Reviews of Stock Brokers


Idbi Direct

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 Idbi Direct, one of India's prominent Full Service Broker. We will evaluate various aspects, including brokerage charges, trading platforms, customer support, and more, to help you make an informed decision.


Overview

Idbi Direct founded in 1992 by Kamal Poddar is a Private company headquartered in Mumbai, Maharashtra India. As a Full Service Broker, Idbi Direct aims to provide cost-effective buy/sell orders, enabling investors to save money compared to Discount Broker. However, it is crucial to note that Idbi Direct operates as a Discount Broker. It offers extensive investment advice and detailed stock analysis for its clients.

OverviewIdbi Direct
Broker TypeFull Service Broker
Type of companyPrivate
HeadquarterMumbai, Maharashtra
FoundersKamal Poddar
Foundation Year1992
Supported ExchangesBSE, NSE, MCX, NCDEX, ICDEX
Total branches50

Idbi Direct Account opening charges

To begin trading with Idbi Direct, you need to open a trading account and a Demat account. Idbi Direct charges Rs.250 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 ChargesIdbi Direct
Trading Account Opening ChargesRs.250
Demat AMC (Annual Maintenance Charges)Free
Trading AMC (Annual Maintenance Charges)Free
Margin MoneyMinimum Rs.5,000
Offline to Online ChargesYes
DepositoryCDSL & NSDL

Idbi Direct Brokerage Charges

One of the main factors to consider when choosing a stockbroker is the brokerage charges. Idbi Direct brokerage charges for various segments are as follows:

Equity Brokerage Charges

Equity Brokerage ChargesIdbi Direct
Equity Delivery Brokerage0.33%
Equity Intraday Brokerage0.03%
Equity Futures Brokerage0.03%
Equity Options BrokerageRs.20 per Lot

Currency Brokerage Charges

Currency Brokerage ChargesIdbi Direct
Currency Futures Brokerage0.03%
Currency Options BrokerageRs.30 per Lot

Commodity Brokerage Charges

Commodity Brokerage ChargesIdbi Direct
Commodity Options Brokerage0.03%

Idbi Direct Other Charges

In addition to brokerage charges, there are other charges to consider:

Other Brokerage ChargesIdbi Direct
Minimum Brokerage ChargesPercentage of Transacton
Transaction Brokerage Charges0.0000285
SEBI Turnover Charges0.0002% of Total Turnover
Stamp Duty ChargesAs per the state
GST Charges18% of (Brokerage + Transaction Charges)
STT Charges0.0126% of Total Turnover
Call and Trade ChargesRs 0 (Free)

Idbi Direct Equity Leverage

Leverage enables traders to amplify their market exposure using a relatively smaller capital amount. Here's the leverage provided by Idbi Direct:

Equity LeverageIdbi Direct
Equity DeliveryUpto 3x
Equity IntradayUpto 5x
Equity FuturesUpto 1x
Equity OptionsUpto 5x

Idbi Direct Currency Leverage

Currency LeverageIdbi Direct
Currency FuturesUpto 2x
Currency OptionsUpto 6x

Idbi Direct Commodity Leverage

Equity LeverageIdbi Direct
CommodityUpto 1x

Idbi Direct Offers

Numerous stockbrokers are enticing customers with attractive offers in order to expand their client base. Some of these enticing offers include:

OffersIdbi Direct
Free Stock Trading AccountYes
Free Demat AccountYes
Flexible PlansNo
Brokerage DiscountsYes
Happy HoursNo
1 Month Free PlanYes
Holiday OffersNo
Referral ProgramYes
Zero Brokerage on Loss TradesNo

Idbi Direct Features

FeaturesIdbi Direct
Equity Delivery TradingYes
Equity Intraday TradingYes
Equity Futures TradingYes
Equity Options TradingYes
Currency TradingYes
Commodity TradingYes
IPO (Initial public offering)Yes
Stocks SuggestionsNo
Robo AdvisoryNo
PMS (Portfolio Management Services)No
Trading InstitutionNo
Trading ExposureUpto 5x
Mutual FundsYes
SIP (Systematic Investment Plan)Yes
Forex TradingNo
BankingNo
InsuranceYes

Idbi Direct 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.

ServicesIdbi Direct
Fundamental ReportsNo
Research ReportsNo
Company ReportsNo
Annual ReportsNo
Company Stock ReviewNo
Free Stock TipsYes
IPO ReportsYes
Top PicksYes
Daily Market ReviewYes
Monthly ReportsYes
Weekly reportsYes
Offline AdvisoryYes
Relationship ManagerYes

Idbi Direct Trading Platforms

The Idbi Direct 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.


Idbi Direct Trading Platforms

Desktop Trading PlatformsIdbi Direct
WindowsYes
MacYes
Desktop BrowserNo

Idbi Direct Mobile App

The Idbi Direct 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 AppIdbi Direct
Mobile BrowserNo
Android AppYes
iOS AppYes
Windows AppNo
Other mobile osNo

Idbi Direct Web Trading

For web-based trading, Idbi Direct offers a powerful trading website known as Idbi Direct 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.


Idbi Direct Trade Terminal

Idbi Direct 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.


Idbi Direct Customer Support

Customer SupportIdbi Direct
Relationship ManagerNo
Offline TradingYes
Online TradingYes
24 * 7 SupportNo
Email SupportYes
Chat SupportNo
Toll free numberNo
Support Branches480

Idbi Direct 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 Idbi Direct.

BSE ComplaintsIdbi Direct
BSE Complaints2
BSE Resolved Complaints2
Percentage of resolved BSE complaints100.00 %
NSE Complaints15
NSE Resolved Complaints15
Percentage of resolved NSE complaints100.00 %
BSE/NSE Complaint vs. Resolved Percentage100.00 %

Conclusion

In conclusion, Idbi Direct 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, Idbi Direct can be considered a decent stock broker, but you must examine the pros and cons carefully before making a decision.