An In-Depth Review of Finvasia Trading Platform
Finvasia is a well-regarded broker offering competitive brokerage rates and a variety of trading tools. However, the platform has its pros and cons, particularly when compared to other brokers like Zerodha and Upstox. In this review, we will explore the user experience, features, and overall performance of Finvasia.
User Experience and Features
Finvasia boasts a cost-saving advantage with its free brokerage model, making it particularly appealing for traders who frequently execute trades, especially those dealing with option expirations. For daily traders or those who frequently trade option contracts, this broker can significantly reduce their overall costs. However, the trading terminal can be quite cluttered and might initially intimidate new traders. Over time, users can get used to navigating the interface, which can be a significant drawback for those seeking a streamlined trading experience.
Users who gravitate towards mobile trading might face some disappointment, as the Finvasia app is not considered user-friendly and is recommended only for those who do not need frequent mobile access to their trading accounts.
Despite these challenges, traders often report a satisfactory experience with Finvasia’s services. The broker has made efforts to improve, particularly after revamping their platform, which has led to a much better web and app experience. The new platform, known as Shoonya, is greatly appreciated for its improved functionalities and usability.
Comparative Analysis with Other Brokers
While Finvasia provides free brokerage, it is essential to compare it with other well-established brokers such as Zerodha and Upstox. Zerodha, for instance, is known for its advanced and user-friendly platform, particularly beneficial for both day traders and long-term investors.
For option sellers, Finvasia offers a compelling alternative due to its no-cost brokerage model. However, for equity traders, Zerodha or Upstox might be more suitable due to their extensive charting capabilities and overall user experience.
Historical Review and Recent Updates
The earliest reviews of Finvasia, based on the Scalpert platform, were highly negative. Customers found the platform clunky and laggy, with lackluster support from the broker. NIFTY50 and other major indices' charts were reportedly absent, and the platform was deemed inefficient. However, it's important to note that these opinions are now outdated, as Finvasia has significantly updated their platform.
As of March 2021, Finvasia has completely revamped both its web and mobile platforms, leading to a much improved user experience. The new platform, Shoonya, aligns more closely with industry standards, offering better charting tools and a more polished interface. The guest login feature, which was previously mentioned as optional, has since become a more permanent addition, allowing new users to try the platform's features before committing.
For those evaluating brokers, Finvasia’s current iteration offers a modern and efficient trading platform with cost-saving benefits. The broker’s commitment to improvement and user satisfaction is evident, making it a worthy consideration for traders looking to minimize costs.
Conclusion
Finvasia stands out as a broker for those seeking cost-saving measures and free brokerage. However, the platform's user interface and app experience are areas that continue to evolve. For traders who prioritize modern features and a streamlined trading experience, recent updates have greatly improved the value proposition of Finvasia. While it may not be the best fit for all traders, particularly those focused on equity trading, Finvasia remains a viable option for option sellers and other traders looking to optimize their trading costs.
Note: The evaluation of Finvasia is based on the latest updates and recent user reviews. Ensure to conduct your own due diligence and compare with other platforms before making a final decision.