Zerodha OpenTrade is one of its own kind of a solution, meant for users who seek regular advisory from a research house. Generally, such users have a couple of options to choose from:
So, this is where a service such as Zerodha OpenTrade comes into play. What it basically offers is pretty simple. In today’s online socially connect the world, OpenTrade poses itself as a platform where beginners or small investors can follow heavy traders or experts.
These heavy traders or experts have listed on the platform anonymously with details on:
Furthermore, you also get details on the recent profits and losses made by the respective star to give you an actual idea about the performance for a specific duration. Here is a quick glance:
Following an expert (or a Star) is exactly the way you follow somebody on Facebook, Twitter or any social media account. The only difference being is that at Zerodha OpenTrade, you get charged to follow a trader of your choice. But once you go ahead and do that, you get complete access to the trades placed by these heavy traders on the real-time basis.
As a follower, you get notifications via email and SMS that the Star(s) you follow, has placed a particular trade and you may choose to place a similar trade as well.
At the end of the day, it is your choice whether you want to place the trade like the one done by the Star you follow. In other words, the discretion of placing the trade stays with you.
In order to follow a particular Star at OpenTrade, you would need to pay ?500 to buy 1 Credit which is basically the currency used for following stars. Once you start following a particular star, that credit stays valid for 1 month. There are few packs with 5 Credits availability as well that cost relatively less and these credits can be used anytime and are valid for lifetime.
Only when you start following a particular Star, the 1-month clock starts ticking.
Furthermore, Zerodha shares a decent chunk (50%) of that money with the Stars open for following on the system. Thus, there is an incentive for users to perform well, first and then register themselves as stars. If selected, they have a potential chance to earn additional revenue on a regular basis.
Users following Stars at Zerodha OpenTrade need to be circumspect of different factors such as:
At the same time, here are some of the benefits you should be aware of: