Overview of Spinzer Equities
Spinzer Equities is a Pakistani online trading platform that provides various financial instruments for institutional and private investors. The firm facilitates a straightforward online account setup process, but it lacks a demo account, limiting opportunities for new traders to practice. The proprietary KITS Trading Terminal platform is available for both mobile and desktop users, although the deposit and withdrawal processes are noted to be inconvenient.
Pros and Cons
Is Spinzer Equities Legit？
Spinzer Equities currently does not hold any valid regulatory certificates. Although it is incorporated in Pakistan, it lacks regulation from any recognized financial authority. It is crucial to understand that engaging with an unregulated broker involves significant risks.
What Can I Trade on Spinzer Equities？
This firm specializes in equities brokerage at Pakistan Stock Exchange Limited. You can also find other services like portfolio management, strategy consulting and financial advisory which are boasted by this brokerage. But its website does not give detailed information about these services.
Account Types
Spinzer Equities gives three live trading accounts: Individual Accounts, Corporate Accounts, and Sahulat Accounts. Minimum amount required to set up an account is Rs.5,000. Unfortunately, demo account is not available.
The account opening process with Spinzer Equities is quick and simple.
- You can download the Account Opening Form from Spinzer Equities' website by visiting the following URL: https://spinzer.pk/downloads.
- Then you can open an account online without visiting the office by filling out the form available on this firm's online portal and by uploading required documents there.
Spinzer Equities Fees
Spinzer Equities tiers its commission structure to satisfy different trading volumes. For equities, the commission rates are based on the transaction value. The commission starts at a minimal rate of 0.03 Rs for trades valued between 0.01 to 1.99 Rs, increasing gradually with the trading volumes. For example, trades between 2 to 4.99 Rs attract a commission of 0.04 Rs, while trades valued between 1,000 to 1,999.99 Rs aharge a flat rate of 3 Rs.
For transactions exceeding 2,000 Rs, the commission shifts from a fixed amount to a percentage-based fee of transaction value (0.15%). This firm also imposes other charges, including CDC annual charges of Rs. 600, NCCPL annual charges of Rs. 600, and account closing charges of Rs. 1,200.
Trading Platform
Spinzer Equities presents clients its own trading platform: KITS TRADING TERMINAL. This platform provides a 24-hours connection to access to clients' account balances and portfolio holdings, statements, stock quotes, news and research through Mobile App and desktop software.
Deposit and Withdrawal
In order to deposit initial amount in the account, clients could send a crossed cheque, pay order, or demand draft in favor of “Spinzer Equities Limited- Clients” by mail or in person to the companys head office.
Customer Support Options
If there's something you need to do that you can't manage online or through the mobile app, you can always reach out to customer support. You have multiple choices: including email (info@spinzer.pk), phone support (+92 312 9320624), and social media channels (Facebook, Twitter, and Whatsapp).
The Bottom Line
Opening an account with Spinzer Equities is straightforward and its proprietary KITS Trading Terminal is easy to use and navigate. The biggest drawbacks, however, are the regulatory status and few choices for tradable instruments. There are plenty of other brokerages that adhere to stringent regulatory standards and give you more trading options. Any time you're comparing brokerages, keep risks and the investment choices firmly in mind.
FAQs
Is Spinzer Equities safe？
Spinzer Equities is not regulated by any reputable financial authority. Before choosing a brokerage, remember to consider the risk involved.
Is Spinzer Equities good for beginners？
It seems not, Spinzer Equities does not offer demo accounts and its deposit and withdrawal process are not convenient.
What Is The Minimum Amount Required For Opening An Account？Minimum amount required to set up an account is Rs.5,000.
Risk Warning
Online trading involves considerable risk, so it may not be suitable for every client. Please make sure that you totally understand the risks involved and notice that the information above provided in this review may be subject to alteration owing to the constant updating of the company's services and policies.
