Geojit is one of the most prominent stockbrokers in India, serving clients since 1987. They offer portfolio management services alongside an extensive line of financial products. As of 2021, the company has helped more than 980,000 customers get the most out of their money. For this Geojit review, we’ll take a closer look at the firm’s offers to see if it lives up to its name.
Background of Geojit — A Closer Look
Geojit is one of the biggest stock brokers in India, serving clients since the ’80s. They offer vast financial products alongside a reliable market research base. Here, Geojit provides educational training and trading tips—helping clients make smarter decisions.
Launched in 1987, Geojit is now serving clients throughout its 500 branches in India. As of today, Geojit’s client base is situated in the south, around Kochi, Kerala. But the company has expanded its services throughout Dubai, Bahrain, Kuwait, and more.
Geojit takes pride in its cutting-edge technology platforms, boasting its state-of-the-art online trading portal.
Moreover, to back up Geojit’s reliability and legitimacy, the company is listed for BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) stock trading.
Overall, Geojit is the perfect trading platform for experienced investors or heavy traders looking for a convenient way of doing things. After all, they make trading easier than ever!
Pros and Cons of Geojit
Advantages of Geojit
- Offers several trading platforms. Geojit offers four trading platforms designed to meet investors’ unique needs and preferences. These include the SELFIE Platinum, Web, Mobile, and FundsGenie.
- Has a vast range of financial products. This broker offers equities, mutual funds, IPO, currency futures, commodities, and gold bonds.
- Tools and research. Also, the company offers a wide variety of financial instruments to clients. Geojit offers over 90 technical indicators for market updates, stock screeners, and charting.
- Introduction of FLIP-ME. Geojit created a unique view-only terminal, delivering market information in real-time. They made it possible through its FLIP-ME (Financial Internet Platform: Mobile Edition) software. With this, clients can manage their trades, investments, and orders on the go.
- Great customer care. Geojit takes the extra mile to take care of their clients. Hence, investors and traders can place orders through their mobile phones for free.
- Joint ventures. NRI trading is made possible through Geojit’s joint ventures program. And all of this is thanks to the broker’s strong connections to Gulf countries. From Dubai to Oman, Geojit has got your trading and finances covered.
- Alerts clients. With Geojit’s commitment to customers, they even go far as helping you keep tabs on stock movements, news, and announcements.
Disadvantages of Geojit
- Brokerage charges are high. Since Geojit is a full-service stockbroker, brokerage fees are higher than most.
- Clients must pay per contract or share. The company charges a minimum brokerage of Rs 20 for each contract or one paisa per share.
- Does not have an online chat feature. Besides this, Geojit does not offer 24/7 support and only addresses client issues or queries during regular office hours.
Is Geojit the Right Choice for Me?
If you want a no-frills and reputable stockbroker to work with you on your trading, Geojit is for you. This company offers a series of financial products, instruments, and advice. From equities, mutual funds to portfolio management services—Geojit has it all.
Geojit is among the few broking companies to offer an online trading facility in India. They have helped hundreds and thousands of clients make better decisions over time.
In recent years, Geojit has expanded its services throughout the Gulf. So you can become an NRI client even if you’re a non-resident Indian residing in countries like UAE or Oman.
Also, backing up the broker’s reliability is its association with NSE, BSE, NSDL, and CSDL. With this, you can be confident that you’re putting your money in safe hands.
Above all, this broker is transparent to its clients. Geojit discloses all brokerage plans on the web, unlike other full-service stockbrokers. So you can be confident and happy to know that you are getting the best deal.
However, Geojit isn’t the best choice if you’re new to trading since its brokerage charges are high. On the other hand, firms like 5paisa are great for beginners as they have lower rates.
Anyway, if you’re a seasoned or heavy trader, Geojit can make the entire process easier. And the broker can help you get the most out of your investments and trades over time.
How to Sign Up for Geojit Demat Account
If you think that an IIFL Securities demat account is the right choice for you, here are the steps you must take to avail one:
- To open a demat account, visit the Geojit demat signup page.
- From there, you need to fill up a form with personal information like name, mobile no., and address.
- After filling the form, wait for a representative’s confirmation.
- You’ll receive a call to make an appointment with the representative.
- When meeting, the representative will discuss the process in detail and collect all necessary documents from you.
Once done, your account should be active within 1 to 2 days.
On the other hand, you can also open an account directly from Geojit’s branch office or sub-broker.
Are you still unsure about opening an account? Here’s a video briefly explaining why you should open a demat account with Geojit:
Geojit Trading Platforms
Trading platforms help clients trade while keeping tabs on their portfolios in real-time. And all transactions usually get updated automatically.
With this, clients can see the latest in stocks, currency, mutual funds, or commodities. Plus, you can get the newest market data and extensive research reports.
Geojit offers trading platforms clients can use after creating a demat and active trading account.
Here’s a quick rundown of each one:
Geojit Finance FLIP Lite
Geojit’s FLIP Lite is a web-based app helping traders regardless of their internet connection. With this, clients can monitor their portfolios anywhere at any time.
Additionally, this platform lets you automatically update your transactions. But above all, this helps make it easy to trade in stocks, commodities, or currencies.
Below are more perks of this trading platform:
- It helps clients invest across different segments with ease.
- Receive research and advice from more than 120 companies.
- A compact and lightweight app that doesn’t take much space.
- It offers features like a market watch, a book of orders, and a view of your overall funds.
- This platform offers swift analysis with custom shortcut keys.
Geojit Finance FLIP Gold
Another web-based trading platform from Geojit is the FLIP Gold. This allows clients to trade from any part of the world, making it ideal for frequent travelers.
With this, investors can now keep up with their accounts even without a trading web browser.
Here are some of its most notable perks:
- It gives you updates in real-time.
- The platform creates advanced charts with indicators.
- You can access your portfolio history at any time.
- See a preview of your cash balance, ordering status, positions, and financial data.
- Its trading portal gives users the latest news on stocks, events, and news in the industry.
Geojit SELFIE ME Mobile Trading App
Finally, the comprehensive trading platform suitable for all kinds of users from Geojit is the SELFIE mobile trading app.
This is available for iOS and Android devices, helping clients keep track of their stocks and accounts on the go. And its benefits include the following:
- It lets you keep tabs on all contracts across different exchanges. These include MCX, BSE, or NSE.
- The app provides several live market and market-watch depths.
- Analyze data with a detailed report of your stocks and accounts every day.
- It works well on 2G, 3G, and 4G connections.
- Access trade calls for extensive research reports.
Geojit SELFIE Platinum
Another mobile trading app for Geojit is its SELFIE platinum. This is a virtual dealer terminal. Here, clients can keep track of even the slightest movements in the price. For this reason, it’s become a popular choice among active and seasoned traders.
You can download its EXE program on your computer as well. With this, you can ensure smooth trading all the time.
Geojit SELFIE Gold
Finally, another branch of Geojit’s mobile trading platform is SELFIE Gold. This is web-based trading platform offers more features, ranging from advanced charting to visualization engines. But what makes this more exclusive is its unique sectoral heat maps that make trading faster—and more convenient.
Geojit Charges and Fees
Clients need to pay brokerage whenever buying and selling stocks on Geojit. The charges for and fees vary, but below is a brief overview:
Take note that the following brokerage information only applies to Ordinary Resident accounts.
|Equity Options||Rs 125 for each contract|
|Currency Options||Rs 125 for each contract|
|Minimum Brokerage||Rs 20 per finished order|
|Demat AMC Charges||Rs 400|
|Trading AMC Charges||Free|
|Margin Money||Rs 15,0000|
Also, here are additional fees you should also take into account:
- STT or CTT Charges – These are taxes that you get for each transaction. And rates usually range from 0% to 0.125% of your total order amount.
- GST Charges – Depending on your account, an 18% tax on your total charges may get levied.
- SEBI Charges – For each crore of your traded amount, you need to pay an additional fee of Rs 5.
Customer Service at Geojit
Geojit mainly contacts customers for queries through email. However, the company also has a variety of channels for communication.
For any queries or problems with Geojit, you can contact them at these channels or submit a ticket:
- Email support: firstname.lastname@example.org
- Phone number(s): 1800-425-5501 / 1800-103-5501
Besides that, Geojit set up a portal supporting their existing user base. With this, clients can log issues and get turn-around data for a more customized approach. Therefore, clients can get updated every time a ticket action is needed.
Meanwhile, if you’re looking for offline support, you can always visit Geojit at their respective branches. All you must do is locate the nearest one. After all, Geojit has over 489 offices throughout India.
Frequently Asked Questions
Q: Is Geojit safe to use when trading?
A: Geojit is safe to use in trading and in general. After all, the company has been around since 1987, and that’s all thanks to their security members. Also, the broker’s reputation precedes itself, making them 100% trustworthy. However, like any responsible trader or investor, always be cautious.
Q: What’s the brokerage of Geojit?
A: Since Geojit is a full-service broker, expect higher rates. With Geojit, expect up to 0.3% for Equity Delivery Trading. On the other hand, Equity Intraday, Futures, and Currency Futures can have a brokerage as low as 0.03%. For more information, contact Geojit’s customer care hotline.
Q: Is Geojit suitable for beginners?
A: Although this full-service broker is ideal for heavy traders or seasoned investors, it can also be a good option for newbies. After all, Geojit has some of the best knowledge bases in the Indian industry. From market reviews to stock and trading tips, Geojit is a haven for beginners.
Q: What leverage does Geojit offer?
A: This broker offers up to 5x leverage for Equity Intraday. Meanwhile, you can expect leverage of 1x with 22% interest annually for delivery. And the rest of the segments aren’t applicable for margin or exposure. Hence, they don’t have any leverage.
Q: Does Geojit have a trading app?
A: Not only does Geojit have a web-based trading platform, but it also has a mobile trading app ideal for all users. This trading app doubles as a tool that enables clients to access all contracts. And these include exchanges, data analysis, and reports. You can download the app on iOS and Android devices.
Geojit makes for an excellent pick for heavy traders looking for in-depth research and convenience. Although it doesn’t have the cheapest brokerage rates, they ensure you get your money’s worth. We hope this Geojit review helps you better understand this significant broker in India and see if it’s a suitable choice for you.