How To Open A Demat Account Using A Smartphone App?

By Author: Hitesh Varpe
Total Articles: 2
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There were days when people had no access to high-speed technology for on-the-go services. They had to visit every shop or branch for buying groceries, clothes, and even waited in long queues outside banks to access their services. Time changes instantly, and now, our lives revolve around gadgets. Every service is available on apps today, and it has become more accessible to everyone from their homes and offices.

The trading industry has also adopted new methods, including its availability on digital platforms like smartphones. Traders can open a Demat account following simple steps. But before that, it is essential to know the basics. This account stores shares in electronic form, unlike the physical stocks that were previously issued for traders. These are stored with a depository participant (DP), who are either associated with the NSDL or CDSL.

The procedure in detail

Accessing the account has never been easy, fast, and secure. Smartphones are always kept handy. How about documents and other important information? Everything is available at the tips of your finger.

The process to open a trading account on the smartphone is as follows:

1. Install the smartphone app of the company which holds the account
2. Tap on ‘Login’ on the Home Screen
3. Enter the login credentials such as the username and the password
4. Once the page loads, spot the menu bar on the left side, a symbol for checking the current market status, and notification or ‘bell’ icon for research notifications can be found here
5. Tap on ‘Market’ to get an overview of the stocks
6. Tap on the ‘Dashboard’ option to check the position, portfolio, and order status
7. There is also the ‘Holdings’ option for viewing the invested holdings
8. The ‘Limits’ option allows users to check their trading limits
9. The app offers a ‘Fund Transfer’ facility that is highly secure
10. Users can ‘Pay In’ and ‘Pay Out’ from their bank account by filling the required details
11. Other features include equity SIP, mutual funds, research reports, back office reports, and more
12. Trading becomes convenient further using advanced calculators
13. Receive the latest news, updates, and recommendations
14. Users can also change their login passwords, edit their profiles, set preferences, share feedback, and manage other settings in the ‘Settings’ option
15. Update details like Mobile Number, and Email ID on the app
16. Interact with trading experts by asking questions related to the account