Modex Securities vs. Steel City
Every stockbroker charges a fee for performing the trading deals. Moreover, these fees can be different for different asset classes. It is important to choose the best stock broker for your trading needs to maximize the return on investment.
Please find below, a very detailed comparision report for the stock brokers, Modex Securities and Steel City . The comparision table below helps you to compare Modex Securities and Steel City in various aspects.
You can find how Modex Securities and Steel City stack up when brokerage charges, trading platforms, customer support, complaints and more are compared.
Also, you can visit Modex Securities brokerage calculator and Steel City brokerage calculator for a detailed report on brokerage charges.
Overview
Let's start with the differences. Modex Securities is a Private company while Steel City is a Public company. Modex Securities was founded by Dharmendra Kumar Arora in 1995. Modex Securities has it's headquarters at New Delhi. Steel City was founded by Late Mr G. Sree Rama Murthy Garu in 1995. Steel City has it's headquarters at Vishakhapatnam, AP.
Modex Securities and Steel City are both Full Service Broker. In general, full service brokers provide more investment advice and perform detailed stock analysis for their clients. The brokerage fees are also towards the higher side.
| Overview | Modex Securities | Steel City |
|---|---|---|
| Broker Type | Full Service Broker | Full Service Broker |
| Type of company | Private | Public |
| Headquarter | New Delhi | Vishakhapatnam, AP |
| Founders | Dharmendra Kumar Arora | Late Mr G. Sree Rama Murthy Garu |
| Foundation Year | 1995 | 1995 |
Modex Securities and Steel City Trading Account Opening and Demat Charges
Demat (short for dematerialization account) account is used for holding securities in electronic form, and the securities are deposited through National Securities Depository Limited (NSDL) or Central Depository Services Limited (CDSL).
The account opening charges vary from 0 to Rs.200 for various brokers such as Modex Securities charges Rs.160 whereas Steel City charges Zero.
Once you have opened a Demat account, you have to pay certain charges such as account maintenance charges, broker commission, GST, STT. The AMC (Annual Maintenance charges) are around Rs.300, and the discount broker usually charges Rs.20 per executed trade as their commission.
˝ As mentioned above that the CDSL and NSDL are both depositories registered by the Indian government to hold securities such as stocks, commodities, bonds, ETF's in electronic form or copies, and different brokers use one of the two depository types. Both Modex Securities and Steel City use CDSL & NSDL.
| Account Opening and Demat Charges | Modex Securities | Steel City |
|---|---|---|
| Trading Account Opening Charges | Rs.160 | Zero |
| Demat AMC (Annual Maintenance Charges) | Rs.160 per Annum | Rs.300 per Annum |
| Trading AMC (Annual Maintenance Charges) | Free | Free |
| Margin Money | Minimum Rs.15,000 | Zero Margin |
| Offline to Online Charges | Yes | Yes |
| Depository | CDSL & NSDL | CDSL & NSDL |
Modex Securities vs. Steel City Equity Brokerage Charges
Apart from the AMC charges, an investor also has to face other charges for using different services by the broker.
Other Brokerage ChargesEquity delivery charges: This basically means that you hold the securities for a certain amount of the time in your Demat Account and sell it at the right time to make a gain on your investment. As the competition is really high for brokers in this area, they usually charge Rs.0 for equity delivery to attract more customers, while some charge up to Rs.20 per executed trade. Modex Securities charges 0.16% for equity delivery and Steel City charges 0.28% for equity delivery.
Equity Intraday: As the name tells, equity intraday means buying and selling of stocks/shares within the same day. Modex Securities charges 0.02% for equity intraday and Steel City charges 0.03% for equity intraday.
Equity Futures: This term means buying and selling shares at a fixed price on a future date. Modex Securities charges 0.02% for equity futures and Steel City charges 0.03% for equity futures.
Equity Options: They allow an investor to buy or sell stocks under a set or strike price through a contract (1 contract = 100 shares). Modex Securities charges Rs.16 per Lot for equity options and Steel City charges Rs.28 per Lot for equity options.
| Equity Brokerage Charges | Modex Securities | Steel City |
|---|---|---|
| Equity Delivery Brokerage | 0.16% | 0.28% |
| Equity Intraday Brokerage | 0.02% | 0.03% |
| Equity Futures Brokerage | 0.02% | 0.03% |
| Equity Options Brokerage | Rs.16 per Lot | Rs.28 per Lot |
Modex Securities vs. Steel City Currency Brokerage Charges
Many discount brokers are providing their services in India right now. Still, not all of them are trading stocks, currency, and commodities. However, those who are the top-performing ones do provide their services in these areas with separate charges.
Currency future: This term is also commonly known as FX future or foreign exchange future. As the name suggests, it's a future's contract to exchange one currency for another currency at a specific future date at an exact or fixed price at the purchase date. This concept is similar to that of equity futures. Modex Securities charges 0.02% for currency futures and Steel City charges 0.03% for currency futures.
Currency Options: As with equity options, a currency option is a contract that gives a buyer the right (not obligation) to buy or sell a particular currency at a fixed exchange rate on or before a specific date. Modex Securities charges Rs.10 per Lot for currency options and Steel City charges Rs.18 per Lot for currency options.
| Currency Brokerage Charges | Modex Securities | Steel City |
|---|---|---|
| Currency Futures Brokerage | 0.02% | 0.03% |
| Currency Options Brokerage | Rs.10 per Lot | Rs.18 per Lot |
Modex Securities vs. Steel City Commodity Brokerage Charges
Commodity trading: The textbook definition of a commodity is a raw material or primary agricultural product that can be bought or sold. In the world of trading, this concept is prevalent. Many traders buy or sell gold, silver, and oil, and many brokers are providing their services online to ease this process of buying and selling raw materials. Modex Securities charges NA for commodity trading and Steel City charges NA for commodity trading.
| Commodity Brokerage Charges | Modex Securities | Steel City |
|---|---|---|
| Commodity Options Brokerage | NA | NA |
Modex Securities vs. Steel City Other Charges
Other brokerage charges that an investor should keep in mind are
Minimum broker charges: Modex Securities charges Percentage of Transaction as minimum brokerage charge. Steel City charges Percentage of Transaction as minimum brokerage charge.
Transaction brokerage charges: These are charges that a customer face on every transaction completed by DP (depository participant) Modex Securities charges 0.00316% as transaction brokerage charges. Steel City charges 0.00300% as transaction brokerage charges.
SEBI Turnover charges: Securities and Exchange Board of India (SEBI) is the regulator of the security and commodity market. It keeps a check on fair trade for all investors and charges a certain amount for their turnover. Modex Securities charges 0.0002% of Total Turnover as sebi turnover charges and Steel City charges 0.0002% of Total Turnover as sebi turnover charges.
Stamp Duty charges: Stamp duty charges vary depending on the state and the type of asset class.
GST Charges (Goods and Services Tax): A GST of 18% on brokerage and transaction charges is applied.
STT (Securities transaction tax): Modex Securities charges 0.0126% of Total Turnover as STT and Steel City charges 0.0126% of Total Turnover as STT.
| Other Brokerage Charges | Modex Securities | Steel City |
|---|---|---|
| Minimum Brokerage Charges | Percentage of Transaction | Percentage of Transaction |
| Transaction Brokerage Charges | 0.00316% | 0.00300% |
| SEBI Turnover Charges | 0.0002% of Total Turnover | 0.0002% of Total Turnover |
| Stamp Duty Charges | As per the state (Use Modex Securities Brokerage Calculator to see report) | As per the state (Use Steel City Brokerage Calculator to see report) |
| GST Charges | 18% of (Brokerage + Transaction Charges) | 18% of (Brokerage + Transaction Charges) |
| STT Charges | 0.0126% of Total Turnover | 0.0126% of Total Turnover |
Modex Securities vs Steel City Equity Exposure/Leverage
Exposure relates to the amount of money an investor has invested in a particular trade/stock and the amount he can lose on that trade/stock. Leverage links with exposure; if an investor wants to increase his exposure on a specific trade/stock, he can use leverage to take a much bigger position on the trade with his broker's help. Leverage of 1:500 means that for every $1 or Rs.1 of their share capital, the trader receives $500 or Rs.500 to trade with. This concept is expected in stock and forex trading, and many brokers provide even more than 1:500 leverage to attract more customers to use their services and trade through them.
| Equity Leverage | Modex Securities | Steel City |
|---|---|---|
| Equity Delivery | Upto 3X | Upto 1X |
| Equity Intraday | Upto 5X | Upto 7X |
| Equity Futures | Upto 2X | Upto 1X |
| Equity Options | Upto 4X | Upto 5X |
Modex Securities vs. Steel City Currency Leverage
| Currency Leverage | Modex Securities | Steel City |
|---|---|---|
| Currency Futures | Upto 2X | Upto 2X |
| Currency Options | Upto 2X | Upto 2X |
Modex Securities vs. Steel City Commodity Leverage
| Equity Leverage | Modex Securities | Steel City |
|---|---|---|
| Commodity | Upto 3X | Upto 1X |
Modex Securities vs. Steel City Offers
Many stockbrokers are providing attractive offers to capture more customers. These offers are as follows:
Free Stock Trading and Demat Accounts: many brokers offer new investors to open an account free to cost and start trading straight away with them.
Flexible Plans: attractive plans at an economical price such as ProStocks monthly plan targeting equity cash and currency F&O at Rs.899 and Rs.499, respectively.
Brokerage discounts: Coupons providing up to 50% discount at their rates.
Happy Hours: A specific time slot where the trades/customers get brokers' services at a discount.
1-month free plan: where brokers provide free delivery trading such as OneTradePlus.
Holiday offers: brokers are providing their services at a discounted rate on special events such as Diwali.
Referral Program: brokers provide a discount when your family or friends sign up with the broker using your referral code.
Zero Brokerage on loss trade: complete refund of money on unsuccessful trades.
| Offers | Modex Securities | Steel City |
|---|---|---|
| Free Stock Trading Account | Yes | Yes |
| Free Demat Account | No | Yes |
| Flexible Plans | Yes | Yes |
| Brokerage Discounts | No | Yes |
| Happy Hours | No | No |
| 1 Month Free Plan | No | No |
| Holiday Offers | Yes | No |
| Referral Program | No | No |
| Zero Brokerage on Loss Trades | No | No |
Modex Securities vs. Steel City Features
Apart from attractive and catchy offers, many stockbrokers provide services that are appealing to investors and traders. The services are as follows:
- Mutual Funds: helping investors build their long term investment portfolio for maximum return and minimum risk after performing proper fundamental and technical analysis.
- Forex: many stockbrokers are not only providing their services in the stock market sector but also in Forex.
- Banking: full-service brokers are also providing their services in the banking sector.
- SIP (systematic investment plans); this is a branch that falls under a mutual fund's services, many brokers help investors shape their investment portfolio systematically for maximum returns.
- Insurance: Top performing brokers even provide insurance plans for their clients.
| Features | Modex Securities | Steel City |
|---|---|---|
| Equity Delivery Trading | Yes | Yes |
| Equity Intraday Trading | Yes | Yes |
| Equity Futures Trading | Yes | Yes |
| Equity Options Trading | Yes | Yes |
| Currency Trading | Yes | Yes |
| Commodity Trading | No | No |
| IPO (Initial public offering) | No | Yes |
| Stocks Suggestions | Yes | Yes |
| Robo Advisory | No | No |
| PMS (Portfolio Management Services) | No | No |
| Trading Institution | No | No |
| Trading Exposure | Upto 5X | Upto 7X |
| Mutual Funds | Yes | Yes |
| SIP (Systematic Investment Plan) | Yes | Yes |
| Forex Trading | No | No |
| Banking | No | No |
| Insurance | Yes | Yes |
Modex Securities vs. Steel City Advisory Services
The main difference between a discount and a full-service broker is the services they provide and the rates at which they are providing.
Discount brokers execute buy and sell orders at a relatively lower commission rate than a full-service broker. Apart from this, a discount broker does not have the skill set to provide in-depth investment advice and analysis on specific stocks and does not have good knowledge of the price-action strategy compared to a full-service broker. All these factors are a significant reason for the difference in their prices.
Fundamental Reports: It is basically the reports related to the analysis of a company's financial statements, which helps the investors and financial analysts to decide regarding the current financial standing of a company.
Research Reports: It is prepared by a financial analyst who is working in hedge funds, investment banks, and mutual funds, and these reports may target a specific company's stock, commodities, currency, or industry.
Company Reports: Company reports are comprehensive and easy to understand reports regarding the company's activities throughout the year, month, or week.
Annual Reports: A branch of a company's report in which a company includes all the activities they have carried out in the previous years and the cost of carrying out those activities and the corresponding profit or loss made while carrying out those activities.
Company Stock Review: Stock review or analysis is comparing the company's financial statements with the previous years. This process also includes analysis of specific ratios such as liquidity ratios, free cash flow ratio, profitability ratio, etc., to get a clear picture of how a stock is performing currently and how profitable a company can be in the future.
Free Stock Tips: Some stock tips for you
- - Read financial magazines such as Bloomberg, The Economist.
- - Never get emotionally attached to your investments.
- - SMS alerts for upcoming IPO's
- - Invest in company's you believe will have an impact on the world in the next 5-10 years, e.g., Tesla
- - Use proper risk management.
- - Diversify your portfolio (choose stocks that are from various industries in order to avoid correlation between them)
IPO reports- A private company go public to increase their funding. This process is done by investment banks, hedge funds by releasing the company's IPOs (initial public offerings).
Top Picks- Top pick stocks are usually the best-performing stocks in a specific year, and it makes it easier for the investor to make an investment call. Some of the top-performing stocks are:
- Bharti Airtel
- Nocil
- Infosys
Daily Market Review: This term focuses on the daily movements and changes in the stock index and tells how many points the index is up or down.
Monthly Reports: Monthly reports are brief yet comprehensive reports focusing on the activities that took place within the month in the company and are used for short term decision making by managers.
Weekly Reports: Weekly reports are summarized reports of the weekly activities in the business and the company's cost to carry out those activities. These reports are used for short term decision making.
Offline Advisory: Advisory is not provided over the internet but by other means such as letters, SMS, and phone calls.
Relationship Manager: The main role of a relationship manager in the banking sector is to deal with the clients and help them make the right decisions, and explain all the firm's financial services in detail.
| Features | Modex Securities | Steel City |
|---|---|---|
| Fundamental Reports | No | No |
| Research Reports | Yes | Yes |
| Company Reports | No | No |
| Annual Reports | No | No |
| Company Stock Review | No | No |
| Free Stock Tips | Yes | Yes |
| IPO Reports | Yes | Yes |
| Top Picks | No | No |
| Daily Market Review | Yes | Yes |
| Monthly Reports | Yes | Yes |
| Weekly reports | Yes | Yes |
| Offline Advisory | Yes | Yes |
| Relationship Manager | Yes | Yes |
Modex Securities vs Steel City Trading Platforms
A trader can use different trading platforms to analyze various stocks/currency pairs/commodities and execute buy or sell orders through that platform. There are Desktop platforms such as MetaTrader 4 for Windows and Android phones and MetaTrader 5 for Mac computers and Apple IOS devices. They are commonly referred to as MT4 and MT5. Standard software is TradingView providing its services in both the stock and Forex sectors with a highly optimized user interface. Their interactive charts make it easy for the traders to perform various types of analysis on the charts.
You can link TradingView and other online platforms like these with your cell phone to get real-time updates and SMS alerts for stocks that are on your watchlist. Moreover, these platforms also provide personalized advisory and give you buy or sell signals when an opportunity comes.
Modex Securities vs. Steel City Desktop Trading Platforms
| Desktop Trading Platforms | Modex Securities | Steel City |
|---|---|---|
| Windows | Yes | Yes |
| Mac | Yes | No |
| Desktop Browser | Yes | Yes |
Modex Securities vs. Steel City Mobile Trading Platforms
| Mobile Trading Platforms | Modex Securities | Steel City |
|---|---|---|
| Mobile Browser | No | Yes |
| Android App | Yes | No |
| iOS App | Yes | No |
| Windows app | No | No |
| Other mobile os | No | No |
Modex Securities vs. Steel City Customer Support
Customer support is a crucial factor that makes a new customer into a loyal and long-term customer. As the world of trading is speedy, an investor needs proper customer support from their brokers to execute orders at the right time to avoid any potential losses. The brokers' responsibility is to be active on live chats, E-mails, helpline numbers, and discussion forums.
| Customer Support Features | Modex Securities | Steel City |
|---|---|---|
| Relationship Manager | Yes | Yes |
| Offline Trading | Yes | Yes |
| Online Trading | Yes | Yes |
| 24 * 7 Support | No | No |
| Email Support | Yes | Yes |
| Chat Support | No | No |
| Toll free number | No | No |
| Support Branches | 12 | 10 |
Modex Securities vs. Steel City Customer Complaints
To keep a strict check and balance on fair-trade opportunities for every trader and investor, BSE and NSE actively take complaints and resolve them. Investors can lodge complaints about trading members, brokers, and companies listed on the index. BSE and NSE take action to resolve them by giving them a specific time to rectify their mistake, and if not rectified, serious measures are taken against them. Find below the total number of complaints lodged in bse or nse. Also you can find how many of those complaints were resolved. The percentage of lodges vs. resolved cases can also be a useful metric to judge a stock broker.
| BSE Complaints | Modex Securities | Steel City |
|---|---|---|
| BSE Complaints | 0 | 1 |
| BSE Resolved Complaints | 0 | 1 |
| Percentage of resolved BSE complaints | NaN % | 100.00 % |
| NSE Complaints | 7 | 5 |
| NSE Resolved Complaints | 7 | 5 |
| Percentage of resolved NSE complaints | 100.00 % | 100.00 % |
| BSE/NSE Complaint vs. Resolved Percentage | NaN % | 100.00 % |
Frequently Asked Questions
Is Modex Securities better than Steel City ?
Modex Securities and Steel City are both full service broker companies. Thus, we need to look at the details such as brokerage charges, account opening fees, trading platforms, and more to find out which is a better stockbroker between them.
Is Steel City better than Modex Securities ?
Modex Securities and Steel City are both full service broker companies. Thus, we need to look at the details such as brokerage charges, account opening fees, trading platforms, and more to find out which is a better stockbroker between them.
Is Modex Securities cheaper than Steel City ?
Modex Securities and Steel City are both full service broker companies. Since these are full-service brokers, the brokerage fees are generally on the higher side. The brokerage fee, in general, will be very close for both of these brokers. To find out the cheaper broker for your needs, look at the brokerage charges in detail.
Is Steel City cheaper than Modex Securities ?
Modex Securities and Steel City are both full service broker companies. Since these are full-service brokers, the brokerage fees are generally on the higher side. The brokerage fee, in general, will be very close for both of these brokers. To find out the cheaper broker for your needs, look at the brokerage charges in detail.
Which is better Steel City vs. Modex Securities ?
To find out the better of the two stockbrokers Modex Securities and Steel City, compare them based on brokerage charges, trading platforms, Demat account opening fees, research, advisory services, etc.
Compare Modex Securities with other stock brokers
Visit the following pages to see a detailed comparision report of Modex Securities with other brokerage firms.
Compare Steel City with other stock brokers
Visit the following pages to see a detailed comparision report of Steel City with other brokerage firms.