Mirae Asset Mstock review

Mirae Asset, one of the leading finance companies, entered into the stock brokerage business in India by launching Mstock. According to Mirae Asset, the new trading platform has earned the company a whopping 1000 crore rupees within a month of its launch.

How is Mstock different from other online brokerage firms? Is the new trading platform better than its competitors? What are the advantages and disadvantages of Mstock? Let’s find it out!

Mstock review


Getting started

Joining Mstock is easy. New users must click the “Open an account” button on the website’s menubar and enter their phone number in the form the website displays. The website will send an OTP to the number you’ve entered. Once you enter the OTP, Mstock will open its onboarding wizard. You should duly fill out the forms the wizard displays. You’ll also be asked to pay the subscription fees. So, be ready with your credit or debit card or net banking login credentials before clicking on the “open an account” button.

Once your application is submitted, it will be reviewed by the customer support team of Mstock and if the details you’ve entered are valid, your account will be activated on the same day (if it is a working day). Once your application is approved, you’ll receive an SMS from Mstock. This SMS contains a temporary password and your user ID.


The platform offers two subscription plans – one traditional plan wherein users will be charged Rs 20 per order and a one-time fee of 149 Rs + AMC charges, and another that charges 0 rs per order and a subscription fee of 999 Rs (one-time). Users opting for the 999 Rs plan will be asked to choose an AMC plan. The online broker supports two AMC plans – quarterly (120 Rs) and annual (999 Rs).

Why is zero brokerage a great deal? If you’re not an expert trader or investor, most of the profits you earn from the markets would be nothing but the brokerage charges and STT. For example, if your profit for the day is 500 Rs and to earn 800 Rs, you placed 15 orders totaling 500000 Rupees, your profit after taxes and brokerage charged by the company would be the amount earned – 20 x 15 + 0.025% of 250000 i.e. 500 – (300 + 62.5) Rs = 132 Rs (Excluding GST and some other taxes). If you’re using the zero brokerage plan of Mstock, you won’t have to pay any brokerage, and your profit would be more than 400 Rs. This is the biggest difference between other brokers and Mirae Asset Mstock.

User interface

The user interface of Mstock web application is ordinary but lightning quick. The orders are sent to the exchanges without any delay. The user interface looks ugly on mobile devices unless you choose the “see desktop site” option on mobile phones after opening the Mstock website.

Mstock features a watchlist section where you will find seven watchlists labeled 1 to 7. You can add as many stocks as you want to these watchlists. Other sections you’ll find in the Mstock dashboard interface are orders, positions, portfolio, funds, and mutual funds. While placing an order, you can set the limit price i.e. the price at which the stock/instrument should be bought. Mstock supports stop loss orders as well. It also enables you to create cover orders.

Margin trading

The Margin trading feature was introduced in Mstock in July/August 2022. Some online brokers will ask users to pay 2k to 3k Rs to enable the margin trading feature, but in Mstock, MTF activation is free. Like other brokers, Mstock charges an interest rate on the amount it funds (7.99% PA). The holding period is unlimited, and Mstock can fund 80% of your investment. As of today, MTF can be used with 700 stocks.

Contract Notes

Mstock sends a contract note to the inbox of users after 9 PM. The contract note is password protected, and the password is your PAN card number.


Like many other stock brokers, Mstock is integrated with the TradingView charting system. You can apply your favorite indicator, change the timeframe, draw over the chart, etc.

Fund transfers/withdrawals

The fund transfer and withdrawal process is easy in Mstock as the application has a dedicated section for the same. The application supports two fund transfer methods – the UPI method and the Netbanking method. No charge is levied on UPI transfer. If you use the Netbanking method, the payment gateway might charge you a fee.


We have been using Mstock since June 2022. There were two occasions when the online trading platform didn’t work for all trading hours. Well, technical glitches are not a new thing with online stock brokers. We have faced a similar issue with ICICI Direct and Zerodha as well. Other than the “website not working problem”, the value of orders and the price sometimes show zero instead of their original price. This gets fixed after a few seconds.

Mstocks Pros

Affordable: If you choose the zero brokerage plan, you won’t have to pay brokerage on every trade. If you’re a heavy trader, Mstock is thus a great option for you.

Simple UI: The user interface of Mstock looks clean and is not confusing.

Mstock Cons

No option to add a bank account: This is another drawback of Mstock. While other online stock brokers allow users to add/modify bank accounts from their interface, you cannot do so with the Mstock web or mobile application. To add a new bank account to your profile, you must write a letter to the Mirae Asset Mstock support team. According to the company, they are working on this feature.

You may have to sign in again: This is not a major issue, but it would be nice if developers add a “keep me signed in” or “remember me” option to Mstock or a simple PIN based sign in system.

Website is not mobile-friendly: The dashboard will be a complete mess if you sign in to the website on a mobile device.

Closing words: Mstock is a great online trading platform. Its zero brokerage plan is the best in the online brokerage industry.

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