Can I Invest in Stocks through Groww App?
- Asked By
- Updated On:09-Jan-2021
- Replies:2
Short Answer
Yes, now you can easily invest in stocks through the Groww App. It is a popular discount stock broker firm in India who recently expanded its services to the the stock broking arena. It allows traders to invest online without any subscription fees, transaction charges or any other charges.
Detailed Answer
Before investing you have to update your Groww app to the latest version (12.34) then only you will be able to access stocks. After updating you will see the stocks tab which is next to the mutual fund tab.
Groww assists investors as well as traders with a Demat account for Free! You only have to pay the account maintenance charges applicable to the Demat Account.
Invest in Stocks through Groww App
To unlock stocks on Groww app you have to open a trading and Demat account which is a very easy process. All you have to do is e-sign with your Aadhaar card number. While unlocking stocks, you will be required to enter your Aadhaar number and further input the OTP which is received on the mobile number linked to your Aadhaar.
By opening an account with Groww you can easily trade in different trading segments such as Currencies, Futures, Options, Equity listed with NSE and BSE. It does not support commodity trading. It is also allowed to trade without geographical barriers which means you can buy stocks of any type from across the globe without stamp work or paying custom duties.
How long does it take to Activate Your Stocks Account with Groww?
After completion of the onboarding process, it will take a maximum of 24 hours to verify and activate your account for stocks.
What are the Account Opening and Maintenance Charges?
For opening a trading and Demat account you just have to pay one-time charges of Rs. 200. For AMC (Account Maintenance Charges) you have to pay only Rs. 25 per month + GST, charged quarterly.
Does Groww Offer Stock Investing Tips and Advice?
No, Groww doesn't recommend or advise on any stocks to their clients. However, you can browse through their smart filters such as top gainer and simplified analysis of any stock on their platform to take the right decision while stock investing.
What are the types of orders provided by Groww?
Groww supports two types of orders which are:
1. Market Order:
This refers to an order for buying and selling a stock instantly, however its execution price will be around the ask price (for the buy orders) and current bid (for the sell orders).
2. Limit Order:
This refers to an order for buying and selling at a specific market price or lower (for the buy orders) and higher (for the sell orders).
Overall, the dashboard of Groww App is pretty good at showing you top sectors, top gainers and loser stocks. You are also able to see the overall status of indices like Nifty and Sensex.
In this app you have to do everything manually like buying, selling and keeping track of stocks you want to purchase, which is very good for the beginners as they gain more knowledge and experience in stocks performance. What do you think? Do share your valuable review on the stock investing app and its features.
Ask Your Query for FREE, Get quick answers from our FINTRAKK community!
Discussion (1)
Yes, Groww app is completely safe for mutual fund, stock investing and trading. As a popular mutual fund investment plaftorm, Groww established itself quite well in the past few years. Now, it has also enetered the stock broking space so it's really good to see new entrants amid existing top discount brokers in India.
Zerodha as well as Groww, both allow investors to invest in Mutual funds. Groww does not charge any Account opening fees or Annual maintenance Charges but Zerodha charges Rs 200 for Account opening and Rs 300 for AMC. This makes Groww a cheaper and better option when it comes to investing in mutual funds.
As online trading is getting popular every day, it is becoming even more important to choose the right trading platform. Choosing the best trading platform can give you more flexibility to trade in the various trading market.
Bangalore based online discount broker Groww was found in 2016 and provides plenty of trading and investment opportunities. Users can invest in mutual funds, currency, derivatives, equity, and more. the investment opportunities are backed with guidelines set by NSE, BSE, and SEBI.
To close your Groww Demat account, go to your profile, click on "Help & Support," then type "I want to close Groww Demat account," then click on "Contact Us." From there, you can call or submit a ticket to the team, and they will assist you further.
Although everything the Stock broker offers is fantastic, there are a few downfalls of using Groww. These include the exception of trading in the commodity segment, doesn’t have a savings account in 2-in1 accounts that it offers, popular financial tools such as cover orders bracket order aren’t available, and more.
Groww is a SEBI registered Stock Broker as according to the Section 12(1) of the SEBI act 1992, No stock broker is allowed to transact in any securities before obtaining the Certification of Registration (COR) from SEBI (Securities and Exchange Board of India).
Yes, you can invest in US stocks and securities with the HDFC Sky app. Moreover, there are many more investible options provided by them.
Zerodha and Groww are both good players in the Discount Broking space but both have some differences. Zerodha has the largest client base and is the most trusted Broker in India whereas Groww is one of the fastest-growing Discount brokers. Both offer different features to their clients which is discussed in detail below.
Yes, it is completely safe to invest your money in the stock market using Paytm money App. In fact, PayTm has come up with stock broking services recently and trying to establish itself in the said field. And, to give tough fight to top existing players it has to keep its services up to the mark. Paytm Money made a big name in mutual fund investment industry and now it's time to see its performance in the stock brokers' world.
Harshil Patel
Since its entrance into the stock trading universe, the platform has received several updates. It’s become quite seamless in executing transactions and availing necessary services for the same.