The rise of retail participation in stock markets has been fueled by a new generation of investors seeking low-cost, easy-to-use trading platforms. Among the various platforms available in India, Groww and Mstock have emerged as prominent names in the discount broking space. Both platforms are highly regarded for their simplicity, affordability, and user-friendly interfaces, making them popular choices for both new and seasoned investors.

In this comprehensive comparison, we will explore how Groww vs Mstock stack up against each other across key factors such as brokerage fees, user interface, trading platforms, investment options, customer support, account opening process, and more.

Company Background

• Groww: Groww was launched in 2016 with a focus on simplifying investments for millennials. Starting as a platform for mutual funds, Groww has since expanded into stock trading, offering a seamless interface for buying and selling equities, derivatives, and ETFs. With a massive user base of over 25 million investors, Groww has built a reputation for ease of use and accessibility, making it one of India’s leading fintech companies.
• Mstock: Mstock is a product of Mirae Asset, a global financial services firm based in South Korea. Mirae Asset launched Mstock in India in 2021, entering the discount broking space with an aggressive pricing model aimed at capturing the growing retail trading market. Mstock offers a robust trading platform with a zero-brokerage model for equity delivery and a flat fee structure for other segments, positioning itself as a cost-effective solution for frequent traders.

Brokerage Fees and Pricing Structure

One of the most critical factors when choosing a broker is the cost structure, especially for active traders. Both Groww and Mstock offer low-cost brokerage models, but their fee structures differ.

• Groww: Groww follows a relatively straightforward pricing model. It charges zero brokerage on equity delivery trades, making it attractive for long-term investors. For intraday trading and F&O, Groww charges a flat fee of Rs. 20 per order. In addition to brokerage, users are responsible for paying other standard charges, such as transaction charges, SEBI fees, and GST, which are common across all brokers. Groww’s account opening is free, and there are no annual maintenance charges (AMC) for the Demat account, making it a cost-effective option for beginners and those who prefer to invest rather than trade frequently. To know all your investment charges and costs, use the Groww brokerage calculator.

• Mstock: Mstock offers a zero brokerage model for equity delivery, but it comes with a one-time account opening fee of Rs. 999. After paying this fee, users enjoy lifetime zero brokerage on equity delivery trades, making it a popular choice for long-term investors who want to avoid recurring costs. For intraday trading, F&O, and other segments, Mstock charges a flat fee of Rs. 20 per order, similar to Groww. The platform does not charge an annual maintenance fee and its low-cost model appeals to both active traders and long-term investors alike.

Investment Options and Products Offered

The variety of investment products available on a platform is crucial for investors who wish to diversify their portfolios across different asset classes.

• Groww: Groww started as a mutual fund investment platform and has since expanded to include equity trading, ETFs, and F&O. The platform still excels as a mutual fund marketplace, offering users access to a wide range of direct mutual funds with no commission fees. In addition to stocks and mutual funds, Groww also allows users to invest in US stocks, giving Indian investors a way to diversify their portfolios internationally. However, it does not yet offer commodities or currency trading, which may limit its appeal for advanced traders looking for broader investment options.

• Mstock: Mstock, by comparison, provides a more comprehensive range of investment options. Users can trade in equities, F&O, commodities, currencies, IPOs, and ETFs. This makes Mstock a versatile platform for traders who want access to various segments of the financial markets. One advantage Mstock has over Groww is the inclusion of commodities and currency trading, which allows traders to engage in more sophisticated strategies and hedge their risks. However, Mstock currently lacks direct access to US stocks, limiting global diversification compared to Groww.

Trading Platform and User Interface

Both Groww and Mstock offer easy-to-navigate platforms, but they cater to slightly different types of investors and traders.

• Groww: Groww’s platform is designed with simplicity in mind. Its clean and intuitive interface is perfect for beginners who may be unfamiliar with the complexities of stock trading. The platform is available as a web interface and a mobile app, offering real-time market data, basic charting tools, and watchlists. Groww’s mobile app, in particular, is highly rated for its smooth user experience and simplicity, making it ideal for those new to investing. However, while Groww excels in ease of use, its platform lacks advanced tools like algorithmic trading, complex order types, and advanced charting capabilities that are more suitable for professional traders.

• Mstock: Mstock offers a more feature-rich platform, available both as a web interface and a mobile app. The platform is built to cater to more experienced traders, with advanced charting tools, technical analysis features, and various order types such as bracket orders and cover orders. The mobile app is fast and reliable, providing traders with the flexibility to execute trades quickly and monitor their portfolios on the go. Mstock also supports API integration for algorithmic trading, which is a significant advantage for traders who rely on automated strategies.

Account Opening and Maintenance

Opening a trading and Demat account should be a simple and hassle-free process. Here’s how Groww and Mstock handle account setup and maintenance fees:

• Groww: Groww offers free account opening with no annual maintenance charges for the Demat account. The onboarding process is fully digital and typically takes a few minutes to complete. New users can upload their KYC documents online, and after verification, they can start trading immediately.
• Mstock: Mstock charges a one-time account opening fee of Rs. 999. This fee is a part of their lifetime zero-brokerage offer for equity delivery. Similar to Groww, Mstock’s account opening process is entirely digital and can be completed quickly through the app or website. There are no annual maintenance charges, making Mstock a cost-effective platform for those who prefer long-term investments. Mstock provides a Mstock brokerage calculator to calculate the brokerage charges.

Customer Support and Educational Resources

Reliable customer support and educational resources are crucial for users who are new to trading or may encounter technical issues on the platform.

• Groww: Groww provides customer support through email, chat, and phone. While the support team is generally helpful, some users have reported delays in response times during peak market hours. Groww also offers a range of educational resources, including blogs, tutorials, and videos designed to help beginners understand investing concepts and stock market strategies.
• Mstock: Mstock’s customer support is also available via phone, email, and chat, and users have praised the platform for its prompt and efficient service. Mstock has a well-organized knowledge base with tutorials, webinars, and FAQs, making it easier for traders to find answers and improve their trading skills.

Safety, Regulation, and Security

Both Groww and Mstock are regulated by SEBI (Securities and Exchange Board of India), ensuring that they follow stringent guidelines for protecting investor funds and data.

• Groww: Groww uses industry-standard encryption protocols and follows SEBI regulations to ensure the safety of user funds. The platform is well-regarded for its transparent and secure trading environment.
• Mstock: Mstock is a product of Mirae Asset, a globally recognized financial services firm, which adds an extra layer of trust and credibility. Mstock also follows advanced encryption techniques and offers multi-factor authentication (MFA) to protect user accounts.

Conclusion: Which Platform is Better?

Both Groww and Mstock have distinct advantages, and the right platform for you depends on your specific investment needs and trading style.

• Groww: Groww is an excellent choice for new investors or those looking to invest primarily in stocks, mutual funds, and ETFs. Its user-friendly interface, zero brokerage on equity delivery, and access to US stocks make it ideal for investors looking for simplicity and global diversification.
• Mstock: Mstock, on the other hand, is better suited for active traders and investors who want a more comprehensive range of products, including commodities, currencies, and F&O. Its one-time fee model for lifetime zero brokerage on equity delivery and advanced trading features also make it an attractive option for frequent traders.

Ultimately, your decision should be based on your investment goals, whether you prioritize ease of use and global access (Groww) or a more feature-rich trading platform with a broader range of asset classes (Mstock). Both platforms are reliable, low-cost solutions that cater to the needs of India’s growing retail investor base.