Reviews of Stock Brokers


Wealth Discovery

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 Wealth Discovery, 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

Wealth Discovery founded in 2010 by Rahul Agarwal is a Private company headquartered in New Delhi India. As a Full Service Broker, Wealth Discovery aims to provide cost-effective buy/sell orders, enabling investors to save money compared to Discount Broker. However, it is crucial to note that Wealth Discovery operates as a Discount Broker. It offers extensive investment advice and detailed stock analysis for its clients.

OverviewWealth Discovery
Broker TypeFull Service Broker
Type of companyPrivate
HeadquarterNew Delhi
FoundersRahul Agarwal
Foundation Year2010
Supported ExchangesNA
Total branchesNil

Wealth Discovery Account opening charges

To begin trading with Wealth Discovery, you need to open a trading account and a Demat account. Wealth Discovery charges Rs.160 for opening a trading account. Additionally, there is an annual maintenance charge (AMC) of Rs.160 per Annum for the Demat account. However, it's worth mentioning that trading AMC is free.

Account Opening and Demat ChargesWealth Discovery
Trading Account Opening ChargesRs.160
Demat AMC (Annual Maintenance Charges)Rs.160 per Annum
Trading AMC (Annual Maintenance Charges)Free
Margin MoneyMinimum Rs.5,000
Offline to Online ChargesYes
DepositoryCDSL & NSDL

Wealth Discovery Brokerage Charges

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

Equity Brokerage Charges

Equity Brokerage ChargesWealth Discovery
Equity Delivery Brokerage0.16%
Equity Intraday Brokerage0.02%
Equity Futures Brokerage0.02%
Equity Options BrokerageRs.16 per lot

Currency Brokerage Charges

Currency Brokerage ChargesWealth Discovery
Currency Futures Brokerage0.02%
Currency Options BrokerageRs.10 per lot

Commodity Brokerage Charges

Commodity Brokerage ChargesWealth Discovery
Commodity Options BrokerageNA

Wealth Discovery Other Charges

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

Other Brokerage ChargesWealth Discovery
Minimum Brokerage ChargesPercentage of Transacton
Transaction Brokerage Charges0.00316%
SEBI Turnover Charges0.0002% of Total Turnover
Stamp Duty ChargesAs per the state
GST Charges18% of (Brokerage + Transaction Charges)
STT Charges0.0126% of selling value
Call and Trade ChargesNA

Wealth Discovery Equity Leverage

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

Equity LeverageWealth Discovery
Equity DeliveryUpto 2x
Equity IntradayUpto 10x
Equity FuturesUpto 4x
Equity OptionsUpto 4x

Wealth Discovery Currency Leverage

Currency LeverageWealth Discovery
Currency FuturesUpto 3x
Currency OptionsUpto 3x

Wealth Discovery Commodity Leverage

Equity LeverageWealth Discovery
CommodityUpto 3x

Wealth Discovery Offers

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

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

Wealth Discovery Features

FeaturesWealth Discovery
Equity Delivery TradingYes
Equity Intraday TradingYes
Equity Futures TradingYes
Equity Options TradingYes
Currency TradingYes
Commodity TradingNo
IPO (Initial public offering)Yes
Stocks SuggestionsNo
Robo AdvisoryNo
PMS (Portfolio Management Services)Yes
Trading InstitutionYes
Trading ExposureUpto 10x
Mutual FundsYes
SIP (Systematic Investment Plan)Yes
Forex TradingNo
BankingNo
InsuranceYes

Wealth Discovery 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.

ServicesWealth Discovery
Fundamental ReportsYes
Research ReportsYes
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

Wealth Discovery Trading Platforms

The Wealth Discovery 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.


Wealth Discovery Trading Platforms

Desktop Trading PlatformsWealth Discovery
WindowsYes
MacYes
Desktop BrowserYes

Wealth Discovery Mobile App

The Wealth Discovery 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 AppWealth Discovery
Mobile BrowserYes
Android AppYes
iOS AppYes
Windows AppNo
Other mobile osNo

Wealth Discovery Web Trading

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


Wealth Discovery Trade Terminal

Wealth Discovery 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.


Wealth Discovery Customer Support

Customer SupportWealth Discovery
Relationship ManagerYes
Offline TradingYes
Online TradingYes
24 * 7 SupportNo
Email SupportYes
Chat SupportNo
Toll free numberNo
Support Branches284

Wealth Discovery 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 Wealth Discovery.

BSE ComplaintsWealth Discovery
BSE Complaints0
BSE Resolved Complaints0
Percentage of resolved BSE complaintsNaN %
NSE Complaints1
NSE Resolved Complaints1
Percentage of resolved NSE complaints100.00 %
BSE/NSE Complaint vs. Resolved PercentageNaN %

Conclusion

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