Profitmart is a full-service broker launched in the year 2010. Before 2010, the company operated under the name of M3Multiple Securities Brokers Pvt. Ltd.
Profitmart offers investors the option of trading equities, derivatives, currency, and commodities. Investors can also participate in IPO placements via Profitmart. Mutual funds via Demat accounts are also offered to Profitmart customers.
Profitmart is a member of the BSE, NSE, and commodity exchange MCX. It also happens to be a depository participant of CDSL.
The company’s head office is located in Mumbai. It also has branches in Pune, Nashik, New Delhi, Ahmedabad, Surat, Hyderabad, Chennai, Bengaluru, Kolkata, Patna, Guwahati, and a few other cities. However, its own operated branches are not that many. A lot of the branches are franchisee-owned.
One of the most unique features of Profitmart’s service is the fact that it provides advisory through WhatsApp. Profitmart is estimated to have about 13,500 clients as of 2019.
Fee Structure – 3/5
Customer Service – 3/5
Usability – 3.5/5
Variety of Offerings – 2.5/5
OVERALL – 3/5
Profitmart offers its clients a range of trading platforms.
NEST Platform – Profitmart has created its own desktop-based trading platform known as NEST. There are two versions, NEST Trading Platform, and NEST Trader Plus. The NEST platform offers super-fast real-time data from the exchanges.
The speed and low latency are possible because NEST data is hosted across multiple servers which are spread out over multiple data center locations. This network design also improves data security.
Users can customize the interface of their NEST platform
Multiple screens/monitors are also supported for serious traders. Advanced charting features are also quite useful.
Traders can create multiple watchlists, check their live order status, personalize various screens, and make use of drawing and charting tools for performing their analysis.
Given the technical and sophisticated nature of this platform, it is possible that some users, especially beginners, may find the user-experience to be a little bit difficult. The NEST platform also tends to have connectivity issues on rare occasions.
Mobile Trading App – Profitmart also has a mobile app that traders and investors can use to buy and sell equities, commodities (bullion, base metals, energy, and agriculture), currencies, and derivatives. Users can track their portfolios, restructure them via fresh trades, and review their investments while on-the-go.
The mobile app provides users with all the historical transaction reports. Live data in real-time is obtained from the exchanges and displayed on the mobile app.
Users can also set up news alerts and stock alerts using the Profitmart mobile app
The movements in the markets can be easily viewed on the app. It literally is the “anytime anywhere” solution for traders and investors.
The Profitmart mobile app makes order book and trade book provisions available to its users. Users can also take advantage of various charting analysis tools using the app. Index details across multiple segments can be viewed via the Profitmart mobile app.
The Profitmart mobile app is available on Google PlayStore. It has received a reasonable review rating of 3.5 stars.
Profitmart Research – Profitmart has its own in-house research team which conducts its own research on various asset classes. The research is then used to advise clients on what investments they should be making.
Since Profitmart is a full-service broker, it offers such services to its clients rather than tying up with third-party research houses.
Profitmart’s research offering covers fundamental reports, general research reports, IPO reports, company-specific research, and equity research. Profitmart also offers its users daily market reviews as well as weekly and monthly reports.
These research features offer investors, especially new investors, excellent means to learn and educate themselves about various investment options.
Profitmart : Other offerings
Wealth Management – Profitmart also offers its client’s wealth management services. A dedicated team will help clients put together a financial plan which is custom-made as per each client’s circumstances. The wealth management service will then come up with a strategy to meet various financial goals and assist clients in making the right investments.
Throughout the investment period, parameters like financial risk and investment risk will be monitored to ensure that the portfolio stays on track to achieve its end goal.
Depository Services – Profitmart offers depository services to its investors. Through such a service, investors can avail the benefits of dematerialization, conversion of mutual fund units, mutual fund redemption, stock lending, and borrowing, pledging of shares, and re-materialization.
Stock SIP – For those who believe in long term investing and rupee cost averaging, Profitmart allows users to invest in equity SIPs. Through such a plan, users can choose to invest a fixed sum of money in a particular stock every month or every few weeks.
Regular investment can leverage the power of compounding and help facilitate significant wealth accumulation. Not only can wealth be created over a long period of time, but investor discipline can also be inculcated through such stock SIP programs.
Account Opening Charges
Profitmart offers free trading accounts. There is no charge for opening a trading account with Profitmart.
The account opening fee for a Demat account is Rs.999 and that amount includes the annual maintenance charge for the lifetime of the account. Hence, there are no annual maintenance charges going forward.
Profitmart is a full-service broker. The following are its brokerage charges for various services that Profitmart offers:
|Equity Intraday||1 paisa per Rs.100|
|Equity Delivery||30 paisa per Rs.100|
|Equity Futures||1 paisa per Rs.100|
|Commodity||1 paisa per Rs.100|
|Currency Futures||1 paisa per Rs.100|
|Minimum Brokerage||0.01% per transaction|
Apart from the brokerage charges, there are a few other additional charges as listed below:
|Transaction Charges||0.00325% of Total Turnover|
|STT (securities transaction tax)||0.0126% of Total Turnover|
|SEBI Turnover Charges||0.0002% of Total Turnover|
|Stamp Duty||varies from State to State|
|GST||18% (on Brokerage + Transaction Charges)|
Profitmart offers margin trading accounts. Only experienced investors should think about trading on margin. Margin is like borrowing money from the broker at high interest rates. Only sophisticated investors truly understand the risks behind margin trading.
The following are the margin exposure levels for various segments:
How to open an account
In order to open an account with Profitmart, you first need to visit Profitmart’s website and fill out a contact form. Alternatively, you can call them and a relationship manager (or someone from the sales team) will assist you.
You will be guided on how to go through the KYC process. You will have to fill out information like name, date of birth, contact info, etc. on the KYC form.
You will then have to submit your identification documents like PAN card copy and Aadhar card copy. Passport-sized photos are also required. You can submit these documents online.
Once Profitmart receives these documents and processes your application, you will get a call from the sales team for verification purposes. Once all your details are verified, you should be ready to trade in 1 working day.
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Pros and Cons of Profitmart
Profitmart offers reasonably well-rounded trading and investment solutions to anyone who is interested in investing in the stock, commodity, and futures markets. There is plenty to like about Profitmart’s offerings. However, there are some minus points as well.
- Among full-service brokerage houses, Profitmart’s charges are among the lowest. While they are higher than charges of discount brokerages like Zerodha, they are quite reasonable for a full-service brokerage offering superior customer support and research tools.
- The in-house research team offers timely research reports and market reviews. There are plenty of educational tools for new investors and experienced users as well.
- The trading platform is not outsourced to a third party. It is built by Profitmart. Hence, the technology infrastructure available to Profitmart users is sophisticated and secure.
- Profitmart has an “Earn and Refer” program where users can earn a 20% commission on brokerage fees by referring clients to Profitmart.
- Users can take delivery in commodity trading. Select commodities like Agri, Silver, and Gold are the available options for delivery.
- Profitmart does not offer any web-based trading platform. It only has a desktop and mobile trading platform.
- Profitmart does not offer any brokerage calculator which users can use to find out the exact brokerage charges that they will have to pay.
- While the company claims to have offline presence in 20 cities, quite a few of those locations are franchise locations. The company-owned company-operated locations are not that many.
Profitmart is a reasonably good full-service broker. It has various offerings in terms of trading platforms supporting various asset classes and exchanges. The company takes its technology infrastructure seriously and builds its platforms in-house.
The company also offers pretty good research material for educational purposes and investment decision-making. Being a full-service broker, customer support is also more extensive than what one would see at a discount broker.
However, the array of trading platforms is not very high. The charges are also higher than those at a discount brokerage. So, if someone desires a full-service brokerage and is willing to pay extra for it, then Profitmart is worth looking at.
However, one must keep in mind the fact that the company has limited offline branches throughout the country. It works on a franchise model and it is likely that you may encounter a franchisee when you visit Profitmart’s office in your city.