What are disadvantages of Opening Demat and Trading account with Groww?
- Asked By
- Updated On:07-Jan-2021
- Replies:1
Short Answer
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.
Detailed Answer
Groww is quite a popular platform offering extra benefits in using the Demat and trading accounts. With the surplus benefits, there are few cons or drawbacks that needs to be rectified. Most of these cons are quite rectifiable and could be improved in the future. All the cons are given as follows:
Disadvantages of Opening a Demat & Trading Account with Groww
- Groww has an extensive array of segments where traders and investors can execute transactions. But then, trading in the commodity segment isn’t an option.
- The discount stock broker offers only a 2-in1 account where your trading and Demat account are linked. For your savings accounts, that would require the user to connect it with Groww to execute trades.
- Unlike other stock brokers, Groww doesn’t offer call and trade features.
- There are no physical branches of Groww in the country. There is one particular branch in Bangalore, and that’s it.
- The option for NRI’s to trade isn’t available through the platform.
- Margin trading facility is absent.
- The recommendations, stock investment tips aren’t available; the only recommendations they offer is quite generic.
- The option for margin against shares is not available through the online discount stock broker.
- Trading options such as bracket order, cover order, GTT, and AMO aren’t available yet.
- There is no dedicated team of researchers to give the users on the platforms guidance in making investments and taking the right step. Instead, the information is blatantly taken from the internet and put into its trading tools.
- Popular financial tools and assistance that other stock brokers provide typically are absent.
- Exposure of the platform hasn’t reached a broad array of customers. While it’s an excellent platform for mutual funds investment, investing in the stock market might get tricky using the platform.
- The platform doesn’t offer 24/7 support, toll-free number, offline trading, and more.
- Also, there is no dedicated software for computers. All trades have to be executed either through its website or mobile application.
- Groww lacks the fundamentals of comprising a relationship manager, company stock review, offline advisory, weekly reports, free stock tips, daily market review, monthly reports, annual reports, and more.
- The available of 3-in1 account isn’t there. Also, users won’t be able to get Robo advisory, PMS, and more. It even lacks products such as insurance, forex, SIP, banking, and more.
Groww Review
Groww is proving itself to be a famous stock broker in the country. You cannot deny the cons if you are willing to be the best. The advantages surpass the cons extensively for users to rely on the discount broker for their trader purposes and operations with the above-stated cons. But only choose the broker if it satisfies your requirements for all your investment purpose.
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Discussion (0)
You might have read about different stock brokers in India. Here I'll review two of the most popular discount brokers in India: 5Paisa v/s Zerodha Comparison.
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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.