Mandot Securities Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
Business
License
Overall I’m very satisfied with their service. Their resources are easy to understand and help you get the results you want, customer service is always at your disposal, and the platform is easy to use.
Mandot Securities has established itself as a notable player in the Indian brokerage landscape since its inception in 2014. This review synthesizes various insights from multiple sources, revealing a mix of positive attributes and areas for improvement. Key features include competitive brokerage charges and a range of investment options, although customer support and user experience may require attention.
Note: Its essential to recognize that Mandot Securities operates in a competitive market with varying regulations across regions. This review aims for fairness and accuracy by considering diverse perspectives.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 7 |
| Tools and Resources | 6 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 8 |
| User Experience | 6 |
We rate brokers based on a comprehensive analysis of their offerings, user feedback, and expert opinions.
Founded in 2014 by Vimal Mandot, Mandot Securities is a private full-service brokerage firm headquartered in Indore, Madhya Pradesh, India. The firm is registered with the Securities and Exchange Board of India (SEBI) and offers a variety of trading platforms, including web-based and mobile applications, catering to diverse trading needs. Mandot Securities allows trading in multiple asset classes, including equities, currency derivatives, and mutual funds, but does not currently support cryptocurrency trading.
Mandot Securities primarily operates within India and is regulated by SEBI, which oversees the activities of stock brokers to ensure fair practices in the securities market.
The firm accepts Indian Rupees (INR) for deposits and withdrawals, aligning with its focus on the Indian market.
To open an account with Mandot Securities, a minimum margin of ₹10,000 is required, which is standard among many full-service brokers.
Currently, Mandot Securities does not offer any significant bonuses or promotions, which may be a drawback compared to competitors that provide incentives for new clients.
Mandot Securities offers a range of tradable assets, including equity stocks, equity derivatives (futures and options), and currency derivatives. However, it does not support commodity trading or forex trading.
The brokerage charges are competitive, with equity delivery trades costing 0.1% to 0.2%, and intraday trades charged at 0.01% to 0.02%. For equity options, the charges range from ₹10 to ₹20 per lot. Additionally, there are other transaction-related fees, including a SEBI turnover charge of 0.0002% of the total turnover and a Goods and Services Tax (GST) of 18% on brokerage and transaction fees.
Mandot Securities provides leverage up to 6x for intraday equity trades, which is appealing for active traders looking to maximize their potential returns. However, this level of leverage also increases risk and should be used cautiously.
Traders can access Mandot Securities through various platforms, including a web-based platform, desktop applications for Windows and Mac, and mobile apps for both Android and iOS. This flexibility allows users to trade conveniently from different devices.
As of now, Mandot Securities primarily caters to the Indian market and does not have a presence in international markets, which may limit options for traders looking for global exposure.
Customer support is primarily offered in English and Hindi, which caters to a broad demographic in India. However, the absence of 24/7 support may be a limitation for traders requiring assistance outside regular business hours.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 7 |
| Tools and Resources | 6 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 8 |
| User Experience | 6 |
Mandot Securities offers a straightforward account opening process, requiring a minimum deposit of ₹10,000. The annual maintenance charge for the demat account is ₹240, which is relatively low compared to other brokers. However, the absence of a free demat account may deter some potential clients.
While Mandot Securities provides essential trading tools and resources, including market analysis and stock tips, the overall offering may not be as comprehensive as some of its competitors. The lack of advanced research tools could be a drawback for more experienced traders.
Feedback on customer service indicates that while support is available through email and physical branches, the absence of 24/7 support and live chat options may lead to frustration, especially during critical trading periods.
The trading experience is generally positive, with user-friendly platforms available for both mobile and desktop. However, some users have reported issues with the responsiveness of the platforms during peak trading hours.
Mandot Securities is a SEBI-registered broker, which enhances its credibility. The absence of significant complaints in the BSE and NSE indicates a relatively low risk for traders.
User reviews reflect a mixed experience, with some praising the brokerage's competitive fees and range of services, while others highlight the need for improved customer support and platform functionality.
In conclusion, Mandot Securities presents itself as a viable option for investors looking for competitive brokerage charges and a range of investment options. However, potential users should weigh the pros and cons, particularly regarding customer service and platform usability, before making a decision.
