Marwadi Online Review
Marwadi Online is one of the well known Indian stock brokers. It is a full-service stockbroker incorporated in the year 1992, in the city of Rajkot, Gujarat. It holds a vast employee base of more than 740 people and offers services across India.
Currently, it is offering more than 95 offline branches with 1450 direct franchises across different parts of the country.
It was launched by Mr. Ketan H. Marwadi as a private firm to serve investors in the field of trading and stock marketing.
With years of experience, Marwadi Online gained a lot in terms of business, trust, clients, and development. The financial firm grabbed popularity by offering the best innovative platforms.
The customer handles management is also very well sorted with Marwadi Online to provide the best trading research reports based on current market scenarios.
Marwadi Online holds a considerable investor base of morethan 3.05 lakhs and still growing. After a stronghold in Gujarat, Marwadi Online is started expanding more nationally and began raising funds from UK based investment companies.
This full-service broker holds a membership active membership with different trading organizations like NSE, NSDL, CDSL, NCDEX, and BSE.
When we talk about its services, the brokers offer various trading options and segments:
- Commodity Trading
- Derivative Trading
- Mutual Funds
- Portfolio Management Services
- Insurance Services
- Equity Trading
- IPO
Marwadi Online Trading Software and Platforms
No doubt Marwadi Online is one of the best full-service stock brokers of India. But still, it doesn’t put its full effort and dedication in offering the best in-house developed trading platforms.
When it comes to the web browser-based application or the terminal-based software, this financial firm outsourced each trading platform.
However, recently, they started developing and maintaining their new mobile trading application.
Nowadays, it is quite safe to perform trading related stuff with only matured applications.
Here are some best outsourced and in-house trading platforms offered by Marwadi Online to its traders:
ODIN DIET
It is outsourced terminal-based 3rd party trading software provided by Marwadi Online to its clients. ODIN DIET is one of the best terminals based matured trading applications with various trading features with superior performance.
Let’s check out some of the best features of this application:
- It is integrated with a variety of in-built features and superior intelligent algorithms that offers an effective trading experience to its clients.
- It also allows the user to monitor real-time market opportunities and researches.
- It is extensively customizable to provide the user to develop and implement different trading strategies for both technical and fundamental trading levels.
- ODIN DIET is one of the extraordinary trading applications in terms of a variety of features, based on multiple market analysis and reports.
The only thing that degrades the overall trading experience is that it takes much time to fix bugs and issues raised by its clients via comments or feedback.
Being an out-sourced trading application, Marwadi Online can’t be able to perform any debugging to resolve customer’s issues.
The whole process is a bit complicated and involves various parties to get the issue resolved.
NSE NOW
NSE NOW is an out-sourced 3rd party web-based trading platform offered by Marwadi Online to its traders.
Being a user, you can perform trading just with any of these web browsers, including Chrome, Firefox, or Internet Explorer, etc.
As a trader,it is very convenient to trade with NSE NOW because you don’t need to download and install anything to proceed with your trading.
The main advantage is its versatility that is can easily be accessed with a variety of devices including mobile, laptop, tablets, and desktop too.
Moreover, NSE NOW is a super responsive trading platform by nature, and it optimizes automatically with all screen resolutions effectively.
Here are some of the best-integrated features of NSE NOW:
It is a very light weighted web-based trading platform that can run on any device effectively.
It is embedded with various types of charting types and offers multiple trading indicators to its users.
Clients will get the provision to trade in various types of order segments.
Being a web browser-based trading still offers all essential features, including secure fund transfers too.
MARWADI ONLINE TRADE MOBILE APP
The mobile trading application offered by Marwadi Online is immaculate and basic in design and functionality.
In terms of its look and feel, it is almost similar to other mobile trading apps named iWin and offers an above-average user experience and performance.
Some of the best features of the mobile app include:
- It helps the clients by offering real-time market watch lists and researches.
- In this small mobile trading application, you will get various types of orders reports including Net position, Funds View, Trade Book, etc
- For active trading, this trading application helps the traders by providing historical charts for fundamental and technical analysis.
There are some top concerns users raised against the mobile trading app:
- The overall user experience with this app is not the best, or we can say it offers an average trading experience. Users also complained that the navigation from one segment to others is not that smooth when compared with other mobile trading software.
- Users are also facing multiple login related issues; sometimes, it was found that the automatically logouts without the user’s instruction.
- The app is a bit clumsy you will experience a sluggish nature while navigating with Stock market feeds, the overall experience can be improved with proper optimization and validation.
Marwadi Online Research Services
Marwadi Online is one of the best full-service brokers in offering superior and effective research services.
This financial firm holds a sound grip in providing a variety of researches, including fundamental and technical scales in almost every segment.
Segments like Commodity, Equity, and Currency this full-service broker offers no clear segregation of research-based analysis and market reports and recommendations.
It creates unnecessary confusion amongst its client’s base and also wastes their precious trading time too.
In other words, we can say that the Marwadi Online’s research team offers an average kind of service.
This broker doesn’t provide any prominent or active visibility amongst its different channels like journals, over TV broadcasts, etc.
So, from our side, we always recommend you get coupled with any advisory firm for comprehensive technical and fundamental analysis.
If you are a beginner investor, never rely on this broker for their recommendations. In many cases, we found that implementing their research and tips directly on trades will lead to considerable losses in both intraday and other stocks.
Marwadi Online Customer Care, Support, and Office Addresses.
Marwadi Online offers almost all communication channels for its clients to connect its service team.
- Email Assistance
- Customer care Unit at Offline Branches
- Offline and Online trading
- Over Phone
- Via Fax
Customer care numbers, addresses, and E-Mail ids.
| Registered Office Address | Marwadi Financial Plaza, Nana Mava Main Road, Off 150 Feet Ring Road,Rajkot-360001,Gujarat (India). Ph: 0281-6192000, 2332001. |
| Customer Care Contact No. | 1800 22 7575 Or 1800 266 7575 |
| [email protected] | |
| Complaints Or Grievances | [email protected] |
Marwadi Online Customer Ratings
| Segments | Ratings |
| Trading Platforms | 6.5 out of 10 |
| Research Tips | 4.5 out of 10 |
| Pricing and Brokerage | 7.0 out of 10 |
| Customer Service | 4.0 out of 10 |
| Exposure | 6.0 out of 10 |
| Overall | 5.6 out of 10 |
Marwadi Online Prices and Charges.
In the game of trading, you must be cautious enough to calculate all the different types of charges implemented by your broker. Though Marwadi online is a reliable and reasonable full-service broker in case of its different additional charges. It’s always better to negotiate prices and get it documented or emailed from their official email id. This will save you from later stages ambiguities.
Here are some pricing details of this full-service stockbroker:
Marwadi Online Account Opening Charges.
To open a trading account and Demat, you need to pay the following additional charges as mentioned in the below table:
| Segment | Opening Charges |
| Fees For Trading Account Opening | Rs. 0 |
| Charges For Demat Account Opening | Rs. 0 |
| Annual Maintenance Charges For Trading Account | Rs. 0 |
| Annual Maintenance charges for Demat Account | Rs. 450 per year Or Rs 2500 onetime payment and Rs. 2250 will be refunded when you close the account. |
| Margin Money | Rs.10,000 |
| Offline to Online | Yes |
Let’s discuss the charges mentioned above in detail for better clarity. To perform trading with your trading account, you need to maintain a minimum balance of Rs.10,000 as margin money.
You can either pay Rs. Four hundred fifty every year as an annual maintenance charge, or you may go with Rs. 2500 onetime fee with no yearly AMC charges.
Also, when you close your trading account with this broker, the broker will refund Rs. 2250 in your bank account.
However, it depends on multiple conditions, including trading commitments based on time slots and various other investments in the field of stock marketing.
Marwadi Online Brokerage Charges
In terms of brokerage, Marwadi Online charges a percentage based brokerage charges. That means the more you trade, the higher you will get charged by the broker.
Meanwhile, this broker also fixed a minimum brokerage charge ranging from Rs. 20 to Rs. 25 if you perform very low trades.
Here we provide you will all brokerage charges details applied by this broker:
| Segment | Brokerage Charges |
| EquityOptions | Rs. 100 per lot |
| Currency Futures | 0.02% |
| Equity Intraday | 0.06% |
| Commodity | 0.02% |
| Equity Delivery | 0.30% |
| Currency Options | Rs. 100 per lot |
| Equity Futures | 0.02% |
When we compare the brokerage charges of Marwadi Online with other brokers, we must say the costs are average as per industry standard.
But in the case of options segments, the brokerage charge is Rs. 100 per lot, which is for sure very expensive.
For active trading, you must consider using Marwadi Online’s Brokerage calculator for pre-calculation of all additional charges, including brokerages, to generate maximum revenue.
Marwadi Online Transaction Charges
If you want to trade with Marwadi Online, then you need to analyze the transaction charges before performing any trade.
Below we have mentioned all the fees applied by this broker as a transaction:
| Segments | Transaction Charges |
| Equity Delivery | 0.00325% |
| Currency Options | 0.0435% on premium |
| Equity Futures | 0.0020% |
| Currency Futures | 0.00125% |
| Equity Options | 0.053% on premium |
| Commodity | 0.0030% |
| Equity Intraday | 0.00325% |
The transaction charge Marwadi Online charges on Equity delivery and Equity Intraday trading is 0.00325%, respectively.
However, in the case of equity options and currency options, the broker charges 0.053% on premium and 0.435% on the premium, respectively.
Lastly, for equity futures and currency futures there,the transaction charge is 0.0020% and 0.00125%, respectively. Whereas, in the case of commodity, the broker charges 0.0030%.
Marwadi Online Other Charges
| Segments | Other Charges |
| Transaction Charges | 0.00309% of Total Turnover |
| STT | 0.0111% of Total Turnover |
| SEBI Turnover Charges | 0.0007% of Total Turnover |
| Stamp Duty | Depends on State (very minimal) |
| GST | 18% of (Brokerage + Transaction Charges) |
It might be a bit confusing for new traders to understand the table contents. A detailed explanation is given below.
Marwadi Online imposes a charge from their investors and clients to pay a certain amount of 0.00111% of the total turnover as Transaction charges it’s just for security purposes.
You will be charged 18% on the sum of the transaction and brokerage as a GST charge.
Transaction charges of 0.00309% of the total turnover and 0.0007% of the total turnover based on SEBI Turnover and a variable stamp duty charge based on state laws.
Marwadi Online Margin and Exposure
In the field of trading, sometimes, we take advantage of exposure and leverage to generate higher returns.
However, it is one of the risky trading technique may lead to eating up all your trading account balance. Any unfortunate may lose your actual capital too.
Here all exposure and marginal values are offered by this broker across different segments:
| Segment | Margin and Exposure |
| Equity Delivery | Upto 10 times |
| Equity Intraday | Upto 10 times |
| Equity Futures | Upto 2 times for Intraday |
| Equity Options | No margin on buying, on shorting if offers 4 times leverage for intraday |
| Currency Futures | Upto 2 times exposure |
| Currency Options | No margin on buying, on shorting if offers 2 times leverage for intraday |
| Commodity | Upto 2x times for Intraday. |
From the table mentioned above, we came to know that Marwadi Online is offering the lowest margin and Exposure when compared with other prominent players in all different trading segments.
This broker only offers a 10x margin on Equity delivery trading and 10x times exposure on Equity Intraday based on growth level.
In the case of equity future, commodity, and Currency future, these brokers offer only 2 x times of margin. At last, Marwadi Online offers 2x times margin on Currency options and 4x times on Equity options.
Marwadi Online Comparison with Competitor.
Marwadi Online Comparison with Discount Brokers
| Broker | Marwadi Online | 5paisa | Zerodha | Upstox |
| Service Type | Full-Service Broker | Discount Broker | Discount Broker | Discount Broker |
| Brokerage Range | 0.06% to 0.3% | Rs. 10 | Rs. 20 | Rs. 20 |
| Account Type | 2 in 1 | 2 in 1 | 2 in 1 | 2 in 1 |
| Equity Delivery | 0.3% or 30 paisa | Flat Fee Rs 10 | Free | Free |
| Equity Intraday | 0.03% or 3 paisa | Flat Fee Rs 10 | 0.01% or Rs 20 whichever is lower | 0.01% or Rs 20 whichever is lower |
| Equity Futures | 0.03% or 3 paisa | Flat Fee Rs 10 | 0.01% or Rs 20 whichever is lower | 0.01% or Rs 20 whichever is lower |
| Equity options | Rs 100 Per Lot | Flat Fee Rs 10 | Flat Fee Rs 20 | Flat Fee Rs 20 |
| Commodity Option | 0.03% or 3 paisa | Flat Fee Rs 10 | Flat Fee Rs 20 | Flat Fee Rs 20 |
| Currency futures | 0.03% or 3 paisa | Flat Fee Rs 10 | 0.01% or Rs 20 whichever is lower | 0.01% or Rs 20 whichever is lower |
| Currency options | Rs 100 Per Lot | Flat Fee Rs 10 | Flat Fee Rs 20 | Flat Fee Rs 20 |
| Rating | 3.9 out of 5 | 4.0 out of 5 | 4.3 out of 5 | 4.3 out of 5 |
Marwadi Online Comparison with Full Service Broker.
| Broker | Marwadi Online | Sharekhan | Angel broking | Edelweiss |
| Service Type | Full-Service Broker | Full-Service Broker | Full-Service Broker | Full-Service Broker |
| Brokerage Range | 0.06% to 0.3% | 0.1 to 0.5% | Rs. 15 to Rs.30 | Rs. 10 to 0.5%. |
| Account Type | 2 in 1 | 2 in 1 | 2 in 1 | 2 in 1 |
| Equity Delivery | 0.3% or 30 paisa | 0.5% or 50 paisa | Rs. 15 /trade less than Rs. 50k order Rs. 30/trade more than Rs. 50k order | Rs.10 / 0.01% whichever lower |
| Equity Intraday | 0.03% or 3 paisa | 0.1% or 10 paisa | Rs. 15 /trade less than Rs. 50k order Rs. 30/trade more than Rs. 50k order | Rs.10 / 0.01% whichever lower |
| Equity Futures | 0.03% or 3 paisa | 0.1% or 10 paisa | A flat fee of Rs. 30/ order | Rs.10 / 0.01% whichever lower |
| Equity options | Rs 100 Per Lot | 2.5% of Premium or Rs 250 per lot whichever is high | A flat fee of Rs. 30/ order | Flat Fee of Rs. 10 |
| Commodity | 0.03% or 3 paisa | 0.1% or 10 paisa | A flat fee of Rs. 30/ order | NA |
| Currency futures | 0.03% or 3 paisa | 0.1% or 10 paisa | A flat fee of Rs. 30/ order | Rs.10 / 0.01% whichever lower |
| Currency options | Rs 100 Per Lot | 2.5% of Premium or Rs 250 per lot whichever is high | A flat fee of Rs. 30/ order | Flat Fee of Rs. 10 |
| Rating | 3.9 out of 5 | 4.0 out of 5 | 4.3 out of 5 | 4.1 out of 5 |
What are the main reasons to join Marwadi Online?
Here we going to discuss some primary reasons for opening a Trading account with Marwadi Online:
Research Services
This full-service broker offers useful, high-quality research reports. The research reports are highly authentic and made with in-depth, detailed market analysis and stand out to be accurate most of the time.
Marwadi Online offers a variety of tricks to help investors in all trading segments.
Affordable Brokerage Charges
The overall brokerage charges of Marwadi Online are low when compared with other stock brokers. In other words, we can say they offer you the best average range of brokerage charges.
Variety Of Products And Services
Being an old experienced full-service Broker, Marwadi Online offers all trading products and services. It includes a range of services like trading, research and advisory services.
Prompt Customer Care
This full-service broker offers dedicated customer care to resolve all queries and grievances of the clients.
They provide a friendly behavior with the customers to maintain a positive vibe without losing any opportunity to generate profits.
Integrated Trading Platforms
This financial broker offers different types of trading platforms, which include highly modern in terms of technology.
The platforms are so well optimized that they can run on any devices. They are fully loaded with substantial trading features and offer a smooth user experience.
Marwadi Online Complaints raised at BSE/NSE for Resolution
Here are some of the complaints raised by the clients against Marwadi Online. In the below-mentioned table, we had a detailed summary of complaints and grievances went for resolution to the trading exchange.
Marwadi Online Customer Complaints:
| Exchange | Financial Year | Number of Clients * | Total Complaints ** |
| NSE | 2019-20 | 82,113 | 1 |
| BSE | 2018-19 | 35,463 | 1 |
| NSE | 2018-19 | 89,537 | 8 |
| BSE | 2017-18 | 63,723 | 3 |
| NSE | 2016-17 | 53,712 | 7 |
| BSE | 2015-16 | 31,632 | 2 |
| NSE | 2015-16 | 33,442 | 4 |
| BSE | 2014-15 | 26,787 | 2 |
| NSE | 2014-15 | 26,598 | 4 |
| BSE | 2013-14 | 159,895 | 1 |
| NSE | 2013-14 | 22,385 | 2 |
| BSE | 2012-13 | 156,149 | 6 |
| NSE | 2012-13 | 130,338 | 8 |
| BSE | 2011-12 | 149,324 | 6 |
| NSE | 2011-12 | 127,959 | 7 |
Marwadi Online Merits And Demerits
Marwadi Online Merits
- Trading with Marwadi online helps the investor to trade in almost every segment available in the field of stockbroking.
- It offers a variety of trading software and products for generating maximum revenue.
- A well-distributed network of offline branches and offices across every Indian state.
- This full-service broker offers you reasonable brokerage charges, including negotiable, customizable brokerage plans.
Marwadi online Demerits
- Though this full-service broker offers research-related services still the effectiveness is inferior when compared to other brokers
- The customer service of Marwadi Online is not performing well in resolving customer’s issues with trading and other technical glitches.
- No in-house technology development team to provide any customized trading platform and extra special services.
- The exposure offered by this financial firm is too low, which can be considered as of no use.
- It doesn’t offer a 3-in-1 account facility.
Conclusion
Marwadi Online is one of the oldest stockbroker companies in India. Still can’t able to offer quality services to its clients. It lacks in various segments, including its trading platforms, research reports, customer support, and offers. Overall, Marwadi Online is a below-average mediocre full-service stockbroker.
Holding 25 years of experience Marwadi Online has not been able to build its reputation or brand value.We recommend you analyzeeach and every aspect of Marwadi Online before trading with this broker.
Marwadi Online FAQs
Q1. What type of Stockbroker Marwadi Online is?
Ans. Marwadi Online is a full-service Stockbroker.
Q2. When and where Marwadi Online came into existence?
Ans. Marwadi Online came into existence in the year 1992 in the city Rajkot of Gujarat.
Q3. Who is the CEO of Marwadi Online?
Ans. Mr. Ketan H. Marwadi is the CEO of Marwadi Online.
