What about IndMoney
Asking as a consumer, how is indMoney doing as a company in terms of profitability, growth etc. Is it safe to invest money via IndMoney? Wanted to know as there are some negative comments regarding 12% club so was skeptical for this startup as well
Isaiah Nadeen
Stealth
a year ago
With respect to US stocks I’d say everyone be aware of the spread in case of currency conversion. It was nearly 1.5% when I added money and 3.5% when I withdrew money. Look at the TT Buying rate for SBM bank for USD when you withdraw. It is one of the lowest(against their claims of providing the best rates).
So you can imagine that 5% of your investment is already gone. If you make decent profit it is fine but less than 5% profit would just result in loss
Sure thanks. What about federal bank. I think they have moved to FB now as SBM came into trouble with regulators
Jordon Lee
Stealth
a year ago
Yes Federal Bank tie up is a saving grace but again as said above be cautious with US stocks. Anyway post July 20% TCS is gonna be bummer. And also returns wise it is not gonna be too lucrative for a long term. Use them for your Indian MFs & Indian stocks etc. Platform is good and Indian regulators are strong.
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This is like comparing apples to rotten oranges. INDMoney is an investment platform and you choose the instrument to put your money in. 12% club is a lending business and they probably give out your money to some very skeptical/risky assets
Yeah the comparison may not be appropriate. My concern was whether it was save to put money into us stocks using indMoney. Are there any other avenues which are safer and available?
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