Geojit

Geojit was first to launch online trading in India in the year 2000 and pioneering mobile trading in India in the year 2010.

The stockbroker is backed by strong banking brand BNP Paribas and offers multiple services in terms of research, qualified trading platforms, more than 14,000 fund schemes with a reasonable quality customer service.

The broker is known to provide multiple values across trading and investment services. In this detailed review, we will explore all of that and assist you in deciding whether you should be choosing it as your stock market broker or not.

Geojit Review

Geojit Paribas is a retail financial services company in India with BSE and NSE membership and is a full-service stockbroker. It has a provision of trading across the following segments:

• Equity
• Derivative Trading
• Currency Trading
• Portfolio Management Services
• Mutual funds and
• IPO
• Geojit NRI Trading
• Geojit PMS

Today, it has around 8,00,000 clients across 511 offices across the country. This full-service broking company provides a 2-in-1 account to its clients in collaboration with a few prominent banks so that they can seamlessly without any fuss around payment transfers across accounts.

Thus it offers a Geojit demat account with trading benefits in a single bundle.

Also Read: Geojit Profit Jumps 39%

As far as mutual funds are concerned, it offers a choice of more than 1000 Mutual Fund schemes offered by over 35 Asset Management Companies.

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“Geojit has an active client base of 1,62,121 for the financial year 2019-20.”

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Geojit acquired Sharekhan in July 2015 for around ₹2200 Crore. Later on 19th December 2016, Geojit ceased to be a partner with Geojit Paribas. The brokerage firm was most likely to be renamed to Geojit Financial Services.

The full-service stockbroker also has an international presence across middle eastern countries such as Saudi Arabia, Bahrain, UAE, Oman and Kuwait.

 

 

 

 

 

 

 

 

Mr C. J. George, Founder and Managing Director

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Geojit Trading Platforms

Geojit Paribas has a range of trading platforms be it a trading terminal, web-based trading platform or a mobile app.

Here are the details in length:

Geojit Selfie Platinum

Selfie platinum is a trading terminal-based application that users can download and install on their desktop or laptop. It is convenient for active traders who have their eyes glued to trading and even minor movements in stock prices can make a huge difference in their overall portfolio profitability.

It comes loaded with the following features:

• Screen layouts can be customized as per user preferences
• Same market watch shows Cash, Currency and F&O quotes at the same time
• Online fund transfer across multiple banks available
• Aftermarket hours order (AMO) placement allowed through the system

Geojit Selfie Gold

Selfie Gold is a web-based trading application that can be accessed through any browser without any installs or downloads. It comes with the following features:

• Personalized dashboards and views
• Integrated Security view with quotes, interactive charts, market news all at the same place with provision to place orders directly from the charts.
• Research reports and market tips
• Single-click to trade
• More than 90 market indicators that make the technical analysis easy for users

Users can log in to the application directly using the following link, enter their credentials and start trading directly.

This is how the application looks like:

Geojit Selfie Mobile App

The Selfie mobile app by Geojit Paribas is an advanced mobile app and comes with rich user experience. Some of the features of the mobile app are:

• Interactive real-time charts with different styles including Bar, Mountain, Candle-sticks etc
• Top gainers and losers displayed through colour coding
• Option calculator/Chain and F&O Margin calculator
• Research reports, market tips and recommendations easily accessible within the app
• Multiple watchlists as per user’s preferences

Here are some of the screenshots of the mobile app:

Some of the concerns raised by the users of this mobile trading app from Geojit are:

• App performance is relatively slow
• The app hangs at times, especially if you are using it for quick intraday trades
• Login related issues by clients, multiple times but there has not been any fix done by the broker.

These are the stats of the mobile app from Google Play Store:

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Geojit Research

The full-service stockbroker provides research and recommendations on a regular basis to its clients. Furthermore, research is segregated into multiple facets based on the trading segment, as shown below:

• Equity
  • Daily Market tracker – keeps you informed of market index movements (Sensex & Nifty), Specific stock index movers, gainers/losers, sector movement.
  • Market Analysis
  • Company Information
  • Corporate announcements
  • News Analysis
• Mutual Funds
  • Top-performing stocks
  • Category returns
  • New fund offer
  • Fund performance tracking
• Currency
  • Currency tips
  • Charting
•  IPO Analysis

All research reports, recommendations and tips are available to clients via Email, SMS and within the trading platforms as well. Users, depending on their trading and communication channel preferences, can choose to pick tips and executes their orders accordingly.

As far as the quality and accuracy of research are concerned, Geojit provides at barely the levels of industry standards. Users are strongly advised to perform their own analysis while using the research service of Geojit to validate and confirm the tips and recommendations provided by the broker.

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Geojit Customer Care

The full-service stockbroker offers the following communication channels to its clients:

• Offline branches
• Email support
• Webform
• Toll-Free number
• Phone support
• Customer support portal

With multiple communication channels, Geojit offers quality as well as quantity as far as customer service is concerned. The broker has actually set up a portal just to assist its existing client base. Within this portal, clients can log issues, get information on turnaround time and finally, a personalized solution to the concern raised. With this, the user stays intimated whenever any action takes place on the ticket raised.

Furthermore, users can get also a solution to their issues through phone, toll-free number and branches if the user is looking for offline assistance. Overall, the broker provides better than average customer support to its clients.

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Geojit Pricing

Here are the account opening charges:

 

 

Geojit is one of those rare full-service stockbrokers that offer demat as well as a trading account with Zero AMC (annual maintenance charges). Furthermore, the demat account opening is free as well.

Thus Geojit offers its customers to utilize the benefit of Geojit Free Demat Account.

Geojit Brokerage

Being a full-service broker, Geojit Paribas charges a specific commission percentage based on the trading segment. Here are the brokerage charges:

 

 

Use this Geojit Brokerage Calculator for the calculation of complete charges and your profit in the trade.

Although Geojit charges brokerage at an average level as far as Futures, Intraday and delivery segments are concerned (looking from the full-service stockbroking point of view), its brokerage for options trading is very expensive.

There are stockbrokers that charge ₹10, ₹50 for options trading but ₹125 per contract is highly expensive by any means. Thus, users are advised to understand which particular segment they are looking to trade or invest in and correspondingly make a choice.

Geojit Transaction Charges

Apart from the brokerage and account opening charges, Geojit Paribas charges the transaction or turnover costs from its clients as shown below:

 

 

The transaction charges levied by Geojit are pretty nominal and go in line with the industry standards.

Geojit Margin

To make life easier for its clients, Geojit Paribas provides the following margins (only Equity in case of this stockbroker) to its clients:

 

 

Geojit falls under that category of stockbrokers that offers minimalistic leverage to its clients. Although, clients can use leverage up to 10 times in Equity Intraday and that is pretty much it.

In other segments, the broker does not offer any leverage whatsoever which basically brings disappointment to the set of clients which is looking to use exposure for larger returns.

Having said that, exposure or leverage is a risky concept and unless you understand the implications and risks associated with it, it is advised to avoid using it. It can potentially eat up your trading capital as well.

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Geojit Disadvantages:

Here are some of the concerns that you must be aware of, in case you decide to open your demat account with this full-service stockbroker:

1. Brokerage is relatively high as compared to other full-service brokers
2. Trading across Commodity segment not allowed
3. Neither the desktop nor the mobile trading apps available for iOs platforms
4. No exposure offered across segments except Equity Intraday.

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“For 2019-20, 4 complaints have been registered against Geojit with a complaint percentage of 0.001% in regards to its active client base. The industry average is 0.01%, thus, this full-service stockbroker is better than the industry benchmark.”

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Geojit Advantages:

At the same time, you get the following advantages  while trading through Geojit:

1. Provides 3-in-1 account to its clients in collaboration with specific prominent banks that take away the concerns of payment transfer across accounts
2. Advanced in-house tech platforms with regular innovations and updates
3. An old brand name in Stockbroking space, thus, has gained a good amount of trust in the Industry

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Conclusion

Geojit is one of those stockbrokers that have seen highs and lows of the industry and still managed to keep its momentum going. However, the broker has not been able to create a positioning for itself around a specific kind of client base.

Although it offers nominal brokerage charges with reasonable customer service and trust factor of the brand, still with so many players out there, there is no single aspect where the broker can be termed as a champion or one of the best ones.

If you are looking to open an account with the broker, make sure you have a detailed discussion around the pricing, hidden charges, trading platform charges and so on, so that you stay abreast of any kind of pricing you might be levied later.

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Looking to Open an Account?

Provide your details in the form below and get a FREE call back.

 

Next Steps:

Post this call, you need to provide a few documents to start your account opening process. The documents required are as follows:

1. ID Proof
2. An address proof
3. Bank statement for the last 6 months
4. Passport-sized photograph
5. AMC fees (if applicable)
6. Trading Account cheque

Once you are done with this, your account gets opened within 2-3 business days.

For more information, you can check this detailed review of documents required for demat account.

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Geojit Membership Information:

Here are the details on the different membership details of the full-service stockbroker:

 

The details can be verified from the corresponding entity websites.

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Geojit FAQs:

Here are some of the most frequently asked questions about Geojit stockbroker:

I am planning to open an account with Geojit. Does the broker provide decent service and research?

Geojit is a full-service stockbroker and has seen a lot of business transitions since its inception. The broker is now called Geojit Financial Services and works standalone as a stockbroking entity.

As far as service is concerned, the broker has taken few initiatives just to make sure that the service quality stays high, especially in terms of turnaround time and user communication.

On the other hand, the quality of research falls flat for the broker. Although Geojit has done clean segregations at trading and investment segment level, however, the performance of tips and recommendations is not that high.

For more details, check out the ‘Customer Service’ and ‘Research’ sections above.

What is the account opening charge at Geojit?

Opening your demat account at Geojit is free while you have to pay ₹425 for opening a trading account with the full-service stockbroker. The best part is, annual maintenance charges (AMC) of both types of accounts is free of cost.

How is the brokerage calculated at Geojit? Is it value for money?

Although brokerage for equity intraday and delivery segments is at an average level and the broker does not charge hefty payments from its clients, Options trading is pretty expensive with the broker. In fact, clients are charged ₹125 per contract for equity and currency options trading. This value is one of the most expensive ones in the overall stock market, including the premium stockbrokers.

Thus, as long as you are trading at delivery or intraday level, you will stay value for money but as you transit to options trading, your profits will be eaten up by hefty brokerage charges.

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Geojit Branches:

The full-service stockbroker is present in the following locations across different parts of India:

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You can check out the detailed comparisons of Geojit Vs Other stockbrokers:

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More on Geojit:

If you are looking to know more information about this full-service stockbroker, here are a few reference articles for you: