Edelweiss is another discount broker that commenced its operations way back in the 1990s. It was founded in the year 1995. The company’s online trading application was known by the same name until 2022. In December 2022, the broking unit of the firm “Edelweiss Broking Limited” was rebranded as “Nuvama Wealth & Investment Limited”. The famous Edelweiss desktop trading web app is now accessible via the domain Nuvama.com. I have had an account with the broker since the name change. Below, I’ve shared its pros and cons.
Pros
User interface: The interface of Nuvama is very beautiful. The menu has links that will take you to every important page of the website. Finding content or a specific page can be a bit difficult on the trading applications of some brokers, but this is not the case with Nuvama.
Research reports: Many companies sell a plan which gives you access to detailed insights and views of experts of a company. Each user of Nuvama can go through Edelweiss research reports and articles published by stock market experts working for the company for free. The articles section is divided into four parts – Today’s perspective, Chart of the day, Inside the mind of, and Get better at investing and trading. The research section has expert views on results of companies, budget report, RBI news, etc. According to Edelweiss, their research team publishes opinions about 200+ companies of 20+ sectors.
Quick fund withdrawals: Nuvama is one of the brokers that processes the requests made by users to withdraw money from their trading accounts on the same day. If the request is placed before 3.30 PM, the money will be deposited to your bank account within 5 to 6 hours. Another broker which is fast in processing withdrawal requests is Kotak Securities.
Cheaper than many of its counterparts: Nuvama customers profile is mapped to the company’s Lite plan. The brokerage charged under this plan is Rs 10 per order i.e. You will be paying half the fees Zerodha, Angel Broking, Dhan, etc charges. As with other brokers, the details of the charges will be mentioned in the contract note sent by the company by the end of the day.
Excellent desktop/mobile applications: The desktop trading software of Nuvama i.e. TX3 has a beautiful and easy to use UI. It gives you free and unrestricted access to some features that are available only to paid users of online stock screeners and derivatives tools. The mobile application of Nuvama has a rating of 4.2 from 50K users. It also has around 1 million users.
Easy to use: Although the menu has a lot of links, once you click on the “place order” link available in the menu, you don’t have to move to different pages/interfaces. You can see the order status, margin, transfer or withdraw funds, see holdings, etc from the same interface. This interface also provides some filters. For example, you can see the status of orders by equity, derivates, BSE MF, NSE MF and New offers. The fund transfer interface also has the option to withdraw money from the trading account. You can also see the inbound/outbound transfer of funds over a period of time by clicking on the “transfer status” tab.
Reports: While filing the income tax return, you may want to quickly download the tax profit and loss report. Edelweiss trading application offers a dedicated interface for reports. This interface allows you to see the holdings data, PNL report, and also displays the short/long term gains, interest income, dividends, etc.
Cons
Sluggish: Despite having a good user interface, Nuvama doesn’t deliver a good performance. The price of the scrips you’ve bought will not update every second as in other brokers. To know the latest price of the instrument you’ve bought, you will have to manually refresh the form.
No TradingView: Nuvama application might be integrated with ChartIQ charts, but it doesn’t support TradingView, the most popular charting library. There’s no harm in using ChartIQ but having the most popular library in the application would have made the app better.
Charts on mobile app: Nuvama will open the chart of a stock in landscape mode only. There’s no option to switch from this mode to portrait mode. Because of this issue, you will have to rotate the phone to see the watchlist/chart.
Register this device with your account popup: Every time you log in to the Nuvama application, you will be greeted with this message in a popup window. This popup won’t disappear until you click the “Okay, Register my account” button.
