TradeJini Discount Broker Review
The definition of stockbroking:
Stockbroking is a job that is done by agents or firms deploying agents to execute processes such as buying and selling of shares for their respective clients. In return, these agents or firms charge a fee depending on their charging plans. These brokers work for small time and big time investors and the charges vary for both.
On basis of the services offered to the clients, stockbrokers could be full time brokers and discount brokers. Full time brokers generally have much higher fee and they usually deal with much prolific investors. Discount brokers on the other hand, are completely online based firms that execute trading operations for their clients for a much minimal fee compared to full time brokers. Discount brokers generally work with small time or average investors or clients.
There are plenty of professional designations for a stockbroker depending upon the type of securities they buy and sell, the license they hold, etc. The job of a discount broker and a full time or a full service broker is similar, only the services offered by them vary.
Almost all the discounted brokers present today function online with automated and computerized centers. This makes it very easier and quicker to perform trading operations. Once the idea of an online discounted broker hit the charts, plenty of firms have been incorporated themselves into this field. Thus, the competition between these discount brokerage firms is only getting tougher and heavier.
One such discount brokerage firm that has stood out in the competition is Tradejini. The new entrant in the Indian discount brokerage field claimed that, “any exchange, any segment, big or small, we trade all”. Tradejini financial service private limited was established in 2012. It was founded by two ambitious men, namely, Mr. Kishore Kumar and Mr. Dinesh Kumar M. It has a corporate office situated in Bangalore. It is a member of the major stock exchanges such as NSE, BSE, MCX and MCX-SX and provides full-fledged Demat service through the central depository services limited (CDSL). Tradejini also offers retail trading services across equities, currencies and commodities.
Tradejini has a very modest brokerage structure in all forms. It offers Rs.20 per every executed trade. In other words, 0.01% of the trade executed. It also comes with a great offer of 30 days of unlimited free trading. In addition to the brokerage charges, the following minimal charges will also be levied;
- Turnover charges
- securities transaction tax
- service tax
- stamp duty: state wise stamp duty
- Education and higher education Cess
- SEBI turnover fees
Trading platforms of Tradejini:
There are two main trading platforms that Tradejini offers on which clients could perform trading operations;
- NEST Trader: This is a default trading platform created by Omensys Technologies private limited. With the help of NEST Trader, you could perform trade across all segments and exchanges on this single platform. There is an additional feature of fund transfer on this. Using NEST Trader, an investor could place orders, modify, cancel orders and view the order book, trade book, position book, limits, quotes, market pictures, etc. These services are specifically designed to meet the rapidly changing needs of the stock market and investors.
- NSE Now: NSE Now was launched by the National Stock Exchange of India. Tradejini customers could now bank on NSE Now which is said to be the industry’s predominant trading platform with flawless services. It offers a quick and convenient mode of trading which available on mobiles and tablets as well. With the use of NSE Now, traders can do the following; 1. You could access NSE servers directly which ups the trade execution speed and eliminating any downtime 2. Day-wise net-wise reports can be viewed 3. You could receive information and alerts on your cellphone, web or email 4. You could request and also access advanced graphs and charts for better scrutiny
There also exists an NSE Now Express, which is a user friendly web portal that allows you to trade without a pain via a secure site.
Opening a Tradejini account:
In order to open a Tradejini account, you are required to fill up an online application form with the required details and send it to them. Once the application form is received, a representative would contact you to guide you throughout the process of creating an account. These representatives are well trained with adequate knowledge regarding the firm. Thus, creating an account is a very easy task with Tradejini.
The 30 days free unlimited trading offer:
With this offer in light, you could open a trading account with Tradejini even if you are not interested in trading and all you are looking to do is learn. You could trade for a period of 30 days which is unlimited without having to pay any brokerage fees. This is the first time in India that traders have an opportunity to evaluate a firm and the quality of its services without having to pay any brokerage fees. This trial period idea is a great catch for any person who wishes to venture into the field of trading without having any past experiences whatsoever.
Tradejini fund transfer schemes:
Tradejini provides its customers with multiple fund transfer options to go along with the needs and convenience. It supports fund transfers from 25 different banks across the country.
Payin: This could be done using ATOM Gateway or NEFT/RTGS. In order to use ATOM transfer, you are to use Back office or Trading Terminal and the funds will be updated instantly. To do this, you will have to shell out Rs.9 for each time you transfer a fund. You could also use NEFT/RTGS mode which would be free of cost. All you have to do is send a screenshot of the fund transfer via email. The fund will reflected within 1-5 hours.
Payout: Payout or withdrawal is always done through the back office. This is a manual way of fund transfer. This is advantageous for a customer who is weak in the knowledge of computers and thus, there is always an easier option for them.
Advantages:1) Transfer of funds facility with 25 major banks is available through ATOM payment gateway. This transfer method is instantaneous. 2) There is no minimum brokerage. 3) There is no need to login in different platforms for different segments. 4) Rs.9 per fund transfer charge added along with service charges, irrespective of the fund amount. 5) There is no need to transfer deposits in one exchange to another for trading anymore. 6) There is a 30 days free trial for customers to try out the Tradejini experience.
Disadvantages:1) Only non-Agri commodities are traded at Tradejini. 2) They have only one branch. 3) Tradejini doesn’t offer a 3 in 1 account. 4) Tradejini does not offer the facility to invest in IPO, FPO, FDs, NCDs and Offer for Sale (OFS).
This firm has had a very few complaints recorded throughout its reign in the Trading field. In the financial year of 2013-14, Tradejini had about 1000 clients out of which they had received only one single complaint. Also, a lot of traders wonder about the safety of their shares. With Tradejini, you could also open up a Demat account for a fee of Rs.300. With a Demat account, there is no worry regarding the safety of shares as the shares aren’t lying around with Tradejini employees, but instead are in the hands of NDSL or the CDSL which are totally Government owned entities.
Tradejini also provides its customers with very handy brokerage calculator. With the help of this calculator, you could have access to all the necessary details of the expenses you are to come across each time you are about to trade. Thus, using this brokerage calculator, you could predict if the trade you are to make would result in a profit or a loss.
In conclusion, Tradejini provides an integrated trading platform for commodities, equities, derivatives and currencies. It is to be remembered that discount brokers do not offer any advisory assistance in buying or selling of shares. Thus, if you are a new venturing trader, it would be advisable to not go for a discount broker in order to not incur any losses. In case you are a well versed and experienced trader, you could certainly choose a discount broker for assistance and Tradejini would be a very apt choice.
With minimal brokerage charges and one of the best and flawless platforms, this firm gets hold of more and more clients every financial year. Also, with the introduction of the 30 day free trial period, it has stood out in the competition to be called one of the most reputed discount brokers in this country. With decent ratings and reviews, Tradejini has been a successful discount brokerage firm with plenty of advantages for all levels of traders, making it one of the best choices among the various discount brokers present in India.
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