For stock and finance investors, navigating through an online brokerage platform is quite a task. Complex fees, outdated user interfaces, and hidden charges can take away the interest in trading. Thankfully, there are platforms where you will have a seamless trading solution without any hidden charges, and HDFC Sky is one of the leading ones. HDFC Sky is a new player in this brokerage scenario, ensuring a cost-effective and transparent trading experience. This HDFC Sky review will give you complete insight into this new-age trading platform and what it has in its kitty.
About HDFC Sky
HDFC Sky is the product of HDFC Securities, which was introduced to offer a discount broking app. It is currently the best discount brokerage app used by stock traders and investors. HDFC Sky is a registered platform with memberships in the BSE, NSE, MCX, and MSEI.
There are no upfront costs to open a free HDFC Sky demat account for any citizen. Furthermore, it charges a reasonable flat brokerage fee of Rs 20 per executed order for all intraday and delivery transactions. You must only pay a set brokerage cost of Rs 20 regardless of how much you trade.
Types of Accounts in HDFC Sky
Stock traders can open their demat account on the HDFC Sky app without fuss. However, it is essential to know that the app is only limited to Indian traders.
HDFC Sky Trading Account
Traders can open a trading account to place buy and sell orders in the chosen section. You can trade equities intraday, delivery, stock F&O, currencies, commodities, initial public offerings (IPOs), and mutual fund schemes (MF) with an HDFC Sky trading account.
There are around 100+ ETFs, and 3,500+ equities are available for purchase. The HDFC Sky platform allows users to invest globally in US-based stocks and exchange-traded funds (ETFs).
Transferring money to your trading account and placing a buy/sell order are all you need to do to begin trading with HDFC Sky.
You can use net banking or UPI to fund your trading account. Transferring money over to the UPI gateway is free.
HDFC Demat Account
Customers can open a Demat account with HDFC, a DP that has both CDSL and NSDL to facilitate the process. Any investment you have made, including stocks, mutual funds, and shares, is securely kept or credited to your HDFC Sky Demat account.
All your possessions and investments are visible in your Demat account. Your money is digitally safe and secure with a demat account.
HDFC Sky Mutual Fund Account
HDFC Sky offers direct access to mutual fund investing if you have created a trading and demat account.
The broker facilitates hassle-free investment in over 2000 schemes in listed AMCs without charging brokerages or commissions. You have two options for investing: you can use SIP automation or make a single, large payment.
You may track external mutual funds, receive professional recommendations and proposals for the finest mutual funds, and compare up to five mutual fund schemes with the HDFC Sky app.
What are the Top Features of HDFC Sky?
HDFC Sky review further explores some appealing features the platform offers. Some of these are-
- HDFC Sky offers an updated market overview and market-depth information.
- It has the best user-friendly interface in mobile apps.
- It has charting tools like TradingView and ChartIQ.
- HDFC Sky offers a broad choice of financial services for trading and investing.
- Users may also invest in US stocks using the platform.
- The platform includes quick paperwork and FAQs for easy reference.
How do you open a Demat account in HDFC Sky?
Opening a Demat account in HDFC Sky is easy and quick. Below are the steps.
- Fill out the “Open Demat Account” form with the requested information.
- Click on submit when filling out the form.
- Hold off for a day or two until an executive from HDFC Sky calls. They will guide you on how to get all of the documentation and other needs to open a Demat account.
- No advance money transfer is required for opening a Demat account using HDFC Sky.
- You then have to wait for your KYC to be completed before uploading all the documents required.
- The business will send your account details and login information after KYC is finished.
Trading Platforms by HDFC Sky-
HDFC Sky offers both app and sky web trading platforms. Below is the brief:
HDFC Sky App
- To offer the best investing experience, HDFC Sky provides a brand-new, feature-rich mobile app. With the HDFC Sky app, you can trade US equities, Indian stocks, currencies, and mutual funds all at your fingertips.
- Features of the HDFC Sky discount brokerage app include an easy-to-use interface, comprehensive fundamental and technical analysis, an option chain, news and events, and more.
- It has the Kart function, allowing traders to place advanced, complicated orders like basket orders, cover orders, BO, CO, and OCO.
- Install the HDFC Sky app on your iOS or Android smartphone to begin trading with just a click.
HDFC Sky Web
- You can log in to the HDFC Sky Web with your client ID and password. Any browser, including Chrome, Firefox, Safari, and others, can be used with a browser-compatible web platform.
- You don’t need to download any software or applications to your computer in order to trade utilizing the HDFC Sky website.
Overview of HDFC Sky Charges
| Services | Charges |
|---|---|
| Demat Account Charges | Free |
| Equity Delivery and Intraday | Rs 20 per trade or 0.01% |
| Currency Futures Intraday and Carry Forward | Rs 20 per trade or 0.01% |
| ETF Intraday and delivery | Rs 20 per trade or 0.01% |
| Derivative Futures Intraday | Rs 20 per trade or 0.01% |
| Demat AMC | Free for first year, later Rs 240 yearly |
HDFC Sky Pros and Cons
HDFC Sky has some pros and cons, which you must be aware about before going ahead to use it.
| Pros | Cons |
|---|---|
| Paperless Accounting | Delivery trading is not free, while Zerodha offers free delivery trading |
| Zero accounting charges and no AMC for 1st year | Desktop trading software is not available |
| Zero commission mutual fund investment. | Direct mutual funds are not offered. |
| Global market investment in US stocks and ETFs | |
| Expert-curated basket of US Stocks and ETFs | |
| Trade on the HDFC Sky app or web at your convenience | |
| No minimum balance commitments | |
| No hidden charges |
Conclusion: HDFC Sky Review
As an all-inclusive platform for investors, HDFC Sky stands out thanks to its many features, which include an open-cost structure, sophisticated trading tools, and easy account management. HDFC Sky app charges for Demat accounts are Rs 240, which is relatively low compared to other platforms. For anyone looking for a dependable digital trading and investment solution, HDFC Sky comes out as a top option thanks to its user-friendly UI and affordable fees.
Regardless of your level of experience, HDFC Sky offers a rewarding investing experience by meeting all your financial needs.
FAQs about HDFC Sky Review
Is the HDFC Sky App Safe to use?
Yes, the HDFC Sky app is entirely safe to use since it uses 256 AES encryption to protect all sensitive customer data. To avoid any unwanted access, the software also offers users fingerprint authentication-based biometric login access.
How much does the HDFC Sky app charge for intraday trading?
HDFC Sky charges the lowest for intraday trading—Rs 20 per order.
Does HDFC Sky charge for commodity trading?
HDFC Sky charges a fee for trading options and futures on commodities. Trading in commodity futures is charged at a rate of Rs. 20 per order, or 0.01%, whichever is lower. In contrast, the commodities option charges a set price of Rs. 20 for each order.
What makes HDFC Sky different from other trading brokerage platforms?
Many things make HDFC Sky different from other trading brokerage platforms. A few of them are free account opening, no annual maintenance charges (AMC), and access to a range of financial instruments. It also offers an excellent market perspective and in-depth data.
Does HDFC Sky have enough research materials?
Yes, there are enough reading and research materials available on the HDFC Sky app and web platform. You can learn technical aspects and stay updated.