Review of INDmoney App for 2023: Using the INDmoney app, Indian investors may purchase US equities from within India without paying a fee. Using this software, you may invest in Google, Microsoft, and other well-known US businesses. If you are considering investing in these businesses and want to find out more about a reliable platform, it is crucial that you read our INDmoney review. You may manage a variety of assets in addition to managing mutual funds, fixed-income securities, bonds, and other financial instruments.
In-depth discussions regarding the investing application’s features, KYC information, advantages and disadvantages, etc. have been had throughout this article.
INDmoney Review 2022- Features of INDmoney
- Investment in US Stocks
This trading tool makes it possible to buy US equities without paying a fee. Additionally, equities listed on the NASDAQ, S&P 500, and Dow Jones exchanges can be bought. Along with the fraction share investment, which starts at $1, you can utilise the dashboard to regularly review your portfolio.
- Invest in mutual funds
You may purchase mutual funds using INDmoney and redeem them as well. In addition to this function, you can automatically import mutual fund data from dealers, financial institutions, and applications like Groww and Zerodha so you may invest in mutual funds with only one click. You can combine mutual fund account statements into one statement to make this investing feature more handy. The investing venue does not charge commissions.
- FD Facility
As part of the INDmoney programme, users may also open FD accounts with a range of banks and non-bank financial organisations. Additionally, compared to other banks, this platform offers the greatest FD interest rates. The usage of this platform for credit and risk analysis is not hampered by any technological issues.
- Progress Tracking
You can easily track your financial activity and assets with the programme. Using this programme, you can keep track of all of your investment plans in one location. You might be able to benefit from stock advising services offered by reputable brokers like Zerodha, Upstox, etc. by utilising this programme. Furthermore, reputable brokers like Zerodha, Upstox, and others may be used to acquire portfolio data. You have access to your EPF, NPS, and other investment account information through an intuitive feature of the programme.
- Reward System
By using your credit card to make purchases from US-based businesses, you can also receive free US stocks. Additionally, as a reward for strong financial success, it provides free cryptocurrency.
- Premium Feature
The following premium features are among those that are offered in the app.
- You can get specialised financial guidance.
- Artificial intelligence-based investing judgements are made using data points.
- Additionally, there are premium features for tax planning services.
- You are able to control the risk in your portfolio with the premium function.
- I can set up automated asset allocation and investing objectives using a RoboAdvisory.
Logging into INDmoney
If you want to invest in the US stock market, you must first install the INDmoney app. You will be required for your cell number and OTP verification as soon as you install and access it. Both the App Store and Google Play have this app.
You must provide your first and surname name, email address, and other essential information in order to create and set up your INDmoney profile. This platform is safe and cost-free to use. You will be asked to use a screen lock when you first use this program. You may examine a variety of investment alternatives on the dashboard, such as cryptocurrency, EPFs, NPS, mutual funds, foreign exchange, and US equities.
KYC details for INDmoney
You must finish the KYC procedure before you can start trading in US equities. By selecting the US stocks option and agreeing to the terms and conditions, you can invest. You will next be asked to enter your PAN and Aadhaar information in order to confirm your profile and address data. Additionally, you are permitted to post a selfie picture. After completing this step, you will need to submit a recorded video in order to input a captcha or shown number. Entering the bank information that you’ll be utilising for investing purposes comes next.
You will obtain your IND Super saving account and be able to utilise your virtual account that was created in the USA following verification after the aforementioned information has been given. You can start investing in the stock you want to buy at this point to increase your wealth. IMPS, RTGS, and NEFT may all be used to send money to your INDmoney savings account. In addition, there are no fees associated with changing rupees into dollars.
Process for Investing in US Stock at INDmoney
You may better grasp how to use INDmoney to invest in US equities by following these steps.
- Use the “add money” option to fund your investing account if you haven’t already.
- Select the bank and the suitable medium to add money to an IND Super savings account.
- Some bank accounts may also be accompanied with conversion fees.
- After you transfer the money, it will take four to five days for it to show up on the dashboard.
- You may use transfer money to invest in particular US equities using your dashboard.
Details of INDmoney Charges
With INDmoney, there are no costs for creating an account, commissions, trading fees, or buying US assets. Additionally, there are no fees for purchasing FDs and mutual funds. When you withdraw your money, you will need to pay a $5 withdrawal charge. A variety of premium services priced between Rs 399 and Rs 5999 are also available for your choice.
Benefits of using INDmone
- Clicking a button is all it takes to invest in US equities.
- It’s handy to monitor and track investments in one place.
- There are no fees associated with investing in this application’s mutual funds, US equities, or FDs.
- It is simple to use for a novice investor, and the data they supply is totally safe.
- There is an account that has both a zero-fee SB component and a US trading component.
- Bishop Fox, a Google Partner, performs an assessment of Google’s data security function.
- Family portfolio analysis and net worth data are both provided by the system in one place.
- Getting certain things done will also enable you get some fun prizes.
- Investment advisors with SEBI registration are accessible.
INDmoney Disadvantage for Users
- This application cannot be used to invest in the Indian stock market.
- Performance lag with this investing application is minimal.
- Trading in cryptocurrency is not possible.
INDmoney is Safe or Not?
To carry out option trading, INDmoney gathers a lot of information, including email addresses, bank account information, and more. It follows that the question of whether or not it is a secure investing platform to utilise is evident. A Google partner named Bishop Fox examines the security of this application. However, you must have confidence in your application if you want to make an investment in a new market and are willing to take a chance. Additionally, with RBI approval, it creates an IND Super saving account with SBM or State Bank of Mauritius in India. As a result, it can be claimed that this programme is reliable for financial reasons.
Is INDmoney registered with SEBI?
Because INDmoney app complies with the standards established by SEBI, it is classed under SEBI Registered Investment Advisors.
In this INDmoney review post, we covered the INDmoney features, advantages, disadvantages, login method, and KYC process. We also covered several other crucial words that investors need to be aware of. Investors who want to buy shares of Google and Microsoft as well as invest in the American stock market should use the programme.
The programme also offers a wide range of user-friendly investing alternatives. But it’s always a good idea to ask for digital guidance and a duplicate of your receipt for every investment.