Investing can be confusing, but Groww simplifies it for all. Groww is an Indian online platform where you can invest in mutual funds, equities, IPOs, and even gold. It’s the favorite of beginners as it is easy to use and does not have high commissions.
In this blog article, we will discuss what Groww has to offer, its positives and negatives, the price, and how to get started with it. Whether you are a newbie to investing or simply want a good platform, this guide will assist you in determining if Groww is suitable for you.
Groww: Features, Pros & Cons, Charges, How to Use Groww?
Features of Groww
Groww has features that make investing simple and cost-effective. Here’s what you get:
- No fees for mutual funds: Groww allows you to invest in mutual funds with no additional charges. That way, more of your money remains invested and grows with time.
- Easy-to-use app: The Groww app boasts a minimalistic design that’s easy to navigate. Even if you’re an absolute beginner, you’ll easily comprehend and operate it.
- Flexible investing options: You invest a small amount periodically by way of a Systematic Investment Plan (SIP) or invest a larger amount in a lumpsum. That way, you have control over how you save and invest.
- Track your money: Groww’s dashboard displays all your investments under one roof. You can see how they’re performing at any time, making it easy for you to keep a check on your finances.
- Learn as you go: Groww has blogs and guides to educate you on investing. This is helpful if you are a beginner and wish to invest wisely.
- Secure platform: Your information as well as funds are secured with good security, so there’s no need to worry while investing.
Groww has these benefits as a widely used option among those who desire a convenient method of growing money.
Pros of Groww
Groww has many benefits that attract users. Let’s look at the good side:
- Low costs: You pay nothing for mutual funds and only ₹20 per stock trade. This keeps your expenses down, leaving more money to invest.
- Great for beginners: The app is so simple that anyone can use it, even without experience. It’s perfect if you’re just starting your investment journey.
- Lots of choices: From mutual funds to stocks, IPOs, and digital gold, Groww gives you different ways to invest your money. You can mix things up and build a strong portfolio.
- Help when you need it: If you have questions, Groww’s customer support is there through email or chat. They respond quickly to solve your problems.
With these advantages, Groww makes investing feel less scary and more approachable for everyone.
Cons of Groww
No platform is perfect, and Groww has some downsides too. Here’s what to watch out for:
- Not for advanced traders: If you’re an expert who needs detailed tools like charts or complex trading options, Groww might feel basic. It’s built more for simplicity than advanced trading.
- Limited markets: You can’t trade commodities (like oil) or currencies (like dollars) on Groww. If you want those, you’ll need another platform.
- No phone trading: Some platforms let you trade by calling, but Groww doesn’t. Everything happens online, which might not suit everyone.
- No advice: Groww won’t tell you which stocks to buy. You’ll need to research on your own, which can be hard if you’re unsure where to start.
These cons might matter more to experienced investors, but beginners might not notice them as much.
Charges on Groww
Knowing the costs is important before you invest. Here’s what Groww charges:
- Mutual funds: Zero fees! You don’t pay anything extra when you invest in mutual funds, which is a big win.
- Stocks: For buying or selling stocks, it’s a flat ₹20 per trade. This applies to intraday trading (same-day trades) and futures & options too.
- Account fees: Opening an account is free, and there’s no yearly maintenance cost. This keeps things affordable.
- Extra charges: There are small government fees like taxes (STT), exchange fees, and GST that apply to all brokers. Also, selling shares has a Depository Participant (DP) fee, which is standard.
Groww keeps its fees clear and low, so you know exactly what you’re paying for without surprises.
How to Use Groww
Starting with Groww is quick and easy. Here’s a step-by-step guide:
- Step 1: Sign up: Go to the Groww website or download the app. Click ‘Sign Up,’ enter your email and phone number, and verify with an OTP they send you. It takes just a few minutes.
- Step 2: Finish KYC: KYC (Know Your Customer) is a must for investing. Upload your PAN card, bank details, and a signature photo. It’s all done online, so no paperwork is needed.
- Step 3: Add money: After your account is ready, add funds to your Groww wallet. Use UPI, net banking, or another method. The money shows up fast, usually instantly.
- Step 4: Start investing: Browse mutual funds or stocks. For mutual funds, pick SIP or lumpsum and choose an amount. For stocks, search a company, decide how many shares, and buy them.
- Step 5: Check your progress: Use the dashboard to see how your investments are doing. You can watch their value grow and make changes if needed.
With these steps, you’ll be investing in no time, even if you’ve never done it before.
Comparison Table: Groww vs. Zerodha
Here’s how Groww stacks up against Zerodha, another big investment platform:
| Feature | Groww | Zerodha |
|---|---|---|
| Mutual Funds | Free | Free |
| Stock Trading | ₹20 per trade | ₹20 per trade |
| Account Opening | Free | Free |
| Yearly Fee | None | ₹300 |
| App Experience | Simple, beginner-friendly | Advanced, detailed |
| Investment Options | Stocks, mutual funds, IPOs, gold | Stocks, mutual funds, IPOs, commodities, currencies |
| Support | Email, chat | Email, phone, chat |
Groww and Zerodha both have low trading fees, but Zerodha has an annual fee whereas Groww does not. Zerodha has more features and tools, so it’s more suitable for experts, whereas Groww keeps things straightforward for beginners.
Conclusion
Groww is a great option if you need an affordable and simple way to invest. Its free mutual funds, low stock fees, and simple app make it perfect for beginners or anyone who doesn’t want complicated features.
However, if you’re an expert trader or need more markets like commodities, Groww might not be enough. For most people looking to start investing without stress, Groww is a reliable and friendly option. Give it a try if you’re ready to grow your money the easy way!
FAQ: Groww
Is Groww safe?
Yes, Groww is registered with SEBI (India’s market regulator) and uses strong security to keep your data and money safe.
Can I invest in US stocks with Groww?
Yes, Groww lets you buy US stocks and ETFs, so you can invest globally.
How do I close my Groww account?
Send a physical closure form to Groww’s office in Bangalore. Clear any dues and sell or transfer your investments first.
What’s the minimum amount to invest?
For mutual funds, you can start with ₹100. For stocks, it depends on the share price.
Does Groww give stock tips?
No, Groww doesn’t offer advice. You’ll need to research stocks yourself.
