New Delhi, Feb 18 (IANS): India's homegrown digital financial services platform Paytm on Thursday announced that its wholly-owned subsidiary Paytm Money has opened Futures & Options trading for all. It aims to empower the masses with F&O trading as an important wealth management product.
The company said that it received an overwhelming response for F&O trading on its platform with over 1 lakh requests for its Early Access Program. Trading is now live on the Paytm Money app and website for all.
The company said that it has enabled users with the lowest and most competitive brokerage at Rs 10 for F&O, which is in line with its intraday charges of Rs 10, and zero for delivery. The pricing disruption will benefit experienced as well as first-time traders to seamlessly trade in futures & options with a best-in-class product, on their mobile and in a secure environment. The F&O platform has seamless UI and easy onboarding that makes F&O trading accessible and feasible for every Indian.
Paytm Money said that during the Early Access Program the company witnessed massive interest coming from tier-III, tier-IV, and the rest of India towns in F&O trade. It has also seen a rise in interest in wealth products in the user base below the age of 30 and women investors. Paytm Money aims at simplifying stock trading for all Indians, be it seasoned traders or new to a market investors by offering them the flexibility to invest and trade via both the app and its website.
Varun Sridhar, CEO - Paytm Money said, "We are delighted to share that more than 1 lakh users were granted access during the first few weeks of the F&O early access phase in January after its early access launch. The platform witnessed greater adoption by users from Tier 1 cities such as Mumbai, Delhi, Pune, Hyderabad, and Kolkata. Amongst the smaller cities that showed maximum interest were Patna, Kota, and Guntur. Additionally, more than 50 per cent of users belonged to the age group of 20-30 years. Our pricing of Rs 10 flat per order without any contracts or commitments brings the overall cost of trading significantly lower and makes it super transparent. With this, Paytm Money is taking one step further to become India's most comprehensive & top digital wealth management platform."
F&O Trading in India is a highly competitive arena that hosts a number of old and young players. This widespread adoption of F&O Trading on Paytm Money in such a short span holds considerable significance for us and indicates recognition towards our efforts to democratise digital trading for every Indian. Along with simplified trading in the futures and options segment, the platform offers ample opportunities to the user to research the markets, explore market movers, create customizable watchlists, and set price alerts for as many as 50 stocks.
Also, with the built-in Brokerage Calculator, the investor can discover the transaction charges & know the exact breakeven price to sell stocks profitably. Besides, the Advanced Charts and other options like Cover Order & Bracket Order have been added to make the stock trading experience more rewarding. All this and a lot more would be available with absolute data privacy to keep investors' personal data safe with bank-level security. Apart from this, the company is planning to come up with more value-adding features and intends to launch a few more exciting products on its platform very soon.
Paytm Money is a wholly-owned subsidiary of One97 Communications that owns and operates Paytm. It is the largest online investment platform in the country, and has now added F&O to its current offerings of Stocks, ETF, IPO, Digital Gold, Direct Mutual Funds & NPS for its users.
It aims to become a full-stack investment and wealth management platform and bring wealth creation opportunities to millions of Indians. Headquartered and operating from Bengaluru, the team is 300+ members strong.