Modex Securities Review, Brokerage Charges, Demat Account & more

Modex International Securities Limited, also known as Modex Securities was incorporated in the year 1995 with an authorized capital value of Rs. 110,000,000.

As a part of the Modex Group, the firm actively operates to provide support related to Stock Trading and Demat.

In this article, we will try to dissect the firm in terms of their products, services, customer support, service related charges and the efficiency of their platforms.


Modex Securities Customer Ratings & Review

Experience 3.4/5
Products & Services 3.1/5
Brokerage Charges & Fees 3.3/5
Stock Research & Advisory 3.0/5
Trading Platforms 3.2/5
Overall Ratings 3.2/5
Star Ratings ★★★☆☆
Total Client Reviews 108

 


About Modex Securities

Company Type Private
Broker Type Full Service Broker
Headquarters New Delhi
Founder Dharmendra Kumar Arora
Established Year 1995

Modex Securities As stated within the table above, Modex Securities was founded by Mr. Dharmendra Kumar Arora on 7th of February 1995.

It has been registered to operate freely within the Equity and Derivative segments of both NSE and BSE.

The twenty four years old trading firm having its headquarters located in Delhi specifically deals in Equity Cash, Equity Futures, Equity Options, Currency Futures and Currency Options apart from also acting as a DP (Depository Participant) with the CDSL.


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Modex Securities Brokerage Charges

Equity Delivery Trading 0.16%
Equity Intraday Trading 0.02%
Commodity Options Trading NA
Equity Futures Trading 0.02%
Equity Options Trading Rs.16 per Lot
Currency Futures Trading 0.02%
Currency Options Trading Rs.10 per Lot
Minimum Brokerage Percentage of Transaction
Demat AMC Charges Rs.160 per Annum
Trading AMC Charges Free
Margin Money Minimum Rs.15,000
Brokerage Calculator Modex Securities Brokerage Calculator

As stated in the table above, Modex Securities imposes a charge of 0.16% on Equity Delivery Trading, 0.02% on Equity Intraday Trading, Equity Futures Trading and Currency Futures Trading on their registered traders.

They also charge Rs. 16 per lot on Equity Options Trading and Rs. 10 per lot on Currency Options Trading apart from an annual maintenance charge of Rs. 160 on holding a Demat Account with them.

The traders registering themselves with Modex Securities are also required to maintain a minimum Margin Amount of Rs. 15,000 in order to ceaselessly continue with their trading.

Nevertheless, they do not impose any service charges related to Commodity Options Trading or regarding the annual maintenance for holding a Trading Account with them.


Modex Securities Other Charges

Transaction Charges 0.00316%
STT 0.0126% of Total Turnover
SEBI Turnover Charges 0.0002% of Total Turnover
Stamp Duty Depends on State (very minimal)
GST 18% of (Brokerage + Transaction Charges)

As you can easily conclude from the table above, Modex Securities imposes many other charges apart from the usual brokerage charges on the registered traders.

They apply a charge of 0.00316% over the total transactions made by their registered traders, beside a charge of 0.0126% of the total turnover as Securities Transaction Tax or STT 0.0002% of the overall turnover as SEBI turnover charges and 18% GST on the combined amount of the brokerage and transaction charges.

Nevertheless, other charges like Stamp Duty imposed upon the traders by Modex Securities are variable as well as negligible for the traders. Therefore, these charges do not have any real impact on the overall investment value as required by the traders.


Find Brokerage Charges of other Full Service Brokers – 

Kotak Securities ICICI Direct Sharekhan India Infoline (IIFL)
Ventura Securities Marwadi Group Aditya Birla Money Motilal Oswal

Modex Securities Demat Account Opening Fees

Depository Source CDSL & NSDL
Account Opening Charges Rs.160
Demat AMC Charges Rs.160 per Annum
Trading AMC Charges Free
Margin Money Minimum Rs.15,000
Offline to Online Yes

Being a substantial intercessor, MOdex Securities equally welcomes all the traders interested in trading within the Bombay Stock Exchange and National Stock Exchange.

All traders willing to register themselves for trading with Modex Securities can register themselves by opening up a Demat and Trading Account with them by simply depositing a charge of Rs.160 through either CDSl or NSDL.

They also charge a minimal amount of Rs. 160 per annum in terms of maintaining a Demat Account. The registered traders are also required to maintain a minimum balance of Rs. 15,000 in regards to Margin Money in order to continue with their trading through Modex Securities.


Modex Securities Offers

Free Demat Account No
Free Trading Account Yes
Discount on Brokerage No
Trading Happy Hours No
Flexible Brokerage Plans Yes
1 Month Brokerage Free No
Holiday Offers Yes
Referral Offers No
Zero Brokerage for Loss Making Trades No

As can be easily concluded from the aforementioned table that Modex Securities provides many exclusive offers to their registered traders in relation to Free Trading Account, Flexible Brokering Charges and Holiday Offers.

However, they strictly do not extend any kind of offers in terms of Free Demat Account, Discount On Brokerage, Trading Happy Hours, One Month Worth of Free Brokerage, Referral Offers or Zero Brokerage for Loss Making Trades.


How to Open a Demat Account with Modex Securities?

Opening up an Modex Securities’ Demat and Trading account is in fact very easy. All you need to do is follow the underneath mentioned steps:-

  1. Click on the green button below that states ‘Open Demat Account’.
  2. Carefully read and completely fill up the lead form that opens up.
  3. Upload all your KYC related document.
  4. You will require Aadhar Card, PAN Card, Age Proof, Identity Proof, Address Proof and one photograph in order to complete this procedure.
  5. Once you upload all the KYC documents, the concerned person from Modex Securities will contact you for further verification.
  6. As soon as the verification is concluded, you will authorized to operate your Demat account within the matter of a few hours.

Why Open Modex Securities Trading Account?

Having a Demat and Trading Account is of utmost importance for the people who are looking forward to trade independently within the stock market.

However, there are a few other reasons for you to consider opening up a Demat and Trading Account with Modex Securities are:-

  • They are actively supporting traders throughout the country from over nine hundred different locations.
  • The offer a dedicated dealer for the traders to ease up their trading experience.
  • They are widely known amongst the traders throughout the country for their extensive support.

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Modex Securities Products & Services:

Here are the list of Products & Services provided by the stock broker –

Products Offered by Modex Securities:

Equity Trading Yes
Commodity Trading No
Currency Trading Yes
Options Yes
Futures Yes
Mutual Funds Yes
Forex No
Banking No
SIP Yes
Insurance Yes

The aforementioned table clearly enlists all the products that are offered by Modex Securities for their respective traders.

They deal in an impressive roster of products including Equity Trading, Currency Trading, Options Trading, Futures Trading, Mutual Funds Trading, Systematic Investment Plans and a number of Insurances.

However, they do not have any products related to Commodity Trading, Forex Trading and Banking Services.

Modex Securities Service Offerings:

Demat Services Yes
Trading Services Yes
3 in 1 Acount No
Intraday Services Yes
IPO Services No
Stock Recommendations Yes
Robo Advisory No
PMS No
Trading Institution No
Trading Exposure Upto 5X

The aforementioned is a clear description of the type of services offered by Modex Securities, which include Demat Services, Trading Services, Intraday Services and Stock Recommendations with up to five times the average trading exposure.

Nevertheless, the firm does not lay any emphasis on providing any kind of services related to three in one account, IPO Services, Robo Advisory, Portfolio management Services or Trading Institution.


Check Products & Services offered by other Stock Brokers –

Angel Broking HDFC Securities Indiabulls Ventures  Just Trade
IDBI Direct  GCL Securities Arihant Capital Religare Securities

Modex Securities Research, Advisory and Stock Tips

Fundamental Reports No
Research Reports No
Company Reports No
Annual Reports No
Company Stock Review No
Free Stock Tips Yes
IPO Reports Yes
Top Picks No
Daily Market Review Yes
Monthly Reports Yes
Weekly Reports Yes
Offline Advisory Yes
Relationship Manager Yes

As you can see within the above enlisted table, Modex Securities proactively provides many services such as Free Stock Tips, Initial Public Offerings’ (IPO) Reports, Daily Market Review, Monthly Reports, Weekly Reports, Offline Advisory as well as a dedicated Relationship Manager.

Nonetheless, they do not have any provisions of offering services related to Fundamental Reports, Research Reports, Annual Reports, Company Reports, Company Stock Reviews and Top or favored Picks.


Modex Securities Exposure or Leverage

Equity Delivery Upto 3X
Equity Intraday Upto 5X
Equity Futures Upto 2X
Equity Options Upto 4X
Currency Futures Upto 2X
Currency Options Upto 2X
Commodities Upto 3X
Margin Calculator Modex Securities Margin Calculator

The aforementioned table clearly states the leverage offer by Modex Securities to their registered traders.

They exclusively offer three times the exposure on Equity Delivery Trading and Commodities Trading, five times the exposure on Equity Intraday Trading.

The broking house also provides two times the exposure on Equity Futures Trading, Currency Futures Trading and Currency Options Trading and four times the exposure in Equity Options Trading.


Modex Securities Trading Platforms

Operating for over twenty years with a chain of branches spread across nine hundred locations, Modex Securities has quite impressively earned a positive reputation as a Demat and Trading firm amongst the traders throughout the nation.

And it plans on retaining its reputation by extending exclusive support to the registered traders in every possible way, one of which being available on almost all the digital platforms for remote trading options –

Desktop Platform – Windows Yes
Desktop Platform – Mac Yes
Desktop Browser Platform Yes
Mobile Site Platform No
Android App Platform Yes
iOS App Platform Yes
Windows App Platform No
Other Mobile OS Platform No
Real time Updates Yes
Portfolio Details Yes
Online MF Buy Yes
News Flash Yes
Research Reports Yes
Easy Installation Yes
Global Indices Yes
Stock Tips Yes
Personalized Advisory No
Interactive Charts No
Live Markets Yes
SMS Alerts Yes
Email Alerts Yes
Multi Account Management No

Modex Securitis Trading Terminal:

Modex brings into use the NSE based terminal trading software known as NEST for providing in-desktop trading facilities to its respective traders.

NEST has been developed on a Dot Net Framework and made perfectly compatible for being operated on the Windows 7, Windows 8 and Windows 10 operating systems respectively.

It is known for being one of the most stable trading platforms, typically when it comes to trading within the NSE and BSE based Indian stock broking space. It enables the traders to:-

  • Track down real time data and also export it to Excel for better analysis.
  • Add multiple watch lists, each with an extensive option to add multiple trading items within the very same list.
  • Segregate the complete monitoring procedure by adding different market based watch lists to various groups.
  • Access the integrated charting functionality, thereby allowing the traders to perform numerous technical as well as fundamental analysis simultaneously.
  • Get a swift glance at all the details related to the placed orders, for both buying and selling purposes, through ‘Orderbook’ functionality.
  • Capture the market position of any particular user across various indices and exchanges by invoking the ‘Net Positions’ window to take a complete snapshot.
  • View the top ten bids and ask along with the quantity as well as the price of the stocks with the ‘Combined Market Feature’.

Modex Securities Web Trading Platform:

In order to provide the registered traders with a hassle free experience of trading remotely, Modex Securities brings into use another NSE based online trading platform popularly known as the NSE NOW.

The NSE NOW is a web browser based trading platform that has been developed by the NSE that enables the traders to invest across Equity, Currency, Derivatives and other such trading segments.

It has been perfected to operate in various web browsers including Google Chrome, Internet Explorer, Mozilla Fire Fox and the Safari Browser.

Moreover, NSE NOW is a responsive web app that can be accessed across multiple devices such as desktop computers, laptops, smart phones as well as tablets.

This app boasts of exhibiting top performance and a horde of extensive features such as:-

  • The provision for easy funds transfer with a number of payment methods as per the trader.
  • More than fifteen charts alongside eighty different technical indicators to help the traders perform various technical analysis.
  • Configurable web based notifications related to generic market alerts as per the particular trader.
  • Provision to enable the traders to monitor different specific stocks, sectors and indices in accordance to the trader’s preferences.
  • An exclusive risk management system to keep the data and information of the traders from falling into the wrong hands.

Modex Securities Customer Care

Dedicated Dealer Yes
Offline Trading Yes
Online Trading Yes
24*7 Support No
Email Support Yes
Chat Support No
Toll Free Number No
Branches 12

As you can observe within the table mentioned above, Modex Securities provides extensive Demat and Trading related support like Dedicated Dealer, Offline Trading, Online Trading, and Email Support in across nine hundred and twenty locations throughout the nation.

Nevertheless, they do not extend any support related to Toll Free Number, 24 * 7 Support or Chat Support.


Modex Securities Complaints and Feedback

Find the list of complaint against Modex Securities –

Lodged in BSE 0
Resolved in BSE 0
Lodged in NSE 7
Resolved in NSE 7
Percentage of No. of Complaints Received Against Number of Active Clients 0.33

As per the aforementioned table, it can be very well understood that no complaints were logged against Modex Securities within the BSE in the year 2017-18.

However, there have been seven instances of complaints being filed against Modes Securities within the NSE, which were also resolved within the same annual year.

In short, the percentage of the total number of complaints received against the number of active clients was merely 0.33 %.


Modex Securities Disadvantages:

Although a very reputed firm in the flied of Demat and Trading, Modex Securities still has some disadvantages:-

  • It requires its registered traders to maintain a minimum balance of Rs. 15,000 in terms of Margin Money.
  • It does not provide any chat support or toll free number to help the traders in uncertain times of dispute.

Modex Securities Conclusion

Modex Securities has turned out to be a huge support when it comes to the proactive traders.

However, some of its requirements such as the need for its traders to maintain a minimum of Rs.15,000 in terms of Margin Money can seem a bit extorting for the new traders.

Anyway, the firm has been able to establish a great reputation in the past two decades and it’s ever growing number of operation centers is a live prove of this fact.


Check detailed review of similar full service brokers:

Mangal Keshav  MasterTrust Networth Direct Reliance Securities
Axis Direct  SMC Global GEPL Capital  SBI Cap Securities

Open Demat Account with Modex Securities

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