IIFL Review 2023: Is It A Scam Or Safe? Everything You Need To Know

Financial market trading in India is on tremendous growth. Many are trading in financial instruments in hope to earn high market profits. But, Indians are less aware that there are many financial institutions that have existed since long.

IIFL is one among them. It is a financial platform that offers a range of services to support Indian traders. The stock broker holds a good market name and reputation. Thus, a suitable choice for many market players. To know more about it here we have a brief IIFL review.

What is IIFL?

India Infoline (IIFL) or IIFL Finance Limited is a leading financial services company in India. The company was incorporated in 1995 as a full service stockbroker with headquarters in Mumbai.

The subsidiaries of the company are IIFL Home Finance Limited, IIFL Samasta Finance Limited and IIFL Open Fintech Private Limited. So, traders can have a diverse range of facilities for loan and mortgage at the platform.

Besides, the company is nationwide with a great network of 3119 branches across 500+ cities.

The facilities of the platform include home loan, gold loan, business loan and financial services with division as follows:

• Home Loan (35%)
• Gold Loan (32%)
• Business Loan (15%)
• Microfinance (12%)
• Construction and Real Estate (5%)
• Capital Market Finance (1%)

IIFL Securities Charges

Traders at the IIFL platform can open their trading account for free. Customers of the platform have to pay Rs. 250 to get access to the demat account for its Annual Maintenance Charges (AMC).

Also Read: Tradeeu Review

The Demat account is free for the first year. So, the IFL account charges are:

• IIFL account opening charges: Rs 0
• Demat account annual maintenance charges: Rs 250

Securities Brokerage Plan

IIFL has one simple flat rate for its brokerage plan. The discount brokerage plan offers traders with flat Rs. 20 per executed order. It is across all segments including equity delivery.

The brokerage charge list of IIFL is as follows:

• Equity Delivery: Rs. 20 per order
• Equity Intraday: Rs. 20 per order
• Equity Futures: Rs. 20 per order
• Equity Options: Rs. 20 per order
• Currency Future: Rs. 20 per order
• Currency Options: Rs. 20 per order
• Commodity Futures: Rs. 20 per order
• Commodity Options: Rs. 20 per order

IIFL Account Opening

Account opening at IIFL is simple with various options for the needs of clients. Traders can open their account with the following options:

• Gold loan
• Home loan
• Loan against property
• Personal loan
• SME loan

Traders according to their needs can choose the suitable account. Once they select the account type then they fill the required details.

It has three options, traders who are already members can directly login. However, those who are not have to register and then access the platform. In registration, they have to enter the email address or mobile number. In addition, they are required to mention their date of birth. They receive an OTP which they enter and access the services online.

Trading Instruments at IIFL

Traders of IIFL platform are offered with the following segments or products to trade online:

• Mutual Funds
• IPOs
• Equity
• Derivatives
• Currency
• Bonds
• Commodities

IIFL Pros and Cons

Trading online with a platform is not easy. One needs to understand the advantages and disadvantages of the platform. It gives them a quick understanding of services and what they need to be careful of.

Below we have the pros and cons of IIFL:

Pros:

• Flexible brokerage plan
• Various products to trade
• Wide network of branches across 500+cities
• Best desktop trading platform

Cons:

• No intraday tick by tick charts
• Not that smooth in comparison to other platforms

Conclusion

IIFL is a popular trading platform in India. Traders can have a range of products to make profitable trades. The article gives a short yet significant IIFL review to make traders understand the services.

The securities brokerage plan and costs that traders have to pay are also minimal. Besides, traders can analyse the pros and cons of IIFL for smooth trading online. Overall, a good trading platform with low charges and easy account opening. However, traders can analyse the platform with the IIFL review for better and advantageous trading.