Look at the following headlines- “Mirae Asset’s e-broking platform mStock recorded 1 million trades in a single day.”
“With over 6 million downloads within 10 months of launch, the active client ratio of mStock reached 73%.”
“In February 2023, mStock registered a turnover of Rs.78,000 crore on its platform.”
So what did you find common among the above headlines? mStock! Right? We all know the heat of competition in the online trading ecosystem. And when a rookie brokerage firm goes well through the tough competition from mature players, it becomes an astounding mystery. Do you know when mStock was launched? In April 2022! Yes, it is just one year old. Now your mind must be hovering with numerous queries like- How mStock touched the height of success despite being a rookie? What exactly mStock is? A new company or an expansion arm of an old company? How is it different from other e-broker firms? Worry not! You will get answers to all of your queries in this write-up.
Keep reading!
mStock: A Brief Overview
It is an e-trading brokerage firm in India governed by a South Korean financial titan “Mirae Assets Financial Group.” In short, Mirae Assets is the parent company of mStock. The 53-year-old South Korean parent company provides various services like wealth management, investment banking, trading services, etc. Any significant reason to launch a new segment of e-trading service (mStock) in India? Yes. The reason is obvious. It wanted to capture a significant market share in the stockbroking industry.
Before diving deep into the topic, let’s have a brief overview of mStock-
| Company’s Name | mStock |
| Type of Industry | e-trading brokerage firm |
| Parent Organization | Mirae Assets Financial Group |
| Founded in | 2022 |
| Location of Registered Office | Mumbai |
| Turnover | Rs.78,000 crore |
| Competitors | Zerodha, Upstox, Groww |
Look at the whopping turnover of the firm within 12 months of its launch. It is quite astonishing. Isn’t it? But what makes mStock a popular e-brokerage platform among trading folks? You will find it in the next section.
Exclusive Features of mStock
The features of the services provided by the company are the key reasons for its success. The same principle applies to mStock too! Its exclusive features have aided it to become a tough competitor of pre-existing e-brokerage firms like Zerodha and Groww. These features are the USPs of the company that helps it to distinguish itself from its competitors. Now, let’s have detailed information about the features of mStock-
Pricing Options
This feature is the eye-catcher of mStock that led to the expansion of its user base. When you choose to open an account with mStock, you will get two pricing options in it. These are-
Option (A): Rs.999
This option is convenient for those who prefer one-time payments and long-term association with this e-brokerage firm. Here, you need to pay a one-time fee of Rs.999. This is the price you need to pay to open your account in mStock. Thereafter, your brokerage charges on trades will be Rs.0.00. But you need to pay a standard demat AMC (Account Maintenance Charges). However, if you wish to create a lifetime free AMC account, then you need to pay an additional one-time fee of Rs.999. Thus, the total cost of opening a lifetime AMC-free and brokerage-free trading account is Rs.1,998.
Option (B): Rs.140 + Rs.20 + Rs.120
This option is suitable for those who want to try out mStock and exit the firm after a while. Here, you need to pay three sets of fees-
- Account Opening Fee: Rs.149
- Brokerage Fee on Trade: Rs.20 per trade
- Demat AMC (Account Maintenance Charges): Rs.120 per quarter
(Note: Other kinds of optional charges are also present in mStock. Although they are not mandatory. For more info you can visit this pricing chart.)
As per the firm, there are no hidden charges apart from the ones that are mentioned in the above pricing options. In order to match the taste of different types of customers, it launched two plans. You can select any one of them as per your suitability.
User Interface
According to Mirae Assets, the parent company of mStock, the app has a user-friendly interface. All of its features are well-tested and evaluated from the perspective of the users. As per the officials, its UI is highly simplified and you can place an order with a single click. The app has a “universal search button.” This increases the convenience of the app. Here, you can search for information about the stocks either through typing or voice search. Do you know this button is very smart? Because voice search is powered by artificial intelligence!
Index Baskets
This is the prime highlighting feature of mStock. It is the first retail broking app in the industry that provides pre-designed index baskets for trading and investing options. This means that you can buy stocks in a specific index with just one click. Sounds bewildering? See, an index is a standardized way to track the performance of a group of stocks or assets. If you want to buy a stock under the Nifty 50 basket, you can buy it with just one click.
Platform Stability
Have a look at the first headline given in the introductory part again. mStock recorded over 1 million trades in a single day. That’s just the tip of the iceberg. According to Mirae, their e-brokerage app is capable to handle-
- 12 million trades in a day
- 90,000 orders per second
- 1,50,000 customers simultaneously
All of these are possible because they have a dedicated team skilled in various departments like technology, data analytics, investment infographics, etc.
Types of Assets Available to Trade/Invest
On opening a demat and trading account in mStock you can trade or invest in various assets viz-
- Equities
- Currency Trading
- IPO
- ETFs (Exchange-Traded Funds)
- Mutual Funds
- Futures & Options
- MTF (eMargin)
- Index Baskets
Security
Both mStock web and app platforms are built on a stable platform and have bank-grade security. Thus, it ensures the data of the investors.
How mStock is competing with Big Broking Apps?
The Mirae Assets launched mStock is giving tough competition to big broking apps like Zerodha and Upstox. All the credit goes to its amazing features that are highly beneficial for the users. But there are other factors too! Let’s delve into that-
In the following two tables, you will get a detailed comparison of brokerage charges and transaction fees among three e-brokerages i.e. Zerodha vs. UpStox vs. mStock
Comparison of Brokerage Charges
The zero brokerage charges on investment assets are a crucial factor that makes mStock superior to other brokerage giants.
| Brokerage Charges | Details (Per executed order) | Zerodha | Upstox | mStock |
| Mutual Funds | – | INR 0.00 | INR 0.00 | INR 0.00 |
| Equity | Equity Delivery | INR 0.00 | 2.5% or Rs.20 | INR 0.00 |
| Equity Intraday | 0.03% or Rs.20 | 0.05% or Rs.20 | INR 0.00 | |
| F&O Futures | 0.03% or Rs.20 | 0.05% or Rs.20 | INR 0.00 | |
| F&O Options | Rs.20 (flat) | Rs.20 (flat) | INR 0.00 | |
| Currency | Currency Futures | 0.03% or Rs.20 | 0.05% or Rs.20 | INR 0.00 |
| Currency Options | Rs.20 (per executed order) | Rs.20 (flat) | INR 0.00 | |
| Call and Trade Charges | Executable Order | Rs.50 | Rs.50 | INR 0.00 |
| Brokerage Calculator | – | Zerodha | Upstox | mStock |
Comparison of Transaction Charges
Although you won’t find any vast differences between the transaction charges of mStock and Zerodha. But still, it is playing a critical role in expanding the user base in the cut-throat competition.
| Transaction Charges | Details (Per executed order) | Zerodha | Upstox | mStock |
| Equity | Equity Delivery | NSE: Rs.325 per crore BSE: Rs.375 per crore | NSE: Rs.345 per crore BSE: Charges vary based on the scrip group | NSE: Rs.325 per crore BSE: Rs.375 per crore |
| Equity Intraday | NSE: Rs.325 per crore BSE: Rs.375 per crore | NSE: Rs.345 per crore BSE: Charges vary based on the scrip group | NSE: Rs.325 per crore BSE: Rs.375 per crore | |
| F&O Futures | NSE: 0.0019% | 0.0020% | NSE: 0.0019% | |
| F&O Options | NSE: 0.050% | 0.053% | NSE: 0.050% | |
| Currency | Currency Futures | NSE: 0.0009% BSE: 0.00025% | NSE: 0.0009% BSE: 0.00022% | NSE: 0.0009% |
| Currency Options | NSE: 0.035% BSE: 0.001% | NSE: 0.035% BSE: 0.001% | NSE: 0.035% |
Benefits of using mStock
You will get numerous benefits if you trade on stocks through mStock. Some of the significant ones are-
- Guidance from global expertise
- Simplified trading process through real time news alerts and effective trading solutions.
- You can make decisions quickly by using advanced calculators and market trackers.
- Advanced features like 1-click order placement facility, pre-created watchlists, etc.
Final Words
Mirae Assets Capital Markets (India) Pvt. Ltd was keen to bring a revolution in the retail broking industry of India. That’s why it launched a new service arm named “mStock” that offers the latest trading services at affordable prices. It leverages the latest technology and effective pricing criteria. Due to this, it effectively competes with the leading discount brokerages in India.
