Groww - core bugs from time to time, absence of some pretty big stocks (i had to ask them to add such stock each time), incorrect P&L computation sometimes.
INDMoney - absence of limit orders, app UI hangs a lot at times of high load and transaction execution slows down significantly (one time it took 10 minutes), not all us stocks are here
I initially started with these but needed a platform which was already well tested, had all the stocks that are listed on the market, had every possible feature that a platform should have as i was starting to ramp up my investments seriously.
If you are just starting out and your investment amount is less, you can still use indian based platforms. But I’d highly recommend either later switching to or starting with brokers like IBKR, Charles Schwab, etc.
Note:
You can always transfer your entire portfolio from one broker to another (provided that the new broker does allow - most old ones that i mentioned above doo - ibkr, charles schwab, fidelity, robinhood, webull, etc). I transferred my entire portfolio from Groww to IBKR within a week. It had $75 one time charges though.
INDmoney is too basic I’d say. It does not even have limit orders. Vested is a better option since it uses the same method of funding but supports limit orders.
Do look at Charles Schwab too if your investment corpus is significant ($25K+). It’s best for that.
Rather than investing in direct stocks abroad, you can invest it through Indian MFs tracking foreign indices like Nasdaq or global index… leaving the pain of paying taxes n stock picking to the AMCs
We don’t want to offer international investing on a 3rd party platform like some banks do. Don’t see any point in acting like a sales agent taking leads and passing them on to another international broker. If we do this, we want international investing to be integrated within Kite; maybe a separate Marketwatch dedicated to this. But since international investing is outside the scope of SEBI, this is a regulatory grey area. SEBI has an explicit regulation that says that brokers shouldn’t get into any business outside the scope of SEBI’s regulation that can introduce risk to the business.
We will not go ahead with the product until we get clarity on this. We don’t want to launch something and then be forced to pull it off. This also happened with digital gold, which many brokers offered until SEBI asked them to stop offering it as it didn’t come under SEBI’s purview.
Is the payments problem solved which you had mentioned earlier? The fees which at the moment on existing platforms is quite high. I think on withdrawal they charge quite a lot.
Some of the brokers are bearing the cost of sending money out which isn’t sustainable. But withdrawing it back is quite expensive. The payment costs bit isn’t solved yet.
Minimum monthly amount - Indian Apps vs Direct US stock broker
As per you, does any amount (e.g. $200 or 500 per month) make financial sense to use direct US stock broker like IKBR or ChScwb, compared to Online Apps like IndMoney, Vested etc.? Or is there any threshold amount (e.g. $1000 per month) to switch to direct US stock broker like IKBR or ChScwb?
As of February 2023, any preferred banks that offer competitive spread/Forex rates while remitting to US stock accounts?
What is thought on TCS of 20% for investment abroad announced in Budget 2023?
