INDmoney Review 2022: Indian investors can invest in US stocks from India using the INDmoney application without being charged any commission. Investing in Google, Microsoft, and other leading US companies is possible using this application. It is important to read this INDmoney review if you are interested in investing in these companies and wish to learn about a trusted platform for investing in them. Besides managing mutual funds, fixed-income products, bonds, and more, it also provides you with the ability to manage a wide range of investments.
Throughout this article, we have discussed in-depth the features of the investment application, the KYC details, the pros and cons, etc.
INDmoney Review 2022- Features of INDmoney
1. US Stock Investment
This investment application offers the possibility of investing in US stocks for no commission. It is also possible to purchase stocks available on the Dow Jones, NASDAQ, and S&P500. In addition to the fraction share investment that starts at $1, you can use the dashboard to analyze your portfolio on a daily and weekly basis.
2. Mutual Fund Invest
As part of INDmoney, you can also invest in and redeem mutual funds. In addition to this feature, you can automatically import mutual fund information from brokers, banks, and apps such as Groww and Zerodha so you can execute mutual fund investments with one click. To make this investment facility convenient, you can merge mutual fund account statements into one statement. The investment facility has no commissions.
3. FD Facility
It is also possible for users to open FD accounts with a variety of banks and non-bank financial institutions as part of the INDmoney application. This platform is in addition to offering the highest interest rates for FDs when compared to other banks. There are no technical difficulties associated with the use of this platform for the analysis of credit and risk.
4. Monitoring Progress
The application allows you to track your financial activities and assets effectively. If you have several investment schemes, you can monitor them all in one place by using this application. By using this application, you may be able to take advantage of stock advisory services that may be available from top brokers like Zerodha, Upstox, etc. Furthermore, portfolio information can be gathered from top brokers such as Zerodha, Upstox, and others. An easy-to-use feature of the application provides you with the ability to monitor and control your EPF, NPS, and other investment account information.
5. Rewards Feature
You can also earn free US stocks by spending money on US-based companies using your credit card. It also offers free cryptocurrency as a reward for good financial performance.
6. Premium Feature
There are also premium features available in the app, including those listed below.
- Personalized financial advice is available to you.
- Data points are used to make investment decisions based on artificial intelligence.
- There are also premium features available for tax planning services.
- Under the premium feature, you can manage your portfolio’s risk.
- A RoboAdvisory provides me with automatic asset allocation and investment goals.
It is important to note that most of these premium features are chargeable.
Also Read: Top 8 Best Electric Vehicle Stocks in India 2022
Logging into INDmoney
It is necessary to install the INDmoney app first if you intend to invest in the US stock market. As soon as you install it and open it, you will be prompted for your mobile number and OTP verification. This app is available on Google Play and App Store.
For the purpose of creating and setting up your INDmoney profile, you will need to enter your first and last name, email address, and other basic information. This platform is free to use, and it is also secure. A screen lock will be required when opening this application, and you will be prompted to use it. On the dashboard, you will be able to view a range of investment options, including cryptocurrencies, EPFs, NPS, mutual funds, foreign exchange, and US stocks.
KYC details for INDmoney
To begin investing in US stocks, you must complete the KYC process. You can invest by clicking on the US stocks button and accepting the terms and conditions. Upon doing so, you will be required to enter your PAN and Aadhaar details in order to verify your profile and address information. In addition, you may upload a selfie photograph. Once this step is complete, you will be required to record a video and upload it to enter a captcha or displayed number. The next step is to enter the bank details of the bank that you plan on using for investment purposes.
Once the above information has been submitted, you will receive your IND Super saving account and you will be able to use your virtual account which was opened in the USA after verification. This step enables you to start investing in the stock you wish to invest in and maximize your wealth. Funds may be transferred to your INDmoney savings account using IMPS, RTGS, and NEFT. Additionally, there are no charges for converting Rupees into dollars.
INDmoney’s Process for Investing in US Stock
Following these steps will help you gain a better understanding of how to invest in US stocks using INDmoney.
- If you have not added money to your investment account, use the “add money” option.
- To add funds to an IND Super saving account, select the bank and the appropriate medium.
- There may also be conversion charges associated with some bank accounts.
- It will take four to five days for the money to appear on the dashboard after you have transferred it.
- Your dashboard allows you to invest in selected US stocks by using transfer money.
INDmoney Charges Details
There are no fees associated with opening an account, brokerage charges and commissions, and investing in US securities with INDmoney. In addition, there are no charges associated with investing in mutual funds and FDs. However, you will have to pay $5 as withdrawal fees when withdrawing your funds. You can also select from a range of premium services available from Rs 399 to Rs 5999.
Benefits of using INDmoney
- Investing in US stocks is as easy as clicking a button.
- Monitoring and tracking investments in one location is convenient.
- Mutual funds, US stocks, and FDs can be invested in this application without a fee.
- A beginner investor will find it easy to use and the information they provide is completely secure.
- An account with a US trading component as well as a zero-charge SB component is available.
- An audit of Google’s data security feature is conducted by Bishop Fox, a Google Partner.
- The system provides family portfolio analysis and net worth information in one location.
- Completing certain requirements will also allow you to earn some exciting rewards.
- SEBI-registered investment advisors are available.
INDmoney Disadvantage for Users
- You can not invest in the Indian stock market using this application.
- There is little performance lag with this investment application.
- You can not do trading in cryptocurrencies.
INDmoney is Safe or Not?
INDmoney collects a lot of data such as email, bank details and more to execute trading in available options. Hence, it’s obvious to ask whether it’s a secure investment platform to use or not. Bishop Fox, a Google partner, audits this application’s security. However, if you want to invest in a new market and are ready to take the risk, you will have to trust your application. Also, it opens an IND Super saving account with SBM or State Bank of Mauritius, India, which RBI approves. Hence, it can be said this app can be trusted for investment purposes.
Does INDmoney have a SEBI registration?
It is categorised under SEBI registered investment advisers because INDmoney app meets the requirements set by SEBI itself.
We discussed the INDmoney features, benefits, cons, login process, and KYC process in this INDmoney review article. Our discussion also included other essential terms that investors should be aware of. The application is designed for investors interested in investing in the American stock market and purchasing Google and Microsoft shares.
Additionally, the app provides many other investment options that are user-friendly. However, it is always advisable to request digital advice and a copy of your receipt for each investment.
Also Read: Smallcase App Review 2022 – Is Smallcase App secure?
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