MyValueTrade is strictly meant for traders. In this review, we will look at areas where the broker shines, but first we’ll see where MyValueTrade can improve.
Myvaluetrade is a discount broker. Today, discount brokers are performing better than full-service brokers in terms of clients and number of trades done on their trading platform. However, when it comes to investment, clients still choose big brokers. This is because of their fear of losing the investment in case of broker default.
Therefore, any broker whether discount or full-fledged, wanting to have a large clientele, should be transparent and offer the services that they advertise on the web. More importantly, the client should be able to access all the data from the website itself. Support staff should also be available readily.
Without any doubt, MyValueTrade provides the lowest brokerage plans for its clients but it seems to be a let down when it comes to technology which can be improved.
My Value Trade Trading Platforms
Here are the details of the trading platforms across Web, Mobile, and Desktop being offered by MyValueTrade:
MVT Trader - Desktop
This is a desktop trading application that needs to be installed on your PC via an executable .exe file. Here are some of the features of this app:
- Advanced charting with over 40+ indicators to help you make better decisions.
- Stay updated on your favorite stocks with their daily, weekly and monthly highs and lows.
- Learn more about market sentiment by connecting your twitter feed via the application
- View 4 business channels while working on the app.
- Easily customize the platform as per your trading needs.
- Stable platform with low latency for quicker order execution.
- You can place different order types like BO, CO, and AMO
MVT Mobile App
Nowadays, Mobile trading apps have become very important for trading as they provide the user with access to the markets from the comfort of their smartphones. Here are some of the features of the app:
- Efficient and easy to use app with various features like news alerts, order history, price alerts, top gainers and losers, etc.
- Advanced charting techniques to help traders with identifying patterns.
- Single I’D and password for logging into all of MVT’s platforms.
- Market watch sync feature allows users to save their lists created on other platforms.
This app has not been received well with its users due to issues with performance, usability etc. If you are looking for a good experience of trading on your mobile, it’s better to look elsewhere.
MVT Classic Web
A browser-based application that can be accessed by entering the URL in any browser and then giving your login credentials. Here are some of the features of this platform:
- Single sign-on feature gives you accessibility to this platform using existing credentials with MVT.
- You can trade in equities, commodities and currency markets using this platform.
- Get access to technical charts to help you make informed decisions while trading.
This platform is not known for providing a good user experience with the mobile version not being responsive and compromising user experience.
Here is a detailed look at the account opening charges and brokerage plans being offered by MyValueTrade.
Account Opening and Maintenance Charges
In order to open an account with MyValueTrade you have to pay the below account opening and maintenance fees :
|Trading Account Opening Charges (One Time)||₹555|
|Trading Annual Maintenance Charges AMC (Yearly Fee)||Nil|
|Demat Account Opening Charges (One Time)||Nil|
|Demat Account Annual Maintenance Charges AMC (Yearly Fee)||₹400|
MyValueTrade Brokerage Plans
Myvaluetarde offers a brokerage of Rupees 10 per executed trade. While that is better than Rs 15-Rs 20 offered by peers, there are also bigger discount brokerages who are offering trade brokerage at the same level or even Re 1-2 lower. Let’s have a look at MyValueTrade’s brokerage plans:
Per Order Executed Trade Plan
Here are the details of the plan:
|Monthly Fee (Fixed)|
|Equity Delivery||₹10 per executed order|
|Equity Intraday||₹10 per executed order|
|Equity Futures||₹10 per executed order|
|Equity Options||₹10 per executed order|
|Currency Futures||₹10 per executed order|
|Currency Options||₹10 per executed order|
|Commodity Futures||₹10 per executed order|
Brokerage per executed trade is beneficial when the trading volume is very big or several lots of the same contract are transacted in a single order. However, all traders are not big volume jobbers; neither do all clients always buy in lots of 10. Traders do trade with one lot of options or one lot of futures like crudeoilmini. In such cases, where trading volume is small or traded lot size is only one, low volume-based brokerage like 0.1% is more likely to bring profits for clients. However, MyValueTrade does not offer volume-based percentage brokerage.
Fixed Monthly Trade Plan
Here are some of the details of the plan:
|Monthly Fee (Fixed)||₹1000|
Some brokerages who offer rupees ten per executed order plan, also offer “per month unlimited trades at zero brokerage” against a pre-fixed brokerage amount per month. For high-frequency traders buying and selling within very low price boundaries, such unlimited trade plans are vital.
Here are the details of the transaction charges you need to pay for trading with MyValueTrade:
|Equity Delivery||NSE ₹325|
|Equity Intraday||NSE ₹325|
|Equity Futures||NSE ₹300|
|Equity Options||NSE ₹6000|
|Currency Futures||NSE ₹120|
|Currency Options||NSE ₹4200|
Myvaluetrade margin is attractive at 33x for intraday equity trade. However, we collected this information from other resources and other information like fno margin, currency margins could not be ascertained via the web or by phone. Here are the details:
|Equity Futures||Upto 2X for Intraday|
|Currency Futures||Upto 2X|
Brokerage cost calculator
For daytime traders, online brokerage calculator is vital. When day traders buy or sell, they immediately set a target keeping the brokerage and other charges in mind.
The brokerage calculator page should be devoid of any other data and concentrate on the profit at given brokerages including all statutory charges, at the target price.
Sadly, MVT brokerage calculator page instead stresses in comparison with other brokerages.
Although it shows the profit comparison due to its brokerage compared to others, however, it does not show the display other statutory charges like transaction cost, turnover charges. THEREFORE, the viewer is left guessing his actual profit or loss.
One area where Myvaluetrade prides on, is providing the Algo trading capable Master Trader Version 3.0.
While, this desktop application software is advantageous, where algo trading is concerned, but other details are lacking. On does not know whether its free for clients or chargeable.
This brokerage website lists a knowledge base. Blogs are listed on popular topics like financial planning, options trading, day trading China currency devaluation, etc. However, these blogs are only available to registered viewers. The blogs themselves do not offer anything new and are mostly rewritten ones. However, taking a leaf from other brokerages MVT would well do to make these blogs freely readable. Such gesture brings the to-be clients and brokers, closer.
If you are interested in learning more about the basics of investing, kindly check out our knowledge series.
MyValueTrade Customer Support
Online and by-phone customer support is the most vital link between the client and the broker. Discount brokers do not have an offline presence and the only contact point is customer support. Sadly, we found no customer support response via phone.
The phone call ended with a curt message informing us that “we will be contacted when customer support is free”. Myvaluetrade should definitely think about providing better client support services on phone.
MyValueTrade social media response
Master Trader lists via twitter and other social media integration as one of its exciting features. However, Myvaluetrade does not seem to be active in social media itself. Prompt assurances and communication on social media plays a great role in smoothing frayed nerves during fund-in fund-out or order execution failures.
Trading server breakdowns are common. At that time, prompt assurance message from broking house in social media soothes the investor’s frayed nerves largely. Since 2016, MyvalueTrade has not posted significantly on social media platforms.
Consumer Complaint Report
Actions speak louder than words.
Many discount brokers boast of impressive websites but reality may be different. Having the latest responsive website may not result in an active clientele base. Here Mvaluetrade performs better. It boasts of a good number of active client base in NSE, which is at par and better than many discount peers.
Here are the details of the report:
|Exchange||Financial Year||Number of Clients||Total Complaints|
To access the complete list of complaints registered against brokers with NSE, just click on this link
This assures that although MyValueTrade may not be among the best discount brokers who maintain a flawless online presence, it does have that operational capability to service its pan-India 39,790 clients at just .04 per-cent investor complaints till august 2018-19.
Also, it seems that their trading platforms need an upgrade as their performance hasn’t been up to the mark with many customers complaining about usability issues.
Improving the above-mentioned areas would lead to adding another substantial number of clients and make it truly one of the most popular discount brokers in India.