IIFL Review 2021

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IIFL Facts & Figures

IIFL is one of the top Indian brokers offering competitive Demat accounts with low fees.

BonusGift vouchers worth up to ₹5000
InstrumentsForex, Stocks, Futures, Options
Demo AccountNo
Min. Deposit1000 Rs
Payment MethodsCheque, Wire Transfer
Min. Trade
Regulated BySEBI
MetaTrader 4No
MetaTrader 5No
cTraderNo
STP AccountNo
ECN AccountNo
DMA AccountNo
Mobile AppsIIFL Markets & IIFL Mutual Funds
Margin TradingYes
Auto TradingNo
Social TradingNo
Copy TradingNo
Trade SignalsNo
Islamic AccountNo
Account
Currencies
INR
Forex

IIFL offers forex trading on a range of pairs with the Indian Rupee (INR).

GBPUSD SpreadNot offered
EURUSD SpreadNot offered
EURGBP SpreadNot offered
Assets20+
Risk Warning – Your capital is at risk

IIFL is an Indian stockbroker offering a wide range of financial services, including Demat accounts. Customers can login and conduct online trading across a variety of assets and markets, including stocks and shares, mutual funds, bonds and indices. This review will tell you everything you need to know about IIFL, from the trading platforms offered to the brokerage charges and more.

IIFL Headlines

IIFL, meaning India Infoline, was established in 1995 and is one of the most well-known stockbrokers in India. Formerly known as India Infoline Limited, owner Nirmal Bhanwarlal Jain and director R Venkataraman rebranded to the IIFL Group. This encompasses IIFL Securities (the brokerage), Finance, Wealth, Insurance and Home Loan, each of which has an individual share price that can be found on websites such as Yahoo Finance.

IIFL Securities is regulated by the Securities and Exchange Board of India (SEBI). It is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).

While the head office is located in Mumbai, it is a large company with over 4000 branches across 900 cities in India. It also has offices abroad in Hong Kong, Dubai, New York, London and Singapore.

Trading Platforms

Opening a Demat and trading account with IIFL gives customers access to the Trader Terminal (TT) web trading platform. Trader Terminal 4.1 and 4.0 is also available to download for free on Windows and Mac via the broker’s website, providing even faster order execution.

The user interface is intuitive; positions can be opened and closed with single clicks, and the market analyser provides trading recommendations. This includes real-time market updates, price alerts and information relating to upcoming initial public offerings (IPOs). The platform portal also features two-factor authentication (2FA) to ensure a secure login process.

Assets

Customers can trade a range of products through IIFL:

IIFL provides a varied range of assets vs competitors such as 5paisa, Upstox, Motilal Oswal, Angel Broking and Zerodha, with access to more markets than its rivals.

IIFL desktop trading
Trader Terminal

Spreads & Commission

Customers are charged a flat rate per order. Equity delivery is free, while equity intraday, equity futures and equity options are charged at 20 Rs (Rupees) per order. Currency and commodity futures options are also charged at 20 Rs per order. There is no fixed monthly fee associated with these.

Whether you are a non-resident Indian (NRI) customer or a regular customer, you will need to open a Demat account to trade assets through IIFL, as with any Indian stockbroker. There are no charges when opening a 2-in-1 account (but 3-in-1 accounts are not available). The Demat account has an annual maintenance charge (AMC) of Rs 250, however the first yearly charge is waived.

Leverage

IIFL clients receive different margin rates for different assets. When trading the NIFTY 50 Stocks index, traders can trade at a maximum leverage of 1:15. Futures and options (F&O) can be traded at a maximum leverage of 1:25.

There are margin calculators available online to help users figure out rates and charges. For example, leverage of 1:15 means a client can put down 100 Rs and trade with 1500 Rs. Customers should be aware that while trading with leverage can increase wins, it will also multiply losses.

Mobile Trading

The brokerage offers two different mobile trading apps: the IIFL Markets App and the IIFL Mutual Funds App. Both apps are available to download on Apple (iOS) and Android (APK) devices. The markets app provides users with the ability to open and close trades and carry out market analysis. There is also the option to set up price alerts and receive free research reports and trading tips.

The mutual funds app allows clients to buy, sell and monitor mutual funds. They can view mutual fund scheme performance and receive advice from fund managers. The app is free to download to all live account holders.

IIFL mobile app
IIFL App

Deposits & Withdrawals

There is no minimum deposit for IIFL Securities, but customers must have a minimum margin of Rs 1,000 to trade. Deposits made via an IIFL linked bank account are processed almost instantly. Other e-payment methods take up to three working days, while cheques at an outstation can take around 15-20 days.

Deposits can be made via the following online payment methods:

The minimum withdrawal amount is Rs 999. A balance of Rs 1000 must be always maintained in the account. Typically, withdrawals are processed within 24 hours, with cheques being dispatched to local branches in 24 hours. Proof of identity and address must be provided before withdrawals can be made.

Withdrawals can be made using the following methods:

Bonuses

IIFL Securities runs one deal for new customers. It allows them to open a Demat and trading account for free, with no account opening charge. This saves customers a one-time fee of Rs 250. There are also refer and earn bonus schemes available via the broker’s homepage.

Regulation

IIFL is regulated by the Securities and Exchange Board of India (SEBI), a top tier regulatory body that holds brokerages to a high standard. This was proven in 2019 when six individuals linked to IIFL Securities were fined and banned by the SEBI.

Additional Features

India Infoline provides a wealth of additional trading features including its own news site. The dashboard links to a variety of sources, with news provided for mutual funds, IPOs, forex and more.

Customers also have the opportunity to purchase non-convertible debentures (NCDs) in the company. Upcoming NCDs are regular and were recently issued to the public in September 2021 for IIFL Finance.

Once signed in through the web login and customer portal, clients also have access to the e-learning knowledge centre. Here, clients can learn about Demat eaccounts, trading accounts and stock markets, and even access resources regarding know-your-customer (KYC) updates.

Live Account

Customers are offered a 2-in-1 account. This provides broking and depository services via a trading and Demat account. The brokerage does not provide banking services (as a 3-in-1 account would) since it does not have a banking licence. The account is available for Indian residents, as well as non-resident Indians (NRIs).

There are no levels or tiers to the account, but know-your-customer (KYC) information must be provided to open the account. Futures and options (F&O) clients must complete a further activation form stating proof of income to be allowed to trade.

Benefits

These are several advantages to trading with IIFL:

Drawbacks

There are also some disadvantages of trading with IIFL:

Trading Hours

Stock, index, commodity and derivative assets on India Infoline are open for trading during the hours of their respective stock markets (BSE, NSE etc.). Forex currency pairs trade during the standard 24/5 forex trading session. The broker’s trading platforms and account portal are available 24/7.

Customer Support

Customer care and assistance are taken seriously at IIFL Securities. Whether support is required for a Demat account, or a number to call regarding lost trade login details is needed, the customer service team is on hand.
The team can be contacted via the following methods:

Security

Customers are encouraged to set up two-factor authentication. This requires either an email or text confirmation to access accounts, adding an extra layer of security that ensures no one else can login. The brokerage also uses industry-standard encryption protocols to protect client data.

IIFL Verdict

IIFL Securities is a popular Indian stockbroker. Part of the IIFL Group, it provides services including online Demat and trading accounts. Customers can start investing across multiple assets including shares, mutual funds and bonds. The Trader Terminal platform is intuitive and a range of online payment methods are available. Overall IIFL is a great choice for Indians who want to start trading.

Accepted Countries

IIFL accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Alternatives to IIFL

If you are looking for alternatives to IIFL we have compiled a list of the top 5 brokers that are similar to IIFL below. This list of brokers like IIFL is in order of similarity and only includes companies that accept traders from your location.

  1. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
  2. eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
  3. LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
  4. Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
  5. Interactive Brokers – IB Boast a huge market share of global trading. With a minimum deposit of $10,000 however, they remain an option for larger traders only.

FAQ

Is IIFL A Discount Broker?

IIFL Securities is a full-service broker. 5paisa is a discount broker owned by the IIFL group, but acts as its own entity. See our review of 5pasia for more details.

Is IIFL A Good Company?

India Infoline is a well-recognised brand. It has positive reviews on YouTube regarding its good quality of service and customer support. The company also offers an impressive list of trading products and competitive account fees and charges.

Is IIFL A Government Company?

IIFL is not a government company. It is owned by Indian billionaire Nirmal Jain. Details of the company’s finances, history and management team can be found on the broker’s website.

Is IIFL A Bank?

The broker is not a bank as it does not have a banking license. It provides 2-in-1 accounts for customers as opposed to 3-in-1 accounts that provide banking services.

Is IIFL A NBFC?

Yes, IIFL is an NBFC. A NBFC is a non-banking financial company. Further details on the setup of the various entities under the company umbrella are available on the broker’s website.

IIFL is one of the top Indian brokers offering competitive Demat accounts with low fees.

IIFL vs Other Brokers

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