If you’re looking for a Groww App review, then this is for you.
These days stocks, funds, and equity are easily traded online. One of the market leaders of the finance industry is Groww App. To understand more, let’s take a look at the Groww App review.
Table Of Contents
What Is Groww App, And What Does It Offer?
Founded in 2016, Groww App is an investment platform that allows trading via stocks and mutual funds. It mainly functions in India, with a customer base of over 90 lakh users. The application is available on both Android and iOS. Most of the process is free, besides the account openings.
You simply need to create an account and put in your details for which you’ll need: your Aadhar Card, Pan Card, Google ID, Bank details, and access to Net Banking. After you’re done completing the basics, buy and sell. It’s that efficient and easy.
What Are The Perks And Unique Points Of The Groww App?
- User-friendly: Groww App is known for its transparency with users. It’s got a simple and clear interface that will lead you to the right departments. You don’t have to be overwhelmed nor worried about investing if the entire concept is new to you. Groww App ensures its features are simplified and can be well understood even by beginners.
- Impressive Security: Naturally, with apps that require you to invest your money, you’re bound to doubt every step of the way. Where will my money go? What if my details get leaked? Is this is fraud?
These are common concerns every investor would have. But, we’re glad to let you know that you have nothing to worry about this time. Groww App has high-level encryption that stores your personal data and transactions simply within your portfolio.
With 128-bit SSL encryption, you and your financial details will remain safe with you. They’re also BSE Star registered, so in case the app shuts down, you can still trade with your AMC (Asset Management Company)
- Freedom to invest in any fund: Groww App allows you to invest in any fund with the help of your AMC. Everything is in your hands. It also gives you the option to choose the kind of transaction you want to make.
You could opt for a lump sum, make a payment at the initial stage of your trading, or a SIP (Systematic Investment Planning), investing a certain sum of money at intervals.
- One-click investment and withdrawal: With Groww App, you don’t have to go through a lengthy process of adding more money to your portfolio, or for that matter, even redeeming your accumulated funds.
Because you have the service on your phone, your transactions are just a click away once linked with your AMC.
- Cancel Anytime: We all can change our minds when investing or withdrawing our money from a mutual fund. A financial emergency, losses, or simply the unwillingness to trade. All you need to do is go to the app and click ‘cancel.’ Your SIP will be put on a halt.
- An abundance of Information: When investing, you’d want to know how each company is performing. You’d want daily reports on market trends, patterns, and stories to be updated with the wealth management industry. One of the most valued aspects of Groww App is exactly this.
It ensures users are aware of whatever takes place daily so that they can make the right decision on time.
- Price Updates: Another important area you’d always be after is knowing the price of shares and how the market fluctuates.
In that case, Groww has got you covered. They ensure all their users are given real-time updates about prices so that they’re able to profit from the right firms.
- Investing through UPI: How easy is it to transfer money from one account to the other without having to visit a bank? Everything takes place online. Imagine being given this feature even when you’re investing.
All your funds will be transferred and deducted hassle-free. Groww App allows you to take advantage of this feature and invest in mutual funds via the UPI process. Making money is easy!
- Portfolio Analysis and Comparison: Before you invest, the Groww app gives you the option of comparing up to 3 mutual funds so that you can decide on the best one.
This is such an effective tool, especially for beginners. Moreover, the Groww Website also gives you portfolio insight as it analyzes, scans, and evaluates your investments.
That way, you’ll easily be able to see the ones that have been costing or profiting you. Effective Decision Making!
Nonetheless, even with these over-the-top features, Groww App has its disadvantages that have already been rectified and incorporated in competitor applications. Find them below.
- Lack of IPO Investment: Other applications like Zerodha and Paytm Money allow you to invest in an Initial Public Offering. However, Groww doesn’t. With the evolving technology and other advancements, it’s always great to have all features in a singular place.
Additionally, getting funds to be listed on the stock exchange has always been considered a time-consuming and tedious job, but with other applications, that was made easier. Unfortunately, Groww doesn’t have this feature.
- Lack of commodity and currency trade: Groww App only allows you to trade for stocks and mutual funds, whereas other features like currency and commodity trading have become popular today and age aren’t available on the application.
- No branch support: Even with most operations shifting online, some prefer physical trading. Groww App only works digitally and has no in-person branch to buy, sell, and make transactions. Everything happens online.
This can be frustrating for individuals who are happy with the company but prefer trading some other way. They can lose customers. Nonetheless, the likelihood of that happening is relatively low.
- No margin trading: Margin trading is a commonly used practice that allows you to borrow funds from your broker to invest in shares after forming collateral. This facility, unfortunately, is not available in Groww App.
Conclusion For Groww App Review
It’s imperative to note that Groww App has been functioning successfully in India for 3-4 years. With a plethora of perks and advantages over other companies in the same industry, the firm has instilled and built trust from the public over time.
However, it also has limitations that prevent it from getting the upper hand in the industry. While it is still at the growing stage, competition Is increasing daily.
As for a personalized and individual consensus, both beginner, intermediate, and expert investors must weigh the pros and cons of applications they are planning to open their accounts in.
At the end of the day, you’re trusting them with your personal data, securities, and transactions.
Thus, it feels important to emphasize that one must read customer reviews, go through ratings and complaints that were previously launched, weigh the pros and cons of each application, and decide after analyzing and evaluating each aspect. Once that’s done, you can go onto trade as you like!