Paytm Money stock market app launched – Should you switch?
Paytm Money stock market app
The much-awaited stock trading app from PayTM has been launched under its PayTM Money banner. Seen as a tough competition to the popular discount broking service Zerodha, This launch was much awaited in the stock trading community. Let’s have a look at what the stock trading app from PayTM Money offers and is it worth the hype?
How to get an account created in Paytm Money stock market app?
At the moment if you are already using services of Paytm money then you can apply for access. You will be put in a queue and will be invited for early access to PayTM money stock trading app. Normally it takes 1-2 days to get you access if you are PayTM Money user.
How is the UI of Paytm money stock trading app?
The Mobile UI looks very clean and simple. They haven’t added complex things yet. From the first look it looks like the app allows basic share trading as buy and sell. We couldn’t see any option for derivatives yet. Below are few screenshots from the mobile app.
You can also login to the web version of the Paytm Money stock trading app. The look and feel are quite similar in desktop and mobile. Here are a few screenshots from the desktop application
What are the charges for Paytm Money stock market app?
It’s really tough to challenge the discount broker Zerodha in brokerage rates. The Paytm Money stock market app charges are more or less similar to Zerodha charges. Here are the details of the charges from Paytm Money website:-
Paytm Money stock market app – Brokerage charges
Paytm Money stock market app – DP charges
Paytm Money stock market app – Trade charges
Paytm Money stock market app – Other charges
If you look above and compare with Zerodha charges they will look more or less similar. We were surprised to see platform charges as Rs 300 per year, also Demat charges as Rs 250 per year for 100 scrips compared to companies like Upstox are providing free platform access to trade.
Is Paytm Money stock market app better than Zerodha?
It’s too early to compare Paytm Money stock market app and Zerodha. Zerodha is an established player in the market with a huge customer base. They have grown exponentially over the years and became the no 1 stock broking company in terms of customer base because of their discount broking approach.
Zerodha has been criticized a lot in the past for their platform not being able to handle peak load when the trading volume increases for a particular day. Having said that there are many people who like Zerodha for it’s low cost structure.
Zerodha has been instrumental in Indian stock markets forcing their competitors to bring down the brokerage rates.
we haven’t seen any derivatives functionality in Paytm Money stock market app yet, it remains to be seen how well Paytm Money stock market app can handle the peak load of orders when they on-board huge customer volumes on-board.
Consider reading – How to start investing in share market
Should you switch to Paytm Money stock market app?
We feel it’s too early to make the decision to switch to Paytm money stocks app. We feel customers should wait for the review of the real customers and see if it’s worth taking the pain and switch to the new platform. Also, remember if you are thinking of creating an additional account with Paytm money, you need to give their annual charges irrespective of whether you use their services or not.
How do I get access to the Paytm stock trading app?
Currently the access to the Paytm stock trading app is via their Paytm money invite only. It’s not open for public to apply for an account(as of 5th August 2020). If you are already a Paytm money customer then do check if you have an invite from then to try their stock trading service.