The selection of a brokerage can greatly influence your investment experience in the stock market. In this review, we will delve into mStock, a reputed stock brokerage known for its competitive brokerage charges, trading account features, and more.
Whether you are a seasoned trader or just starting, understanding the key aspects of mStock, such as their brokerage charges, trading account options, and available services, will help you make an informed decision.
So, let’s explore the details of mStock and discover how it can cater to your trading needs.
mStock SWOT Analysis by Stockbroker99
|Strengths (Advantages)||Weaknesses (Areas of Improvement)|
|1. Zero brokerage charges across all investment instruments.||1. Lack of trading advice, recommendations, in-depth analysis and reports on stocks.|
|2. User-friendly interface with zero call and trade charges.||2. Absence of commodity investment options.|
|3. No annual platform charges.||3. Standard AMC charges for users not opting for the Zero Brokerage plan.|
|4. Mutual funds under the Direct Plan have no commission charges.|
|1. Potential for market expansion and increased user base.||1. High competition from various other platforms.|
|2. Introduction of additional investment instruments and features.||2. Regulatory modifications impacting the overall industry.|
|3. Incorporation of research and analysis tools for customers.||3. Changing customer preferences and expectations.|
|4. Partnerships with other financial institutions.||4. Technological advancements disrupting the industry.|
|Broker Type||Discount Broker|
mStock is a brokerage platform introduced by Mirae Asset, a global financial powerhouse and the leading stockbroker in South Korea and Indonesia.
With the unique proposition of “Zero Brokerage for Life,” mStock aims to make its mark by providing an unprecedented opportunity to investors and traders.
Since its launch in April 2022, mStock has redefined the industry norms by eliminating brokerage charges for various types of trades, including Intraday, Delivery, and F&O.
This departure from the common practice of imposing high flat fees or percentage-based brokerage charges sets mStock apart and appeals to individuals seeking cost-effective solutions that can maximize their potential returns.
Mirae Asset’s extensive experience in capital markets, acquired over 19 years and across 15 global markets, positions them as a trusted and reputable player in the financial industry.
More about MStock
Managing assets valued at nearly USD 700 billion, Mirae Asset leverages this expertise to offer Indian investors a seamless and rewarding trading experience through mStock.
In line with Mirae Asset’s focus on technology, mStock offers user-friendly and feature-rich Apps and Web Platforms.
These platforms are meticulously crafted to facilitate swift trade executions and keep customers well-informed about the ever-changing market dynamics.
By prioritizing customer satisfaction and convenience, mStock endeavours to elevate the trading experience to new heights while fostering enduring connections with its valued users.
The introduction of mStock brings fresh competition to the Indian brokerage space and provides investors with an alternative that prioritizes affordability and technological advancement.
With its “Zero Brokerage for Life” proposition, robust trading platforms, and the backing of Mirae Asset’s global expertise, mStock has the potential to disrupt the traditional brokerage landscape and redefine the way investors engage with the stock market in India.
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mStock Brokerage Charges
Following are the mStock brokerage charges:
|Mutual Fund (coming soon)||₹0|
The brokerage fees for the various trade types provided by the mStock trading platform are shown in the above table.
It means that all forms of trades, including delivery, intraday, futures, ETFs, MTF (eMargin), options, currency, and even prospective mutual fund investments, are free of brokerage fees at mStock.
mStock differs from many other trading platforms that generally charge brokerage fees on these trades because of this special functionality.
mStock aims to attract investors and traders seeking a budget-friendly option that allows them to optimize their earnings. They achieve this by offering zero brokerage fees for all users, thereby maximizing the potential returns for their clients.
With this strategy, investors may execute trades without paying any additional brokerage fees, in line with mStock’s objective of offering a “Zero Brokerage for Life” concept. mStock aims to increase affordability by doing away with brokerage fees.
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mstock Transaction charges
|Charge Type||Transaction charges (NSE)||Transaction charges (BSE)|
|Equity Options||0.050% (on premium)||–|
For equity delivery and equity intraday trades executed on both NSE and BSE, mStock applies a transaction charge of 0.00325% and 0.00375% respectively.
This means that for each trade conducted, a small percentage of the transaction value is deducted as charges.
When it comes to equity futures trading, mStock levies a transaction charge of 0.0019%, which applies to the transaction value of the futures contract. For equity options, a charge of 0.050% is imposed on the premium, which is the price paid to purchase an option contract.
Moving to currency trading, mStock applies a transaction charge of 0.0009% for currency futures, which are contracts based on the exchange rates of different currencies. For currency options, a charge of 0.035% is imposed on the premium, similar to equity options.
When tallying up the expenses tied to trading on the mStock platform, it’s crucial to take into account these transaction charges.
To make well-informed investment choices, investors and traders must carefully examine and grasp the relevant fees for their trades.
Following are the mStock other charges:
|DP Charges During Sell Transactions||₹12|
|Payment Gateway Charges||Upto ₹11|
|Call & Trade||₹0|
|MTF Interest Rate||Upto 9.49%|
|DP (Depository Participant) Charges||₹12 + GST per ISIN per day|
|Pledge Charges||₹25 per PSN per day (+GST)|
|Quarterly Operating Charges||₹99 + 18% GST per quarter|
|Delayed Payment Charges||18% per year or 0.05% per day|
|Physical CMR Request||First request: Free
Subsequent requests: ₹20 + ₹100 (courier charge) + 18% GST
|Payment Gateway Charges – Margin Fund Transfer||UPI: Free
Net banking: ₹7 – ₹11 + GST
|Physical Statement Courier Charges||₹100 per request + ₹100 per courier|
|Demat per Certificate||₹150 per certificate + ₹100 courier charges|
|Remat Charges||₹150 per certificate + ₹100 courier charges + CDSL Charges|
|Failed Instruction Charges||₹50 per instruction|
|Reactivation Charges||No charge|
|Modification Charges||₹20 per request|
|Account Closure Charges||No charge|
|18% GST||On Brokerage, DP charges, Exchange Transaction charges, SEBI charges, and Auto Square-Off charges|
|Physical Delivery of Derivatives||Nominal brokerage 0.05% of the contract value|
These charges cover different aspects of trading and account-related services. Some of the notable charges include DP (Depository Participant) charges during sell transactions, call & trade charges, MTF (Margin Trading Facility) interest rates, payment gateway charges, etc.
Furthermore, when it comes to the effective transmission of derivatives, a nominal commission fee of 0.05% based on the value of the agreement is implemented. It is crucial for traders and investors to remain cognizant of these expenses, as they possess the potential to influence the total expenses incurred and the profitability achieved from their transactions.
Considering and understanding these charges is essential in evaluating the overall expenses associated with trading on the mStock platform.
Following the governmental charges levied by the platform:
|Charges||GST||SEBI charges||Stamp charges||STT/CTT|
|Equity Delivery||18% on (Brokerage + transaction charges + SEBI charges)||₹10 / crore||0.015% or ₹1500 / crore on buy side||0.1% on buy & sell|
|Equity Intraday||18% on (Brokerage + transaction charges + SEBI charges)||₹10 / crore||0.003% or ₹300 / crore on buy side||0.025% on the sell side|
|Equity Futures||18% on (Brokerage + transaction charges + SEBI charges)||₹10 / crore||0.002% or ₹200 / crore on buy side||0.0125% on the sell side|
|Equity Options||18% on (Brokerage + transaction charges + SEBI charges)||₹10 / crore||0.003% or ₹300 / crore on buy side||0.125% of the intrinsic value on options that are bought and exercised|
|Currency Futures||18% on (Brokerage + transaction charges)||₹10 / crore||0.0001% or ₹10 / crore on buy side||–|
|Currency Options||18% on (Brokerage + transaction charges)||₹10 / crore||0.0001% or ₹10 / crore on buy side||0.0625% on sell side (on premium)|
More on Statutory Charges
In every trading category, a tax known as Goods and Services Tax (GST) is imposed at a rate of 18% on the total sum of brokerage fees, transaction charges, and charges levied by the Securities and Exchange Board of India (SEBI).
The SEBI charges are a predetermined sum per crore of the transaction value, specifically set at ₹10. The charges for stamp duty vary according to the trading category, and their computation can be either a percentage of the transaction value or a fixed sum per crore on the buy side.
The rates for Securities Transaction Tax (STT) or Commodity Transaction Tax (CTT) differ based on the type of trade.
For equity delivery, the STT/CTT rates stand at 0.1% for both the buy and sell sides, while for currency options on the sell side, the rate is 0.0625% and is calculated based on the premium.
Understanding these charges is essential for traders and investors as they impact the overall costs and profitability of their trades.
It is advisable to consider and factor in these charges while evaluating the expenses associated with trading on the mStock platform.
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mStock Account Opening Charges
|Type of Charge||Amount|
|Account Opening Charges||Zero|
|AMC||Rs. 120 / quarter or Rs. 999 for free annual maintenance|
The table provides information on the charges associated with opening and maintaining an account on the mStock platform.
Firstly, mStock offers zero account opening charges, which means that users can open an account on the platform without incurring any fees.
This makes it convenient and cost-effective for individuals to join and start their investment journey with mStock.
Secondly, the table mentions the Annual Maintenance Charges (AMC) imposed by mStock. There are two options available:
- AMC of Rs. 120 per quarter: This charge of Rs. 120 is applicable every quarter for maintaining the account on the platform.
- Free annual maintenance: Alternatively, users have the option to opt for the free annual maintenance plan by paying a one-time fee of Rs. 999. This allows them to enjoy a whole year of maintenance without any additional quarterly charges.
These charges are important to consider as they contribute to the overall cost of using the mStock platform. By offering zero account opening charges and providing flexibility in the AMC structure, mStock aims to make investing more accessible and affordable for its users.
|Futures and Options||Yes|
|IPOs (Initial Public Offerings)||Yes|
|ETFs (Exchange-Traded Funds)||Yes|
|NCDs (Non-Convertible Debentures)||Yes|
The products offered by mStock include:
Equity Trading: mStock grants investors the opportunity to engage in equity trading across two key segments: cash (delivery) and intraday.
Through mStock, individuals can conveniently purchase and sell stocks from a diverse range of companies listed on renowned Indian stock exchanges, including the NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).
Futures and Options: mStock facilitates trading in equity futures and options contracts, expanding the investment horizons for users.
By participating in futures, investors can take advantageous positions on forthcoming price movements of stocks. On the other hand, options provide investors with the valuable right, albeit not the obligation, to buy or sell stocks at a predetermined price within a specific timeframe.
Mutual Funds: mStock offers a variety of mutual funds from different asset management companies (AMCs). Investors can select from a wide range of mutual fund schemes to suit their investment goals, risk appetite, and time horizon.
More on Offers
IPOs (Initial Public Offerings): mStock enables investors to participate in IPOs, allowing them to subscribe to new shares issued by companies when they are listed on the stock exchanges for the first time.
Bonds: Investors can invest in various types of bonds through mStock, including government bonds, corporate bonds, and debentures. Bonds are fixed-income securities that offer regular interest payments and repayment of the principal amount at maturity.
ETFs (Exchange-Traded Funds): mStock provides access to ETFs, which are investment funds traded on stock exchanges similar to individual stocks. ETFs can track specific market indices, sectors, or asset classes.
NCDs (Non-Convertible Debentures): mStock offers the opportunity to invest in NCDs, which are fixed-income instruments issued by companies. NCDs pay regular interest and have a specified maturity period.
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How to Open mStock Demat Account?
Opening a demat account with mStock is a straightforward process. Here are the steps to open a Demat account with mStock:
- Visit the mStock Website: Go to the official website of mStock brokerage.
- Access the “Open an Account” Feature: Locate the button or link that grants access to initiating a fresh account creation or registration process within the website. Typically, this option will be visibly presented either on the homepage or within the navigation menu.
- Complete the Application Form: Follow the prompts to reach an electronic form where you’ll be required to input vital information such as your full name, residential address, contact telephone number, email address, and PAN (Permanent Account Number).
- Provide Additional Details: In addition to personal information, you may need to provide details like bank account information, income details, and trading experience. These details help mStock understand your profile and offer relevant services.
- Upload Documents: Upload the necessary documents as per the requirements. This typically includes a scanned copy of your PAN card, Aadhaar card, address proof (such as a utility bill or bank statement), and a passport-sized photograph.
- Complete In-Person Verification (IPV): After submitting the application and documents online, you will need to complete the In-Person Verification (IPV) process.
- E-Signature: Once the IPV is completed, you may be required to provide an electronic signature using Aadhaar-based e-KYC verification. This step ensures the authenticity and validity of your application.
- Review and Submit: Double-check all the information provided in the application form for accuracy before making the final submission. Only when you are confident with the details should you proceed with the application.
- Account Activation: After submitting your application, mStock will process it. Once your application is successfully verified and approved, you will be granted access to your demat account. This will include receiving your client ID and login credentials.
- Fund Your Account: Once your demat account is activated, it’s time to transfer funds to your trading account. This step is essential to begin your trading or investment journey.
About mStock Trading Account and Why Open It?
|Diverse Product Range||Yes|
|The expertise of Mirae Asset||Yes|
|Convenience and Flexibility||Yes|
|Research and Educational Resources||Yes|
A trading account with mStock offers several advantages and reasons to consider opening one. Here are some key points about mStock trading account and the benefits it provides:
One of the standout features of mStock is its “Zero Brokerage for Life” proposition. This means that mStock charges no brokerage fees across all investment instruments offered on its platform. This can significantly reduce trading costs and enhance potential returns for investors.
Diverse Product Range:
mStock offers a wide range of investment products, including equity trading, futures and options, mutual funds, IPOs, bonds, ETFs, NCDs, and IPO financing. This diverse product range allows investors to access multiple asset classes and investment opportunities, catering to their individual investment goals and risk preferences.
mStock is known for its advanced and user-friendly trading platforms. The mobile app and web platforms provided by mStock are fast, stable, and intuitive, designed to enhance the trading experience for users. These platforms offer features such as real-time market data, advanced charting tools, and seamless order execution.
Expertise of Mirae Asset:
mStock is backed by Mirae Asset, a global financial powerhouse with extensive experience in capital markets. With Mirae Asset’s expertise and capital market knowledge, mStock aims to revolutionize the Indian broking sector.
Convenience and Flexibility:
Opening a trading account with mStock is a convenient and hassle-free process. Users can complete the account opening procedure online, eliminating the need for physical documentation. mStock also offers flexible account maintenance options, with choices for quarterly charges or an annual maintenance plan.
Research and Educational Resources:
mStock refrains from offering stock analysis, trading advice, or research reports. However, it provides a diverse selection of educational resources aimed at empowering investors to make well-informed choices.
These resources encompass market insights, investment guides, and educational content geared towards enriching investors’ understanding and knowledge of the financial markets.
Services provided by mStock
|3 in 1 account||No|
|Free trading calls||Yes|
|Free research report||No|
|Margin against Share||No|
mStock offers additional services to enhance the trading experience of its customers. Here are the explanations of the extra features provided by mStock:
- Free Trading Calls: mStock provides free trading calls to its customers. These trading calls may include recommendations or insights on specific stocks or investment opportunities. The objective is to help investors make informed trading decisions based on expert analysis and research.
- SMS Alerts: mStock provides SMS alerts to keep customers informed about important market updates, trade confirmations, account balance notifications, and other relevant information. These alerts help investors stay connected and updated on their trading activities, even when they are not actively monitoring the markets.
- Margin Funding: mStock offers margin funding services, allowing eligible customers to avail of funds for trading by leveraging their existing securities. This service enables investors to take positions in the market beyond their available cash balance, potentially increasing their trading capacity and opportunities.
These additional services provided by mStock at little or no extra cost aim to enhance the overall trading experience of customers.
These services collectively aim to provide valuable support and resources to customers, helping them make informed decisions and navigate the financial markets effectively.
mStock Exposure / Leverage / Margin / Limit
|Equity Delivery||Upto 1x|
|Equity Intraday||20% of the trade value based on the volatility of the stock (VaR+ELM+Adhoc margins of the exchange)|
|Equity Futures||1X (100% of NRML margins(SPAN + Exposure))|
|Equity Options||1X (100% of NRML margins(SPAN + Exposure))|
|Currency Futures||1X (100% of NRML margins(SPAN + Exposure))|
|Currency Options||1X (100% of NRML margins(SPAN + Exposure))|
|Commodities||1X (100% of NRML margins(SPAN + Exposure))|
mStock offers exposure or leverage to its customers across different trading segments. The table provides a summary of the exposure or leverage available in each segment:
- Equity Delivery: mStock provides exposure up to 1x in equity delivery trading. This means that investors can trade stocks in the cash market using their available funds without any additional leverage.
- Equity Intraday: mStock enables traders to utilize leverage up to 20% of the trade value when engaging in intraday trading with equities. The specific leverage amount is determined by considering the stock’s volatility. This is calculated using parameters like VaR, ELM, and ad-hoc margins set by the exchange.
- Equity Futures: In the realm of equity futures, mStock provides leverage of 1x, allowing investors to take positions in futures contracts using the complete NRML margins, including SPAN and exposure margins.
- Equity Options: Similar to equity futures, mStock offers a leverage of 1x in equity options trading. This means investors can take positions in options contracts using the full NRML margins, including SPAN and exposure margins.
- Currency Futures: mStock offers leverage of 1x for currency futures trading, enabling investors to trade futures contracts based on the entire NRML margins, including SPAN and exposure margins.
- Currency Options: Similar to currency futures, mStock provides 1x leverage in currency options trading. Investors can take positions in options contracts using the full NRML margins, including SPAN and exposure margins.
- Commodities: In the commodities segment, mStock offers leverage of 1x, allowing investors to trade commodity futures contracts based on the full NRML margins, including SPAN and exposure margins.
mStock Trading Platforms
mStock offers two trading platforms to cater to the diverse needs of its customers. Here are the different trading platforms provided by mStock:
Mobile App: mStock offers a mobile trading app, available for both Android and iOS devices. The mobile app provides a user-friendly interface and allows investors to trade on the go.
It offers real-time market data, advanced charting tools, order placement, portfolio tracking, and account management features.
Web Trading Platform: mStock provides a web-based trading platform accessible through a web browser. The web platform is designed to provide a seamless trading experience with a comprehensive range of features.
It offers real-time streaming quotes, advanced charting tools, order placement, portfolio monitoring, and customizable dashboards for efficient trading.
Features of mStock
The mStock trading platform offers a range of features designed to enhance the trading experience for its users. Here are the key features of the mStock trading platform:
- Margin Trading Facility (eMargin): mStock provides a Margin Trading Facility that allows customers to avail of up to 80% funding at competitive interest rates of 7.99%. This feature enables traders to leverage their trading positions and potentially maximize their returns.
- Direct Mutual Fund Plans: mStock offers direct mutual fund plans, which allow investors to invest in mutual funds without incurring any commission charges. By opting for direct plans, investors can potentially enhance their returns by eliminating the distributor’s commission.
- Access to Currency and Commodity Markets: mStock provides access to currency markets that are highly liquid. This enables traders to participate in currency trading. Additionally, the platform offers commodity market trading, allowing investors. This is to diversify their portfolios by trading in commodities alongside their equity positions.
- Intuitive Interface with Unique Features: The mStock trading platform boasts an intuitive user interface. This is with unique features to streamline trading activities. Users can make up to 7 watchlists with each having 50 stocks, and benefit from advanced order placement options.
- Info-Rich Screens: The platform offers info-rich screens that provide a comprehensive view of the user’s portfolio. The “Home Screen” provides real-time updates, and a live portfolio tracker. This with smart actions enables users to manage their investments efficiently.
- Super-Fast Order Placement: mStock enables users to place orders with just one click across various trading products. The platform also offers a quick voice search feature for stocks and a voice assistant, MIRA, to assist users in their trading activities.
- Fundamental Data and Technical Charts: The mStock trading platform provides users with access to fundamental data and technical charts. This is to strengthen their trading decisions. Smart calculators help in taking quick buy/sell/hold decisions. While trading charts with buy/sell features and real-time technical data support technical analysis.
Overall, the mStock trading platform combines advanced features, an intuitive interface, comprehensive portfolio management tools. And access to diverse markets, empowering users to make informed trading decisions and optimize their investment strategies.
mStock Customer Care
|Customer Care Options||Availability (Yes/No)|
mStock offers customer care support through various channels, including a virtual assistant called MIRA.
Upon opening an account, customers do not have a dedicated Relationship Manager. But they can rely on MIRA for assistance throughout their journey with the platform.
MIRA aid clients with tasks ranging from opening an account to navigating the application and provides support promptly.
Nevertheless, a subset of mStock’s current clientele has brought to light instances of prolonged waiting periods when seeking assistance from the company’s customer service division.
Despite these delays, mStock aims to resolve client queries on a best-effort basis, ensuring that customers receive the necessary assistance.
While improvements can be made in terms of response time, mStock strives to provide effective customer support. And address customer concerns to the best of its abilities.
In conclusion, mStock emerges as a reliable stock brokerage with competitive brokerage charges, a user-friendly trading account, and a range of trading options across different segments.
With a seamless account opening process and the availability of a mobile trading app, mStock offers convenience and flexibility to traders.
Additionally, their provision of research tools, customer support services, and educational resources further enhances the trading experience.
Overall, mStock is a reputable brokerage choice for individuals seeking a reliable platform for their investment needs.
Here are a few frequently asked questions asked about mStock brokerage house.
Is mStock a reliable stock brokerage?
Yes, mStock is considered a reliable stock brokerage with a good track record and positive customer reviews.
Does mStock provide a mobile trading app?
Yes, mStock provides a mobile trading app called “mStock Trading App” that allows customers to trade on the go.
Does mStock provide research and analysis tools?
Yes, mStock provides research and analysis tools to help customers make informed investment decisions.
Can I trade in different segments such as equity, derivatives, and commodities with mStock?
Yes, mStock offers trading facilities in various segments including equity, derivatives, and commodities.
Does mStock provide margin trading facilities?
Yes, mStock provides margin trading facilities to eligible customers, allowing them to leverage their trading positions.
What is the process for opening an account with mStock?
To open an account with mStock, you can visit their website. Then fill out the account opening form, and submit the required documents online.
Does mStock offer customer support services?
Yes, mStock has a dedicated customer support team that can be reached via phone, email, or online chat for any assistance or queries.
Can I transfer my existing Demat account to mStock?
Yes, mStock facilitates the transfer of existing demat accounts from other brokers. They have a seamless transfer process in place.
Does mStock provide educational resources for beginners?
Yes, mStock offers educational resources such as tutorials, webinars, and articles to help beginners understand the basics of trading and investing.
Is there a minimum balance requirement with mStock?
No, mStock does not have any minimum balance requirements for maintaining a trading account.
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