ABOUT THE BROKER AND REGULATORY STATUS
Fairwealth Securities is a Private trading company. Fairwealth Securities was founded by Dhirender Gaba in 02005 and has its headquarters in Delhi NCR, Delhi. In general, full service brokers provide more investment advice and perform detailed stock analysis for their clients. The brokerage fees are also towards the higher side.
Launched in the year 2005, FairWealth Securities is a full-service stockbroker based out of Mumbai along with its headquarters in New Delhi. This stockbroker has a strong offline presence in around 420 cities and 1800+ remisers across different parts of India.
At the same time, the broker has an active monthly client base of 11,293. Compared to other prominent stock brokers in India, this figure is quite low. Let's have a quick look at some of the features of this stockbroker along with areas such as pricing, brokerage, trading applications, margin and more!
ACCOUNT AND LEVERAGE
FAIRWEALTH ACCOUNT OPENING CHARGES
Here are the details of the account opening and maintenance charges:
• For Demat Account Opening Charges is ₹0
• For Trading Account Annual Maintenance Charges (AMC) ₹0
• Demat Account Annual Maintenance Charges (AMC) 300 (1st year free), 1000 lifetime free
When it comes to their annual maintenance charges, they have got a couple of options. Either you can opt for 300 plan where the first ye is free and from the second year, you will be Ored to pay ₹300 every year. Otherwise, you also have the option to pay ₹1000 upfront and your lifetime AMC is taken care of with that amount.
Fairwealth Securities uses CDSL & NSDL as the depository. the CDSL and NSDL are both depositories registered by the Indian government to hold securities such as stocks, commodities, bonds, ETF's in electronic form or copies, and different brokers use one of the two depository types.
Demat (short for dematerialization account) account is used for holding securities in electronic form, and the securities are deposited through National Securities Depository Limited (NSDL) or Central Depository Services Limited (CDSL).
The account opening charges vary from 0 to Rs.200 for various brokers. Fairwealth Securities charges Rs.250 for account opening.
As we mentioned before, Once you have opened a Demat account, you have to pay certain charges such as account maintenance charges, broker commission, GST, STT. The AMC (Annual Maintenance charges) are around Rs.300, and the discount broker usually charges Rs.20 per executed trade as their commission.
TRADING INSTRUMENTS
To start with, while using the services of Fairwealth securities, you can trade and invest in the following segments:
Equity, Institutional broking, Depository services, Commodity Trading, Currency Trading, Derivatives, Mutual Funds, IPOs, Insurance, Loans
TRADING PLATFORM
This full-service stockbroker majorly relies on 3rd party trading softwares for its clients and has minimal focus on in-house technology development. Nonetheless, the broker offers you trading applications across devices including a terminal solution, web-based browser application and a mobile app.
Here are the details:
ODIN DIET
This is a terminal based trading application that requires you to download and install an EXE software onto your computer or desktop. Although it is a little bulky application that requires a reasonable configuration of your machine, it still gives you an exhaustive number of features to access. The application provides you with the following features:
• Reasonable speed and performance
• Since Fairwealth is a full-service stockbroker, you will be provided with research and recommendations within the trading platform
• Around 6 types of charts along with 30 technical indicators are available to go with charting functionality for technical and fundamental analysis
• Important studies such as trend lines, cycle lines, Fibonacci arcs, Gann fan lines, inserting text etc. are available through drag and drop
• Allows you to trade and invest in differe Orading/investment products including mutual funds etc.
A couple of concerns with this licensed terminal solution from FairWealth Securities, including:
Relatively bulky in nature and requires high configuration of your machine
If you are a beginner level user, then you may face usability level issues where concerns such as understanding the application, navigation across features can be observed.
NETNETLITE
This web-based browser application is another outsourced software that is provided by FairWealth to its clients. It does not require any download or installs, and you just need your credentials (username/password) to login into the application through any browser. Furthermore, it is a responsive application and can be used across different devices such as a computer, laptop, desktop, mobile or a tablet.
The application provides you with the following features:
• Relatively easier to use
• Okayish charting functionality for analysis.
At the same time, you will realize that the number of features, in this case, are limited in number. Especially, if you are a medium to a heavy level trader, you'd like to switch to a much more exhaustive application soon.
Secondly, the application needs to improve its technical and fundamental analysis set up through indicators, chart types, heatmaps, strategies etc.
FAIRWEALTH MOBILE APP
This mobile app is the single and the only attempt by the full-service stockbroker towards in-house technology incorporation. This app provides the following features as listed below:
Real-time indices information Customizable watch lists
• Research and tips available within the mobile app
• Charting for frequencies ranging from 1 day, 1 week, 1 month and up to 1 year
• Fund transfer
At the same time, there are few issues with the mobile app, including:
• Limited number of features
• Performance and speed related issues especially in smaller cities
• Irritating user experience with numerous alerts.
DEPOSIT AND WITHDRAWAL METHOD
CUSTOMER SERVICE
Customer support is a crucial factor that makes a new customer into a loyal and long-term customer. As the world of trading is speedy, an investor needs proper customer support from their brokers to execute orders at the right time to avoid any potential losses. The brokers' responsibility is to be active on live chats, E-mails, helpline numbers, and discussion forums.
Although Fairwealth is a full-service stockbroker and generally, users expect high standards of customer service from such brokers but it still has a lot to improve in this aspect. The broker provides the following communication channels, as listed:
Offline branches
• Phone Toll-Free Number
• Email
• Webform
Although the broker provides multiple communication channels when it comes to usage of user feedback, it seems FairWealth has not realized the value of feedback yet.
