Peerless Securities Review, Brokerage Charges, Demat Account & more

Peerless Securities is a putative name in stockbroking industry. With roughly 108 customers reviews, the company has established very eminent figures in delivering excellence services over 24 years.

The most prominent factor is the range of service they offer which has set high-standards matched to any other leading Stockbroker company.

However, with limited functionalities in trading platforms and the brokerage fees on the higher side doesn’t add anything. Eventually, the overall user experience is dipping the charts compared to other stockbroker companies.


Peerless Securities Customer Ratings & Review

Experience 2.6/5
Products & Services 2.9/5
Brokerage Charges & Fees 2.4/5
Stock Research & Advisory 2.5/5
Trading Platforms 2.3/5
Overall Ratings 2.5/5
Star Ratings ★★★☆☆
Total Client Reviews 108

 


About Peerless Securities

Company Type Public
Broker Type Full Service Broker
Headquarters Kolkata
Founder Jitendra Kumar Panda
Established Year 1995

Peerless Securities

Fused in the year 1995, Peerless Securities has become a pathfinder in Stockbroker industry, especially in eastern India.

Jitendra Kumar Panda initiated the first operative firm in Kolkata, the capital city of West Bengal.

Peerless Securities plastered its legacy by through an unbelievable 920 branches all around the country since its inception 24 years ago.

They were once considered as the first ever Full-Service Stockbroker company in India.


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Peerless Securities Brokerage Charges

Equity Delivery Trading 0.51%
Equity Intraday Trading 0.05%
Commodity Options Trading 0.05%
Equity Futures Trading 0.05%
Equity Options Trading Rs.51 per Lot
Currency Futures Trading 0.05%
Currency Options Trading Rs.31 per Lot
Minimum Brokerage Percentage of Transaction
Demat AMC Charges Free
Trading AMC Charges Free
Margin Money Minimum Rs.10,100
Brokerage Calculator Peerless Securities Brokerage Calculator

Peerless Securities is often criticised for high brokerage fees. They offer Equity Delivery Trading at 0.51% which is undoubtedly higher than any of its close competitors.

They offer Equity Intraday, Commodity Options, Equity Futures and Currency Futures Trading at the rate of 0.05% respectively.

For Equity Options and Currency Options Trading, they impose ₹51 per lot and ₹31 per lot respectively. Again, this is on the higher side.

They offer a Margin Money outset of ₹10,000. The brokerage percentage fees will be determined on the concluding transaction amount.


Peerless Securities Other Charges

Transaction Charges 0.00315%
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)

Peerless Securities levies some further charge of 0.00315% as Transaction fees besides the STT of 0.0126% on Total Turnovers sequentially.

On top of that the SEBI Turnover Charges of 0.0002% on Total Turnovers which the traders have to pay. The Stamp Duty fee fluctuates between states, so one can’t say a static percentage that will be applicable.

18% of GST will be levied, nevertheless. The conclusive price comprises the transaction cost along with the brokerage fees.

Meanwhile, these costs won’t stir the profit margin much as these are marginal fees.


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

Peerless Securities Demat Account Opening Fees

Depository Source CDSL & NSDL
Account Opening Charges Rs.510
Demat AMC Charges Free
Trading AMC Charges Free
Margin Money Minimum Rs.10,100
Offline to Online Yes

Peerless Securities charges ₹510 which is 2 times the fee to open a Demat account in compared to any leading stockbroker company.

The Trading account opening is free, however. One good thing is the AMC for both the Demat and Trading account is free of cost.


Peerless Securities Offers

Free Demat Account Yes
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

Although Peerless Securities offers free AMC for Demat and Trading accounts, they are not so humble in giving Discounts on Brokerage fees.

They don’t offer any Trading Happy Hours to benefit the traders. They claim they provide excellent Flexible Brokerage Plans and special Holiday offers, which is a relief. No 1-month Brokerage Free trading to newbies, neither they implemented any Referral program.

As expected, they will not provide any discounts or rebates if a trader suffers a loss.


How to Open a Demat Account with Peerless Securities?

As hard it may sound, Peerless Securities doesn’t provide a direct link from their website to open a Demat account. Here is how one can open a Demat account with them:

  • Click on the below green Open Demat Account button. A form will pop-up, fill up that form.
  • The traders must submit the filled-up form to any nearest branch along with the necessary KYC documents.
  • A representative from Peerless Securities will call the traders for the verification process.
  • Once the account is verified, they will send the login credential via email or postal service.

Why Open Peerless Securities Trading Account?

Peerless Securities is without a doubt a trusted and experienced stockbroker company. They are one of the best service providers when anyone thinks of opening a Demat account.

Here are some noteworthy reasons:

  • Free AMC for both Demat & Trading account.
  • They provide undivided attention to every query or doubt of trading associates via 920 branches.
  • Profitable suggestions to help a trader earn more profit.

Get a Call back from Peerless Securities

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Peerless Securities Products & Services

Here are the list of Products & Services provided by the broking house –

Products Offered by Peerless Securities:

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

Peerless Securities offers steady assistance in Equity Trading, Commodity Trading, Currency Trading, Options and Futures.

They have not inducted any ventures linked to Mutual Funds, Forex, SIP and Banking. However, they offer top-notch Insurance plans to their trading associates.

Peerless Securities Service Offerings:

Demat Services Yes
Trading Services Yes
3 in 1 Acount No
Intraday Services Yes
IPO Services Yes
Stock Recommendations No
Robo Advisory No
PMS No
Trading Institution Yes
Trading Exposure Upto 2X

Peerless Securities offers free AMC of Demat account as well as Trading account. They are a vintage Trading Institution and offers Trading Exposure up to 2x to their respective trading associates.

Although they don’t provide services like Robo Advisory, PMS and Stock Recommendations, they offer a steady service in Intraday and IPO.


Check Products & Services offered by other Stock Brokers –

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

Peerless Securities Research, Advisory and Stock Tips

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

Peerless Securities offers decent stockbroking services which not sufficient compared to other stockbroker companies. Here is a list of what they provide:

  • Subtle Research Reports.
  • Free Stock Tips.
  • Experience Offline Advisory.
  • Dedicated Relationship Manager.

Peerless Securities Exposure or Leverage

Equity Delivery Upto 3X
Equity Intraday Upto 2X
Equity Futures Upto 4X
Equity Options Upto 5X
Currency Futures Upto 2X
Currency Options Upto 4X
Commodities Upto 1X
Margin Calculator Peerless Securities Margin Calculator

Here is another area where Peerless Securities disappoints many of its trading associates. They offer Equity Delivery exposer or leverage up to 3x which is decent enough.

But the biggest disappointment is Equity Intraday which is just up to 2x. The Equity Futures and Equity Options are subsequently better which up to 4x and 5x respective.

The Currency Futures is up to 2x which is averagely okay. The Currency Options exposer or leverage ratio is up to 4x is much better.

But they disappoint their Commodities traders with just up to 1x exposer or leverage.


Peerless Securities Trading Platforms

Peerless Securities provides quality trading platforms. The features equipped with each of their platforms are necessary and relevant.

Here is what they are offering:

Desktop Platform – Windows Yes
Desktop Platform – Mac No
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 No
News Flash Yes
Research Reports Yes
Easy Installation Yes
Global Indices Yes
Stock Tips Yes
Personalized Advisory No
Interactive Charts Yes
Live Markets Yes
SMS Alerts No
Email Alerts Yes
Multi Account Management No

Peerless Securities Trading Terminal:

Peerless Securities grants an easy installation desktop application to its trading associates, designed only for Windows users, however.

It has all the essential prospects such as real-time updates or Global indices, they also contribute significant information in the form of Interactive Charts and Live Markets updates.

The application lacks Online MF Buy option but it has News Flash options to feed information swiftly.

Peerless Securities Web Trading Platform:

Peerless Securities believes in delivering a suitable trading experience in the form of its Web trading platform.

They are not hesitant to cache their Browser based trading platform in operation. It has all the functionalities that are there on other platforms.

However, this version of web trading platform is not mobile responsive and therefore unwise to use on mobile browsers.

Peerless Securities Mobile App:

Peerless Securities offers a fully functioning mobile app for unbroken stock market updates.

The app is available in both Android and iOS, which one can download from their website or Google Playstore/ Apple Store.

The app doesn’t feature SMS notification but the email alerts are fully operational. The Multi-Account Management option and Personalized Advisory options are missing from the lot.


Peerless 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 920

With 920 branches distributed all around India, Peerless Securities delivers unyielding customer assistance.

They excise their business through Dedicated Dealers who implement the best customer support in the stockbroking industry. They provide services to both Offline and Online users.

No 24×7 service, no live chat assistance or Toll-free number support, but their competent email service is thoughtfully managed to serve their trading associates.


Peerless Securities Complaints and Feedback

Find the list of complaint against Peerless Securities –

Lodged in BSE 1
Resolved in BSE 1
Lodged in NSE 12
Resolved in NSE 12
Percentage of No. of Complaints Received Against Number of Active Clients 0.22

There are quite a few complaints that have been issued against Peerless Securities. In fact, 12 of them from NSE and 1 from BSE.

Those complaints have been resolved but the Percentage of No. of complaints received against the number of active clients is 0.22% is very high compared to their rivals.


Peerless Securities Disadvantages:

Peerless Securities in spite of being a veteran in the stockbroking industry, has quite some disadvantages. Here is a list of such drawbacks:

  • Very high brokerage fees.
  • Low Equity Intraday and Commodity exposer/leverage ratio.
  • Lack of automation in services.
  • Inconsistency in overall user experience.

Peerless Securities Conclusion

Peerless Securities is one of the oldest trading institutions in India. With experience in delivering the quality inputs to their trading associates, Peerless Securities has set its standards to a very elite stature.

However, the brokerage fees, as we discussed is comparatively high in compared to other companies along with the inconsistency in overall user experience are causing a dip in their reputation.

They need more automation in their service should add more features to their trading platforms as well.


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 Peerless Securities

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  1. Open Demat AccountBecome Sub Broker

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