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MDirect which is also known as Moneylicious Capital for its exceptional services and range of products is one of the renowned brokers in the country at present.

Being a discount broker, it has gained enough repute to stand out and here is an article which has all the details about the company in the truest form and every detailed has been analyzed as well for you to get the right idea of the company and take your decision wisely.

This MDirect brokerage review will enlighten you about the various offerings of the company starting from their services to the trading platforms and everything which you should know before investing with them.

Mdirect offers

MDirect Customer Ratings & Review

MDirect Customer Ratings & Review

The popularity and acceptance of the company are well depicted by the ratings it has on the cards. As you can check from the table, the company has an overall rating of more than 6 points on a 10 pointer scale. This depicts that the company is better than the average share brokers in the industry.

About MDirect

Company Type Private
Broker Type Discount Broker
Headquarters Mumbai, Maharashtra
Founder Sushil Agarwal
Established Year 1997

MDirect is a private enterprise and it was founded by Mr. Sushil Agarwal with the headquarters in the city of Mumbai.

The firm started its operation in the year 1997 and since then it is working towards the investor’s benefit and client’s satisfaction.

They are discount brokers and thus the charges they charge are very cheap and one can easily trade with them without thinking of huge brokerage payments.

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    MDirect Brokerage Charges 

    Brokerage Charge & Fees
    Equity Delivery Trading Rs.18 per Order
    Equity Intraday Trading Rs.18 per Order or 0.01% whichever is low
    Commodity Options Trading Rs.18 per Order
    Equity Futures Trading Rs.18 per Order
    Equity Options Trading Rs.18 per Order
    Currency Futures Trading Rs.18 per Order
    Currency Options Trading Rs.18 per Order
    Minimum Brokerage Rs.18
    Demat AMC Charges Rs.400
    Trading AMC Charges Free
    Margin Money Rs.10,000
    Brokerage Calculator MDirect Brokerage Calculator

    The brokerage charges of MDirect are fixed as you can see for any discount brokers. The fixed rate of brokerage is Rs. 18 per trade of any volume across all the segments except for the cash segment.

    For the equity intraday segment or the cash segment, the charge is lower of Rs. 18 per order or 0.01% of the entire transaction.

    So, basically, here the minimum and the maximum cost towards brokerage is Rs. 18 and for the cash segment it can be lower than Rs. 18 but cannot be more than it.

    This brokerage plan is really helpful for all types of traders as there is the huge scope of saving on brokerage and especially for the heavy traders who trade in bulk every day, this kind of brokerage plan is best for them.

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    MDirect Charges

    Other Charges
    Transaction Charges 0.00301% of Total Turnover
    STT 0.0112% of Total Turnover
    SEBI Turnover Charges 0.0007% of Total Turnover
    Stamp Duty Depends on State (very minimal)
    GST 18% of (Brokerage + Transaction Charges)

    The other charges you have to bear include the transactional charges which are levied at 0.00301% and STT at 0.0112%. The SEBI charges on the total turnover are at 0.0007%.

    These are mandatory charges that you have to bear as a trader with any broker you trade but the percentage of the charges vary from one broker to another.

    The GST is charged at the fixed rate of 18% on the amount cumulated together taking brokerage and the transactional charge of the order. The stamp duty charges are as per the state you are trading from.

    MDirect Demat Account Opening Fees

    Demat Services
    Depository Source CDSL & NSDL
    Account Opening Charges Rs.500
    Demat AMC Charges Free or Rs.400 per Annum
    Trading AMC Charges Free
    Margin Money Zero Margin
    Offline to Online No

    With MDirect, you can open the trading and Demat account with Rs. 500. This opening fee is average according to the other discount brokers in the country.

    It has been observed that the discount brokers charge something around this amount only for opening a 2-in-1 account with them.

    The annual maintenance charge, on the other hand, is nil on the trading account and Rs. 400 for the Demat account and it can also be waived out in certain circumstances and according to a certain plan, this company offers.

    As a discount broker, they do not ask for any margin money to be kept in the trading account which is one of the benefits of trading with discount brokers.

    MDirect Offers

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

    The MDirect offers are few but lucrative –

    • They offer discounts on brokerage on various occasions from time to time
    • There are referral offers which the clients and the investors can take benefit from.

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    How to open Demat Account with MDirect?

    For opening MDirect Demat account you just need to form the online application/registration form.

    1. Then you will receive a call from the executives of the firm asking you to schedule a date for further verification.
    2. On the date of the meeting, you have to give them the KYC documents like AADHAAR, PAN, Voter ID, Address Proof and Bank details – bank and income statements.
    3. Once they verify all the documents and approve your application, you will receive the login details of your account within a few

    The account opening process is simple and easy and anyone can do it with the minimum you of the internet. It is also fast and you get to trade with your account instantly.

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      Why Open MDirect Trading Account?

      An MDirect trading account can facilitate you in trading across different segments and exchanges. The benefits of trading with this firm are –

      • With one sign in option, you can trade various segment. There is no hassle in trading with this firm as it offers various products and services under one roof.
      • The brokerage plan is plain and simple, you do not need to calculate brokerage every time you trade as it is flat Rs. 18 per order.
      • The research team is active and dedicated towards the clients and they are always striving for bringing in new opportunities for the clients and the investors trading in equities, currencies as well as commodities.
      • You will receive newsletters from the firm which contains various stock market-related news to keep our updated.
      • You can make intraday as well as positional trades just by sending SMS.

      MDirect Products & Services

      List of products & services provided to its clients

      MDirect Products:

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

      The products for trading provided by MDirect are inclusive of the general stock market products and also the financial investment products.

      They provide equities and commodities, currencies, derivatives and also mutual funds and SIPs. So, you can invest in direct equities or in mutual funds using your own Demat account and trading account.

      MDirect Services:

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

      The services they are offering now includes the usual trading and Demat services and they are the depository participants of both of the Depositories in the country – NSDL and CDSL.

      Under the trading services, there are also intraday and IPO services which are offered by this firm.

      MDirect Research, Advisory & Stock Tips

      Research & Advisory
      Fundamental Reports No
      Research Reports No
      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 No
      Relationship Manager No

      The research service which is offered by the company is completely free of cost and they provide daily stock tips.

      Other than these tips in the stocks, they do not provide any reports or reviews as they are discount brokers and there are very few discount brokers who provide complete research services.

      MDirect Exposure or Leverage

      Exposure / Leverage
      Equity Delivery Upto 2X
      Equity Intraday Upto 2X
      Equity Futures Upto 2X
      Equity Options Upto 2X
      Currency Futures Upto 2X
      Currency Options Upto 2X
      Commodities Upto 2X
      Margin Calculator MDirect Margin Calculator

      The exposure provided by the firm is only up to 2 times which is really low and the clients have to have money in their trading account with which they want to trade.

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      MDirect Trading Platforms

      Trading Platforms
      Desktop Platform – Windows Yes
      Desktop Platform – Mac Yes
      Desktop Browser Platform Yes
      Mobile Site Platform Yes
      Android App Platform No
      iOS App Platform No
      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 No
      Easy Installation Yes
      Global Indices Yes
      Stock Tips No
      Personalized Advisory No
      Interactive Charts Yes
      Live Markets Yes
      SMS Alerts No
      Email Alerts Yes
      Multi Account Management No

      The trading platforms of MDirect are dynamic and accessible on each and every device – desktop, mobile, and laptops. They are offering all the three types of trading platforms which are –

      MDirect Trading Terminal – NEST PLUS:

      This platform is designed by Omnesys NEST and it is –

      • Easy to install and you can just download it and install in any of the two devices – desktop or laptop.
      • It is apt for the heavy traders who have a huge bulk of trades to make using terminal for trading
      • There are tools for technical analysis and charting which you can use to predict the market
      • There are various strategies in-built in the system (trading platform) to be used for analyzing the options
      • Real-time news and updates of the market and market watch with customization available with all your favorite scrips

      MDirect Web-based Trading Platform – WEB NEST PLUS:

      The platform offers –

      • No installation requirements
      • Accessible across various browsers
      • Technical indicators for market prediction and analysis
      • Lightweight and friendly user-interface
      • You can easily access this platform on your desktop/laptop and even on mobile.

      MDirect Mobile Trading App:

      You get MDirect mobile application when you register and open account with them. This makes you’re daily trading easier while traveling and also makes it very handy and the best part is you can track the market and your portfolio even when you are not in front of the trading terminal. The features it offers are –

      • Exceptional speed and quick order placement
      • Technical charts, indicators are all available in your mobile application only
      • There is a smooth fund transfer system
      • You can check various indices

      MDirect Customer Support

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

      For reaching out the customer care of the MDirect broker you can email them on helpdesk@mdirect.co.in. They are available on email for any kind queries related to online trading.

      For any complaints or grievances, you can shoot a mail on the same email id.

      For opening account, you can call on 18602671671. For the existing clients, they have two calling numbers which are –

      022-66018386 which is for any kind of assistance in trading

      022-66018324 which can be used for any assistance in noon-trading related matters.

      MDirect Complaints & Feedback

      Complaints (Current Year)
      Lodged in BSE 12
      Resolvd in BSE 9
      Lodged in NSE 19
      Resolved in NSE 17

      The firm received only 19 complaints on NSE last year and 12 on BSE out of which they solved 17 and 9 respectively. The number of complaints received shows that the company is really doing a great job and takes care of the clients really well.

      MDirect Disadvantages

      • There is a very low exposure level
      • There is no three-in-one account facility
      • Research is bare minimal with no fundamental or annual reports

      MDirect Conclusion

      With extensive years of business experience in the market, this firm knows how to handle their clients and capture the market. They offer many services which are not offered by many discount brokers and that too at a lower level of brokerage.

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