Reviews of Stock Brokers


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 IIFL, 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.


IIFL founded in 1995 by Nirmal Jain is a Public company headquartered in Mumbai, India India. As a Full Service Broker, IIFL aims to provide cost-effective buy/sell orders, enabling investors to save money compared to Discount Broker. However, it is crucial to note that IIFL operates as a Discount Broker. It offers extensive investment advice and detailed stock analysis for its clients.

Broker TypeFull Service Broker
Type of companyPublic
HeadquarterMumbai, India
FoundersNirmal Jain
Foundation Year1995
Supported ExchangesNSE, BSE, MCX
Total branches900

IIFL Account opening charges

To begin trading with IIFL, you need to open a trading account and a Demat account. IIFL charges Rs.1300 for opening a trading account. Additionally, there is an annual maintenance charge (AMC) of Free for 1 year & Rs.450 per annum thereafter for the Demat account. However, it's worth mentioning that trading AMC is free.

Account Opening and Demat ChargesIIFL
Trading Account Opening ChargesRs.1300
Demat AMC (Annual Maintenance Charges)Free for 1 year & Rs.450 per annum thereafter
Trading AMC (Annual Maintenance Charges)Free
Margin MoneyMinimum Rs.10,000
Offline to Online ChargesYes
DepositoryNSDL & CDSL

IIFL Brokerage Charges

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

Equity Brokerage Charges

Equity Brokerage ChargesIIFL
Equity Delivery BrokerageFree
Equity Intraday BrokerageRs.20 per order or 0.05%, whichever is lower
Equity Futures BrokerageRs.20 per order or 0.05%, whichever is lower
Equity Options BrokerageRs.20 per order

Currency Brokerage Charges

Currency Brokerage ChargesIIFL
Currency Futures BrokerageRs.20 per order or 0.05%, whichever is lower
Currency Options BrokerageRs.20 per order or 0.05%, whichever is lower

Commodity Brokerage Charges

Commodity Brokerage ChargesIIFL
Commodity Options BrokerageRs.20 per order or 0.05%, whichever is lower

IIFL Other Charges

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

Other Brokerage ChargesIIFL
Minimum Brokerage ChargesRs.0.05 per Share
Transaction Brokerage Charges0.00325% of Total Turnover
SEBI Turnover ChargesRs.5 per crore
Stamp Duty ChargesAs per the state
GST Charges18% of (Brokerage + Transaction Charges)
STT Charges0.0126% of Total Turnover
Call and Trade ChargesRs 50 per call

IIFL Equity Leverage

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

Equity LeverageIIFL
Equity DeliveryUpto 5x
Equity IntradayUpto 20x
Equity FuturesUpto 7x
Equity OptionsUpto 5x

IIFL Currency Leverage

Currency LeverageIIFL
Currency FuturesUpto 8x
Currency OptionsUpto 5x

IIFL Commodity Leverage

Equity LeverageIIFL
CommodityUpto 8x

IIFL Offers

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

Free Stock Trading AccountYes
Free Demat AccountYes
Flexible PlansYes
Brokerage DiscountsNo
Happy HoursNo
1 Month Free PlanNo
Holiday OffersNo
Referral ProgramYes
Zero Brokerage on Loss TradesNo

IIFL Features

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)Yes
Trading InstitutionNo
Trading ExposureUpto 20x
Mutual FundsYes
SIP (Systematic Investment Plan)Yes
Forex TradingNo

IIFL 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.

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

IIFL Trading Platforms

The IIFL 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.

IIFL Trading Platforms

Desktop Trading PlatformsIIFL
Desktop BrowserYes

IIFL Mobile App

The IIFL 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 AppIIFL
Mobile BrowserYes
Android AppYes
iOS AppYes
Windows AppNo
Other mobile osNo

IIFL Web Trading

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

IIFL Trade Terminal

IIFL 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.

IIFL Customer Support

Customer SupportIIFL
Relationship ManagerYes
Offline TradingNo
Online TradingYes
24 * 7 SupportNo
Email SupportYes
Chat SupportYes
Toll free numberNo
Support Branches120

IIFL 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 IIFL.

BSE ComplaintsIIFL
BSE Complaints145
BSE Resolved Complaints144
Percentage of resolved BSE complaints84.14 %
NSE Complaints214
NSE Resolved Complaints212
Percentage of resolved NSE complaints99.07 %
BSE/NSE Complaint vs. Resolved Percentage91.60 %


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