Worst Stock Brokers in India

Worst Stock Brokers

There are way too many stock brokers in India with everyone shouting out loud that it is better than the rest. In this chaotic shout-outs, it becomes difficult to figure out which stock broker is worth trusting and which are not.

The problem is that sales executives of all the stock brokers are trained in such a way that they make their stockbroker – the best in the world!

But when you become a customer, this is where the actual colours of these stockbrokers come into play.

In our research, we have come up with a list of stockbrokers that have consistently been performing bad year-on-year in different aspects including:

• Complaints registered at NSE and BSE against the stockbrokers
• Performance of the trading platforms, especially mobile app
• Generic feedback from clients of these stockbrokers
• Customer service performance
• Focus on technology

There is no ranking but a list of worst stock brokers in India based on the parameters mentioned above. Here we go:

BMA Wealth Creators

• 83 complaints registered at NSE and BSE for the FY-2017-18
• 140 complaints registered at NSE and BSE for the FY2016-17
• 348 complaints registered at NSE and BSE for the FY2015-16
• Highest complaint percentage reported at SEBI by clients
• 48.2% Negative Ratings for the mobile app
• Mobile app last updated in September 2016
• Almost no customer service

Here are the current mobile app rating from Google Play Store:

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SMC Global Online

• 41 complaints registered at NSE and BSE for the FY2017-18
• 44 complaints registered at NSE and BSE for the FY2016-17
• 110 complaints registered at NSE and BSE for the FY2015-16
• 27.1% Negative Ratings for the mobile app
• Mobile app last updated in November 2016

Here are the current mobile app rating from Google Play Store:

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Karvy Online

• 203 complaints registered at NSE and BSE for the FY2017-18
• 127 complaints registered at NSE and BSE for the FY2016-17
• 229 complaints registered at NSE and BSE for the FY2015-16
• 36% Negative Ratings for the mobile app
• Mobile app last updated in November 2016

Here are the current mobile app rating from Google Play Store:

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Alice Blue Online

• 26 complaints registered at NSE and BSE for the FY2016-17
• 22 complaints registered at NSE and BSE for the FY2015-16
• 21.1% Negative Ratings for the mobile app (the broker has recently re-launched a better mobile trading app).

Here are the current mobile app rating from Google Play Store:

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Samco

• 19 complaints registered at NSE and BSE for the FY2017-18
• 16 complaints registered at NSE and BSE for the FY2016-17
• 11 complaints registered at NSE and BSE for the FY2015-16
• 52.3% Negative Ratings for the mobile app
• Mobile app last updated in July 2016
• Average Customer service

Here are the current mobile app rating from Google Play Store:

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All these stockbrokers mentioned above have one or more concerns to such an extent that it becomes difficult for clients to continue any further with their services. Even if you are still looking to open an account with these stockbrokers, we will leave the choice up to you.

Another new broker in the list  Orril Trade is making its way in the share market. It is good to check the review and complaints of the new broker and don’t go with just the welcome plans and discounts offered by it.

Don’t get intimidated though! If you need some advice on which stockbroker you can trust, just put in your details below and we will set up a call back for you: