Bonanza Information
Bonanza is an unregulated brokerage company registered in India. This firm provides a swath of investment options with its advanced trading platform (MyEtrade). Bonanza gives you optional trading fee models and round-the-clock customer support. However, its website is not intuitive compared to some other brokerages.
Pros and Cons
Is Bonanza Legit?
Bonanza currently does not hold any valid regulatory certificates. Although it is incorporated in India, it lacks regulation from any recognized financial authority. Opening an online brokerage account can be an easy way to start investing and there are always risks in investing. But we can choose to stay away from certain risks.
What Can I Trade on Bonanza?
Bonanza provides a wide selection of investment options for both retail and institutional investors. Depending on your goals and risk tolerance, you can invest in:
- Indices: Nifty 50 Index, Nifty Bank Index, Nifty IT Index, BSE Index, BSE India 50, etc
- Stocks: India INX, NSE IFSC, Global Stocks
- Commodities: gold, silver, copper, and crude oil
- Currencies: Euros – US Dollars, Pound – US Dollars, Japanese Yen – US Dollars, Indian Rupees – US Dollars, etc
- Fixed-income: Perpetual Bonds, Fixed Maturity Bonds/ Debentures, Tax-Free Bonds, Capital Gain Bonds, etc
- Mutual funds: open-end funds, closed-end funds, equity funds, debt funds, etc
Besides, Bonanza also provides managed portfolio services and merchant banking services.
Account Types
Bonanza offers various account types to serve investors' different needs. Here are some of its account types:
- Demat account: this account is used to hold securities in electronic form.
- Trading account: this account allows investors to trade in multiple asset classes, including securities, commodities, and currencies.
- NRI trading account: this account is designed for Non-Resident Indians (NRIs) who want to invest in the Indian stock market.
- Portfolio management service account: This account is suitable for investors who prefer professional portfolio management services.
Bonanza Fees
Investment fees can dip into your returns, so keeping costs low might be a priority. Bonanza gives you two options to pay brokerage fees.
- Option one: you can pay a flat brokerage fee of Rs 18 per executed order in spite of the trading volume.
- Option two: you can pay brokerage rates which are as follows:
Trading Platform
Bonanza offers access to equity, derivatives, currency, and commodities on a single platform, namely, MyEtrade. This platform is available on Windows, MAC, IOS, and Android devices. It offers intraday & historical charts with configurable intervals and back data.
You can get deep insights into markets and acquire information such as Market Map, Top Gainers & Losers, Most Active, etc. With its Event Calendar, you can also track upcoming results, corporate actions, and economic events.
Bonanza's website doesn't look user-friendly at first glance, Unless you know exactly what you're looking for, you might have to spend time clicking around to find what you need.
Customer Support Options
For any questions you might have, help is available 24/7 by online chat, phone (+91 022-68363775 / 739 / 708) or email (cs.myetrade@bonanzaonline.com). You can also dig into their social media channels (Facebook, YouTube, Twitter, etc).
The Bottom Line
Bonanza makes building a diversified portfolio easier with its wide selection of investment options. This firm could be a good option if you're looking for low-cost investing, with managed portfolios as an option. It might also catch your eye if you're interested in trading mutual funds. However, the regulatory hurdle is the biggest drawback and its website is not easy to navigate for beginners.
FAQs
Is Bonanza a regulated brokerage?
No, Bonanza is not regulated by any reputable financial authority. Before choosing a brokerage, remember to consider the risk involved.
What account types does Bonanza offer?
Bonanza offers various account types, including Demat accounts, trading accounts, NRI trading accounts, and Portfolio management service accounts.
Does Bonanza offer managed portfolios?
Yes, Bonanza provides managed portfolio services.
Risk Warning
Online trading involves considerable risk, so it may not be suitable for everyone.
