Tradingo NRI Account Review

Tradingo is an online broker offering stock market investment and trading services to the resident as well as NRI investors. Tradingo is a part of Swastika Investmart Ltd., a traditional full-service broker with over 29 years of stockbroking experience.

Tradingo offers a 2-in-1 account that includes a Trading and a Demat account for NRIs. NRIs can invest in Stocks, Mutual funds, IPO, and F&O segments using the trading platforms offered by the company.

Tradingo USP is its low brokerage charges and a network of local presence across 500+ cities. Tradingo permits Equity Stocks investments using a non-PIS account (on a non-repatriation basis) and charges brokerage based on the PIS/Non-PIS account.

Tradingo NRI trading software is the same as offered to resident investors. It includes the Tradingo web platform, Tradingo mobile app, and Justrade Pro installable software to trade using desktop or PC. NRIs can also check regular updates on current holdings, ledger balance, Trade summary, and other transactions with a user-friendly back-office interface of Tradingo.

Tradingo NRI Account

An NRI needs the following accounts to trade with Tradingo.

1. NRI Bank Account

   Tradingo allows NRIs to open an NRI Savings Bank account with any RBI designated bank for an NRI account in India.

   NRIs can continue using the existing NRI Bank Account or open a new account with any bank of their choice. An NRI needs to have an NRE or an NRO account with a bank in India. To trade in the Derivative segment, you will need an NRO account (Non-PIS).

2. PIS Account

   With the help of a bank (where you have an NRI bank account), you can obtain an RBI PIS permission letter. RBI PIS permission is required for NRI's to invest in the Indian stock market.

   PIS permission is mandatory to trade on a repatriation basis using the NRE account. PIS is not required for F&O trading or to invest in Mutual Funds, Bonds, NCD, etc. With rules relaxed for the NRO mode of transactions, PIS is now not mandatory for Equity Delivery trading on a non-repatriation basis.

3. Custodian Account

   To trade and invest in the Equity Derivatives segment, NRI's will need an NRO Bank Account and a Custodian Account. Globe Capital Market Limited is the designated Custodian of Tradingo for NRIs. Thus, you will need a CP code with Globe Capital for F&O investment.

4. Tradingo NRI Demat Account

   Tradingo is a depository participant (DP) with both Central depositories in India - NSDL and CDSL. NRI can open a Demat account with any DP as per their choice.

   Tradingo NRI Demat Account Highlights:

   • A Demat account helps in holding the securities in electronic format.
   • NRIs can open a Demat account with the same account opening form available for resident Indians.
   • NRIs have to select the type as NRI and choose from NRE and NRO as a sub-type.
   • NRIs can access the Demat account online from anywhere across the world.
   • Dividend and interest get automatically credited in the Demat account linked NRI SB account.
   • Demat account can be opened either on a repatriable or non-repatriable basis or both.

   For more information on NRI Demat accounts, please read NRI Demat Account - Online Opening Procedure, Charges, Rules

5. Tradingo NRI Trading Account

   NRI trading account gives you access to NSE & BSE to place buy or sell requests for various securities. Tradingo offers a choice of trading platforms to trade and invest in Equity Delivery, Equity derivatives, Mutual Fund, and IPO.

Tradingo NRI Trading Process

Once you have opened the NRI Bank, PIS, Custodial, Trading, and Demat accounts, you're ready to trade in India. Following is the step-by-step Tradingo NRI trading procedure to trade in the Equity Delivery segment:

1. Fund Allocation

   Transfer funds from your NRE/NRO bank account to your PIS Bank Account. The bank informs Tradingo on the allocation of funds. Tradingo then updates the available limit on your trading account based on the received funds.

2. Place the Order

   NRIs can place buy or sell trade orders through the trading platform. When you put the trade request, the system checks the availability of funds ( for Buy order) or shares (for Sell order) in the respective accounts. If the condition gets fulfilled, the order gets executed at the stock exchange.

3. Fund Settlement

   If it is a buy trade, the amount gets deducted from the linked NRI bank account. If it is a sell order, the amount gets credited to the NRI bank account after order completion.

4. Stock Settlement

   In case of a sell order, the Demat account gets debited with shares. Contrary, the stock gets credited in the Demat account when it is a buy order.

5. Reporting to RBI

   The transactions made in the Equity Delivery segment get reported to RBI daily (mandatory in case of NRE account, optional for NRO account). The broker sends two separate contract notes for Buy and Sell transactions in a day to the bank. Further, the bank reports RBI, and trades get settled.

   Note: Tradingo allows to trade using the Non-PIS account. However, the brokerage charges in such cases are higher than for trading through a PIS account.

   Tradingo NRI Equity Delivery Brokerage Charges

   For PIS Account	0.1% OR Rs. 100 per executed order for equity (whichever is lower).
   For Non-PIS Account	0.5% OR Rs.500 per executed order for equity (whichever is lower).

Tradingo NRI Trading Software Review

Tradingo offers three trading platforms to NRIs to trade at BSE and NSE stock exchanges:

1. Tradingo Mobile app. (Mobile application)
2. Tradingo Web. (Web-based platform)
3. Justrade Pro software (Installable terminal)

Tradingo trading platforms provide NRIs an enriching trading experience to trade conveniently anytime, anywhere. NRIs can trade and invest in Stocks and F&O using the Tradingo trading platforms.

As per regulations, NRIs are not allowed to trade in Equity Intraday, Commodities, and Currency Derivatives (through a broker).

Read Tradingo Trading Software Review for more details.

Tradingo NRI Account Opening Process

Before opening an NRI trading and Demat account with Tradingo, you have to open NRI Bank Account and get RBI PIS permission to invest in Indian Stock Markets.

NRI account opening process with Tradingo is a manual process. It requires filling the paper form and sending it to the broker.

Steps to open an NRI account are as below:

• Visit the Tradingo website.
• Go to the Downloads section at the bottom of the website.
• Download Account Opening Form for Individuals to open NRI Demat and trading account to trade in Stocks, F&O, and Mutual funds.
• Fill the form with personal, bank, and other details in the relevant fields.
• Attach the self-attested copies of the documents.
• Send the form along with copies to the designated local branch of the broker.

Note:

• If an NRI is not in India at the time of account opening, all photocopies of the documents need to be attested by the Indian Embassy / Consulate General / Notary Public / Any Court /Magistrate / Judge or a Local Banker in the country where the NRI resides.
• If the NRI is in India, these documents can be self-attested. However, the NRI has to provide a photocopy of the passport page with the stamp of Immigration authorities affixed at the time of his arrival in India to serve as proof of NRI being in India.

Tradingo NRI Account Opening Documents

The non-resident Indians will need the following documents to open NRI Trading and Demat account with Tradingo.

• Address Proof (Indian & Foreign).
• Bank Proof indicating the type of account as NRI/NRE/NRO.
• PIS Letter (Issued by the bank in case of NRE account).
• Pan card.
• FEMA declaration.
• Copy of Passport.
• Trading authorization format on ₹100 stamp.
• General Power of attorney.
• One Passport size Photograph.
• Pan copy.
• Application for allotment of NRI custodial code. (Required to trade in F&O segment).

Tradingo NRI Mutual Fund

Tradingo offers mutual fund services to investors through a dedicated mutual fund support desk. It is an easy process to access and invest across various mutual funds in India.

Tradingo clients can call on - 01204400755 or drop a mail to sfl_mutualfund@swastika.co.in for any support related to mutual fund investments.

Key Features of Tradingo NRI Mutual Fund

• Invest in any mutual fund schemes directly.
• Mutual fund investment requires NRI Demat, trading, and bank account.
• Invest directly in the MF schemes without filling an application form.
• The money in the bank account is automatically debited or credited while purchasing or selling mutual fund units.
• Invest either through SIP or lump sum mode of investment.

Tradingo NRI Trading Account Advantages

• Simple brokerage model.
• Allows Equity Stocks investment using a non-PIS account.
• Allows linking the trading account with any NRI bank account opened with a designated bank in India.
• Offers to trade via mobile app, website, or trading terminal.

Tradingo NRI Trading Account Disadvantages

• Only offers a 2-in-1 account which increases the paperwork to open separate NRI bank account with other banks.
• Higher Brokerage charges for non-PIS account.
• Clients need to pay to avail of research services.

Conclusion

Tradingo is a discount broker that offers 2-in-1 account services to NRI at ultra-low-cost brokerage charges. You can link or open an NRI bank account with any designated bank of your choice. Tradingo also offers advanced trading platforms to NRI to trade via mobile, web, or desktop software.

Frequently Asked Questions

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Information on this page was last updated on Thursday, April 4, 2024