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.
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.
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.
After completion of the onboarding process, it will take a maximum of 24 hours to verify and activate your account for stocks.
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.
Groww supports two types of orders which are:
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).
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.