@sneh.baxi I started using groww app recently for direct investing into US stocks.
- It covers around 2.8K US stocks across sector and includes all of Nasdaq 500 - US Stock Screener - Search and Filter Foreign Stocks - Groww.
- Pricing for US stocks investing - Brokerage Charges & Pricing | Groww
Currently, there are no account opening charges, zero brokerage charges and zero AMC charges. (These may change in future) .
- I liked the process, of account opening.
- Fractional investing also allowed on groww app.
- Groww app is giving 10 USD bonus for first time users.
Charges - Though, groww is not charging for US stocks right now, but there are other charges involved -
Will try to explain with my experience -
(1) INR-USD Exchange rate - I used my ICICI account. (750 + GST (135) + GST-currency conversion 45) → Total charges 930 ). Not: Other banks may have different set of charges here.
(2) Imp. Not - I selected Regular delivery product on ICICI Foreign transfer due to which extra dollars got deducted by ICICI partner bank (I had transferred 180 USD, 6 USD were deducted, hence only 174 were allotted to my groww account)
Would suggest to go for Guaranteed delivery. (Extra charges will be there at remittance step only - (roughly around 1200 instead of 930 for ICICI customers). Groww app is also suggesting for guaranteed product.
(3) US stock exchange fee - No fee on purchasing stocks, 0.02 USD on selling stocks.
Please refer for details Brokerage Charges & Pricing | Groww
Few improvements -
- Transaction history and showing status of all dollars added, removed can be improved. For first few days, I could not see any transaction history.
- There are few manual steps involved with US stocks account - After transferring funds, we need to email groww app team so they can take care of backend work.
I feel as the process get matured, we will see lots of improvements on the platform.
But, overall I liked groww app and will continue to invest in few selected US stocks on SIP basis through groww platform only.
Note- It is not beneficial to transfer small amounts due to USD-INR exchange fee (approx INR 900 to 1300 ). Better approach would be to get some cash added up, then transfer at one go. Also, staying invested for long term (at-least 4-5 years) would be much more beneficial.
Note: US stocks investing only available on groww dekstop app and not available on groww mobile app.