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 Mdirect, 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.


Mdirect founded in 1997 by Sushil Agarwal is a Private company headquartered in Mumbai, Maharashtra India. As a Discount Broker, Mdirect 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 Mdirect operates as a full-service brokers. It offers extensive investment advice and detailed stock analysis for its clients.

Broker TypeDiscount Broker
Type of companyPrivate
HeadquarterMumbai, Maharashtra
FoundersSushil Agarwal
Foundation Year1997
Supported ExchangesNA
Total branchesNil

Mdirect Account opening charges

To begin trading with Mdirect, you need to open a trading account and a Demat account. Mdirect charges Rs.500 for opening a trading account. Additionally, there is an annual maintenance charge (AMC) of Free or Rs.400 per Annum for the Demat account. However, it's worth mentioning that trading AMC is free.

Account Opening and Demat ChargesMdirect
Trading Account Opening ChargesRs.500
Demat AMC (Annual Maintenance Charges)Free or Rs.400 per Annum
Trading AMC (Annual Maintenance Charges)Free
Margin MoneyZero Margin
Offline to Online ChargesYes
DepositoryCDSL & NSDL

Mdirect Brokerage Charges

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

Equity Brokerage Charges

Equity Brokerage ChargesMdirect
Equity Delivery BrokerageRs.18 per Order
Equity Intraday BrokerageRs.18 per Order or 0.01% whichever is low
Equity Futures BrokerageRs.18 per Order
Equity Options BrokerageRs.18 per Order

Currency Brokerage Charges

Currency Brokerage ChargesMdirect
Currency Futures BrokerageRs.18 per Order
Currency Options BrokerageRs.18 per Order

Commodity Brokerage Charges

Commodity Brokerage ChargesMdirect
Commodity Options BrokerageRs.18 per Order

Mdirect Other Charges

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

Other Brokerage ChargesMdirect
Minimum Brokerage ChargesRs.18
Transaction Brokerage Charges0.00301% of Total Turnover
SEBI Turnover Charges0.0007% of Total Turnover
Stamp Duty ChargesAs per the state
GST Charges18% of (Brokerage + Transaction Charges)
STT Charges0.0112% of Total Turnover
Call and Trade ChargesNA

Mdirect Equity Leverage

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

Equity LeverageMdirect
Equity DeliveryUpto 2x
Equity IntradayUpto 2x
Equity FuturesUpto 2x
Equity OptionsUpto 2x

Mdirect Currency Leverage

Currency LeverageMdirect
Currency FuturesUpto 2x
Currency OptionsUpto 2x

Mdirect Commodity Leverage

Equity LeverageMdirect
CommodityUpto 2x

Mdirect 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 AccountNo
Free Demat AccountNo
Flexible PlansNo
Brokerage DiscountsYes
Happy HoursNo
1 Month Free PlanNo
Holiday OffersNo
Referral ProgramYes
Zero Brokerage on Loss TradesNo

Mdirect 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)No
Trading InstitutionNo
Trading ExposureUpto 2x
Mutual FundsYes
SIP (Systematic Investment Plan)Yes
Forex TradingNo

Mdirect 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 ReportsNo
Research ReportsNo
Company ReportsNo
Annual ReportsNo
Company Stock ReviewNo
Free Stock TipsYes
IPO ReportsNo
Top PicksNo
Daily Market ReviewNo
Monthly ReportsNo
Weekly reportsNo
Offline AdvisoryNo
Relationship ManagerNo

Mdirect Trading Platforms

The Mdirect 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.

Mdirect Trading Platforms

Desktop Trading PlatformsMdirect
Desktop BrowserYes

Mdirect Mobile App

The Mdirect 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 AppMdirect
Mobile BrowserYes
Android AppNo
iOS AppNo
Windows AppNo
Other mobile osNo

Mdirect Web Trading

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

Mdirect Trade Terminal

Mdirect 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.

Mdirect Customer Support

Customer SupportMdirect
Relationship ManagerNo
Offline TradingNo
Online TradingYes
24 * 7 SupportNo
Email SupportYes
Chat SupportNo
Toll free numberNo
Support Branches0

Mdirect 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 Mdirect.

BSE ComplaintsMdirect
BSE Complaints12
BSE Resolved Complaints9
Percentage of resolved BSE complaints75.00 %
NSE Complaints19
NSE Resolved Complaints17
Percentage of resolved NSE complaints89.47 %
BSE/NSE Complaint vs. Resolved Percentage82.24 %


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