Reviews of Stock Brokers
Fortune Trading
When it comes to investing in the stock market, choosing the right stockbroker is of utmost importance. It can significantly impact your trading experience, investment returns, and overall satisfaction. In this article, we will provide an in-depth review of Fortune Trading, one of India's prominent Discount Broker. We will evaluate various aspects, including brokerage charges, trading platforms, customer support, and more, to help you make an informed decision.
Overview
Fortune Trading founded in 2004 by Mr. K. Narayana Moorthy is a Public company headquartered in Chennai India. As a Discount Broker, Fortune Trading aims to provide cost-effective buy/sell orders, enabling investors to save money compared to full-service brokers. However, it is crucial to note that Fortune Trading operates as a full-service brokers. It offers extensive investment advice and detailed stock analysis for its clients.
Overview | Fortune Trading |
---|---|
Broker Type | Discount Broker |
Type of company | Public |
Headquarter | Chennai |
Founders | Mr. K. Narayana Moorthy |
Foundation Year | 2004 |
Supported Exchanges | NA |
Total branches | Nil |
Fortune Trading Account opening charges
To begin trading with Fortune Trading, you need to open a trading account and a Demat account. Fortune Trading charges Rs.525 for opening a trading account. Additionally, there is an annual maintenance charge (AMC) of Free for the Demat account. However, it's worth mentioning that trading AMC is free.
Account Opening and Demat Charges | Fortune Trading |
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Trading Account Opening Charges | Rs.525 |
Demat AMC (Annual Maintenance Charges) | Free |
Trading AMC (Annual Maintenance Charges) | Free |
Margin Money | Yes |
Offline to Online Charges | Yes |
Depository | CDSL |
Fortune Trading Brokerage Charges
One of the main factors to consider when choosing a stockbroker is the brokerage charges. Fortune Trading brokerage charges for various segments are as follows:
- Equity delivery: Fortune Trading offers free brokerage for equity delivery trades. This means you can buy and hold stocks without incurring any brokerage charges.
- Equity intraday: For equity intraday trades, Fortune Trading charges a flat rate of Rs.20 per order per order.
- Equity futures: The brokerage charge for equity futures is also Rs.20 per order per order.
- Equity options: Fortune Trading charges Rs.20 per order per order for equity options trading.
- Currency: For currency futures and options trading, Fortune Trading charges Rs.20 per order per order.
- Commodity: The brokerage charge for commodity trading is NA per order.
Equity Brokerage Charges
Equity Brokerage Charges | Fortune Trading |
---|---|
Equity Delivery Brokerage | Rs.20 per order |
Equity Intraday Brokerage | Rs.20 per order |
Equity Futures Brokerage | Rs.20 per order |
Equity Options Brokerage | Rs.20 per order |
Currency Brokerage Charges
Currency Brokerage Charges | Fortune Trading |
---|---|
Currency Futures Brokerage | Rs.20 per order |
Currency Options Brokerage | Rs.20 per order |
Commodity Brokerage Charges
Commodity Brokerage Charges | Fortune Trading |
---|---|
Commodity Options Brokerage | NA |
Fortune Trading Other Charges
In addition to brokerage charges, there are other charges to consider:
- Minimum brokerage charges: Fortune Trading imposes a minimum brokerage charge of Rs.20.
- Transaction brokerage charges: A customer incurs transaction brokerage charges, which amount to 0.0019% of the total turnover.
- SEBI turnover charges: Securities and Exchange Board of India (SEBI) levies turnover charges, which are 0.0002% of Total Turnover.
- Stamp duty charges: Stamp duty charges differ based on the state and the specific category of asset.
- GST charges: A GST of 18% of (Brokerage + Transaction Charges) is applied to brokerage and transaction charges.
- STT (Securities transaction tax): Fortune Trading charges 0.01% of Total Turnover of the total turnover as STT.
- Call and trade charges: If you place orders through call and trade, Fortune Trading charges NA.
Other Brokerage Charges | Fortune Trading |
---|---|
Minimum Brokerage Charges | Rs.20 | Transaction Brokerage Charges | 0.0019% | SEBI Turnover Charges | 0.0002% of Total Turnover | Stamp Duty Charges | As per the state | GST Charges | 18% of (Brokerage + Transaction Charges) | STT Charges | 0.01% of Total Turnover | Call and Trade Charges | NA |
Fortune Trading Equity Leverage
Leverage enables traders to amplify their market exposure using a relatively smaller capital amount. Here's the leverage provided by Fortune Trading:
Equity Leverage | Fortune Trading |
---|---|
Equity Delivery | Zero | Equity Intraday | Upto 15x | Equity Futures | Upto 15x | Equity Options | Zero |
Fortune Trading Currency Leverage
Currency Leverage | Fortune Trading |
---|---|
Currency Futures | Zero | Currency Options | Zero |
Fortune Trading Commodity Leverage
Equity Leverage | Fortune Trading |
---|---|
Commodity | Upto 10x |
Fortune Trading Offers
Numerous stockbrokers are enticing customers with attractive offers in order to expand their client base. Some of these enticing offers include:
Offers | Fortune Trading |
---|---|
Free Stock Trading Account | No | Free Demat Account | No | Flexible Plans | Yes | Brokerage Discounts | Yes | Happy Hours | No | 1 Month Free Plan | No | Holiday Offers | No | Referral Program | Yes | Zero Brokerage on Loss Trades | No |
Fortune Trading Features
- Full Service Brokers:
Fortune Trading is a leading online stock broker in India that offers discount brokerage services to retail investors. It charges a flat rate of Rs.20 per order executed, regardless of the trade size, segment, or exchange.
- Range of Investment Products:
Fortune Trading is a one-stop shop for various financial investment products. It allows investors to trade in equity, commodity, and currency at BSE, NSE, and MCX. Additionally, it offers investment options in mutual funds, gold, peer-to-peer lending, insurance, and US investments.
- Subscription Plans:
Fortune Trading provides three subscription plans: Basic pack, power investor pack, and ultra trader pack. These plans offer different benefits, including reduced brokerage fees, free trades, research advisory, and dedicated customer support.
- Research and Advisory Services:
Fortune Trading stands out by offering exhaustive research and advisory services. It provides short-term and long-term investment ideas, derivative strategies, and portfolio-based investment ideas. The platform also offers a portfolio analyzer tool to analyze the performance of your investments.
- Margin Funding:
Fortune Trading provides margin funding services. These enable you to make partial payments for your purchases in the cash segment. The balance is funded by Fortune Trading at a nominal rate.
- Mobile Trading App and Trading Platforms:
Fortune Trading provides a user-friendly mobile trading app, a web-based trading website, and an installable trading terminal. These platforms are built on the latest technology and offer seamless trading experiences. The mobile app allows trading, robo-advisory, and access to various investment options.
- Demat Account Services:
Fortune Trading offers demat account services through its membership with CDSL. It has been recognized as a premier depository participant by CDSL.
- Low Charges:
Fortune Trading is known for its lowest charges in the industry. It charges a flat fee of Rs.20 per order per order executed, and the platform also offers value-add packs for additional benefits. Additionally, 5Paisa provides free account opening and brokerage-free mutual funds.
- Algo Trading and Robo Advisory:
Fortune Trading provides algo trading services and robo-advisory to its customers. These services help automate trading strategies and offer personalized investment advice based on risk profiles and return expectations.
- Customer Support:
Fortune Trading offers dedicated customer support for its subscribers. The power investor pack and ultra trader pack include free customer support services.
Features | Fortune Trading |
---|---|
Equity Delivery Trading | Yes | Equity Intraday Trading | Yes | Equity Futures Trading | Yes | Equity Options Trading | Yes | Currency Trading | Yes |
Commodity Trading | Yes | IPO (Initial public offering) | No | Stocks Suggestions | No | Robo Advisory | No | PMS (Portfolio Management Services) | No |
Trading Institution | No | Trading Exposure | Upto 15x | Mutual Funds | No | SIP (Systematic Investment Plan) | No | Forex Trading | No | Banking | No | Insurance | No |
Fortune Trading Advisory Services
The key distinction between a discount broker and a full-service broker lies in the range of services offered and the rates at which they are provided.
Services | Fortune Trading |
---|---|
Fundamental Reports | No |
Research Reports | No |
Company Reports | No |
Annual Reports | No |
Company Stock Review | No |
Free Stock Tips | No |
IPO Reports | No |
Top Picks | Yes |
Daily Market Review | No |
Monthly Reports | No |
Weekly reports | No |
Offline Advisory | No |
Relationship Manager | No |
Fortune Trading Trading Platforms
The Fortune Trading trading software comprises various trading platforms suitable for the diverse needs of the customers. It is built on IIFL's trading platform. It has been trusted by customers for the past two decades. The trading platform is available in three different forms. Namely: a mobile app, a web browser-based platform, and an installable desktop trading application.
Fortune Trading Trading Platforms
Desktop Trading Platforms | Fortune Trading |
---|---|
Windows | Yes |
Mac | Yes |
Desktop Browser | Yes |
Fortune Trading Mobile App
The Fortune Trading mobile app allows users to trade on the go and provides access to trading at BSE/NSE and robo advisory services. Customers can download the app for free from either the google app store or the apple app Store. The app is designed to be simple and intuitive, enabling users to buy stocks, trade in stock and currency futures & options, and invest in mutual funds, ETFs, bonds, and more.
Mobile App | Fortune Trading |
---|---|
Mobile Browser | Yes |
Android App | Yes |
iOS App | Yes |
Windows App | No |
Other mobile os | No |
Fortune Trading Web Trading
For web-based trading, Fortune Trading offers a powerful trading website known as Fortune Trading trader station. This website can be accessed through any web browser on computers, laptops, mobile devices, or tablets. It provides a wide range of trading and investment options within a single domain. The web platform is seamlessly integrated with payment gateways and banks, enabling instant fund transfers.
Fortune Trading Trade Terminal
Fortune Trading offers a trade terminal, which is a downloadable trading terminal specifically developed for active traders seeking advanced trading features. This desktop application offers real-time data and advanced charts for monitoring intraday and historic stock prices. It also offers a variety of keyboard shortcuts to facilitate real-time market monitoring and faster order placement.
Fortune Trading Customer Support
- Relationship manager: Yes, Fortune Trading does offer a dedicated relationship manager for customers. However, they provide other channels for support.
- Offline trading support: Yes, Fortune Trading does offer offline trading support. All trading activities are conducted online.
- Online trading support: Fortune Trading provides online trading support to customers. Their trading platform is accessible via mobile app, web browser, and desktop application, allowing customers to trade conveniently.
- 24*7 support: Fortune Trading offers round-the-clock support to customers. This means you can reach out to their customer support team at any time, even outside regular business hours.
- Email support: Customers can contact Fortune Trading’s customer support team via email for assistance. They provide an email address where customers can send their queries and concerns.
- Chat support: Yes, Fortune Trading does offer chat support as a customer service channel. Customers can easily reach out for assistance through chat.
- Toll-free number: Fortune Trading does not provide a toll-free number for customer support. However, they may have a regular helpline number that customers can use to seek assistance.
- Support branches: Fortune Trading does not have physical support branches. All customer support is provided through remote channels.
Customer Support | Fortune Trading |
---|---|
Relationship Manager | Yes |
Offline Trading | Yes |
Online Trading | Yes |
24 * 7 Support | Yes |
Email Support | Yes |
Chat Support | Yes |
Toll free number | No |
Support Branches | 0 |
Fortune Trading Complaints
Understanding the number of customer complaints received by a brokerage firm can provide insights into the quality and reliability of their services. The following table shows the information regarding the complaints received by Fortune Trading.
BSE Complaints | Fortune Trading |
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BSE Complaints | 68 |
BSE Resolved Complaints | 27 |
Percentage of resolved BSE complaints | 39.71 % |
NSE Complaints | 106 |
NSE Resolved Complaints | 73 |
Percentage of resolved NSE complaints | 68.87 % |
BSE/NSE Complaint vs. Resolved Percentage | 54.29 % |
Conclusion
In conclusion, Fortune Trading offers a range of trading and investment options through its user-friendly platforms. With competitive pricing and several investment choices, it is one of the best options for investors. However, the lack of comprehensive customer support and the number of customer complaints are areas of concern. Considering all the features and user experience, Fortune Trading can be considered a decent stock broker, but you must examine the pros and cons carefully before making a decision.