Finvasia Review 2023: Scam Or Safe? Uncovered Pros & Cons

Finvasia Review

Table of Contents

Finvasia is an India-based discount broker offering online trading in stocks, derivatives, commodities, and currencies. The platform claims to offer customer-centric trading conditions; however, we will uncover the truth through this fact-based Finvasia Review 2023. 

The brokerage platform is not a new name in the trading industry; its been operating for over 6 years. The multi-service platform offers retail trading in equity, currency and commodity, asset management, investment banking, advisory, and currency hedging. 

In addition to Indian traders, the platform is open for retail, institutional and global clients. Keeping aside all these promises & claims made by the platform, the biggest question remains how safe is it? Let’s find out. 

In this Finvasia Review 2023, we will assess the platform’s legal documents to determine its legitimacy. Also, this detailed review will include an analysis report based on its fees, account types, and other aspects. 

What Is Finvasia? 

It is a zero-brokerage stock trading platform launched in mid-2016. With each progressive year, the platform has constantly been adding new features. 

As an active member of BSE, NSE, and MCX, the platform allow trading in different financial market segments, including stock, currency, and commodity. However, it lacks Crypto trading. 

Apart from trading & investing services, the platform offers other customer-centric services, which include clearing services, margin funding, depository services, asset management, investment banking, advisory, and currency hedging. 

Is Finvasia Safe? 

Yes, it is a safe trading platform, at least in terms of regulations. The platform is regulated by the Securities & Exchange Board Of India (SEBI) with Reg. No INZ000176037. At the same time, the brokerage is an active member of the following exchanges:

  • NSE Clearing Member: M51912
  • NSE Member Code: 14846
  • BSE Member Code: 4043
  • MCX Member ID: 55135
  • NCDEX Member ID: 01259

Apart from regulations, the platform’s long & proven track record in the Indian markets further adds to its legitimacy. Considering the strict regulations & company’s market reputation, our findings from the Finvasia review indicate it to be a legit brokerage platform, so any possibility of it being a scam rules out here.

What About The Available Products?

As far as we reviewed the platform, it currently focuses on offering three products: Trading, Mutual Funds & Clearing Services. In terms of product offerings, the broker is comparatively one step behind from other available Indian stockbrokers. 

If you’re still unsure about what the platform has to offer, this section of Finvasia Review 2023 will explain all the available services in brief. 

Trading Platform

The trading services available on the platform allow you to invest or trade in a wide variety of markets through Spot trading, Futures or Options. 

The available trading instruments on the platform include:

  • Stocks
  • Futures & Options – shares, currencies, indices, and commodities
  • Currencies
  • Mutual Funds 
  • Commodities

Clearing Services

As a Non-Bank Clearing Member, the platform provides clearing services that settle trades executed by trading members (TMs) and Foreign Portfolio Investors (FPIs). The service is provided in segments like Equity, Futures Options, and Currency Derivatives.

Charges, Fees & Pricing

As a discount broker, the platform doesn’t have a lengthy list of brokerage or any other hidden charges. The best thing about the broker is that there are no brokerage charges for any trade place on the platform. However, fixed charges may incur depending on your chosen instrument.

Here’s a table explaining Finvasia brokerage charges: 

Fees/Charges Equity Intraday Equity Delivery Equity Futures Equity Options Currency Futures Currency Options Commodity (MCX)
STT/CTT 0.025% (on Sell side) 0.1% (both sides) 0.01% (on Sell side) 0.05% (on Sell side)

0.125% (where option is exercised)

0 0 0.01% (on Sell side)
Transaction Charges Rs 325/crore Rs 325/crore Rs 190/crore Rs 5000/crore of premium Rs 115/crore Rs 4000/crore of premium Rs 260/ crore
Clearing Charges 0 0 0 0 0 0 Rs.50/Crore
SEBI Fees Rs 10/crore Rs 10/crore Rs 10/crore Rs 10/crore Rs 10/crore Rs 10/crore Rs 10/crore

Demat Account Charges:

Transaction Charges
Demat Account Opening Charges 0
Stamp Charges  Rs. 199
Annual Maintenance Charges (AMC):
  • Individuals – Rs 0 Per Year
  • Corporates – Rs 1000 + GST (Payable upfront every year)
Transaction Charges per ISIN (Market Trades):
  • Buy : 0
  • Sell: Rs. 9 (including CDSL Fees)
Inter Depository Transfer (Off-Market Trades):
  • Buy : 0
  • Sell: Rs. 9 (including CDSL Fees)
Remat (Per ISIN) Rs 15 + Rs 99 Courier charges
Demat (Per certificate) Rs 15 + Rs 99 Courier charges
Pledge per ISIN Rs 25 + NSDL Charges
Unpledge per ISIN Rs 25 + NSDL Charges
Failed Transaction Rs 49 per transaction
Modification in Client Information Rs 19 per request
Delay Payment Charges 2% per month on T+2 days
Account Closure 0

Leverage Offering

The platform offers maximum leverage of up to 5x based on the stock. Meanwhile, the limit increases or decreases depending on your chosen instruments. For instance – 

  • Equity Delivery – 1x
  • Equity Intraday – 5x
  • F&O (Equity, Currency, and Commodities) – 1x

Deposits & Withdrawals

The payment methods available on the platform are quite distressing. There is no option for deposits via credit card or e-wallets. The only means of deposit and withdrawal available include the following:

  • UPI
  • NEFT/RTGS/FT/IMPS
  • Cheque

Account Types Offered By Finvasia?

The available account types of the platform are quite impressive and cater to the needs of both Indian and International clients. To make it more understandable, we have tried to briefly describe the function of both account types through this Finvasia Review.

Finvasia Demat & Trading Account

The Finvasia demat account allows traders to enjoy the best of both worlds – demat and trading. Our reviews are positive about it. You can trade in all available trading instruments, and fund your account through convenient options, like UPI or Bank Transfer and be free from paying hefty brokerage charges. 

Finvasia NRI Trading Account

This demat cum trading account is specially created for NRI traders. They can easily access stocks, derivatives, IPO, and mutual fund investment products. The account’s restrictions include a 100% upfront margin to buy and sell stocks & no intraday trading, and commodity & currency trading.

Open Demat Account On Finvasia? Let’s Know

The platform offers a fully digital e-KYC-based demat account, meaning all the process is based on the online medium. There is no need for physical paperwork. Here’s a detailed Finvasia account opening process: 

  • Visit the official website – www.Finvasia.com.
  • Tap on the “Open an Account” icon.
  • Now, enter your email and mobile number. Enter the received OTP.
  • Fill up the application form – enter your name, PAN number, DOB as per PAN, etc.
  • Your information will be automatically fetched from the central KYC registry. Validate the details with Aadhaar OTP.
  • E-sign the account opening form. Your account will be activated within 24 hours after verification. 
  • Now, sign in again using Finvasia login credentials. 

Finvasia Mobile App and Trading Platforms

Last time when we reviewed the platform, I remember there were many platforms available, like Finvasia Prism; However, the broker has integrated all platforms in one place – Shoonya. The platform is available for both desktop, iOS and Android devices. 

According to our evaluation, the platform simplifies users’ experience to the next level and is built for ultimate speed, flexibility and top performance. 

Here’s a quick glance at the key features of both these platforms: 

Finvasia Shoonya Web-based Platform

  • Technical analysis with powerful charting at multiple time intervals
  • 100+ technical studies
  • Advanced screeners & analytics
  • Complete option chain analytics.

Finvasia Shoonya App

  • Multiple personalized watchlists
  • Multiple order placement (including GTT order and basket order)
  • Trading view 
  • Chart IQ charting libraries with over 15 scanners
  • 100+ technical indicators

Finvasia HFT Algo

The specialized platform allows traders to place high-frequency algo trades at a fast speed. Using powerful algorithms, the platform analyzes the market and executes orders based on current market conditions.

Finvasia Referral Program

The refer and earn program of the platform offers comparatively low rewards. For a minimum fund transfer of Rs. 5,000, it offers only Rs. 50 to the referrer & Rs. 25 to the referral. 

Based on our findings from Finvasia Review, we think the platform should increase the reward amount. 

Research Support At Finvasia

The scope for educational and research support on the platform is quite low. We didn’t find anything related to educational support; there were no articles, blogs, or videos. 

In terms of research, the available tools include 

  • Finvasia Brokerage Calculator
  • Finvasia Margin Calculator

Pros & Cons

Pros Cons
Commission-free online trading Low Margin/leverage
Free Trading and Demat Account opening Lacks Crypto Trading 
Algo Trading
24×7 Customer Support
Advanced Tools

Finvasia Customer Care Support 

The customer support of the broker offers exceptionally excellent services. We were really impressed with the support team’s promptness in providing solutions to queries. Meanwhile, dedicated email and phone support is probably the best feature ever. 

Here’s how you can contact Finvasia Customer care:

Finvasia Customer Care Number – +91-172-474-0000, +91-172-675-0000

Email – [email protected] 

Finvasia Mohali Office – Plot No D-179 Finvasia Centre Phase 8b Industrial Area G F Sector 74, Sas Nagar,  Mohali, Punjab. 

Final Verdict 

Based on our evaluation of Finvasia Review 2023, we would like to rate the platform 3.5 out of 5. The platform can be a suitable option for traders who prefer low-cost trading. Additionally, the no brokerage charges, 2-1 account facility, robust regulations, and advanced trading platforms all together make the platform to be the best in comparison to other stock brokers.

However, on the negative side, the platform lacks at a few points – There is no Crypto trading, the margin is low, no educational support & most importantly, the major drawback includes the unavailability of a demo account. 

All these missing features are important for a beginner trader, so we will not recommend this platform. Instead, you should go with an even better option like InvestFW or TradeEU. The platforms are well-regulated, offer a long list of products, and provide a free demo trading account

FAQs

Is Finvasia Reliable?

Yes, the platform is reliable and highly trustworthy as it is regulated by the Securities & Exchange Board Of India (SEBI) with Reg. No INZ000176037. 

Which Is Best, Zerodha Or Finvasia?

Both Zerodha and Finavasia are Indian-based brokerages, but what distinguishes them are their features. The margin available on Zerodha is somehow higher than Finvasia. Meanwhile, the latter is rated only 4 out of 5, whereas Zerodha is rated 4.5 out of 5. 

How Many Clients Does Finvasia Have?

Currently, there are 36,781 active clients on the platform. The broker aims to increase these numbers to 50,000 in the coming months. 

Finvasia Vs Zerodha: Which Is Better?

Zerodha is better than Finvasia in many terms. The margin available on Zerodha is somehow higher than Finvasia. Meanwhile, the latter is rated only 4 out of 5, whereas Zerodha is rated 4.5 out of 5.

Is Finvasia A Good Broker?

Yes, the broker is good in terms of low-cost trading, product offerings, customer support and advanced trading platforms. 

How Does Finvasia Make Money?

As a commission-free broker, you might be wondering how Finvasia makes money. The broker earns through transaction charges payable by the clients. 

Is Finvasia SEBI Registered?

The platform is regulated by the Securities & Exchange Board Of India (SEBI) with Reg. No INZ000176037. 

Who Is The Owner Of Finvasia?

The platform was founded and owned by Ex Wall Street banker Tajinder Pal Singh and his brother Sarvjeet Singh in Canada in 2009. 

Can We Trust Finvasia?

As a SEBI-registered broker, Finvasia can be trusted. The platform also has several branch offices in India, Canada, UK and Cyprus. 

Why Is Finvasia Not Popular?

That’s not true. The platform is very popular, with over 30,000 active clients right now. 

How Old Is Finvasia?

The platform was founded in 2016, making it one of the oldest stock brokers. The platform is 8 years old now. 

Is Finvasia Free To Use?

Yes, the platform is free to use; there are no brokerage charges. However, users are subject to paying government and the platform transaction charges. 

How To Close Finvasia Account?

To close your Demat account, contact the support team. Write an email to the team, along with a valid reason. The team will take action on the request in 3-5 business days. 

X

  • Get a Callback

    A trusted broker will contact you today.