and market mantras. The platform also provides users notifications and alerts for specific events.
As for its app, the IIFL Markets is concerned, it has a rating of 4.4, which makes it one of the top-rated finance applications in India. The interface is smooth and has a watch list, where you can track up to 50 stocks. The message board is another fascinating feature that helps users discuss market trends.