ZERODHA COIN IS ABSOLUTELY FREE
August 24th, 2018: Zerodha, India’s leading technology-driven brokerage firm, today announced that the investment in its direct mutual fund platform – Coin is completely free.
Coin, was launched in April 2017 and over the last 16 months, 100,000+ clients have invested over Rs 2000 crores in direct mutual funds and saved tens of crores in commissions that they would have otherwise paid a regular mutual fund platform.
Awareness about direct mutual funds in India is still extremely low. The latest AMFI data shows that a mere 10% of retail investors currently use the direct mutual fund route.
Commenting more on the development, Nithin Kamath, Founder & CEO, Zerodha, said, “We also realised that the Rs 50/month that we were charging for use of Coin above Rs 25,000 of investments was getting a lot of people to not look at Coin as an option. People moved to other regular mutual fund platforms who don’t charge a platform fee but earn commissions by selling regular funds, without realising that the negligible Rs 50/month doesn’t even come close to the tens of thousands, if not lakhs, they’d have lost in hidden commissions to regular mutual fund platforms. “
People who have traditionally been using banks, advisors, and brokers, continue to do so for the convenience of not having to change the way they invest, without realizing that last year a whopping Rs 8500 crores was paid out as commissions from their investments without them even realising it.
“We have thus decided to make Coin completely free, in line with our current brokerage-free plan. All your investments on Coin, irrespective of the invested amount, are now absolutely free. No subscription charges whatsoever”, adds Nithin.
Our mission with Coin has always been to make direct mutual fund investments easy and accessible to everyone. We hope this move gets us closer to that goal
