Paytm Money does not offer Currency trading as of now. Let's get more details on this stock broker.
Paytm is a renounced name in the digital finance industry. Paytm launched its broking services recently in 2017 under the name “Paytm Money”. Paytm Money is a Bangalore based Discount Broker. It is a registered with SEBI (Securities Exchange Board of India) and has more than 1.01 lakh clients presently. It has partnered with CDSL as a depository. It is also a member of the NSE & BSE.
Earlier Paytm Money only provided Mutual Fund investing. Recently in 2020, it has expanded its business and let investors invest in stocks, ETF’s, IPO’s, etc.
Paytm Money allows both Intraday as well as Delivery trading in Equity and Derivatives. You can trade in Index and stock Derivatives (Futures & Options) with Paytm Money. Unfortunately, Paytm Money does not offer Currency Trading at this time but it might be activated in the near future.
To open an account Paytm Money charges One-Time KYC charge of Rs 200. Apart from this, there are no other account opening charge. Paytm Money claims to not charge any AMC (Annual Maintenance Charges) but there is an annual charge of Rs 300 as “Platform Charges” that you have to pay every year.
Paytm Money charges brokerage as that of a discount broker. For Equity Delivery the brokerage is “0”. For Equity Intraday it charges a flat brokerage of Rs 10 or 0.05% whichever is lower. For Equity Futures and Options the brokerage is same the at Rs 10 per order.
To conclude, it can be said that Paytm Money is a good broker when it comes to Equity delivery or Intraday trading. But on the other hand, if you want to trade in Currencies, you cannot do that with Paytm Money. For Equity traders, Paytm Money can be a good option. Due to the fact that the brokerage is low when compared to some of the established Discount brokers such as Zerodha or Upstox.