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What is Zerodha Coin Used For?
Zerodha, a prominent online discount broker in India, holds a pioneering position as the first broker to introduce Direct Mutual Funds via its platform called ‘Zerodha Coin’. This platform, accessible on both the web and mobile app (available for Android and iOS), is offered to all Zerodha customers free of charge. Here is our Zerodha Coin review, which lets you know all about its features, account opening, charges, pros & cons, customer care and more.
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What is Zerodha Coin Used For?
Through Coin, investors have access to a wide range of direct mutual funds from esteemed Asset Management Companies. The platform features renowned AMCs such as BNP Paribas, Axis Mutual Fund, Edelweiss, DSP and numerous others, providing a comprehensive selection for investors.
Investors have the opportunity to use it to invest in various categories of mutual funds, including:
- Fund of Funds
- ELSS (Equity Linked Savings Schemes)
- Large/Mid/Small Cap Funds
- Equity/Debt/Liquid or Hybrid Funds
Go through our article on Zerodha Account Opening Pros and Cons – Advantages and Disadvantages of Opening Zerodha Account.
How to Use Zerodha Coin?
To utilize the Coin platform and receive credit for all Mutual fund units in the Zerodha Demat account, it is essential to have a Demat account with Zerodha. This requirement offers Zerodha customers the convenience of trading in derivatives, currencies, stocks, and mutual funds through a single trading account, while consolidating their holdings in a unified Demat account.
Zerodha Coin Features
Coin offers a range of impressive features:
- Direct Mutual Fund Investment: Investors can conveniently invest in direct mutual funds through Zerodha Coin.
- Flexible SIP Management: Initiate, pause, or modify your Systematic Investment Plan (SIP) at any time, giving you complete control over your investments.
- Comprehensive Statements: It provides consolidated statements with intuitive visualizations, profit and loss information, and other useful insights to help you track your investments effectively.
- Online Services: Enjoy the convenience of completely online services, eliminating the need for physical paperwork and allowing for quick and hassle-free transactions.
- User-Friendly Interface: It offers an easy and straightforward navigation system, ensuring a seamless experience for investors.
- e-Mandate Facility: With the e-Mandate facility, investors can set up automatic payment instructions, making regular transactions more convenient and secure.
Zerodha Coin Account Opening
To access Coin, it is necessary to have a trading and Demat account with Zerodha. Zerodha provides the convenience of online and paperless account opening. Alternatively, you can visit the Zerodha website to download the account opening forms. Once duly filled, you can submit the physical copies of the required documents and forms to the Zerodha Head Office.
It is worth noting that a separate account for mutual funds is not required. By default, a Demat and trading account with Zerodha grants you access to Coin.
Zerodha Coin Login
The login process is identical to that of Zerodha Kite. There is no distinct login ID for Coin. To access Zerodha Coin, you must use the same login credentials and ID as those needed for Zerodha Kite.
Upon opening an account with Zerodha, the login credentials will be provided to you via email.
Zerodha Coin Pros & Cons
Know about the advantages and disadvantages of Zerodha Coin:
Zerodha Coin Advantages
- Commission-free Investing: It enables you to invest in mutual funds without any commission charges, providing you with unlimited free investment opportunities.
- Wide Range of AMC Choices: With Coin, you gain access to over 40 Asset Management Companies (AMCs), allowing you to purchase mutual funds directly from a diverse selection of providers.
- Lump Sum and SIP Investments: It supports both lump sum and Systematic Investment Plan (SIP) investments. This flexibility allows you to choose the investment method that best suits your financial goals.
- Adjustable SIP Investment Amount: You have the freedom to increase or decrease your SIP investment amount as per your requirements. This feature enables you to adapt your investment strategy according to your changing financial circumstances.
- Convenient Online Investing: It enables you to invest in mutual funds online at your convenience. You can easily initiate and manage your investments from anywhere, anytime, using their user-friendly platform.
- Multiple Securities in One Account: By having a single trading account with Zerodha, you gain the ability to invest in various securities beyond mutual funds. This consolidated approach simplifies your investment management by providing a unified platform.
- Consolidated Demat Account: It allows you to hold all your investments, including stocks, bonds, and mutual funds, in one Demat account. This streamlines your portfolio management by providing a centralized location for all your investment holdings.
Zerodha Coin Disadvantages
Having a Zerodha Demat account is a prerequisite for investing in mutual funds. However, it is important to note that Zerodha does not offer research services or mutual fund recommendations. This can make it challenging for beginners to select the most suitable fund for their needs.
Additionally, Zerodha has an early cut-off time for both buying and redeeming mutual funds, which investors should be aware of.
Zerodha Coin Charges
Zerodha provides free Direct Mutual Fund investment services through Coin. Here are the details of the charges:
- Zerodha Coin Account Opening Fees: None
- Zerodha Coin Brokerage Charges: None
- Zerodha Coin DP Charges: None
- AMC Fees: None
- Commission: None
- Other Charges: None, and there are no hidden charges.
Go through our article on Zerodha Brokerage Charges 2023 – Trading Account Opening Charges & AMC, Demat Account Charges, Hidden Charges and Fees and more.
Zerodha Coin Customer Care
Zerodha does not provide dedicated customer support specifically for Coin. However, you can contact Zerodha support for any assistance regarding mutual fund investments. Another option is to raise a ticket through the Zerodha support portal using your Zerodha Kite login.
For general queries, you can reach out to Zerodha support at the following numbers: 080 7190 9543 / 9545 or 080 4718 1888 / 1999. If you need assistance with account opening, you can contact them at 080 7117 5337 or 080 4719 2020.
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Conclusion
Zerodha Coin is a reliable and user-friendly option for direct mutual fund investments. With zero charges and commissions, investors can maximize their earnings (up to 1.5%) compared to traditional mutual funds. This platform also provides the convenience of consolidating all investments into a single Demat account, making it easier for Zerodha customers to manage their portfolio efficiently.
Check out our YouTube video on Zerodha’s Brokerage Charges Exposed : You Will be Shocked
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