Rating Index
Pros
Expertise in Commodity Trading: Goodwill is well-known for its specialization in commodity trading, providing clients with comprehensive guidance and resources.
Zero Account Opening Charges: Goodwill offers free demat and trading account opening, making it accessible for new investors.
Robust Customer Support: The broker provides multiple channels for customer support, including phone, email, and chat, ensuring clients can easily get assistance.
Cons
Lack of Regulation: Goodwill operates without proper regulatory oversight, raising concerns about safety and trustworthiness.
Average Services for Other Markets: While strong in commodities, the services offered for equity and other markets are considered average, which may not meet all traders' needs.
Mobile App Issues: The iWin mobile app has received negative feedback due to crashes and interface problems, making it unreliable for trading on the go.
Goodwill broker Accounts
Goodwill Wealth Account Type
Goodwill Wealth offers a variety of account types to cater to different trading needs. The primary accounts include:
- Demat Account: This account allows investors to hold securities in an electronic format. Goodwill Wealth uses both CDSL and NSDL as depository participants.
- Account Opening Charges: Free
- Annual Maintenance Charges (AMC): ₹333 per annum
- Margin Requirement: Zero margin
- Dematerialization Available: Yes
- Trading Account: This account is essential for executing buy and sell orders in the stock market.
- Account Opening Charges: Free
- Annual Maintenance Charges (AMC): ₹230 per annum
- Exposure/Leverage: Up to 5x for intraday trading
- Commodity Trading Account: Specifically designed for trading commodities, this account provides access to various commodity markets.
- Brokerage Charges: 0.01% - 0.02% for commodity trading
- Margin Requirement: Up to 5x leverage
- Equity Trading Account: For trading in equities, this account offers competitive brokerage rates.
- Brokerage Charges:
- Delivery: 0.1% - 0.2%
- Intraday: 0.01% - 0.02%
- Visit the Official Website: Go to the Goodwill Wealth website and look for the account opening option.
- Fill Out the Registration Form: Enter your personal details including your name, email address, and phone number.
- Provide KYC Information: Enter your PAN (Permanent Account Number), date of birth, and Aadhaar number for KYC verification.
- Upload Required Documents: Prepare and upload necessary documents such as:
- PAN Card
- Aadhaar Card
- Proof of Address
- Bank Account Details
- Complete In-Person Verification (IPV): This may involve a selfie video declaration or offline verification based on your preference.
- E-Signature: Finalize the process by completing the e-signature using Aadhaar verification.
- Account Activation: Once your application is processed, you will receive confirmation and can start trading within 48 hours.
Goodwill Wealth Broker Account Opening Process
Opening an account with Goodwill Wealth is a straightforward process. Here are the steps to follow:
By following these steps, you can easily set up your trading and demat accounts with Goodwill Wealth and begin your trading journey.
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