Edelweiss: Currency Trading: Brokerage, Charges, Reviews: 2024
Trading in currencies is a type of trading and many brokers offer currency trading. Edelweiss Broking Limited is one of the brokers who let its client trade in currency, let’s know about the broker first.
Edelweiss Stock Broker:
Edelweiss Broking Limited is one of India’s oldest financial service-providing companies. It is a Mumbai based Full- Service broking company that was incorporated in 2008. It is registered with the NSE (National Stock Exchange), BSE (Bombay Stock Exchange), and the MCX Stock Exchange (Multi Commodity Exchange). Edelweiss allows its clients, invest and trade in Equity, Derivatives, Mutual Funds, Commodities, Currency, etc. It has an active client base of more than 1.59 clients.
Currency Trading in Edelweiss:
As mentioned earlier Edelweiss allows to trade and invest in currencies to all its clients. Before trading in currencies every user has to submit certain documents in order to start trading in currencies. They include 6 month Bank statement or 3 month Salary slip. Post submission and verification, you will be allowed to trade in currencies in Edelweiss.
Charges:
The account opening charges in Edelweiss is Nil and the AMC (Annual Maintenance Charge) for the first year is also free. From the second year, the AMC charges are Rs 500 + GST.
Now coming to brokerage, Edelweiss offers 2 plans,
- “Lite Plan”
- “Elite Plan”
Firstly In the “Lite Plan” which is also a discount brokerage plan, a fixed rate of brokerage is charged for every type of order. Edelweiss charges Rs 10 per executed order for Equities, Derivatives. Therefore the charge to trade in Currency is Rs 10 per traded lot in the currency derivatives (Futures & Options).
The second type of plan “Elite Plan” is under the “Full-Service” plan where the user receives some additional benefits at a higher cost of brokerage. The brokerage charges are 0.30% for equity delivery. 0.03% for equity intraday and intraday futures. Rs 75 per lot for equity options. 0.02% for currency futures and Rs 20 per lot for currency options. Therefore in the Elite plan you will have to pay Rs 20 per lot for Currency options and 0.02% of the turnover for Currency Futures.
Conclusion:
For active currency traders, the “Lite Plan” will be more useful as the brokerage is significantly less. The Elite plan comes with some perks like Online-Offline trading, Personal relationship manager, Free research, etc, but the Lite plan offers more value in terms of low brokerage.