Reviews of Stock Brokers

Steel City

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 Steel City, 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

Steel City founded in 1995 by Late Mr G. Sree Rama Murthy Garu is a Public company headquartered in Vishakhapatnam, AP India. As a Full Service Broker, Steel City aims to provide cost-effective buy/sell orders, enabling investors to save money compared to Discount Broker. However, it is crucial to note that Steel City operates as a Discount Broker. It offers extensive investment advice and detailed stock analysis for its clients.

Steel City Account opening charges

To begin trading with Steel City, you need to open a trading account and a Demat account. Steel City charges Zero for opening a trading account. Additionally, there is an annual maintenance charge (AMC) of Rs.300 per Annum for the Demat account. However, it's worth mentioning that trading AMC is free.

Steel City Brokerage Charges

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

• Equity delivery: Steel City 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, Steel City charges a flat rate of 0.03% per order.
• Equity futures: The brokerage charge for equity futures is also 0.03% per order.
• Equity options: Steel City charges Rs.28 per Lot per order for equity options trading.
• Currency: For currency futures and options trading, Steel City charges 0.03% per order.
• Commodity: The brokerage charge for commodity trading is NA per order.

Equity Brokerage Charges

Currency Brokerage Charges

Commodity Brokerage Charges

Steel City Other Charges

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

• Minimum brokerage charges: Steel City imposes a minimum brokerage charge of Percentage of Transaction.
• Transaction brokerage charges: A customer incurs transaction brokerage charges, which amount to 0.00300% 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): Steel City charges 0.0126% of Total Turnover of the total turnover as STT.
• Call and trade charges: If you place orders through call and trade, Steel City charges NA.

Steel City Equity Leverage

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

Steel City Currency Leverage

Steel City Commodity Leverage

Steel City Offers

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

Steel City Features

• Discount Broker:

  Steel City is a leading online stock broker in India that offers discount brokerage services to retail investors. It charges a flat rate of Percentage of Transaction per order executed, regardless of the trade size, segment, or exchange.

• Range of Investment Products:

  Steel City 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:

  Steel City 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:

  Steel City 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:

  Steel City provides margin funding services. These enable you to make partial payments for your purchases in the cash segment. The balance is funded by Steel City at a nominal rate.

• Mobile Trading App and Trading Platforms:

  Steel City 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:

  Steel City offers demat account services through its membership with CDSL. It has been recognized as a premier depository participant by CDSL.

• Low Charges:

  Steel City is known for its lowest charges in the industry. It charges a flat fee of 0.03% 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:

  Steel City 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:

  Steel City offers dedicated customer support for its subscribers. The power investor pack and ultra trader pack include free customer support services.

Steel City 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.

Steel City Trading Platforms

The Steel City 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.

Steel City Trading Platforms

Steel City Mobile App

The Steel City 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.

Steel City Web Trading

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

Steel City Trade Terminal

Steel City 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.

Steel City Customer Support

• Relationship manager: Yes, Steel City does offer a dedicated relationship manager for customers. However, they provide other channels for support.
• Offline trading support: Yes, Steel City does offer offline trading support. All trading activities are conducted online.
• Online trading support: Steel City 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: Steel City provides extensive customer support to assist customers during regular business hours. You can easily connect with their dedicated support team for any assistance you may need.
• Email support: Customers can contact Steel City’s customer support team via email for assistance. They provide an email address where customers can send their queries and concerns.
• Chat support: Steel City does not currently offer chat support as a customer service channel. However, customers can reach out through other available channels.
• Toll-free number: Steel City 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: Yes, Steel City has physical support branches where customers can visit for assistance. In addition, customer support is also provided through remote channels.

Steel City 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 Steel City.

Conclusion

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