So I saw some ads for indmoney. It facilities trading of US stocks. Now I have a webull account and td account. So I can already trade there effortlessly. it’s just the some of the charges are a big too on the high side, especially withdrawal charges and it’s a grey area when it comes to legality and taxes. Then again I’m not trading with millions of dollars.
Now god knows when zerodha will let us trade the US markets. So I was wondering about indmoney. Other than a $5 withdrawal fee, I don’t see them having any other fees.
So anyone who’s using the same, please share your experience. Thanks.
nvm I did some research and seems like it runs a very shady business and not everything is disclosed.
I have used Vested, it is full of hidden Ls as well. In its primitive stage everything has potholes. Best to steer clear and wait for competition to pick up. As it is what returns are you missing out in the US stocks which you won’t get in Indian scrips. If anything add up all the overheads, taxes and charges and you may be worse off. Ruko Zara, Sabar karo.
I have used the application recently. Quite decent. But for the charges while investments in US stocks (withdrawal), have kept my leg behind yet. Anyway, did not find any bad reviews of it. Have my friends making investments in Tesla and Meta through this app and they seem to be comfortable.
They seem alright to open small investments.
@S.DAS , would you mind elaborate on why its a shady business? Thinking of using indmoney myself…
They don’t have a sustainable business model.
Their business model is market through social media influencers and collect as much money as possible.
Very interestingly this is quoted at the bottom of their website.
Finzoom Investment Advisors Private Limited makes no warranties or representations, express or implied, on products and services offered through the platform. It accepts no liability for any damages or losses, however, caused in connection with the use of, or on the reliance of its advisory or related services.
Its their own app and they are outrightly saying that whatever happens with your money we don’t take any responsibility.