Trading Account Opening Fees and Charges
A demat account is necessary to hold your financial securities today. This account not only lets you hold your securities, but also lets you transact, i.e. buy or sell, these securities. For this purpose, you have to open a trading account. Trading accounts facilitate multiple objectives, from managing your expenses to keeping careful control of the transactions you make.
Earlier, there existed an open outcry system where traders had to be physically present and use hand signals to convey their trading decisions. With the digital age, this system has been replaced by trading accounts.
How Does Online Trading Accounts Work?
Investors leverage trading accounts to carry out trades involving stocks, commodities and other securities. They can do this by enlisting the help of a professional broker or by creating a trading account online. Generally, brokerage firms charge investors a fee while opening a trading account.
Recently, there has been a global influx of new traders, which is why each trader is allotted a unique trading ID, that can easily help identify individual traders and keep track of their transactions.
Trading Account Opening Charges
Similar to other full-service brokerage firms, IIFL does not offer free trading accounts. However, it charges nominal fees for opening and maintaining a trading account. Here are the general charges to run a trading account with IIFL.
Trading with India Infoline
Without access to a quality trading platform, your trades can get tedious and difficult to manage, ultimately resulting in losses. On the other hand, using a good trading platform can improve your trading skills. India Infoline (IIFL) offers a host of advanced and innovative trading platforms that perform with state-of-the-art technology. When you open an online trading account with IIFL, you get access to the following cutting edge trading tools and platforms:
TTWeb:A browser-friendly, easy-to-operate trading portal, one can trade from the convenience of their home using TTWeb, with a quick login requiring a password and User ID.
TTExe:A PC-friendly installable desktop application, accessing all segments, that is suited to fast and high-frequency trading. All features like advanced charts, trading tips, live streaming market movements, daily reports are available on TTExe and TTWeb.
IIFL Markets:A smartphone app for Android and iOS that helps you trade using your smartphone. The app offers features like trading tips, a customizable watchlist, price alerts, advanced technical charting, and access to live market updates.
IIFL MF App:For those who prefer investing in Mutual Funds only, this app is dedicated to trading and tracking MFs alone. Other features include integration with the Share Market app, portfolio assessment, and sharing relevant industry news.
Features and Benefits of Using a Trading Account
Operating a trading account in India offers some special features and benefits to users. They are:
- Convenient Access: With a trading account in India, you can trade on a variety of securities on multiple exchanges like the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), Multi Commodity Exchange (MCX) and National Commodity and Derivatives Exchange (NCDEX).
- Smart Tools: Online trading accounts offer benefits that previously did not exist with the open outcry system. These smart tools are daily reports, strategy builders, investment advisory services, reports, and advanced charts. Due to most of these tools being software-based, the scope for reporting errors is also low. Such reliable information allows for informed trading decisions.
- Customization: Another benefit of the online trading accounts of today is the ability to tailor them to suit your needs. Whether it is customising the watchlists of stocks you want to track, creating individualised charts to gain insight into market movements, or setting stock market notification alerts to SMS-only, you can manage your trading accounts to fit your lifestyle without any friction.
- Flexibility: Another aspect of having a trading account in India is how easily accessible they are from different portals. Smartphones, desktops, and browser-based trading portals are typical offerings across brokerage firms today. This variety enables one to flexibly access the market without worrying about requiring a PC.
- Seamless Transitions: Trading accounts facilitate seamless transactions. Today, funds can be transferred within 24 hours. Advanced technology enables traders today to buy and sell stocks within the same day, popularly known as intraday trading.
FAQs About IIFL Trading Accounts
Frequently Asked Questions Expand All
Yes, you can trade in the derivatives market with an IIFL trading account.
IIFL is a full-service broker and provides high-quality research and other financial data to investors. Discount brokers usually just provide buying and selling services.
With both, an IIFL demat and trading account, you can invest in mutual funds along with stocks, currencies and commodities. IIFL has also developed a dedicated platform IIFL MF App for mutual fund investments.
Yes, you can invest in IPOs and FPOs through an IIFL demat-cum-trading account.