IIFL offers Demat and trading accounts for investing and trading in various segments, including equity, equity intraday, equity derivatives (F&O), commodity F&O, and currency F&O.
Here are the brokerage details under the iValue Brokerage Plan
– Delivery Brokerage: 0.25%
– Equity Intraday and Futures: 0.025%
– Equity Options: Flat Rs 25 per lot
– Currency and Commodity Futures: 0.025%
– Currency Options: Rs. 8 per lot
– Commodity Options: Rs. 65 to Rs. 125 per lot (varies for different commodities)
For fixed brokerage charges, you may refer to Zerodha’s review, which offers zero brokerage on delivery trades and charges Rs. 20 for intraday and FNO trades.
IIFL offers the following account charges
– Account opening charges: Free (Limited time offer)
– Demat Annual Maintenance Charges (AMC):
– First Year: Free
– From Second Year onwards: Rs. 250
– Trading account AMC charges: Rs. 0
For those seeking a free Demat account without any AMC, an alternative option is Upstox. Upstox provides a complimentary account opening with zero AMC fees.
IIFL provides the following trading margins/leverage
Intraday Order Segment
– Cash Intraday: Up to 5 times
– Index and Stock Futures: 1 time
– Index Option Sell: 1 time
– Index Option Buy: 1 time
– Stock Options Sell: 1 time
– Stock Options Buy: 1 time
IIFL offers a range of value-added trading and investing products
Trader Multiple
Trader Multiple is an intraday trading product that provides higher leverage. Traders are required to place a stop-loss limit with leverage and stop-loss ranges varying based on the segment, such as certain NIFTY 50 stocks, future stocks/index, and the currency segment for USDINR contracts.
Segment
– Certain approved NIFTY 50 Stocks
– Future – stocks/index
– Currency Segment, for USDINR contracts
Leverage
– 15 times exposure
– 25 times exposure
– 50% margin
Stop-loss Range
– SL range of 3%
– SL range of 2.5%
– SL range of 0.85%
2) Order Slicing
Order Slicing allows the splitting of bulk orders into multiple small orders. This feature helps execute bulk transactions more smoothly, minimizing the impact on prices.
3) Systematic Investment Plan (SIP)
IIFL offers SIPs for equity, commodities, and mutual funds. The SIP plan enables you to place buy requests for a fixed number of equity shares, commodities (e.g., gold, silver), and mutual fund units at regular intervals. IIFL executes the orders at market prices and credits them to your account.
4) Valid Till Date (VTD)
Valid Till Date is a buy/sell order placement facility with a specified validity period or until the order is executed. Similar to GTT orders by other brokers, VTD orders remain in the system until the maximum validity date defined by IIFL, ensuring flexibility for traders.
These products enhance the trading and investment experience for IIFL users.
IIFL Trader Terminal Overview
IIFL Trader Terminal stands as the primary trading platform offered by IIFL Securities Ltd. This versatile platform is available both as a web-based interface and an installable desktop application.
Security is a top priority for the Trader Terminal, which implements a two-factor authentication (2FA) system. In addition to the regular login credentials, users are required to provide PAN number or date of birth details for access.
Key Features
– Single-click access to depository, ledger, and MTM profit/loss statements.
– Streaming quotes, instant order confirmation, multiple market watches, and alerts for real-time trading decisions.
– Customizable view to tailor the interface based on individual preferences.
– Advanced charting options and a variety of technical analysis tools.
– Live research updates and real-time news for informed decision-making.
– Live-chat feature for direct communication with customer support.
The Trader Terminal operates through .exe files that need to be installed on users’ PCs, creating a local and robust trading environment. Compatibility includes Windows 98 and higher versions. For Windows 2000, NT, and 98, users may need to download .NET Framework 2.0. Windows XP users should ensure an upgrade from Framework version 1.1 to 2.0.
System requirements comprise at least a Pentium/Celeron Processor and 512 MB RAM for a seamless experience on the IIFL Trader Terminal platform.
2) IIFL Markets App Overview
The IIFL Markets App is a user-friendly application designed for Android and iOS smartphones, boasting a commendable rating of 4.3. This app offers access to an advanced dashboard, IIFL views, and comprehensive reports.
Users benefit from instant notifications regarding their investments, price alerts, trading tips, and stock news, providing seamless account management even while on the go. The app ensures continuous connectivity for users who are traveling.
An interesting feature of the IIFL Markets app is the “Guest” login option, allowing users to explore the app and test its functionalities with a single OTP.
Loaded with valuable resources, the app includes research reports covering over 500 stocks from NIFTY, Sensex, Bank Nifty, Mid Cap, and stock recommendations tailored for beginners. The app provides a holistic experience for traders and investors alike.
What Appeals to Me About IIFL Demat Account
I find several aspects of the IIFL Demat Account to be noteworthy
– In-depth research reports covering a broad spectrum of 500+ stocks and a comprehensive sector summary.
– Daily stock tips and recommendations to keep investors informed and engaged.
– Advanced market news and event information, including insights into Buzzing Stocks and an Events Calendar.
– Provision for options trading through Sensibull, adding versatility to investment strategies.
– SIP investment options available for equities, commodities, and mutual funds.
– Value-added services encompassing IPO investments and mutual fund opportunities.
– Availability of useful products such as Trader Multiple, Order Slicing, and Valid Till Date.
Areas for Enhancement
While I appreciate many aspects of IIFL, there are areas where improvements could be considered:
– The extensive list of brokerage plans may be overwhelming for beginners and could benefit from simplification.
– Greater transparency about the margins offered by IIFL would enhance clarity for investors.
– The delivery brokerage charges, ranging from 0.25% to 0.50%, are relatively high and warrant consideration for potential adjustment.
IIFL Demat Account Opening Procedure
To initiate the process of opening an IIFL demat and trading account, you will be required to provide the following documents:
- Proof of identity (PAN with a mandatory photograph)
- Proof of address (Acceptable documents include Passport, Voter’s Identity Card, Driving License, Aadhaar)
- Proof of bank account
- Income proof (Essential for the derivatives/currency segment)
IIFL facilitates both online and offline methods for opening demat accounts.
For Offline Demat Account Opening
You have the option to follow the offline account opening process by taking the following steps:
Give a missed call to 08066719101.
An Relationship Manager (RM) will promptly return your call to assist you throughout the account opening procedure.
Online Demat Account Opening Process with IIFL
Navigate to the IIFL Securities website and proceed to register your account by providing your name and mobile number. You will receive a one-time password (OTP) on your mobile number for verification. Once verified, you will receive a link to initiate the demat account opening process online.
2) Create Login Details & PAN Verification
Begin the application by entering your full name, email address, and mobile number to create login credentials. Proceed to enter your PAN details and date of birth for verification purposes.
3) Provide Personal Details
Fill in your personal information, including your name, parents’ names, marital status, occupation, and gross annual income. Additionally, provide details regarding your trading experience, qualifications, and residential status. Complete address details are also required.
4) Fill in Bank Details
Enter your bank account number, IFSC code, and MICR number. Utilize the “Get Code” feature to obtain your bank’s IFSC and MICR numbers conveniently.
5) Select Segment & Provide FATCA Details
Choose the segments in which you intend to trade or invest. Additionally, provide details related to FATCA, including nationality, source of wealth, and other relevant information.
6.) Upload KYC and Supporting Documents
Upload the necessary documents required to open an IIFL demat and trading account. Following document submission, initiate an “In-Person Verification” (IPV) session, during which you will have a brief video call with an IIFL executive. Your video/photo will be captured during the IPV session and uploaded by the executive to complete your application.
Upon completion of the process, you will receive your trading ID, password, and other pertinent details. Typically, accounts are opened within 24 hours of submitting the application.
Final thoughts
The IIFL demat account proves to be a viable option, particularly for individuals lacking the time or expertise required for in-depth market research. While IIFL does charge a relatively higher percentage-based brokerage, it compensates by offering robust advisory services and comprehensive stock research facilities.
This brokerage structure may be more suitable for working professionals and executives who prioritize convenience and are willing to pay an extra premium for the advisory support. Opening an IIFL Securities account becomes an attractive choice for those looking to build a long-term investment portfolio encompassing equities, commodities, and mutual funds through systematic investment plans (SIP).
