I was trading in stock market . I am into options mostly. Recently started trading in Zerodha and was paying a lot of brokerage.

So I did a Google search about other broker services where I can get cheaper brokerages than zerodha. I came across a lot of advertisers and broker services but the one that came on top of list and also attracted me a lot is that of the Mstock.

Mstock provides 0(ZERO) brokerage for lifetime and 0(ZERO) AMC for lifetime :

Everyone wants it right ? Who don’t ? So I jumped on it and opened the account.

Process & Reviews :

1. Account opening process is very smooth.
   A big red flag : they always want money/payment first. If you don’t pay you cannot proceed.
2. After you give number and do not proceed : They will call you.
   After you paid but wish not to proceed : They won’t even bother.
3. After account opening is done & you paid all the lifetime plan: They will never even bother to call you anymore.

 

Anyways after all these you think that you do not need a call as they are just another discount broker. So what happens next their account opening process is slow. .They say it 48 hours but it will take minimum 4 days to open your account and on the 5^th day you will get your Client ID and temporary password.

Personal Experience :

Now after getting the temporary password, you try to login. It will say to change your password after the first time and you changed it. Then it will log out saying you to log in with the new password : Sounds right ?

Correct ?

Wrong .. It’s a technical problem they have. Won’t let you log in. Now you will try to mail them , try to call them.

You won’t get a reply.

Customer Service :

The worst ever. If you call to trade … you will get answering machine. If you call for any other problems you will be auto disconnected or be kept on hold for ever . So the moral of the story is you will never speak to a human after you opened an account and paid them their charges.

Keep on sending e-mails , you may be able to open the account finally but my suggestion will be not to trade with this broker ever.

All they want is your money. It is a lot for me. For some may be it’s a donation they can do to mstock.

Its very tough to find a contact us button in their page. Its in the bottom of the page. Though useless as you cannot contact them

Their CEO is a Chinese or Korean I don’t know but not an Indian.

Honestly this broker is a scam.

Funding :

After all these I won’t dare to put money and trade in this broker. Who knows they will block my withdrawal.

Sebi registered scam broker this Mstock by Mirae asset . This Mirae asset also don’t have a good reputation with their clients.

What I can say after my experience is the person who is having the courage to  fund the Mstock wallet is a “khatron ka khiladi”

 

N.B.       Its better to pay brokerage rather than going for these cheap fraud brokers. All the influencers who are promoting they are doing paid promotions. It is a request to the influencers that please do not encourage these kind of scammers. A lot of people can be at loss for these cheap tricks.  Your followers are a reflection of your image. Treat them wisely.