Canmoney Review – Charges, Trading Platforms, Demat Account, Offers & more

In this article, we delve into an in-depth Canmoney review, highlighting its strengths, weaknesses, Canmoney charges, and much more, aiding investors in making informed decisions.

Canmoney, is a subsidiary of Canara Bank & a public company headquartered in Mumbai, was established in 2009. It operates as a financial services provider in the Indian market.

As a public company, Canmoney adheres to regulatory requirements and operates with a level of transparency expected from publicly traded entities.

Why trade or invest with Canmoney?

There are several reasons why one should consider investing or trading with Canmoney:

• Canmoney is a full-service broker offering a wide range of investment and trading services like Research and advisory services, access to multiple asset classes, etc.
• Canmoney has a significant client base, with over 22,000 active clients. This indicates that many investors and traders have chosen Canmoney as their preferred brokerage, highlighting their trust and satisfaction in the company.
• The firm offers free account opening, making it easy and cost-effective for new investors or traders to start their journey.
• The Canmoney account has an annual maintenance fee (AMC) of Rs. 500 per year. This fee covers the maintenance of your investment or trading account, ensuring it remains active and functional.
• For delivery trades, they charge 0.35% of the transaction value; for intraday trades, the charge is 0.05%, which are very competitive rates.

Canmoney brokerage charges under the Standard Plan are highly modest. There are no subscription charges, making it accessible to all investors.

The brokerage charge is 0.10% of the transaction value for equity, commodity, and currency futures.

When it comes to commodity options and currency options, the charge is Rs. 25 per lot.

The delivery charges are 0.35% of the transaction amount, and intraday charges are 0.05% of the transaction amount.

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How to open Canmoney Demat Account?

• To open the Canmoney Demat Account, you must fill in your details in the form below.
• Shortly, representatives from Canmoney will contact you to assist with the account opening procedure.
• They will require specific documents, including a copy of your PAN card, AADHAAR card, bank details, and other essential documents for verification.
• After successful verification, your account will be opened, and login credentials will be shared.

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Canmoney offers a comprehensive range of trading solutions for users on different platforms.

The Canmoney App offers iOS and Android versions that are designed to provide a seamless trading experience, allowing traders and investors to access their accounts, monitor market data, execute trades, and manage their portfolios on the go.

Additionally, they offer a web trading platform accessible through any web browser, eliminating the need for software installation.

Moreover, users can also benefit from a trading terminal and a mutual fund’s investment platform.

Below we have listed some of the Canmoney trading platforms along with their features in this Canmoney review for you:

Canmoney App

Here are some of the features of the Canmoney App listed below:

• Canmoney app offers Android and iOS apps to its users, allowing them to receive real-time updates on market data, including stock prices, indices, and other relevant information.
• The Wishlist feature allows users to create a personalized list of stocks, mutual funds, or other financial instruments they are interested in.
• These apps also provide real-time updates enabling users to check out market news, portfolio changes, and other relevant data in real time.

Canmoney Trading Terminal

The canmoney trading terminal can be downloaded and installed on a mobile laptop for a better trading experience.

Here are some of the unique features of the Canmoney trading terminal listed below:

• The platform is built especially for traders who regularly trade in huge volumes.
• The users get all the real-time updates about the stock in a single window.
• It is a highly reliable platform and provides an asset transfer facility to the traders too.

Canmoney Web Trading Platform

Canmoney’s web trading platform provides a robust and efficient environment for users to analyze markets and execute trades seamlessly using any desktop or laptop.

The web trading platform has interactive charts that allow users to analyze the price movements of stocks, indices, and other financial instruments.

Users can also access real-time market data, including stock prices, indices, and other relevant information, on the web trading platform.

Canmoney Mutual Funds Investment Platform

The Canmoney mutual fund investment platform allows users to buy mutual funds online. Users can explore different mutual fund schemes, analyze performance, and make convenient purchases.

Canmoney Offers

• Canmoney offers free account opening, making it convenient and cost-effective for individuals to start their investment or trading journey.
• Canmoney provides flexible brokerage plans, allowing clients to choose a plan that suits their trading style and preferences. This flexibility enables traders to optimize their costs based on their trading volumes and requirements.
• They offer free research reports to their clients. These reports provide valuable insights and analysis on various stocks, helping clients make informed investment decisions.
• Canmoney provides referral offers, rewarding existing clients who refer new clients to the platform. Clients can earn a referral bonus of Rs. 300 per referred client, incentivizing them to spread the word about Canmoney.
• Free trading calls, providing clients with expert guidance and recommendations on trading strategies. These services are also given.
• The company provides margin funding facilities, allowing clients to leverage their investments and trade with higher exposure. This feature enables clients to enhance their trading opportunities and maximize returns.

Canmoney SWOT Analysis

Below we have listed a detailed SWOT analysis for Canmoney:

Strengths

• Canmoney’s delivery and intraday charges are competitive, providing cost-effective trading options for clients.
• The firm doesn’t charge for opening a trading account with them, something many leading stockbrokers don’t offer.
• Canmoney offers a variety of trading platforms, including mobile apps and web-based platforms, catering to different user preferences.
• There are no charges for call and trade charges
• Highly responsive trading platforms.

Weaknesses

• Canmoney does not provide customized recommendations limiting the personalized guidance that some traders or investors may seek.
• Canmoney does not offer stock tips or specific buy/sell recommendations, which could be a drawback for clients looking for ready-made trading ideas or suggestions.
• The absence of WhatsApp support limits communication options for users as WhatsApp is a widely used mode of communication these days.

Opportunities

• Canmoney can explore opportunities to expand its services and reach a wider audience.
• Embracing new technologies and enhancing their trading platforms can attract more clients and improve user experience.
• Research quality can be improved, and the trader can be served with regular and market-driven reports.

Threats

• The brokerage industry is highly competitive, and Canmoney may face challenges from existing and new competitors.
• Changes in regulations or policies in the financial sector can impact Canmoney’s operations and services.
• Fluctuations in the financial markets can affect trading volumes and investor sentiment, potentially impacting Canmoney’s business.

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Canmoney Research & Advisory support includes:

• In-depth analysis of company financial performance and industry outlook.
• Insights on stocks, mutual funds, bonds, and commodities for informed decision-making.
• Evaluation of IPO opportunities, company financials, and business prospects.
• Analysis of price patterns and chart indicators for forecasting price movements.
• Recommendations for buying or selling specific stocks.
• Highlighting stocks expected to perform well.
• Dedicated point of contact for personalized assistance related to Canmoney trading account and other support.

Here are the Canmoney margin options available for different segments:

• Equity Delivery, Equity F&O Carry Forward, Commodity F&O Carry Forward, Currency F&O: Leverage of 1x, meaning clients can trade with the funds available in their account.
• They leverage up to 5x for equity intraday trading. The specific leverage amount may vary depending on the stocks being traded.
• Leverage of 1.3x is available for intraday trading in equity futures and options as well as commodity futures and options.

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Here are the available Canmoney customer care channels:

• Canmoney offers free trading support to its clients. This support includes assistance with trading-related queries, order placement, and technical issues.
• Clients have access to a dedicated dealer who can provide personalized support and guidance for their trading activities.
• Canmoney provides phone support through two dedicated contact numbers: 022-22802400 and 022-43603800.
• Clients can contact Canmoney’s customer support team via email at [email protected].
• Canmoney also offers customer support through its website, Facebook page, and Twitter account. Clients can utilize these platforms to seek assistance, ask questions, or access relevant information.
• Clients can visit Canmoney’s physical offices for face-to-face support and assistance.

Find out the details of the Canmoney complaint resolution:

• Total Complaints Lodged: 2
• Total Complaints Resolved: 2
• Percentage of Resolved Complaints: 100.00%

These numbers indicate that Canmoney has successfully addressed all the complaints lodged by its clients, resulting in a 100% resolution rate.

This demonstrates their commitment to customer satisfaction and ability to address any concerns their clients raise effectively.

Canmoney Charges

Here is the list of Canmoney charges for you, have a look:

• Clients must pay an annual maintenance charge of Rs.500 for the upkeep of their accounts. Canmoney account opening charges are nil, and you can open your account for free.
• The charges vary depending on the type of trade, such as equity delivery, equity intraday, equity futures, equity options, commodity futures, and commodity options.
• Stamp duty charges are applicable on different trades, including equity delivery, equity futures, commodity futures, equity options, commodity options, and equity intraday. The rates vary based on the specific trade.
• Canmoney hidden charges are inclusive of SEBI turnover charges, which are applied at Rs.10 per crore for all segments, and Depository Participant (DP) charges of Rs.15.5 per scrip, applicable only on sell transactions. Goods and Services Tax (GST) of 18% is levied on brokerage, SEBI, and transaction charges.

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Canmoney Review – Conclusion

One should consider Canmoney stock broking for several reasons. It is a full-service broker with a large active client base, offering free account opening and competitive brokerage charges.

Canmoney provides comprehensive Research and advisory support, various trading platforms, including mobile apps and web-based platforms, and a range of features such as Wishlist, real-time updates, and multi-profile management.

With strong customer support, Canmoney aims to provide a robust and secure platform, making it a suitable choice for investors and traders.

This Canmoney review will help you with a detailed analysis of brokers and will help you in making an informed decision.

Canmoney FAQs

Here is the list of FAQs related to the Canmoney Review:

Is Canmoney a Safe Broker?

Yes, Canmoney is a safe and trusted broker.

Is Canmoney Good for Beginners?

Yes, the Canmoney platform is ideal for beginners as it offers free account opening, comprehensive Research, and advisory support, which can be valuable for beginners who may need guidance in their investment decisions.

How many active clients does Canmoney have?

The firm has over 22,000 clients.

Who is the Founder of Canmoney?

P S Jayakumar is the Founder of Canmoney.

Does Canmoney provide Free Delivery Trading?

No, currently, the firm doesn’t offer free delivery trading. They charge 0.35% of the transaction made for delivery trading.

What are Intraday Trading Charges in Canmoney?

They charge 0.05% per trade executed as intraday charges.

What are Canmoney F&O Charges?

For Futures trading, the charges are 0.1% of the transaction value; options cost Rs. 25 per lot.

Does Canmoney charge for Commodity Trading?

Yes, they charge for Commodity Trading as follows – 0.01% of the transaction amount for futures and 0.05% for options.

Does Canmoney charge for Currency Trading?

Yes, the currency futures and options charges are 0.0001% of the transaction sum.

Can Canmoney provide Research?

Yes, the firm provides outstanding Research and advisory facilities.

How to contact Canmoney Customer Care?

You can contact customer care via their email id – [email protected] or at 022-22802400, 022-43603800. Other options include visiting their website, Facebook, or Twitter profile.

How much is AMC in Canmoney?

No annual maintenance charges are associated with Canmoney.

What are Account Opening Fees in Canmoney?

Account opening is free of charge at Canmoney.

What are Pledge Creation Charges in Canmoney?

The Pledge Creation Charges are Rs.10 per Scrip or 0.04%.

How much are Pledge Invocation Fees in Canmoney?

The Pledge Invocation charges are Rs. 50/request.

Does Canmoney levy any Interest on Margin Trade Funding?

Yes, the interest taken on margin trading is 0.09% per day.

What are DP Charges in Canmoney?

The DP charges are Rs.15.5 per Scrip only on sale.

Does Canmoney levy any Account Closure Fees?

No, there are no fees for Account Closure at Canmoney.

What are Account Reactivation Fees in Canmoney?

There are no account reactivation fees involved with Canmoney.

What are Call & Trade Charges in Canmoney?

Fortunately, the call & trade charges are free of cost at the firm.