MStock Review – Zero Brokerage Demat & Trading Platform by Mirae Asset

Description

The Indian stock market has seen a major shift with the rise of discount brokers offering low-cost trading. One of the newest entrants creating buzz is MStock, launched by Mirae Asset, a globally recognized financial services group. Unlike traditional brokers that charge high commissions, MStock promotes itself as a “Zero Brokerage Forever” platform – a bold promise that has attracted retail investors, traders, and even long-term wealth creators.

In this detailed review, we’ll cover MStock’s features, charges, pros and cons, account opening process, and whether it’s worth choosing in 2025.

What is MStock?

MStock is a discount stockbroking platform from Mirae Asset Capital Markets (India) Pvt. Ltd. It offers:

• Equity Delivery, Intraday, F&O, Currency, and IPO investments

• Mutual Funds (direct plans)

• ETFs and US Stocks (via tie-ups)

Its biggest highlight is the Zero Brokerage Plan, which allows investors to trade across segments without paying per-trade brokerage.

MStock Brokerage Plans

MStock offers two types of plans:

1. Zero Brokerage Plan (₹999 One-Time Lifetime Fee)

• Pay ₹999 once

• Get lifetime zero brokerage on Equity Delivery, Intraday, F&O, and Currency

• No hidden charges

• Best for frequent traders & long-term investors

2. Pay-as-you-go Plan (₹20 per Order)

• No upfront fee

• Brokerage charged at ₹20 per executed order (like Zerodha/Upstox)

• Good for beginners with low trading volume

Other Charges at MStock

While brokerage may be free, investors still need to pay:

• Exchange Transaction Charges (NSE/BSE)

• SEBI Fees & Stamp Duty

• DP Charges (₹12.5 per sell transaction)

• AMC (Annual Maintenance): ₹120 + GST per year

This means trading is not completely “free,” but brokerage savings are significant.

Key Features of MStock

1. Lifetime Zero Brokerage Option – Unique compared to Zerodha, Upstox, and Groww

2. Fast Account Opening – 100% online KYC, account activation in minutes

3. IPO Investment – Apply for IPOs easily via UPI

4. Mutual Funds – Invest in direct mutual funds with zero commission

5. US Stocks Investment – Access global markets via partners

6. Advanced Trading App – Charts, technical indicators, watchlists, and real-time data

7. Margin Trading Facility (MTF) – Borrow money for delivery trades

8. Backed by Mirae Asset – Strong trust and global financial expertise

Pros of MStock

✅ Zero Brokerage Forever (if you pay ₹999 one-time)
✅ Backed by a reputed financial institution (Mirae Asset)
✅ Good for both traders and long-term investors
✅ Modern mobile app and web platform with advanced charts
✅ Free IPO and mutual fund investment
✅ Transparent charges

Cons of MStock

❌ ₹999 One-Time Fee – May not be worth it for very small or passive investors
❌ Relatively new compared to Zerodha/Upstox (trust factor)
❌ Customer support is still developing compared to established players
❌ Limited offline presence (app and web-only)

Comparison: MStock vs Zerodha vs Groww

👉 Verdict: MStock is cost-effective for active traders, while Zerodha offers reliability and Groww focuses on beginners & mutual funds.

Who Should Use MStock?

• Frequent traders – Save huge brokerage costs in intraday and F&O

• Long-term investors – One-time fee makes equity delivery trades free forever

• New investors – Easy-to-use platform and low annual charges

• Global investors – Access to US stocks

Yes, MStock is a strong competitor to Zerodha, Upstox, and Groww. Its zero brokerage lifetime plan makes it highly attractive for active investors. Backed by Mirae Asset, it brings credibility that many new brokers lack.

If you are a casual investor who invests only in IPOs or mutual funds, the ₹999 lifetime plan may not be necessary – you can stick to the free plan with per-trade brokerage. But for serious traders, MStock offers unmatched savings in the long run.