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DealMoney
| | Discount Brokers, Trading | 16 Comments
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DealMoney
5.9
Pros
- Zero Brokerage Across Segments
- Free Account Opening
- Average Margin
Cons
- Low Performing Trading Platforms
- Low Brand Trust
DealMoney is one of its own kind of discount stockbrokers that offers zero brokerage to its clients across segments. With the backing of Destimoney, this discount broker currently claims to serve more than 75,000 clients through its 20 branches across the country.
Having said that, the broker, as per the NSE records has an ‘active’ client base ofĀ 11,487 as of 2019-20 financial year. Nonetheless, it still is one of the mid-range stockbrokers in the country.
DealMoney Reviews
With the membership of NSE, BSE, MCX & NCDEX exchanges, DealMoney clients can trade across segments such as:
Dishant Sagwaria, President & CEO Destimoney Securities
DealMoney Trading Platforms
DealMoney offers NSE based terminal and web trading platforms in the form of NEST and NOW Online. For mobile,Ā the broker offers the mobile app of Destimoney to its clients for trading and investment. Here are the details:
NEST
NEST is a terminal-based trading software developed by Omnesys and licensed to stockbrokers such as DealMoney. This application needs to beĀ downloaded and installed on the user’s laptop and desktop before they carry out their trading. Some of the features of NEST include:
- Run real-time data with an option to export it to excel
- Provision to add multiple market watch lists with option to add stocks and other trading products within the same list
- Charting functionality with multiple technical indicators for users to perform technical and fundamental analysis
- NEST is known to be one of the most stable trading softwares in the Indian stock broking space.
Some of the screenshots of the application are shown below:
NOW Online
NOW Online is a responsive web trading application that can be accessed through a browser. Users don’t need to download or install any software to access this application. It is a lightweight platform and requires basic system configuration.
Here are some of the features:
- Easy to use interface
- Market watch functionality that can be customized as per user preferences
- Positions watch, market mover trends and interactive charts for user analysis
DealMoney App
Dealmoney opens the mobile app of its parent company Destimoney to its clients for trading. It has both Android and iOs versions with decent size and features.
Some of those features are listed below:
- Smooth user interface for easy and convenient usage.
- Multiple market watch lists
- Charting functionality for technical and fundamental analysis
- Real-time information on market updates, news and quotes
Here are some of the screenshots of the mobile application from DealMoney:
Here is a quick snapshot from the Google Play store:
| Number of Installs | 10,000+ |
| Mobile App Size | 22 MB |
| Negative Ratings Percentage | 28% |
| Overall Review |  |
| Update Frequency | 3-4 Weeks |
DealMoney Research
Although DealMoney positions itself as a discount stockbroker, it still provides research and recommendations to its registered clients.
Some of the research products offered by this broker are:
- M&A Advisory
- Corporate Finance advisory
- Equity raise advisory
- Cross border investments advisory
Thus, by looking at the research products, you’d understand that the research provided is primarily targeted at institutional investors and not towards retail traders.
DealMoney Customer Care
The discount broker is available to its clients through the following communication channels:
- Phone
- Branches
- Web-chat
The broker provides a wide range of channels (as mentioned above) and is open to support between 8.30 am to 6 pm on weekdays. There is no customer support offered on weekends and on national holidays.
Furthermore, the broker has set-up an escalation matrix and the clients can get in touch with the compliance officer through the phone in case their complaint/query is not solved as per their satisfaction.
Overall, customer support quality is around average in nature and can be improved from the executive’s training perspective where a more structured approach is used in dealing with the raised concerns.
DealMoney Partners
The financial house offers a partner program to interested candidates and businesses who are looking to set-up a business in the stockbroking space.
As per the broker claims, some of the advantages of this program are:
- Regular training on products and services.
- Access to trading platforms with administrative controls.
- Flexible business approach
- Marketing support at regular intervals
- Back-office training and online KYC
DealMoney Charges
Here are details on different pricing aspects of DealMoney as discussed below:
Dealmoney Account Opening Charges
There are no account opening charges, neither for trading nor for the Demat account that is. However, there is an annual maintenance charge applied to maintain your Demat account with the broker.
Here are the details:
| Demat Account opening charges | ā¹0 |
| Trading Account opening charges | ā¹0 |
| Demat Account Annual Maintenance Charges | ā¹250 |
| Trading Account Annual Maintenance Charges | ā¹0 |
Dealmoney Brokerage
The broker is known to provide services at no brokerage charge and in a true sense provides zero brokerage unlimited trading to its clients.
For more information, you can check this detailed DealMoney Brokerage Calculator in order to calculate all sorts of taxes and charges levied along with the final profit or loss you make from the trade.
| Equity Delivery | ā¹0 |
| Equity Intraday | ā¹0 |
| Equity Futures | ā¹0 |
| Equity Options | ā¹0 |
| Currency Futures | ā¹0 |
| Currency Options | ā¹0 |
Dealmoney Margin
From the industry perspective, the margin values are not that great. Thus, if you are looking for a high margin in your trades, well, DealMoney might not work for you.
Nonetheless, here are the margin details for your reference:
| Equity | Upto 10 times Intraday |
| Equity Futures | Upto 5 times for Intraday |
| Equity Options | Upto 5 times for Intraday |
| Currency Futures | Upto 5 times for Intraday |
| Currency Options | Upto 5 times for Intraday |
| Commodity | Upto 5 times for Intraday |
DealMoneyĀ Disadvantages
Here are a few issues with this discount broker you must be aware of:
- A relatively new name in the market, so trust factor might take some time to pitch in.
- Not much of a focus on trading platforms, as of now
- Limited margin
DealMoneyĀ Advantages
At the same time, here are some of the top benefits provided by this broker to its clients:
- Zero brokerage across all trading and investing segments
- No account opening charges
- Research provided, although at the institutional level
- Reasonable customer service
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More on DealMoney:
If you wish to learn more about this discount broker, here are a few references for you:
Summary
Reviewer
A Digital Blogger
Date
Broker Name
DealMoney
Overall Rating
16 Comments
worst investment company ever.Bhavik dodiya and mohit kotak these both people are fraud. do not let them fool you.
worst broker ever, a guy called Sudhir came to explain and he promised many things but once after getting an account, he said he will give me a desktop application, mobile app, and explain how to use the app. but he never comes to show anything to me. later he started sending calls, most of the calls were hitting stop loss. I all the calls were without any proper research. just some calls they were giving.
Appiled for this from Vinayak consultanncy.
They have taken mantainance charges rs 885 and account opening charges 650.Vinayak consultancy cheated.they have informed account opening and maintenance will be free but they cheated.Even in there session they told of 0.02 of brokarage charges but later we took too many follow ups but no response.
This is fraud company. Please do not trust on this organization. It is trap to eat up all your money. Experts in illegal transaction and at the end your investment would made at 0.I am a victim of same and it is real experience.
Better go with Fixed Deposit/Mutual Fund.
Mr. Pawan Dhaku Chavan and Priyanka are fraud people from DealMoney Securities Pune branch. They just trap you to grab your money. I invested 25000k on 18th Feb,2019 and with in a week they made my balance 0. They did illigal transaction on my account. They are telling me that they have removed the person who did illigal transaction but not paying me back. Please do not invest into DealMoney if want to grow your money. Their is 100% loss is sure.
This is indeed fraud company. It makes your entire invest to 0. Please do not invest
Dhaku ka beta hai daku. Sambalke rakhana aapna paisa.
This is worst ever broker. They give false information to invest the money. Once you invest you just furget your investment. In any case they will make your balance zero. Pawan Chavan and Priyanka from DealMoney Secirities Pune are really fraud.
Ek number faku company hai. please do not invest in this.
Only one mission. Loss definately yours. Profit is ours.
It is very fraud company.Without permission your RM makes transactions and do not takes responsibilities of your losses.They try to make you fool all sides.
Hi. Have which branch did you face this problem ?
worst company and big fraud , dont ever open an account with them ,they are pathetic .
Guys by looking overall comments, I like write few words here, I am dealing with deal money since feb- 2018 at pune branch..Mr.Nilesh had been opened my account , I have investment it’s around 30lks, in between I was in abroad, but there was no unauthorized trade , as well when I came to pune, I called to Mr.Nilesh at night 10pm, so thought he may not be replied, but he replied and sort out my questions, so I think it’s better to me. I will suggest go through deal money with proper person with true info.
Thnx
Fraud Company. Please stay away. If you face any problem do research make your case and file complaint on SEBI & NSE as soon as possible.
Hi, I request all to tweet #dealmoney #fraud on twitter so we have unite and fight against the company. Thanks