IIFL Securities was previously known as the India Infoline. As of 2020, the company reported having over 4 million customers on its platform. They are in the same wing as IIFL Finance, which is proof of their solid footing in the investment industry. For this IIFL review, we will take a look at the company’s offers, especially when it comes to their demat and trading account features. Read on to know if this is the right choice for you.
Background of IIFL Securities
IIFL Securities is a full-service broking house under the wing of IIFL Holdings. They offer a wide range of investment products as well as a solid market research base for their clients.
The company was incorporated in 1996 and is now serving 500 cities in India with over 2,500 branches nationwide. As of today, most of IIFL Securities’ clientele is based in the north. They also have overseas offices in London, New York, Dubai, Hong Kong, and Singapore.
IIFL Securities takes pride in its end-to-end technology platforms. Their focus is becoming the top trading advisory service in India through their research-based approach.
Pros and cons of IIFL Securities
Advantages if IIFL
- Flat rate brokerages. IIFL Securities charge a flat rate of Rs 20 on equity options, futures, commodities, and intraday deliveries. Meanwhile, equity deliveries are totally free. This makes them an attractive option for traders who are avoiding exorbitant costs.
- Free AMC for the first year. For the first year of your demat account, IIFL Securities waives its annual maintenance charge. This way, you can test the platform and see if it works for you before you pay.
- Wide network. IIFL Securities have thousands of branches in India. They even have an international presence in several Asian and European countries. This makes them a great choice for both residents and NRI customers.
- Award-winning services. IIFL Securities was awarded as the Best Financial Advisory Services for NRIs during the 2018 UAE-India Economic Forum. This is a solid testament to their commitment to offering investment opportunities to Indians here and abroad.
- Advanced trading platform. IIFL Securities boasts the Trader Terminal, which is an advanced platform for serious traders. This is, by far, one of the best trading platforms we’ve seen.
- All-in-one account. IIFL Securities offer an all-in-one account, which includes demat and trading accounts. This will give you access to their IIFL Market App and the Trader Terminal (TTWeb).
- VTD facility. VTD or Valid Till Date is one of the newest trading features that IIFL offers. This allows you to set advanced orders, which aren’t available in other brokerage firms.
- Dedicated relationship manager. IIFL also provides a relationship manager that you can contact for assistance and in-person trading. This is a big plus, especially if you’re a high-stake trader or still learning the tricks of the trade.
- Fast account opening. Unlike other providers, IIFL can open your demat account within 24 hours. This is mainly due to the fact that it’s not a 3-in-1 type. Still, this is a great choice for those who want to access their new accounts right away.
Disadvantages of IIFL
- They don’t have a 3-in-1 demat account. One of the biggest downsides to IIFL is they don’t offer a 3-in-1 demat account. While the company is part of a financial institution, they don’t have a banking license. Their all-in-one account is just composed of demat and trading accounts.
- They don’t offer direct mutual funds. IIFL Securities don’t offer direct mutual funds. So if you’re planning to trade this segment, you should consider other options. The likes of Zerodha, Upstox, SBI Securities, and Kotak Securities are some of the top options among Indians.
Is IFFL Securities the right choice for me?
If you don’t want to deal with confusing brokerage rates, IIFL Securities might be a good choice. They also offer a one-year free use of the demat account. So if you’re a beginner and just want to explore this platform, the free window is a big perk.
Aside from that, they offer cash backs on brokerages under specific conditions. If you’re making large and multiple trades, you’ll surely enjoy this benefit the most.
Above all, IIFL Securities banks on their in-house research. Like Kotak Securities, this provider invests in their research-based reports. This way, their clients will be informed properly on what trading segments to choose.
Moreover, IIFL Securities might be the perfect platform if you love trading IPOs. They allow you to bid on IPOs even before it opens, so you get to be the first ones to subscribe.
NRIs who want to invest in the Indian market will also find IIFL Securities as friendlier platforms. This company caters to non-resident Indians and was awarded for their performance in this aspect.
However, if you’re looking for a 3-in-1 demat account, you should look elsewhere. IIFL isn’t bank-owned, and so far, they haven’t partnered with a bank yet.
How to sign up to IIFL Securities demat account
If you think that an IIFL Securities demat account is the right choice for you, here are the steps you need to take to avail one:
- To start, go to the IIFL demat signup page.
- Here, you’ll be asked to enter basic information, including your mobile number.
- Next, you’ll be redirected to a page where you need to fill out a signup form. They will also send a one-time password (OTP) to your mobile number/email.
- After that, you need to finish the signup process. The last step would be uploading your photo and signature specimen. You have the option to e-sign using your Aadhaar or your PAN. The Aadhaar option is usually the fastest.
- Once done, you’ll have to wait for IIFL to KYC (Know Your Customer) the information you sent. They will get in touch with you if they need to clarify something. And once your account is activated, a representative will also reach out to you.
- For NRIs, there are additional requirements as listed below. Just note that NRIs aren’t allowed to perform short selling or intraday trading in India.
Do you want a more detailed demonstration? In this video below, Technical Dhanu gives us a walk-through of the signup process:
Documents you need to open an IIFL demat account
To ensure that your demat account application won’t have problems, you should prepare the following documents:
Any proof of identity, preferably your PAN card, voter’s ID, Aadhaar card, or driver’s license.
- Proof of income, including salary slips or income tax returns
- Proof of address, like passbooks, passport, or utility bills
- A passport-sized photo
For NRIs, the following documents are necessary to open a demat account with IIFL:
- PAN card
- Portfolio Investment Scheme (PIS) Permission Letter
- Overseas proof of address
- Proof of bank account
- NRE or NRO account (NRE accounts are repatriable)
IIFL Securities trading platforms
At IIFL, there are five trading platforms that customers may use for free once they have an active trading and demat account. Here’s a quick rundown:
- Trader Terminal (TTWeb). This website is the main trading platform of IIFL. You can access this on your computer or phone browser. Whether you’re a beginner trader or a veteran, this trading platform will suit you well.
- IIFL Markets App. This is available in both iOS and Android, which serves as the trading platform for NSE, BSE, and MCX. The app will provide your market information as well as tools to analyze and trade. You’ll also get free research reports and tips from this app.
- Trader Terminal (Desktop software). The IIFL Trader Terminal software can be installed on any desktop computer. This is made to accommodate high-volume trading, complete with trading tools, charts, and other analytical features. You can trade almost all segments on just one page using this software.
- IIFL Mutual Funds App. This mobile app is designed for those who are investing in mutual funds. You can sell, buy, and monitor mutual funds on the go. It’s a free app that also comes with free expert advice as well as the latest market news.
- TT Iris. This software is a stock market decision-making platform marketed towards high-volume traders. You optimize your portfolio, customize charting, and test strategies within this software. However, this software has a yearly fee of Rs 54,000 since it’s a third-party app built by Spider Software India. While the cost is steep, it’s more than worth it for many traders.
IIFL Securities brokerages and pricing
For IIFL Securities, their demat account costs around 250 annually, but this fee is waived for your first year. Also, you don’t have to pay anything upon opening your demat account.
As for IIFL Securities brokerages, the costs will vary based on the Equity Brokerage Plan you availed. Here’s a quick rundown of the costs:
|Segments||Investor Plan||Premium Plan||Super Trade Plan|
|Monthly fees||Free||Free||Rs 999|
|Equity Intraday/Futures||0.025% per lot||0.05% per lot||0.1% per lot|
|Currency Options||Rs 8 per lot||Rs 10 per lot||Rs 5 per lot|
|Currency Futures||Rs 20 per lot||Rs 25 per lot||Rs 15 per lot|
|System and Risk Square Off||Rs 100||Rs 100||Rs 0|
|Minimum Margin||Rs 0||Rs 0||Rs 0|
|DP Debit Transaction Charge||Rs 25||Rs 50||Rs 10|
|DP Credit Transaction Charge||Rs 0||Rs 0||Rs 0|
|Demat/Remat Fees||Rs 15||Rs 15||Rs 15|
IIFL Securities customer service
IIFL Securities have dedicated points of contact for every investment segment they offer. Make sure that you send your concerns to the right email or that you call the right phone number. You can see all their contact information on this page.
For equity/currency and commodity, they have a live chat on WhatsApp. Overall, they have multiple contact options for their customers’ use.
Moreover, IIFL has physical offices in every country to which they have a presence. So if you’re an NRI living in one of these countries, you can call or visit that specific office instead.
Frequently Asked Questions
Q: Is IIFL safe for trading?
A: IIFL is a trusted and safe stockbroker in India. They are a member of the Bombay Stock Exchange and National Stock Exchange. These are solid proof of the company’s reputation as a brokerage firm. Rest assured that your investments are safe with them.
Q: How big is IIFL?
A: The India Infoline has total assets estimated to be around Rs 40,700 crore or US$5.4 billion. They are a big company, trusted for their brokerage services and financial products. Overall, IIFL is one of the top 7 financial conglomerates in the country.
Q: Is it safe to invest in IIFL bonds?
A: IIFL bonds are considered safe, but just like any investment, this comes with a level of risk. It’s also rated with a high degree of safety by Brickwork. This isn’t surprising because IIFL is an established financial institution.
Q: How many stocks are covered by the IIFL research?
A: The IIFL Advanced Research Evaluation provides an unbiased assessment of over 3,900 stocks. This allows you to diversify your portfolio with educated market inputs straight from the experts. Overall, this is a massive stock knowledge base suitable for all investor levels.
Q: Does IIFL own 5paisa?
A: In 2016, IIFL Holdings launched 5paisa Capital Ltd. as their discount brokerage arm. This is aside from India Infoline Limited or IIFL Securities, which is tailored for high rollers.
Q: What is the leverage in IIFL Securities?
A: With IIFL Securities, you can get as much as 3x leverage on equity futures. This is applicable for intraday transactions. This is reasonable for most market traders.
IIFL Securities makes an attractive option for high-volume traders who are looking for in-depth research and reasonable brokerage rates. While IIFL doesn’t offer a 3-in-1 demat account, they compensate on a lot of things, including a free first year of use. They also open your account faster than other providers.
Overall, IIFL Securities is one of our top picks, especially for NRIs who want to invest in the Indian market.