Finvasia does offer currency trading in the MCX but with no brokerage charges. However, the trade-off is that the margins are relatively low, which might be a let-down for many. There are an array of trading tools offered but most of them are paid.
Finvasia, a stockbroker that is a technology-driven by offering trade and investment opportunities in the segments of commodity, currency and equity. It's a member of the BSE, NSE and MCX. Moreover, the stockbroker offers a lifetime brokerage free trading across all segments. But the trade-off arises in the margins; where it's considerably lower than other stock brokers.
Currency trading can be executed through any of its trading tools. Tools such as Finvasia Now (web oriented trading), Nest (terminal-based software), Finvasia AMI broker (technical analysis tool), Finvasia ScalperT (mobile trading tool), Finvasia Presto (API solution), Finvasia Blitz (advanced API model) can be used to trade in the currency segment.
However, the additional charges such as taxes and other things would be charged. Moreover, the transaction charge of 0.04% will be charged on currency options, and for currency, future is 0.001% of the total trade executed. The drawback is that there are no margins offered in currency trading.
Some of the advantages of currency trading through this stockbroker are:
No brokerage charges across all segments.
Plenty of trading tools.
No account opening charges or trading charges.
Advisory services as per users discretion.
Some of the disadvantages of currency trading through this stockbroker are:
Not much brand recognition.
Bang average trading tools.
Below moderate customer care support.
Inadequate pricing models.
Most of the tools offered are paid.
The stockbroker provides a unique proposition by eliminating the entire brokerage fee spectrum. Along with this, its plethora of trading tools does make it an appealing stockbroker to choose. But then its customer service, bang average trading platforms do make it doubtful to recommend this discount broker.
|Charge||Currency Futures||Currency Options|
|Securities Transaction Tax (STT)||₹0||₹0|
|Transaction / Turnover Charges||₹115/crore||₹4000/crore of premium|
|Goods and Services Tax (GST)||18% on (Brokerage + Transaction Charge)||18% on (Brokerage + Transaction Charge)|
|Stamp Charges||As per UT ₹10 or State-wise for some states||As per UT ₹10 or State-wise for some states|