Is Groww app safe for stocks?
- Asked By
- Updated On:10-Apr-2021
- Replies:1
Short Answer
Groww has more than 6.5 lakh, active clients, as of FY 2020-21 which constituents of 3.65% of the total clients on the NSE. The total customer complaints against the Broker are also very low at only 0.004%. Grow is a SEBI registered Stock Broker and is registered with CDSL, hence it is completely safe for investing in Stocks Mutual Funds, etc.
Detailed Answer
Groww-
Groww is an online investment platform and a Stock Broker that allows its users to invest in Stocks, Mutual Funds, FD’s, etc. Groww is a SEBI registered Stockbroker registered under the name “NextBillion Technology”. It is authorized to transact both on the NSE (National Stock Exchange) as well as the BSE (Bombay Stock Exchange). It is registered under CDSL (Central Depository Services Limited).
Groww was founded in 2017 where it allowed its users to invest in Mutual Funds. It introduced investing in Stocks recently in 2020. Groww is one of the fastest-growing Investing platforms in India with an active client base of 6.56 lakh which is 3.65% of the total Client base of the NSE.
Is Groww Safe?
Groww has a good number of Clients which is 3.65% of the total number of clients of NSE. The total number of complaints against the broker in FY 2020-21 is 28 which turns out to be 0.004%, which is quite good compared to the industry average which is at 0.01%. This tells us that Groww is a Trustable Broker and very few people have any complaints against it.
Apart from the complaints, Groww is also one of the fastest-growing online investing platforms in India. The rising customer base and less than average customer complaints show that Groww is a good Stock Broker and more and more people are choosing Groww as an investment platform.
One more thing to be kept in mind is that, whatever Shares one owns, are not held by the broker. All the Holdings of the particular client are maintained by the Depository, in this case, it is CDSL (Central Depository Services Limited). The Broker maintains all the holdings with the depository and provides a Trading account through which one can buy and sell those securities. Therefore even if a Stock Broker closes its business, all the holding of individual customers will be safe with the Depository. Only the Account balance might be at stake.
Conclusion- Looking at the Customer complaints and overall customer base it can be said that Groww is safe to Invest in Stocks and Mutual Funds as it is Sebi registered and all the holdings are maintained by CDSL.
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Discussion (0)
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.
Yes, opening a Demat and trading account safe is completely safe with Groww. In fact, being an emerging entrant in the stock brokers arena, it's trying to expand its user base quite agressively. And, seeing such new players in the already competitive stock broker hub is really interesting and somewhat beneficial for the traders.
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.
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.
Yes, the stock train virtual trading app is completly safe. It has several thousands of positive reviews for its security and is one of the most downloaded trading applications.
When talking about the best stock broker in India, we cannot rule out Zerodha. It is the market leader in bargain stockbroking, is premised in Bengaluru, and accounts for more than 15% of total retail trading activity in the country. Mr. Nitin Kamath formed the leading brokerage firm in 2010 Kamath, and it now has a customer base of over 6 million.
Zerodha is an Indian discount stock broker which provides various services to its customers related to investing. It has been awared as the Best Indian Stock Broker by NSE and BSE. Being one of the biggest brokerage companies, it is widely trusted because of its wide user base, industry wide recognitions and advances security features.
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.
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.