Paytm Money is now offering a chance to its users to buy a stock on their platform and has introduced the brand new Paytm Money Stocks.
Paytm India will be offering Stock Trading on its app, and the company is looking forward to the launch of the early access of the Stock Trading program. It was only last year that the Securities and Exchange Board of India gave a green signal to Paytm last year regarding the stock trading.
Paytm started the initiative called that Paytm Money Stocks to further provide a platform for young and experienced investors through an entirely digital, cost-effective, and secure way. One of the upsides of Paytm is that it is completely electronic, and as such signing up or even doing transactions and investments do not involve the long-drawn process of signing up for it in person. However, a full digital KYC is required for enthusiasts to sign up for the opening process. All the cash delivery trades are free on the app, but it does charger a meager amount of INR. 10 for intraday trades.
The Stock Trading is still in its infant stages, and at first, only a handful of people will get access to this. Paytm will gradually roll out the product in a phased manner. They need to first assess the market reaction, and if everything goes accordingly, the new product will be available to everyone within just a few weeks. Paytm is mainly releasing the Stock Trading for Android as of now, but they are planning on releasing an iOS version of the same. Furthermore, they will also launch Futures and Options on the app in the near future.
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As for the advantages of using Paytm for Stock Trading, Paytm offers an easier and secure way for the investors to do their transactions.
Additionally, as mentioned before, the company charges only Rs. 10 for intraday trades, and it has a zero brokerage on the Delivery Trading policy. Investors could find the stock by just typing its name; moreover, market research, stock trading, or even long term investment could be done using the Paytm app only. The investors could set price alerts for up to 50 stocks, and when that is reached they would get a notification.
It also offers a customizable watchlist, get a detailed financial and historical price data for every listed company, set up weekly/monthly buy orders reminders, all of that, and to top it all off, all the personal data are given to the app and stored there will be safe thanks to Paytm’s bank-level security.