Best alternative to Zerodha coin?

Some want their MF units in demat form, so they are buying through Coin.

I can just talk about my experience.

I am using Paytm Money for couple of years. It was working fine and was happy with it.
I started using it couple of years back, because I wanted to keep my holding in folios (not in demat) and this seemed good option to consolidate all holding at one location.

But now, they have moved to BSE platform and insisted me to open a demat account with them (holding is still in folio mode thought). Had to comply.
On top, was just glancing through my transactions and realized last month two of my SIPs were rejected, even though money is deducted from bank.
Didn’t got any communication from Paytm nor money refunded. Now chasing them for refund.
I never used to check individual transaction status, but looks like now I have to go through all historical transactions (just for my mental peace)

My lesson, things always look rosy when its small setup and you are just starting, but as they grow and complexities increases, trouble will start developing in all platform. Important is how quick platform is to respond and resolve issues.
Probably one gets to know Long term reliability of platform only in long term :slight_smile:

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You would be getting an email when a transaction is successful and units are allocated, does this not happen with Paytm?

Yes that does happen normally for all my transactions.
However, for these two failures I can’t find any communication in my mailbox.

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Yes, so that means the transactions may have failed, and no units are allotted. My point is that we will know through email if a transaction is successful or not, we need not check our account and create our own log with the information from the mails, I do this.

I use Coin and Paytm, not Paytm money.

If holding MF via demat is not a requirement, then Kuvera is pretty nice alternative. They don’t bombard with cross-selling promotions and total AUM is sizeable (so not closing shop any sooner). Have been using it since couple of years now and experience has been excellent. They are solely into direct MF and doesn’t do broking though.

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Thanks for the suggestion.

MF Central is a good option to invest in Mutual Fund. This app is developed and maintained by the joint effort of CAMS and KARVY.

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MF Central is a bold new way of tracking MF. There was a void in space, which it is trying to fill up…
I suspect It has been initially thought of as a next generation version of CAMS and KARVY mailback services so carries the same DNA, same culture, same philosophy.
So word of caution if someone is thinking of using it as a primary investment platform.

MF Central is still new, no proper customer care, no SLA defined. You raise a complaint and 9 or 10 times it goes even without acknowledgement or receipt.
For the one , which I was lucky to get acknowledged, was simply, “thank you for pointing out the issue”, and there is no further way of following up the issue. no Ticket number, no response to mails/queries raised with respect to earlier issue.

As of now major inconsistencies within MF central makes it difficult to think it has primary MF investment platform.
No history older than 3 years, no excel download, tough luck if you are trying to calculate things like XIRR, yearly inflow/outflow etc which are missing in report. Even if you are a DIY investor, it’s next to impossible to write a simple pdf extractor with open source libraries which can take out data from a pdf file to create xls/csv file, to compute IRR, inflow/outflow etc. Even if you write one, which extracts 60-70% of data correctly, very soon they will modify the PDF generation which will break code.

I would suggest to wait and let the platform mature first,

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thanks for your input, will keep in mind.

Amc website of respective fund and cams are great options you have

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Same with me … customer support very bad representative have very less knowledge

Thank you for introducing me to MF Central. I have been looking for a way to view all my MF investments scattered across multiple platforms in a single place. CAS was so far the way. This will replace the same going forward.

@Sunil_Sethy If you are looking for Non-demat based MF only platform, Then Kuvera is the right one.

  • Direct MF in non-Demat form
    -You can track the same in CAMS/MF Central/Kfintech as well. So you can sell directly via these platforms even if there is a platform with app
  • One click mandate. I was using it since past 1 years. It never failed
  • Excellent customer support
  • Unlike paytm money, No need of opening demat account
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@Sunil_Sethy I am a user of Kuvera - which is folio based. No DEMAT is required. I am happy with the service. Never faced any issues in the past 2 years. Also, you will get proper mail notifications for everything

Customer support is excellent. I reported a minor bug in UI. They took it seriously, delivered the fix in the subsequent release.

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Thanks for bringing this question. Even i am looking for a Non Demat based folio app for new account for my family members. I hit this issue recently https://tradingqna.com/t/problem-with-mf-units-in-demat-form/136362

I have shortlisted Groww and Kuvera. Since I am investing only in MF’s and no direct stocks. I have finalized with Kuvera.

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I’ll suggest Kuvera.

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Hey @Akash_Shah
Why do you prefer folio over demat ?

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One of the main reason for me to keep it in folio is to keep my MF holdings Platform agnostic and not introduce single point of failure in MY MF investments.

With MF in folio mode, I am still connected to AMC and continue to have multiple ways to transact in that folio. Tomorrow, if I don’t like the platform I am using for transaction, I can simply move all my holding to some other platform or start investing through AMC/RTA website without any friction.
On the other hand, having MF in demat means you are locked to platform and need to rely on it. Moving your investments is painful and need lot of effort.

There is already an old thread which lists out other issues, but for me not having to depend on a specific platform is major reason.

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Most Brokers including Z offer e-DIS via CDSL transfer and if you keep these options then its not painful. Today in the day, if i place transfer units in cdsl (online), they are reflecting the day after in console in the other demat account. Applies to shares as well.
No paperwork / physical form etc. Some Brokers dont charge for trx in Z its 0.03% + tax