INDmoney Review 2022: Is it Safe or Not?

INDmoney is an application that allows Indian investors to invest in US stocks from India without charging any commission. Using this application, you can invest in companies like Google, Microsoft, and other leading players listed in the US stock market. If you want to invest in these companies and want to know about a trusted platform, read this INDmoney review. Because it also allows you to manage your range of investments such as mutual funds, FDs, bonds, and much more.

Here we have covered an in-depth review of this investment application and have explained features, KYC details, pros, cons, and more.

INDmoney Review

INDmoney Features

1. US Stock Investment

US stock investment is one of the main features of this investment application. It does not charge any commission for this purpose. Also, you can buy the stock available in Dow Jones, NASDAQ, and S&P500. You can take a fraction share investment that begins from $1 and also avail daily and weekly portfolio analysis using the dashboard.

2. Mutual Fund Invest

Using INDmoney, you can also invest and redeem mutual functions. This feature allows you to execute mutual fund investments with a single click. You can auto-import the mutual fund details from brokers, banks, and apps like Groww and Zerodha. You can integrate mutual fund account statements and create one statement to get a handy experience. Also, this investment facility comes with a zero commission rate.

3. FD Facility

INDmoney app also allows users to open their FD accounts in several banks and NBFCs. There is not any commission or charges applicable for the purpose. Also, this platform helps you earn the highest interest rate in FDs compared to any other bank. You can analyse credit and risk using this platform without any technical issues.

4. Monitoring Progress

It’s easy to track your financial activities and assets using this application. If you invest in multiple investment schemes, you can monitor all these in a single place. It can collect portfolio details from top brokers such as Zerodha, Upstox and more. Here you can also avail of stock advisory benefits from this application. It has an easy-to-use feature to control and monitor EPF, NPS, and other investments.

5. Rewards Feature

This platform also provides you rewards when you refer it to your friends. Also, if you spend money on US-based companies using credit cards, you can earn free US stocks. It also allows getting crypto coins as a reward for good financial returns.

6. Premium Feature

The app also offers premium features, such as mentioned below.

  • You can get personalised financial advisory services.
  • It has AI-based investment decision-making services that are based on data points.
  • You can pay for tax planning services that also come in premium features.
  • There is risk management of your portfolio under the premium feature.
  • I have a Robo advisory to automatically set investment goals and asset allocation details.

These are some of the premium features you can avail of in this app; however, most of these are chargeable.

How to Login to INDmoney

If you want to use the INDmoney app for US stock market investment, you must install it first. This application is available in Google Play and App Store; you can choose anyone based on your device. Once you install it and open it, it will ask you to enter your mobile number and verify using OTP.

Now you can enter your first and last name, email, and other basic details to create and set up your INDmoney profile. It’s completely free to open your account on this platform, and it’s also secure to use. There will be a screen lock, which you will require to use while opening this application. You can see various investment options on the dashboard, including cryptocurrencies, EPF, NPS, mutual funds, FDs, and US stocks.

INDmoney KYC Details

It’s required to complete the KYC process before you start investing in US stocks. It’s very easy to click on US stocks for investing and accept the terms and conditions. Once you do it, it will ask you to enter PAN and Aadhaar details to verify your profile and address details. You can also upload a picture using a selfie camera. After this step, you will be asked to record a video and upload it to enter a captcha or displayed number. Now add the bank details of the bank which you want to use for investment purposes.

Submit all these details and wait for the next 48 hours for verification. After verification, your IND Super saving account will become life, and you can also use your virtual account that is opened in the USA. With this step, you can start investing in the ideal stock you want to put money into and maximise your wealth. For adding funds to your INDmoney savings account, you can use IMPS, RTGS, and NEFT. Also, it’s free to transfer money, and there are no charges for Rupee to Dollar conversion.

The Process to Invest in US Stock Using INDmoney

It’s simple to invest money in US stocks using INDmoney; follow the below-mentioned steps to get better insights.

  • Use the “add money” option if you haven’t added money to invest.
  • Now select the bank and choose the ideal medium you will use to add funds to IND Super saving account.
  • In some bank accounts, you may have to pay conversion charges as well.
  • Once you transfer money, it will appear on the dashboard within four to five days.
  • You can use transfer money to invest in selected US stocks using your dashboard.

INDmoney Charges Details

Generally, INDmoney does not charge for services like account opening, brokerage and commission, and US stock investment. There are also no charges for mutual fund investment and FD investment. However, you will have to pay $5 as withdrawal charges during withdrawal time. INDmoney also has chargeable premium services. It charges Rs 399 to Rs 5999 based on the package you choose.

INDmoney Benefits for Users

  • You can invest in US stocks within one click with no hassle.
  • It’s handy to monitor and track investment from a single place.
  • This application does not charge for investment in a mutual fund, US stocks, and FDs.
  • The user’s data is completely secure and easy to use for beginner investors.
  • There are two-in-one account features: a US trading account and a zero charge SB account.
  • Bishop Fox, a Google Partner, audits its data security feature.
  • There is net worth and a family portfolio analysis system in one place.
  • You can also earn some exciting rewards if you complete certain requirements.
  • Available investment advisors are registered with SEBI.

INDmoney Disadvantage for Users

  • You can not invest in the Indian stock market using this application.
  • There is little performance lag with this investment application.
  • You can not do trading in cryptocurrencies.

INDmoney is Safe or Not?

INDmoney collects a lot of data such as email, bank details and more to execute trading in available options. Hence, it’s obvious to ask whether it’s a secure investment platform to use or not. Bishop Fox, a Google partner, audits this application’s security. However, if you want to invest in a new market and are ready to take the risk, you will have to trust your application. Also, it opens an IND Super saving account with SBM or State Bank of Mauritius, India, which RBI approves. Hence, it can be said this app can be trusted for investment purposes.

Is INDmoney Registered with SEBI?

INDmoney app is registered with SEBI by fulfilling the requirements set up by SEBI itself. It is categorised under SEBI registered investment adviser.

Conclusion

This INDmoney review article talked about INDmoney features, benefits, cons, login, and KYC process. We also discussed other essential terms for an investor to know about. Its an application for those investors willing to invest in the US stock market and buy the stocks of companies like Google and Microsoft.

This application also provides many other investment options with user-friendly features. However, whenever you use this app for investment purposes, it’s good to get digital advice and confirmation of the receipt for every transaction you make.

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