Geojit
Geojit Financial Services Limited is among the first few premium full-service brokers in India. Since its incorporation in 1987, it has grown many folds while expanding in various states of India and many countries abroad. They offer a variety of services to more than 10 lakh clients including equity, mutual fund investments and even fixed deposits.
With over 32 years of experience in the Indian Capital Market and a strong presence in the Gulf countries. Geojit is also listed on NSE and BSE and they are also registered in both the exchanges as stockbrokers. The biggest recent development was in 2007 when the company got its biggest shareholder BNP Paribas which is a global player with a presence all over the world. They also offer other services like Portfolio Management services for high net worth individuals and corporates.
Geojit Financial Services Limited is among the first few premium full-service brokers in India. Since its incorporation in 1987, it has grown many folds while expanding in various states of India and many countries abroad. They offer a variety of services to more than 10 lakh clients including equity, mutual fund investments and even fixed […]- A lot of convenience for traders place orders through phone call
- They have a very strong research team
- You get frequent market updates via SMS
- Personalized Profesional Service
- Over 3 decades Experience in Indian Stock Market
- Charges very high brokerage
- Don't offer Online Account Opening
- Mobile App Need Impovment
- They do not offer 3 in 1 account despite offering options of fixed deposits as well
- The minimum brokerage charges are quite high relatively
Specification: Geojit
| Segment Wise Broekerage | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ||||||||||||||
| Account Charges | ||||||||||||||
| ||||||||||||||
| Specification | ||||||||||||||
| ||||||||||||||
Trading Platform
Selfie Geojit (Mobile application)
Geojit was one of the first Indian brokers to introduce a mobile application in 2010. Since that time, the company has introduced several updates to the mobile application and currently, it has a rating on the Play Store with around 6000 reviews. We would rate the application as average.
It has a lot of features including market research, trading options and market insights. A lot of people have faced many technical issues even after the company updated the app several times. But this app is still better than many of the applications released by other stock brokers.
Selfie Geojit-Mobile App
We would also like to discuss some of the features that they offer in the application. To start with, they give you all the basic features like stock trading, fund transfer and watchlist. A good part of the app is that you get to see a trading platform just like you would see in a desktop version with all the tickers getting updated by the second. You will also get updates about the recent developments and news over the app.
- Direct Access to Option Chain, Option calculator and F&O Margin calculator
- Push notification on Research recommendations and information
- Lots of Bugs & Hang issue
- Automatic Frequent Logout
This app also extends technical analysis where you can switch the charts into candlesticks or others, to technically analyze the scrips that you are planning to trade. You also keep receiving the recommendations and suggestions from the research team frequently giving you important suggestions to trade particular stocks.
Selfie Gold (Web-based)
The browser-based trading platform by Geojit is called Selfie Gold. This application is one of the oldest ones run by the company and has a beautiful User interface and experience. You get the option of having a multi-market view of different scrips and the latest news about the stock market in one place.
You can easily use the options to trade your particular stock and other financial instruments. They also constantly provide trading advice and market research reports daily.
One of the strong points of this application is the technical analysis that it offers. It offers one of the most advanced technical analysis among all the brokers in India. You can use indicators like Kagi, point and figure, Renko, etc.
We were even able to spot futures and options heat maps that are not available with the technical analysis tools of other brokers. This is a must-use software for people who do a lot of Technical Analysis before investing in any stock especially day traders.
Selfie Platinum (Desktop Platform)
The downloadable software by Geojit named Selfie Platinum. This EXE based software & can be downloaded & easily installed on all the latest computers. They call it “virtual dealer terminal” as they have introduced a lot of Technical features in it to benefit the professional day traders.
Through this trading platform, you can avail of all the basic features like fund transfer and also allows for after-market orders. It offers the same level of Technical Analysis just as Selfie Gold. You can also invest in mutual funds and apply for IPOs through this trading terminal.
This platform offers you a lot of options to choose your layouts and make your own MarketWatch particularly according to your portfolio or the stocks that you are following. The best part about the Platform is that you can have a multi-scrip view of different stocks and instruments at the same place all of which are customizable. It is best suited for day traders.
Fee
Geojit has also very complex & high brokerage charges like another full-service brokerage firm. They have two brokerage plan. You have to choose one brokerage plan out of two.
- Offline Brokerage Plan
- Online Brokerage Plan
Geojit is more like a traditional brokerage rather than an online brokerage firm. In case, if you are NRI then you can’t choose the Online Brokerage Plan.
Geojit Online Brokerage Plan
| Segment | Brokerage |
|---|---|
| Equity Delivery | 0.3 % |
| Equity Intraday | 0.03 % |
| Index Option | Rs.50 per lot |
| Stock Option | Rs.75 per lot |
| Equity Futures | 0.03 % |
| Currency Options | Rs.10 per lot |
| Currency Futures | Rs.15 per lot (Maximum) |
| Commodity | 0.04% |
We tested the online Brokerage Plan as most people opt for online trading service. In this plan, you have pay slightly lower brokerage charges then compared to offline Plan, but you didn’t get offline support from Geojit. In this brokerage plan, you will get access to the online trading platform. For every offline order (executed) through the branch in Currency and F&O segment Rs. 50/- per order will be charged.
- Free Account Opening
- High Brokerage Charges
- Online Brokerage Plan is not for NRI
Even an online brokerage plan has the condition of Minimum Brokerage of Online trades. You will be charged Rs 20/- per contract or 1 paise per share whichever is higher. Both subject to a maximum of Rs 0.25 per share/debenture or 2.5% of the contract price per share/debenture whichever is higher.
Margin
Geojit Stock Broker Margin/Exposure varies from time to time and it is depending upon the net cash & collateral available in a client’s trading account. For trades in the Equity segment, Margin is based on the security selected.
Margin details are made available in the Trading Terminal. You have required a 100% credit balance in the trading account for trading in Trade-to-Trade scrips and other stocks.
| Segment | Margin/Limit/Leverage |
|---|---|
| Delivery | Upto 4x with 22% interest per year |
| Intraday | Upto 10x |
| Equity Futures | Upto 4X |
| Equity Options | Upto 5X |
| Currency Futures | Upto 4X |
| Currency Options | Upto 5X |
| Commodities | Upto 3X |
For trades in the Derivative segment, Upfront Margin is based on SPAN + Exposure margin, Additional margin and any other margin as followed by the Exchanges.
Account Opening
To open an account you are required to submit the documents mentioned below while opening a Trading and Demat account with Geojit. Geojit website doesn’t have the option for an online account opening. We also opened the account through offline mode.
For Geojit Account opening, First, you need to fill up the contact form. Then you will receive a call from the sales executive. A representative will visit at a preferable time and collect all the documents from you. After completion of the account opening process with Geojit Broker, your account will be activated after only if all the documents/information are correct.
We paid of Rs. 472 [Trading Rs. 250/-+DP Advance AMC 150+18%-GST]. In favor of ‘Geojit Financial Services Ltd’ though cheque.
Education
Geojit Claim that they reached thousands of people & educated about the importance of savings and investments. Truth is that we didn’t find any type of educational resource by Geojit Stock Broker. Geojit website has provided a section for Finacial Planning over their website but we couldn’t be able to access it.
- Few Demo Video Of trading Platform
- Didn’t have any educational resource
- Demo trading platform not available
Research & Reports
Geojit being one of the full-service brokers and also among the oldest ones, have a very strong and experienced research team that regularly gives out reports for all its customers. They have a separate research section on the website which will tell you about all the features that they provide.
They publish a monthly Research report called Geo Data which contains extensive research of all financial instruments that they deal in. They even give out recommendations for mutual funds and commodities and suggestions to invest in particular stocks. This will come quite handy in your research about the current market.
They offer other features like daily market view and daily stock view in which they brief their customers about the latest news affecting their portfolio. They also provide analysis for futures and options which is a combination of extensive technical analysis using charts and fundamental analytic techniques.
Customer Support
After searching in detail about the customer support of the company and practicing it, we concluded that there are a lot of problems currently being faced by customers. A lot of customers have complained about poor customer support wherein they have received no change in services after submitting several requests.
We would rate the customer support as average considering the number of complaints being registered with the two exchanges, i.e., NSE and BSE. They have a different department dealing with international clients so customer support for international clients will vary. You can contact Nirmal Bang through –
- Phone: You can call the support team through a phone call on the following toll-free numbers:
- 1800-425-5501
- 1800-103-5501
Alternatively, You can also call their corporate office on the following number: 0484-2901000. Keep in mind that Phone Support is Closed on Sundays and Public Holidays.
- Office presence: They have a strong franchisee network which is one of the oldest in the country among all stock brokers. Currently, having a presence in 19 states in India and two Union Territories. You can always visit one of their offices to enquire about their services personally.
- Email: You can raise your queries regarding your account on customercare@geojit.com or grievances@geojit.com
Overview
Geojit Financial Service has a very strong presence in the Gulf region as BNP Paribas is a joint venture with the al Saud group. They have a presence in Dubai, Kuwait, Bahrain and all over the Gulf region. A lot of positive development & changes happened in the last few years as competition is heating up.
Our favorite part about this broker is the fact that one of the shareholders of the company is Mr. Rakesh Jhunjhunwala, which tells us that the company understands the nerves of traders from the time of its Incorporation. Along with that, it enables the company to gain a reputable name in the broking industry. They are more like an international broker. So, Geojit is a more suitable choice for NRIs. & High Networth Client.
There are no reviews yet.