NJOnline or NJ Wealth is an Indian full-service financial firm and broker which offers several financial products, advisory and distribution services. The service was founded back in 2003 by Mr Neeraj Choksi and Jignesh Desai. They started the company with the aim of empowering individuals through its investment services. Currently, NJ Wealth has more than offline branches and manages over 30,000 network franchises across India. With such a presence around the country, we’ve decided to make a NjOnline India review.
NJOnline: A short-review
Nj Wealth brokerage services can be divided into two parts: NJ funds and NJ wealth advisors.
The first category provides support to clients when they choose between financial products and services. The second category provides several portfolio management services in mutual funds and stocks. Some of the services this category provides include approved security, infrastructure bonds. Government bonds, PMS products, fixed deposits, ETFs, mutual funds and equities. The brokerage offers the services of well-versed market analysts and technical experts to their clients who can make them understand the complex technicalities of the markets. Below are some of the salient features of the broker:
- NJOnline provides various types of trading platforms for analysing stocks, currencies, commodities and others via different trading platforms.
- MetaTrader 4 is available for both Windows and Android devices.
- MetaTrader 5 is available for Mac computers and iOS devices.
- Trading View is the standard graph service that serves both forex and stock markets.
- Interactive charts make it easy for any trader to perform analysis using charts.
- All online platforms including Trading View can be connected to the user’s cell phone so that he/she can receive SMS alerts and real-time updates.
- Customer support is provided via email with 283 support branches operating. The broker also provides a personal relationship manager. They also provide a toll-free customer care number.
- NJ Wealth offers its clients a host of research reports including fundamental reports, technical research reports, annual research reports, company based reports, real-time stock reports and others.
- NJ Wealth’s online trading platform can be accessed through a web browser without the need to download an .exe file. Clients can access direct equity, mutual funds, ETFs, IPOs, bonds and almost the entire portfolio.
- The platform provides some exclusive features such as SWP transactions, switch transactions, SIP transactions and registrations.
- NJ Wealth’s security protocol consists of industry-standard encryption and two-way authentication.
Opening an account with NJ Wealth is pretty straightforward and simple. Simply go to their official website and enter the details they ask for. This can include your phone number, email and phone number. The broker will also require you to submit identification documentation such as a Pan card and income statements. Your trading or Demat account will be activated once your documents are verified.
Is NJ Online legal? Does it accept Indian clients?
As one of the leading financial distributors and advisors of financial products in India, NJ Wealth exclusively advertises its services to Indian clients. It adheres to all legal requirements within the Indian market framework and has more than 33000 network partners across 25 states of India. As a SEBI regulated broker, it is absolutely safe for an Indian client to join NJ Wealth.
Is NJ Wealth Regulated?
NJ Wealth is one of those brokers that strictly adheres to all existing rules and regulations within the Indian market. The details of their registration are given below.
- NJ Wealth is registered with the Securities and Exchange Board of India(SEBI) with registration number: INZ000213137.
- It is registered with the Bombay Stock Exchange(BSE) with membership ID: INB011360535.
- It is registered with the National Stock Exchange(NSE) with membership ID: INB231360539.
- Additionally, it is also registered with the CMID, AMFI and CDSL of India.
What kind of broker is NJ Wealth? What are the tradable markets?
NJ Wealth is a full-service broker as mentioned on their website. A full-service broker offers a range of addons in addition to stock trading facilities. This includes relationship managers, research reports and advisory services. As one of the most important financial advisors and distributors in the country, NJ Wealth strives to offer a seamless medium to streamline transactions and the whole trading process.
When it comes to its trading services and capabilities, NJ Wealth’s product offering can be categorised in the following ways.
- Delivery trading: NJ Wealth offers delivery trading which refers to trading across certain shares.
- Intraday trading: This service is similar to delivery trading, with the only difference being the time constraint.
- Forex trading: NJonline India forex trading is allowed via currency options and currency futures.
- Commodities trading: NJ Wealth offers commodity trading in certain agricultural goods and metals.
- Futures and options trading: NJ Wealth also offers options and futures trading which are two very popular trading instruments at the moment.
- Mutual Funds: NJ Wealth has partnered with various Asset Management Companies(AMC) to offer various mutual funds.
- Direct equities and ETFs: NJ Wealth offers clients access to capital market products like ETFs and direct stocks. Clients can do this via the Call & Transact facility.
- Real Estate: NJ Wealth offers clients access to real estate properties across India by partnering with some of India’s leading developers.
Minimum Deposit
NJ Wealth requires a single instance registration free of 10,000 INR. This is also treated as an initial deposit or security deposit of the platform.
Spreads and Costs
NJ Wealth charges different commission rates for its product offerings. They are as follows.
- Delivery trading: 0.1% – 0.2%
- Intraday trading: 0.01% -0.02%
- Options trading: 10 INR to 20 INR per lot
- Futures trading: 0.01%-0.02%
- Currency options: 10 INR to 20 INR per lot
- Curreny futures: 0.01%-0.02%
- Commodity trading: 0.01%-0.02%
Nj Wealth charges a Securities Transaction Tax(STT) of 0.0126%.
Account types
NJ Wealth offers the NJ E-Wealth Account service as well as a Trading Account & Deat Account(TADA) service. Some of the unique features of this account type include inter AMC switches, SIPs for stocks and ETFs, several options of payment remittance, mutual fund payment through ECS and auto debiting, and online access on the go through mobile apps.
Deposit And Withdrawal Timing And Costs
NJ Wealth offers Systematic investment plans and systematic withdrawal plans which allow clients to systematically deposit and withdraw funds according to their convenience and preferences.
NJ Wealth Pros and Cons
Pros:
- NJ Wealth is one of the oldest brokerage houses in India which carries a certain weight with its brand name among Indian trading circles.
- It is one of the most secure stockbrokers and mutual fund provider in the country. To date, it has received only 7 complaints at the BSE, all of which have been resolved amicably.
- It also provides one of the best offline customer support among all brokers operating in India.
- NJ Wealth provides client support via email, fax and phone in addition to offline branches.
Cons:
- Main investment products are restricted to mutual fund schemes only. The company does allow other types of trading but it on the request of the client.
- The broker does not provide brokerage assistance for stock trading.
- There have been complaints from users about issues when logging in as well as an average interface and user experience.
Final Thoughts
At a glance, NJ Wealth looks just like any other reputable broker in India. With a tremendous offline presence all across the country and adherence to all regulatory rules, one can easily see why its services are popular among the Indian populace. However, the products are not fully explained by the broker in comparison with some of the other Indian online brokers in existence. So interested traders are advised to approach with caution and read the terms and conditions carefully before signing up. Other Indian brokers offer a much larger product catalogue compared to NJ Wealth.