After the zerodha Coin SIP fiasco, I am thinking of opening another account for easy SIP deduction monthly (DM/non-DM). So any suggestion about website or app which can be reliable and for long term fund storage safely. Any suggestion will be beneficial.
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What if there will be a problem with the new alternative? And if you are investing for long term, why not think of the current problems as short term?
I am a user of Coin.
well its not like I am going to stop investing through coins after they solve the issue, but its never a bad thing to look for alternative and have money in with 2 different broker.
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Of course yes, you can have 2 different accounts, if diversification is the objective
You can buy directly from the website/app of AMC or Registrar like Karvy amd CAMS if you are facing some issue with COIN.
Some want their MF units in demat form, so they are buying through Coin.
I can just talk about my experience.
I am using Paytm Money for couple of years. It was working fine and was happy with it.
I started using it couple of years back, because I wanted to keep my holding in folios (not in demat) and this seemed good option to consolidate all holding at one location.
But now, they have moved to BSE platform and insisted me to open a demat account with them (holding is still in folio mode thought). Had to comply.
On top, was just glancing through my transactions and realized last month two of my SIPs were rejected, even though money is deducted from bank.
Didn’t got any communication from Paytm nor money refunded. Now chasing them for refund.
I never used to check individual transaction status, but looks like now I have to go through all historical transactions (just for my mental peace)
My lesson, things always look rosy when its small setup and you are just starting, but as they grow and complexities increases, trouble will start developing in all platform. Important is how quick platform is to respond and resolve issues.
Probably one gets to know Long term reliability of platform only in long term
You would be getting an email when a transaction is successful and units are allocated, does this not happen with Paytm?
Yes that does happen normally for all my transactions.
However, for these two failures I can’t find any communication in my mailbox.
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Yes, so that means the transactions may have failed, and no units are allotted. My point is that we will know through email if a transaction is successful or not, we need not check our account and create our own log with the information from the mails, I do this.
I use Coin and Paytm, not Paytm money.
If holding MF via demat is not a requirement, then Kuvera is pretty nice alternative. They don’t bombard with cross-selling promotions and total AUM is sizeable (so not closing shop any sooner). Have been using it since couple of years now and experience has been excellent. They are solely into direct MF and doesn’t do broking though.
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Thanks for the suggestion.