Shoonya Review

Category: Reviews | Author: Trading Brokers | Date: October 11, 2023

Shoonya is an online broker that provides trading services in Forex and CFDs. It was established in 2013 and is regulated by various financial authorities worldwide, including SEBI, BSE, NSE, MCX, and NCDEX. Shoonya claims to offer a variety of trading platforms, tools, education, markets, and account types for traders of different levels and preferences. However, not all brokers are the same, and some may have hidden fees, poor customer service, or limited accessibility. Therefore, it is important to conduct a thorough and unbiased review of any broker before deciding to trade with them. In this article, we will review Shoonya and provide our verdict on whether it is a reliable and trustworthy broker to trade with.

Pros & Cons

  • Offers accounts for Non-Resident Indians (NRIs), Foreign Portfolio Investors (FPIs), High Net Worth Individuals (HNIs), and retail investors
  • Commission-free trading on all segments and all exchanges in India
  • No hidden charges or fees User-friendly trading platform
  • Offers a variety of investment options, including equities, commodities, futures, options, currencies, mutual funds, SIP, bonds, and ETFs
  • Leverage offered for trading is lower in comparison to other brokers in the same category
  • Does not offer investment advice or financial planning services
  • Trading platform can be slow at times and may not update the prices or orders in real-time
  • No 3-in-1 account

Summary 

Shoonya Review

Shoonya Review

Shoonya, established in 2013, is an online broker offering trading services in Forex and CFDs. Regulated by multiple financial authorities, including SEBI, BSE, NSE, MCX, and NCDEX, Shoonya provides a range of trading platforms, tools, education, markets, and account types to cater to traders of various levels and preferences.

The brokerage operates under the umbrella of Finvasia Securities Pvt Ltd and adheres to the regulations of SEBI, RBI, and GST authorities. This comprehensive regulatory framework ensures transparency, compliance, and client protection.

Shoonya’s trading platform, powered by Prism technology, offers commission-free trading with a focus on user-friendliness and advanced features. Traders can access this platform via mobile, web, and desktop versions, benefiting from real-time data, charts, watchlists, stop loss, and GTT orders. Additionally, Shoonya offers integration with popular trading platforms like MetaTrader and AlgoJi API, enhancing the trading experience.

While it has some limitations, such as platform performance and the absence of certain features, it remains an attractive choice for cost-conscious traders.

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Regulation

Shoonya is a brand of Finvasia Securities Pvt Ltd, which is registered with SEBI as a stock broker, depository participant, research analyst, portfolio manager, and investment adviser with the registration number INZ000208032. It is also a member of various stock exchanges and commodity exchanges in India, such as the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE), the Multi Commodity Exchange (MCX), and the National Commodity and Derivatives Exchange (NCDEX), with the respective member codes 90061, 90061, 56100 and 01262. Additionally, it has a depository participant ID with the Central Depository Services Limited (CDSL) as 12083200 and a research analyst, portfolio manager, and investment adviser registration number with SEBI as INH000005486, INP000005216, and INA200005212 respectively. Shoonya has to comply with the rules and regulations of these regulatory bodies as well as the Reserve Bank of India (RBI) and the Goods and Services Tax (GST) authorities. It also has to collect and pay GST on its various charges and fees. Potential traders are advised to proceed with caution and a thorough understanding of the regulatory 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

Shoonya Broker offers a commission-free trading broker that is user-friendly and has a host of features that make it ideal for both beginner and experienced traders. The platform is powered by Prism, a cutting-edge technology that provides a seamless trading experience.

Shoonya Platform

Shoonya Broker’s trading platform is available on mobile, web, and desktop versions. Some of the key features of the platform include zero brokerage, zero clearing, zero account opening, and zero AMC. Shoonya Broker also offers lifetime zero-brokerage, direct mutual funds, and advanced login functionality. The platform provides real-time data, charts, watchlists, stop loss, and GTT orders.

In addition to its proprietary trading platform, Shoonya Broker offers integration with MetaTrader 4 (MT4) and MetaTrader 5 (MT5) through its AlgoJi API. The AlgoJi API allows traders to integrate with platforms like TradingView, MT4, MT5, AmiBroker, NinjaTrader, and Python. Additionally, Shoonya Broker offers integration with Algomojo, a leading Algo trading platform for DIY traders.

Shoonya also provides a range of tools and features to enhance the trading experience, such as:

  • Advanced charting tools: Shoonya Broker’s trading platform offers advanced charting tools that can help traders analyze market trends and patterns.
  • Watchlists: Shoonya Broker’s trading platform allows traders to create watchlists of stocks that they are interested in tracking.
  • Shoonya Broker offers a brokerage calculator that can help investors and traders calculate the brokerage charges for different securities in advance of carrying out a trade
  • Brokerage Calculator: The brokerage calculator is an online tool that brokers and other investment platforms provide to facilitate brokerage calculation. It is not merely limited to calculating brokerage but also calculates stamp duty charges, transaction fees, SEBI turnover fees, GST, and Securities Transaction Tax (STT). The brokerage calculator simplifies the process of calculating the cost of trade significantly.
  • Stop loss: Shoonya Broker’s trading platform offers stop loss orders that can help traders limit their losses in case the market moves against them.
  • GTT order: Shoonya Broker’s trading platform offers GTT (Good Till Triggered) orders that can help traders automate their trades based on specific conditions.
  • AI-based predictions and signals: Shoonya Broker is India’s first trading platform to offer AI-based predictions and signals for individual stocks in an exclusive partnership with ‘I Know First’. This feature can help traders make more informed trading decisions.

Overall, Shoonya Broker offers a variety of trading tools and features that can help investors and traders achieve their financial goals. From real-time data to advanced charting tools, Shoonya Broker provides a range of options for traders of all levels.

Education

Shoonya is an online broker that provides a variety of educational resources to help clients improve their trading skills. These resources cover various topics related to Forex and CFD trading, such as:

  • Online Tutorials: video tutorials that explain how to use the platforms, analyze the charts, and apply the trading strategies. The online tutorials are available on the Shoonya website or the platforms.
  • Webinars: live webinars that are hosted by industry experts, who share their insights and tips on various trading topics and strategies. The webinars can be registered from the Shoonya website or the platforms.
  • Beginner’s guide: Shoonya Broker offers a beginner’s guide on its blog that provides information on how to choose a stockbroker in India. The guide focuses on platforms that offer educational resources, comprehensive glossaries, accessible customer support, and more.
  • Comprehensive research: Shoonya Broker offers advanced market research tools that can help investors and traders stay up-to-date with market trends and patterns. These tools can help traders make informed trading decisions.

Shoonya’s educational resources are designed to cater to traders of different levels and preferences, from beginners to advanced. They aim to provide traders with the knowledge and skills necessary to trade confidently and successfully in the Forex and CFD markets.

Markets

Shoonya Broker offers trading services in the Indian market. The broker offers commission-free trading on all segments and all exchanges in India. This means that investors and traders can trade in the following markets:

  • Equities: Shoonya Broker allows investors and traders to trade in equities in the Indian market.
  • Currencies: Shoonya Broker offers currency trading services in the Indian market. The broker allows investors and traders to trade in currencies in the Indian market.
  • Commodities: Shoonya Broker allows investors and traders to trade in commodities in the Indian market.
  • Futures and options: Shoonya Broker allows investors and traders to trade in futures and options in the Indian market.
  • Mutual funds: Shoonya Broker offers mutual funds, which are investment vehicles that pool money from many investors and invest the money in securities such as stocks, bonds, and short-term debt.
  • SIP: Shoonya Broker offers Systematic Investment Plans (SIP), which are a type of mutual fund investment plan that allows investors to invest a fixed amount of money at regular intervals
  • Bonds: Shoonya Broker offers bonds, which are debt securities that are issued by companies or governments to raise capital. Bonds can provide investors with a fixed income stream and can be a good option for investors who are looking for a more stable investment.
  • ETFs: Shoonya Broker offers Exchange-Traded Funds (ETFs), which are investment funds that are traded on stock exchanges like individual stocks. ETFs can contain investments such as stocks and bonds and can provide investors with a diversified portfolio of investments.

Overall, Shoonya Broker offers trading services in the Indian market and allows investors and traders to trade in equities, commodities, futures, and options.

Accounts

Shoonya Broker offers different types of accounts for different types of investors. The broker offers a single account type for Indian residents, which allows investors and traders to trade in various markets and instruments. However, for Non-Resident Indians (NRIs) and Foreign Portfolio Investors (FPIs), Shoonya Broker offers different types of accounts.

  • NRI accounts: Shoonya Broker offers NRI accounts for Non-Resident Indians who want to invest in the Indian market. The NRI account allows NRIs to trade in equities, commodities, futures, options, currencies, mutual funds, SIP, bonds, and ETFs in the Indian market.
  • FPI accounts: Shoonya Broker offers FPI accounts for Foreign Portfolio Investors who want to invest in the Indian market. The FPI account allows FPIs to trade in equities, commodities, futures, options, currencies, mutual funds, SIP, bonds, and ETFs in the Indian market.

In addition to these accounts, Shoonya Broker also offers accounts for High Net Worth Individuals (HNIs) and retail investors.

  • HNI accounts: Shoonya Broker offers accounts for High Net Worth Individuals (HNIs) who have high net worth and are valuable customers for corporates. HNIs are defined as individuals having more than a Crore of net worth in India. Shoonya Broker offers investment options such as equities, commodities, futures, options, currencies, mutual funds, SIP, bonds, and ETFs for HNIs.
  • Retail accounts: Shoonya Broker offers accounts for retail investors who want to invest in the Indian market. Retail investors are individuals who invest smaller amounts of money compared to HNIs and institutional investors. Shoonya Broker offers investment options such as mutual funds, SIPs, bonds, and ETFs for retail investors.

Overall, Shoonya Broker offers different types of accounts for different types of investors. While Indian residents can open a single account type to trade in various markets and instruments, NRIs, FPIs, HNIs, and retail investors have different account options to invest in the Indian market.

Funding

Shoonya Broker offers a variety of funding methods for investors and traders to deposit funds into their trading accounts. These funding methods include:

  • Payment Gateway: Investors and traders can deposit funds into their trading accounts through the payment gateway on Shoonya Broker’s trading platform. This method allows for quick and easy deposits.
  • UPI: Investors and traders can deposit funds into their trading accounts through UPI (Unified Payments Interface). This method allows for quick and easy deposits using a mobile app.
  • NEFT/RTGS/FT/IMPS: Investors and traders can transfer funds into their trading accounts through NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), FT (Fund Transfer), or IMPS (Immediate Payment Service). This method allows for deposits using online banking.
  • Razorpay: Shoonya Broker offers Razorpay as a funding method for investors and traders to deposit funds into their trading accounts. Razorpay is a payment gateway that allows users to make online payments using credit cards, debit cards, net banking, UPI, and other payment methods.
  • Cheque: Investors and traders can deposit funds into their trading accounts through cheque. To deposit funds through a cheque, investors and traders can deposit a cheque in favour of “Finvasia Securities Pvt. Ltd.” and drop it in any of the given bank’s Dropbox. There are no charges for depositing funds through cheques.

Conclusion

Shoonya is a discount broker that offers commission-free trading on all segments and all exchanges in India. It has a user-friendly trading platform, free demat and trading account opening, zero charges on call and trade services, and 24/7 customer support. However, it also has some drawbacks, such as slow platform performance at times according to some users, no margin funding, no 3-in-1 account, and no branches for local support. Shoonya is suitable for traders who are looking for a low-cost online broker with a decent product basket and customer service. However, it’s worth noting that while Shoonya offers strong features, there are other platforms with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker reviews.

Shoonya Logo

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Shoonya, established in 2013, is a regulated online broker offering Forex and CFD trading services. With commission-free trading, a user-friendly platform, and an array of educational resources, it caters to traders of all levels.

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


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