Fisdom Review 2024: Curious about Fisdom, the new player in the stockbroking scene? Wondering how to start trading with them? Stick around as we delve into Fisdom’s demat account, charges, app, pros and cons, safety, referral program, and customer support details. We’ll cover everything you need to know.
What is Fisdom?
Fisdom, a prominent wealth-tech platform, provides a range of financial services to retail, mass affluent, and HNI customers in India. Founded in 2015 under the name Finwizard Technology, Fisdom emerged with a mission to simplify, make accessible, and instill trust in the investment process.
Back in 2015, investing was cumbersome, taking days to weeks for KYC completion. The financial product landscape was daunting with complex jargon. Fisdom’s primary goal from the start has been to simplify the investment experience.
Initially focused on mutual funds in 2016, Fisdom achieved several milestones. It pioneered complete digitization of the account opening and KYC process, setting an industry standard. Fisdom introduced the use of a payment gateway for mutual fund transactions on the BSE platform and digitized Pension funds (NPS), including a goal-based investment solution.
Expanding its offerings over the next three years, Fisdom included insurance, tax filing, and stockbroking. Recently, it added an HNI wealth management business to cater to the mass-affluent and affluent customer segments.
Fisdom’s B2B2C distribution model has disrupted the Indian Wealth-Tech industry. Partnering with over 15 leading banks, Fisdom has exclusive access to a customer base of over 40 crore Indians, reaching Tier 1, 2, 3, and 4 locations across India. This strategic approach positions Fisdom as a truly inclusive and country-centric company.
Fisdom Company Profile
| Name | Fisdom |
|---|---|
| Founded In | 2015 (8 years old) |
| Ownership | Private |
| Employee Count (India) | 501-1,000 |
| Global Employee Count | Not specified (Suggest) |
| Headquarters | Bangalore, Karnataka, India |
| Office Locations | Bangalore, Karnataka, India |
| CEO | Subramanya SV |
| Founders | Subramanya SV, Anand Dalmia |
| Type of Company | Startup |
| Nature of Business | Product, B2C, B2B |
| Company Email ID | [email protected] |
| Company Contact No. | 9642596425 |
| Website | fisdom.com |
Fisdom Products & Services
Fisdom offers a wide range of products and services to help you invest and grow your wealth. These include:
- Mutual Funds
- Fisdom offers a wide selection of mutual funds from top-performing AMCs. You can invest in equity funds, debt funds, hybrid funds, and tax-saving funds.
- Stocks
- Fisdom offers a comprehensive trading platform for stocks. You can buy and sell stocks, track market movements, and get expert advice from Fisdom’s research team.
- IPO
- Fisdom gives you early access to new IPOs. You can apply for IPOs through Fisdom’s platform and get expert advice on which IPOs to invest in.
- ETF
- Fisdom offers a wide range of ETFs, including ETFs that track major indices, ETFs that invest in specific sectors, and ETFs that use smart beta strategies.
Also Read: Top 10 Best Mutual Fund Investment Apps in India in 2024
Fisdom Charges
Fisdom, like other stockbrokers, levies fees for its brokerage services. However, as a discount broker, these charges are relatively low, allowing traders to engage in transactions across various segments without being burdened by excessive costs.
Demat Account Opening Charge:
- Fisdom does not charge any fee for opening a Demat account.
Demat Account AMC Charges:
- Fisdom charges an annual AMC of ₹500 for maintaining a Demat account.
DP Charges:
- Fisdom charges ₹15 per scrip per day on the sell side of delivery trades as a DP Charges.
Brokerage Charges:
- Fisdom charges a flat fee of ₹20 per executed order across all trading segments, including equity delivery, equity intraday, equity futures, equity options, currency futures, and currency options.
Additional Fees:
- Fisdom does not charge any additional fees, such as account closure charges or inactivity charges.
In summary, Fisdom’s fee structure is designed to be affordable for traders of all levels, making it an attractive option for those seeking cost-effective brokerage services.
Also Read: Zerodha Trading App Review 2024: Is Zerodha SEBI Registered?
Fisdom Brokerage Charges
Brokerage charges levied by Fisdom:
| Trading Segment | Brokerage Charge |
|---|---|
| Equity Delivery | ₹20 per executed order |
| Equity Intraday | ₹20 per executed order |
| Equity Futures | ₹20 per executed order |
| Equity Options | ₹20 per executed order |
| Currency Futures | ₹20 per executed order |
| Currency Options | ₹20 per executed order |
As you can see, Fisdom charges a flat fee of ₹20 per executed order across all trading segments. This makes it a very affordable option for traders who frequently execute trades.
In addition to its flat fee brokerage structure, Fisdom also offers a subscription-based plan that allows traders to pay a monthly fee and trade for free. This plan may be a more cost-effective option for traders who execute a high volume of trades.
Fisdom Brokerage Freedom Plan
Fisdom Freedom Plan
Fisdom offers three subscription-based brokerage plans under its Freedom Plan, each with varying durations and benefits. These plans eliminate the need to pay brokerage fees for trades executed during the subscription period.
| Plan | Plan Value | Benefits | Plan Validity |
|---|---|---|---|
| Plan 1 | ₹2499 | Zero brokerage | 60 days |
| Plan 2 | ₹5999 | Zero brokerage | 180 days |
| Plan 3 | ₹9999 | Zero brokerage | 365 days |
Key Points
- All Freedom Plan subscriptions eliminate brokerage fees for trades executed during the subscription period.
- Plans offer different durations to suit individual needs and trading frequency.
- Longer subscriptions offer cost savings compared to shorter subscriptions.
How to Choosing the Right Plan
The most suitable Fisdom Freedom Plan depends on your trading activity and budget. If you execute a high volume of trades, opting for a longer-duration plan can provide significant cost savings. However, if your trading volume is lower, a shorter-duration plan may be more economical.
For more details: 👉 Visit Fisdom Pricing Page
Also Read: What is trading: how do newbies learn trading in 2024?
Fisdom Demat Account Review
Summary of opening a demat account with Fisdom:
Open a Demat Account with Fisdom in 5 Minutes:
Fisdom offers a free demat account with no annual maintenance charges (AMC) for the first year, followed by an AMC of ₹299 from the second year onwards.
Quick and Convenient Account Opening:
- Download the Fisdom mobile app or visit their website.
- Sign up using your mobile number or email address.
- Submit your PAN number.
- Upload required documents for online demat account opening.
- Verify documents through an online KYC process.
Account Activation:
Your account will be activated within 24 hours of document verification.
Required Documents:
- Identity proof (Aadhar card, PAN card, driving license, voter ID card, or passport)
- Residence proof (Aadhar card, ration card, or utility bill)
- Bank account proof (passbook or canceled cheque)
- Income proof (account statement, salary slip, or ITR acknowledgment slip)
Also Read: Explore Stock Broker Comparison Inventory
Fisdom Customer Support Review
While Fisdom currently shows zero active complaints, having a reliable customer service team is crucial for a stockbroker. Fisdom addresses customer issues through two main channels:
- Phone Support: +91 96425 96425 (between 9 AM and 5:30 PM, Monday to Friday)
- Email Support: [email protected]
Also Read: FundsIndia Review 2024: Is FundsIndia Registered With SEBI?
Is Fisdom Safe?
Wondering if Fisdom is a safe choice for a stockbroker? Despite being relatively new in stockbroking, Fisdom has been a financial institute since 2015, offering various investment services and earning several awards. Generally considered safe, it’s always wise to do your research before finalizing a broker.
Fisdom is generally considered a safe choice for a stockbroker. It is a SEBI-registered investment advisor and a BSE-registered mutual fund distributor. It also has a 256-bit SSL encryption security to protect client data.
Regulatory Compliance:
Stock Broker Name/DP Name: Finwizard Technology Private Limited
Registration Number: INZ000209036, IN-DP-572-2021
Registered Address: Queens Paradise, 1st Floor, Curve Road, Shivaji Nagar, Bengaluru, Karnataka – 560051, India.
For more details visit: 👉 Fisdom Regulatory Information
Also Read: Explore More Stock Brokers
FAQs
Q. Who is the owner of fisdom?
Fisdom is owned by Finwizard Technology Private Limited, a company incorporated in India in 2015. The company is headquartered in Bengaluru, India, and has offices in Mumbai and Kolkata.
Conclusion: Fisdom Review 2024
“Saving equals success,” says Steve Burkholder, and with Fisdom, a discount stockbroker, you save and succeed from account opening to trading. Whether through subscription plans or referrals, you can cut down on trading charges. While it entered the stock market in 2021, Fisdom is a trusted name in mutual funds and gold bond investments since 2015, earning accolades for its financial services.
The broker offers diverse investment options like stocks, gold bonds, retirement planning, and health insurance, all in one place. Now, you have the info you needed about Fisdom.
