Nirmal Bang Review

Category: Reviews | Author: Trading Brokers | Date: October 12, 2023

Trading in the financial markets is a popular activity for many investors around the world, but finding the right broker can be a daunting and complicated task. Nirmal Bang is an online broker that has been operating since 1986 and is regulated by the Securities and Exchange Board of India (SEBI). It claims to offer a range of trading services in equities, derivatives, commodities, and currency on various exchanges such as NSE, BSE, MCX, and NCDEX. It also boasts of providing various trading platforms, tools, education, and research to its clients. However, not all brokers are equally reliable, and some may have hidden costs, poor customer service, or limited features. Therefore, it is crucial to conduct a comprehensive and objective review of any broker before deciding to trade with them. In this article, we will review Nirmal Bang and provide our verdict on whether it is a dependable and trustworthy broker to trade with.

Pros & Cons

  • Provides margin funding, loan against securities, and global trading services
  • Has a strong network of branches and collection centers across India
  • A full-service broker with a range of services such as broking, PMS, depository, and mutual funds
  • Regulated by various authorities in India such as SEBI, RBI, and NSE Offers various platforms, tools, research, markets, and account types for traders and investors
  • Has received some negative feedback from customers who have faced issues with customer service, trading platforms, and fund transfer
  • Has an outdated website that lacks transparency and information on the trading conditions, fees, and policies
  • Charges higher brokerage fees than discount brokers

Summary 

Nirmal Bang Review

Nirmal Bang Review

Nirmal Bang is an online broker that was founded in 1986 and is regulated by the Securities and Exchange Board of India (SEBI). It has a wide network of over 500 branches and franchises across India and serves both retail and institutional investors. It offers various trading services in equities, derivatives, commodities, and currency on multiple exchanges such as NSE, BSE, MCX, and NCDEX. It also provides various trading platforms, tools, education, and research to its clients. Nirmal Bang aims to enrich its clients with its experience and expertise in the financial markets. With a low minimum deposit of Rs. 1000 for a trading account and Rs. 5000 for a commodity account, traders can access a diverse range of financial products and services from Nirmal Bang.

The broker charges reasonable brokerage fees, provides margin funding, enables online fund transfer, and offers a call & trade facility. Nirmal Bang also delivers quality research reports, market insights, and investment recommendations to its clients. The broker supports various trading platforms such as Nirmal Bang Trading App, Nirmal Bang Online Trading, and Nirmal Bang NOW. It also offers various tools such as Nirmal Bang Research, Nirmal Bang Trading Terminal, Nirmal Bang Mobile Trading App, and Nirmal Bang Call & Trade. Our review reveals Nirmal Bang’s potential as a reputable and regulated broker that offers a variety of trading services and products to its clients. However, there are also some drawbacks and risks involved in trading with Nirmal Bang. Therefore, it is advisable to conduct a thorough and unbiased review of the broker before deciding to trade with them.

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Regulation

Exploring the background of Nirmal Bang, it emerges as a company established in 1986 and headquartered in Mumbai, India. The company is registered with the Securities and Exchange Board of India (SEBI) as a broker (SEBI Registration No.: INZ000200137) and a member of various exchanges such as NSE, BSE, MCX, and NCDEX. It is also registered with CDSL and NSDL as a depository participant. These affiliations with SEBI and other regulatory bodies hold significance, as they ensure compliance, transparency, and accountability within India’s financial services sector. The vital role of SEBI in protecting customer interests, ensuring fair market practices, and promoting financial stability comes to the forefront. However, a notable aspect emerges as Nirmal Bang also offers trading services in global markets such as the US, UK, Europe, Hong Kong, Singapore, and Dubai through its tie-up with Saxo Bank.

Saxo Bank is a Danish investment bank that is regulated by the Danish Financial Supervisory Authority (FSA) and other regulators in various jurisdictions. It is prudent to acknowledge that while the Danish FSA holds regulatory authority, its oversight and protective measures may not match the standards upheld by SEBI or other established regulators in India. This divergence in regulatory landscapes introduces an element of caution. Potential risks and uncertainties arise, especially in situations of conflict or disagreement between investors and Saxo Bank. It is noteworthy that the terms and conditions of Nirmal Bang state that any disputes arising out of or in connection with the services provided by Saxo Bank shall be subject to the exclusive jurisdiction of the courts of Denmark. This unique jurisdictional stance has the potential to limit recourse and options in the event of complications or grievances involving Nirmal Bang. In light of these intricacies, potential traders are advised to proceed with awareness and a thorough understanding of the landscape, recognizing the interplay of regulations, responsibilities, and possible ramifications in their trading journey. Please see a list of regulated brokers for some alternative options.

Platforms & Tools

Nirmal Bang offers various trading platforms and tools to its clients to enhance their trading experience in the financial markets. These platforms and tools provide a user-friendly interface, advanced features, and reliable performance. They also enable clients to access various trading services, products, markets, and research offered by Nirmal Bang.

The platforms offered by Nirmal Bang are as follows:

  • ODIN: This is a comprehensive and feature-rich trading platform designed for both beginners and experienced traders. It offers advanced charting tools, real-time market data, and a user-friendly interface for equity and derivatives trading. The platform supports various order types, technical indicators, and automated trading strategies. The platform can be downloaded and installed on any Windows PC.
  • NET: This is another trading platform provided by Nirmal Bang, designed to offer a seamless online trading experience. It provides access to various financial markets such as equities, derivatives, commodities, and currency on various exchanges such as NSE, BSE, MCX, and NCDEX. It allows clients to execute trades, access research reports, and manage their accounts efficiently. The platform can be accessed via any web browser.
  • Beyond Mobile App: This is a mobile trading application that allows users to trade equities, derivatives, commodities, and currencies from their smartphones or tablets. It provides real-time market updates, order placement, and portfolio tracking, making it convenient for active traders. The app also supports various calculators, screeners, and research recommendations. The app is available for download on Android and iOS devices.
  • LD Rakshak: This is likely a specialized platform tailored to meet the specific needs of certain clients. It might offer features such as risk management tools or customized trading solutions to provide additional security and support for traders. The platform might be available on request or by invitation only.

The tools offered by Nirmal Bang are as follows:

  • Nirmal Bang Research: This is a tool that provides clients with quality research reports, market insights, and investment recommendations from Nirmal Bang’s team of experts. The tool covers various segments such as equities, derivatives, commodities, currency, mutual funds, IPOs, insurance, bonds, and global markets. The tool also offers various types of research such as fundamental analysis, technical analysis, quantitative analysis, thematic analysis, sectoral analysis, macroeconomic analysis, and event-based analysis. The tool can be accessed via the Nirmal Bang website or the Nirmal Bang Trading App.
  • Nirmal Bang Trading Terminal: This is a tool that provides clients with a comprehensive market overview along with live news and all the latest market updates. The tool covers various segments such as equities, derivatives, commodities, currency, mutual funds, IPOs, insurance, bonds, and global markets. The tool also offers various types of data such as indices, stocks, futures, options, currencies, and commodities. The tool can be accessed via the Nirmal Bang website or the Nirmal Bang Trading App.
  • Call and Trade: The call and trade tool is a facility that allows clients to place orders over the phone with the help of Nirmal Bang’s dealers. The call and trade tool is useful for clients who do not have access to the internet or prefer to trade through voice assistance. The call and trade tool is available from Monday to Friday, 8:30 am to 4:30 pm, and on Saturdays, 10:00 am to 2:00 pm. The call and trade tool charges Rs. 20 per executed order, irrespective of the order size or segment.

Education

Nirmal Bang’s dedication to enhancing traders’ skills and knowledge extends to its extensive education segment, an invaluable resource aimed at fostering clients’ trading acumen and confidence. This educational enclave covers an array of topics essential to trading in the financial markets, including:

  • Basics of Stock Market: This section introduces the concepts and functions of the stock market, such as primary and secondary markets, types of stocks, indices, exchanges, and market participants.
  • Basics of Derivatives: This section explains the concepts and features of derivatives, such as futures and options, contracts, pricing, payoffs, strategies, and risks.
  • Basics of Commodities: This section describes the concepts and characteristics of commodities, such as types of commodities, exchanges, contracts, pricing, factors affecting demand and supply, and hedging techniques.
  • Basics of Currency: This section elucidates the concepts and aspects of currency trading, such as currency pairs, exchange rates, bid-ask prices, spreads, pips, lots, leverage, margin, rollover, and cross-currency rates.
  • Technical Analysis: This section delves into the methods and tools of technical analysis, such as charts, patterns, trends, indicators, oscillators, candlesticks, Fibonacci retracement, and moving averages.
  • Fundamental Analysis: This section explores the methods and tools of fundamental analysis, such as financial statements, ratios, valuation models, macroeconomic factors, industry analysis, and company analysis.
  • Trading Psychology: This section examines the psychological factors that influence trading behavior and performance, such as emotions, biases, discipline, risk management, and trading plan.

Nirmal Bang’s education segment doesn’t end here. Complementing web-based learning, the platform also offers opportunities for enhanced learning through webinars, seminars, and workshops, facilitated by experts and professionals. Among the topics covered are:

  • Introduction to Trading in the Financial Markets
  • Advanced Technical Analysis for Traders
  • Advanced Fundamental Analysis for Investors
  • Trading Strategies for Different Market Scenarios
  • Risk Management and Portfolio Optimization

In essence, Nirmal Bang’s education segment and supplementary learning opportunities pave the way for traders to not only understand the complexities of trading but also to equip themselves with the skills, knowledge, and psychological resilience requisite for navigating the dynamic landscape of the financial markets.

Markets

Nirmal Bang offers a variety of trading services across various financial markets, including equities, derivatives, commodities, and currency. These markets offer traders the opportunity to invest in a range of financial products and instruments, depending on their risk appetite and trading objectives.

In the equities market, Nirmal Bang provides access to over 5000 stocks listed on the NSE and BSE, covering various sectors and industries. With competitive brokerage charges and margin funding, traders can buy and sell shares of companies such as Reliance Industries, HDFC Bank, TCS, Infosys, and Maruti Suzuki, among others.

In the derivatives market, Nirmal Bang offers futures and options contracts on various underlying assets such as stocks, indices, commodities, and currencies. With low brokerage charges and high leverage, traders can hedge their positions, speculate on price movements, or create complex strategies using derivatives. Some of the popular derivatives contracts available on Nirmal Bang are Nifty 50 futures and options, Bank Nifty futures and options, USD/INR futures and options, and gold futures and options.

In the commodities market, Nirmal Bang enables traders to trade in various commodities such as metals, energy products, agricultural products, and bullion on MCX and NCDEX. With low brokerage charges and margin funding, traders can benefit from the price fluctuations of commodities such as gold, silver, crude oil, natural gas, copper, cotton, sugar, and wheat.

In the currency market, Nirmal Bang facilitates trading in currency pairs such as USD/INR, EUR/INR, GBP/INR, and JPY/INR on NSE and BSE. With low brokerage charges and high leverage, traders can take advantage of the exchange rate movements of different currencies.

By offering trading services across these markets, Nirmal Bang caters to diverse trading preferences and needs, enabling traders to access a wide range of financial products and instruments. This comprehensive selection aligns with Nirmal Bang’s vision to enrich its clients from its experience and expertise in the financial markets.

Accounts

Nirmal Bang offers various account types to suit different trading preferences and styles. Each account type is accompanied by unique features and conditions, allowing traders to align their trading strategy with their individual needs. Here’s a concise overview of each account type:

  • Trading Account: This account type allows traders to trade in equities, derivatives, commodities, and currency on various exchanges such as NSE, BSE, MCX, and NCDEX. The minimum deposit for this account type is Rs. 1000. The leverage offered by Nirmal Bang is up to 1:10 for equity intraday trading and up to 1:3 for equity delivery trading. The brokerage charges for equity delivery trading are 0.50%, and for equity intraday trading, they are 0.05%. The brokerage charges for commodity trading are 0.03% for intraday and 0.30% for delivery. The brokerage charges for currency trading are 0.05% for intraday and 0.50% for delivery. The minimum brokerage charge is Rs. 10 per trade.
  • Demat Account: This account type enables traders to hold their securities in an electronic form, eliminating the need for physical certificates. The demat account is linked with the trading account, allowing seamless transfer of securities between the two accounts. The demat account also provides various benefits such as safety, convenience, speed, and reduced costs. The demat account charges include account opening fee, annual maintenance fee, transaction fee, and depository charges.
  • Commodity Account: This account type is similar to the trading account, except that it is exclusively for trading in commodities on MCX and NCDEX. The minimum deposit for this account type is Rs. 5000. The leverage offered by Nirmal Bang is up to 1:10 for commodity trading. The brokerage charges for commodity trading are 0.03% for intraday and 0.30% for delivery. The minimum brokerage charge is Rs. 10 per trade.

Funding

Nirmal Bang offers various funding options for its clients to deposit and withdraw funds from their trading accounts. These options include online transfer, NEFT, RTGS, and UPI. Each option has its own features and conditions, as explained below:

  • Online Transfer: This option allows clients to transfer funds from their bank account to their trading account using the Nirmal Bang website or app. The minimum deposit amount for this option is Rs. 1000, and the maximum withdrawal limit is Rs. 50,000 per day. The processing time for this option is instant, meaning the funds are credited or debited to the account immediately. No fees are charged by Nirmal Bang for this option, though your bank may levy charges.
  • NEFT/RTGS: These are online banking methods that enable clients to transfer funds from their bank account to their trading account using the net banking facility of their bank. The minimum deposit amount for these options is Rs. 5000, and the maximum withdrawal limit is Rs. 2 lakhs per day. The processing time for these options is 1-2 working days, meaning the funds are credited or debited to the account within that time frame. No fees are charged by Nirmal Bang for these options, though your bank may levy charges.
  • UPI: This is a mobile-based payment method that allows clients to transfer funds from their bank account to their trading account using a UPI app such as BHIM, Google Pay, or PhonePe. The minimum deposit amount for this option is Rs. 1000, and the maximum withdrawal limit is Rs. 50,000 per day. The processing time for this option is instant, meaning the funds are credited or debited to the account immediately. No fees are charged by Nirmal Bang for this option, though your bank or UPI app may levy charges.

To initiate transactions, log in to your Nirmal Bang account and visit the “Funds” section. Here, select your preferred payment method and follow the on-screen instructions.

Conclusion

In conclusion, Nirmal Bang is a financial services provider in India that offers a wide range of products and services for traders and investors. The company has been in the industry since 1986 and has a strong reputation for its research, innovation, and customer satisfaction. It provides various platforms, tools, education, markets, and account types for its clients, as well as margin funding, loan against securities, and global trading services. The company is regulated by several regulatory bodies in India, such as the SEBI, the RBI, and the NSE. However, trading with Nirmal Bang involves certain risks and challenges that need to be understood and considered before choosing a broker. It is advisable to be aware of other brokers with more experience and reputations that may offer alternative options. For more choices, we recommend you check out our trading broker reviews.

Nirmal Bang Logo

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Nirmal Bang is one of the leading stock broking companies in India, offering a range of financial products and services, such as equities, derivatives, commodities, currency, mutual funds, IPOs, insurance, and depository services. Nirmal Bang was founded by Nirmal Bang, Dilip Bang, and Kishore Bang in 1986 and has a network of B2B and B2C clients across India.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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