FLATTRADE Forex Broker provides real users with 2 positive reviews, * neutral reviews and * exposure review!
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FLATTRADE is a reliable platform. I earned a lot, and the mentor is good. You need to cooperate first so you can earn a lot. Their support service also surprised me.
I'm very satisfied with their services. The online support service is always available and solves problems promptly and professionally. Thanks to the support team!! Salute!!!
Flattrade, an Indian discount brokerage firm, has garnered attention for its zero brokerage policy across various trading segments. However, user experiences reveal a mixed bag of strengths and weaknesses, particularly concerning customer support and technological capabilities. This review will delve into the essential aspects of Flattrade, highlighting both its advantages and drawbacks based on multiple sources.
Note: It is important to consider that Flattrade operates under different entities in various regions, which may affect user experiences and regulatory oversight.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 8 |
| Tools and Resources | 5 |
| Customer Service and Support | 6 |
| Trading Experience | 7 |
| Trustworthiness | 5 |
| User Experience | 6 |
We score brokers based on user feedback, expert opinions, and factual data.
Founded in 2004 as Fortune Capital Services Pvt Ltd., Flattrade has established itself as a significant player in the Indian brokerage landscape. Headquartered in Chennai, this firm specializes in offering a zero brokerage model, making it an attractive option for cost-conscious traders. Flattrade provides a proprietary trading platform accessible via web and mobile applications, although it lacks popular trading platforms like MT4 or MT5. The broker facilitates trading in various asset classes, including equities, commodities, derivatives, and currencies, while being regulated by the Securities and Exchange Board of India (SEBI).
Flattrade operates primarily in India and is regulated by the Securities and Exchange Board of India (SEBI). However, it is essential to note that while it is regulated for stock trading, its forex trading services may not be adequately overseen, raising concerns about investor safety.
Flattrade supports transactions primarily in Indian Rupees (INR). The broker provides various deposit methods, including bank transfers and Unified Payments Interface (UPI), facilitating easy fund management. Withdrawals are processed efficiently, often credited to users' bank accounts within 24 hours.
To open an account with Flattrade, the initial deposit requirement is minimal, set at ₹200, making it accessible for new investors looking to commence trading without significant upfront costs.
Currently, Flattrade does not offer any promotional bonuses or incentives. The absence of such promotions may limit its appeal compared to competitors who provide attractive bonuses to new clients.
Flattrade allows trading in a diverse range of asset classes, including:
This variety enables traders to diversify their portfolios according to their investment strategies.
Flattrade's standout feature is its zero brokerage policy across all trading segments, including equity delivery and intraday trading. However, users should be aware of additional costs, such as the Securities Transaction Tax (STT), Commodity Transaction Tax (CTT), and Goods and Services Tax (GST), which can accumulate and impact overall trading costs.
Flattrade offers leverage up to 5x for intraday trading, allowing traders to maximize their investment potential. However, this leverage comes with associated risks, and users should exercise caution.
Flattrade provides a proprietary web-based trading platform and mobile applications for both Android and iOS devices. While the mobile app is user-friendly, some users report performance issues, including lag and slow loading times, which could hinder trading efficiency.
Currently, Flattrade primarily caters to Indian residents, and there may be restrictions on international clients wishing to open accounts. Users outside India should verify the broker's policies regarding cross-border trading.
Flattrade offers customer support primarily in English and Hindi. Users can reach out via phone, email, or through physical branches for assistance. While customer service is generally responsive, some users have noted delays in resolving complex issues.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 8 |
| Tools and Resources | 5 |
| Customer Service and Support | 6 |
| Trading Experience | 7 |
| Trustworthiness | 5 |
| User Experience | 6 |
Flattrade's account opening process is straightforward, requiring minimal initial deposits and no annual maintenance charges. This accessibility is a significant advantage for new traders.
While Flattrade provides some basic tools like real-time market data and charting features, it lacks comprehensive research reports and educational resources, which may limit the decision-making capabilities of less experienced traders.
Flattrade has a mixed reputation for customer service. While some users praise the responsiveness of support staff, others have expressed frustration over the time taken to resolve issues, particularly for more complicated queries.
The trading experience on Flattrade is generally positive, with its zero brokerage model making it cost-effective. However, the performance of its trading platform, especially the mobile app, has been criticized for being slow and prone to lag.
The trustworthiness of Flattrade is a contentious issue. While it is regulated by SEBI, concerns remain about its forex trading operations, which are not adequately overseen. Users should exercise caution and conduct thorough research before trading.
User experiences vary significantly, with many appreciating the zero brokerage model but expressing dissatisfaction with the platform's technological limitations. Improvements in the user interface and overall performance could enhance user satisfaction.
In conclusion, Flattrade presents a compelling option for cost-conscious traders, particularly those interested in equity and commodity trading. However, potential users should weigh the broker's advantages against its limitations, particularly in terms of technological performance and customer service. As always, conducting thorough research and considering individual trading needs is crucial before committing to any brokerage platform.
