Overview of Flattrade
Established within the past 1-2 years, Flattrade is an Indian broker operating in an unregulated environment. Flattrade provides access to a diverse selection of tradable instruments, including Depository Facility, Equity Trading, Derivatives Trading, Currency Trading, Commodity Trading, and Mutual Funds. Flattrade offers its users proprietary trading platforms, namely the Web Trading Platform and Mobile Trading Application. These platforms are designed to provide a user-friendly and convenient trading experience for both web and mobile users. Additionally, Flattrade offers an Education section that includes a News and Knowledge Center, providing valuable market insights and updates to help users make informed trading decisions.
Customer support at Flattrade can be reached through various channels, including phone, email, and social media platforms. This enables users to seek assistance or resolve any queries they may have.
Is Flattrade legit or a scam？
To ensure the legitimacy of a broker, it is crucial that they are regulated by recognized and reputable regulatory agencies such as the FCA or CySEC. It is important to note that Flattrade, as mentioned earlier, is not authorized or regulated by any regulatory authorities. Therefore, it is advisable to exercise caution and avoid trading with this broker.
Unregulated brokers carry a higher risk as they operate without oversight and may lack the necessary safeguards to protect your funds. Investing with an unregulated broker exposes you to the potential risk of financial loss and the possibility of the broker disappearing without notice. It is essential to prioritize the safety and security of your funds by conducting thorough due diligence and selecting regulated brokers that adhere to industry standards and regulations.
Pros and Cons
Flattrade offers several advantages to its users. These include free account opening and multiple account types tailored to meet different trading requirements. The company also provides a range of decent customer services, and its offline branches enable offline assistance. Additionally, without MT4/MT5, Flattrade has its in-house trading platform for traders, which may be not convenient.
However, there are some drawbacks to consider. Flattrade operates without specific regulation, which may raise concerns for some traders. The broker also offers a limited selection of trading and investment products, potentially limiting investment opportunities. Furthermore, customer support hours may be limited in certain regions, and the absence of 24/7 support might be inconvenient for some users.
Market Instruments
Flattrade offers a diverse range of services to its clients, catering to various investment needs. These services include:
1. Depository Facility (Demat Account): Flattrade provides a depository facility where investors can hold their securities in electronic form through a registered Depository Participant. This service also includes security-related transaction services.
2. Equity Trading: Flattrade enables investors to engage in equity trading, involving the buying and selling of shares on stock exchanges and over-the-counter markets. It requires in-depth knowledge of the company, financial conditions, market trends, and other factors to make informed investment decisions.
3. Derivatives Trading: Flattrade offers derivative trading, which involves contracts whose value is derived from underlying assets. Derivative trading provides opportunities for hedging, speculation, and potentially higher returns, but it also carries risks. It offers a wide variety of options and flexibility for traders.
4. Currency Trading (Forex): Flattrade facilitates currency trading, also known as forex trading, where currencies are traded over-the-counter. It was traditionally limited to institutions and wealthy individuals involved in international business, but now individuals can participate in this market.
5. Commodity Trading: Flattrade allows investors to engage in commodity trading, where primary products are exchanged based on standardized contracts. Commodity trading provides diversification opportunities for investors with limited funds, allowing them to explore alternative investments beyond traditional securities.
6. Mutual Funds: Flattrade serves as an online investment platform for wealth management through mutual funds. It offers end-to-end financial solutions, providing individuals and corporations with access to a variety of mutual funds.
Account Types
Flattrade offers three types of account options to cater to different user needs:
1.Individual Account: The Individual Account is designed for individual traders who want to engage in cryptocurrency trading. It provides a personal trading environment, allowing individuals to manage their own funds and make independent trading decisions.
2. HUF Account: The HUF Account is specifically designed for users who prefer to transact in Hungarian Forint (HUF). This account type enables traders to deposit, withdraw, and trade cryptocurrencies using the local currency, HUF. It caters to users who prefer to operate in their local currency, offering convenience and flexibility in their trading activities.
3. Corporate Account: The Corporate Account is intended for businesses and organizations that wish to engage in cryptocurrency trading. It provides a trading environment that meets the specific needs of corporate entities, including features such as multi-user access, enhanced security measures, and the ability to manage multiple sub-accounts.
How to Open an Account？
To open an account on Flattrade, follow these steps:
1. Visit the website: Go to the official website of Flattrade by typing “https://flattrade.in/”
2. Sign-Up/Register: Look for a “Open Account” button on the website's homepage. Click on it to begin the account creation process.
3. Provide Personal Information: Fill in the required details in the registration form. This typically includes your full name, email address, and a secure password for your account.
4. Agree to Terms and Conditions: Carefully read and understand the terms and conditions presented by Flattrade.
5. Complete Verification (if required): Flattrade may require additional verification steps to comply with regulations and enhance security. This may involve verifying your email address or providing identity verification documents.
6. Fund Your Account: Once your account is created and verified, you will need to deposit funds to start trading. Flattrade usually provides various deposit methods, such as bank transfers, credit/debit cards, or cryptocurrency transfers.
7. Start Trading: After your account is funded, you can begin trading on Flattrade. Explore the available trading pairs and features provided by the platform.
Trading Platforms
Flattrade offers two types of trading platforms to cater to the needs of its users:
1. Web Trading Platform:
Access Flattrade's advanced and robust browser-based trading platform for seamless trading. With this platform, users can enjoy real-time market data, advanced charts, an elegant user interface, and more. The web trading platform allows traders to execute trades, monitor their positions, and access various trading tools directly from their web browsers. It provides a comprehensive and user-friendly trading experience, accessible from any device with an internet connection.
2. Mobile Trading Application:
Flattrade also provides a convenient mobile trading app available for both Android and iOS devices. With the Flattrade Mobile Trading App, users can effortlessly trade on the go. Stay informed about market trends and make timely trading decisions with LIVE streaming market data. The app features advanced charts for technical analysis, a customizable watchlist to track preferred assets, and additional tools to enhance the trading experience. The mobile trading app allows users to manage their trades and accounts conveniently from their smartphones or tablets, ensuring flexibility and accessibility.
To access the Flattrade Mobile Trading App, you can download it from the App Store for iOS devices or find it on Google Play for Android devices.
Customer Support
Flattrade provides customer support to ensure a convenient trading experience for its users. Traders can reach out to their dedicated support team through the support number: 044-45609696/044-61329696. Additionally, customers can contact Flattrade via email at support@flattrade.in for any queries, concerns, or assistance they may require.
To stay updated with the latest trading activities and information, Flattrade encourages users to join their Telegram Channel. Through this channel, traders can access valuable insights, market updates, and engage in discussions with fellow traders. It serves as a convenient platform for enhancing trading knowledge and staying informed about the latest trends in the market.
Educational Resources
Flattrade acknowledges the importance of education in empowering traders to make informed decisions. While their educational resources are primarily focused on foreign exchange, they offer a comprehensive Knowledge Center where traders can access valuable information and learn about various aspects of the forex market. Though the educational resources may be limited in scope, the Knowledge Center serves as a valuable hub for traders to expand their understanding of foreign exchange trading and gain insights into market dynamics.
Conclusion
Flattrade is a trading platform that offers a range of services to traders. The platform provides access to various financial markets and instruments, allowing users to engage in trading activities. Flattrade offers a user-friendly interface and a selection of tools and features to facilitate trading. However, it is important for users to conduct their own research and due diligence regarding Flattrade's reputation, regulatory compliance, and customer reviews before engaging with the platform.
FAQs
Q: What types of Orders I can place with Flattrade Traders？
A: The customer can place many orders in Flattrade such as Market Orders, Limit Orders, Stop Loss Orders, After Market Orders (AMO), etc.
Q: What are the types of accounts offered by Flattrade Traders？
A: They offer the stock broking services as they can have any of account types that they offer like Depository Participant (Demat Account), Commodity Trading, Equity Trading, Derivatives Trading, Currency Trading, and Mutual Funds.
Q: Who founded Flattrade？
A: The stock broker is held privately and is led by Mr. K. Narayana Moorthy. He is a highly experienced and well-known spot bullion trader.
Q: What are the communication channels by which I can reach out to Flattrade Trading？
A: The communication channels by which the stock broker reaches out to its customers are through calls, offline branches, Email, and Web-form.
Q: In which segments do Flattrade traders offer to trade？
A: It offers stock trading services in Commodity, Equity, Derivatives, Currency, and Mutual Funds.
Q: How long does it take to get exposure for trading if funds are transferred through Payment gateway？
A: The customer will get the exposure for trading within 3 to 4 minutes of fund transfer from the account. It is an automated process and no manual intervention is required.
Q: How many branches does Flattrade Trader have？
A: They have six branches which are located in Chennai, Bengaluru, Telangana, Cochin, Madurai, and Jabalpur.
