Stockal keeps international investing easy, simple and secure with all paperwork and authorisations from banks being covered under one-roof.
Want to own shares of Apple or Facebook? It’s easy and not as difficult as it may seem. Stockal keeps international investing easy, simple and secure with all paperwork and authorisations from banks being covered under one-roof. This is unlike the normal process wherein you need to register with your bank, get RBI clearances, find and open a US bank account or trading account, etc. With Stockal, one just has to register and with a few clicks be ready to trade in international stocks. Stockal has partnered with leading banks and online brokerages in India for a seamless completion of document processing for you.
Here are 5 steps to get going and start trading on Stockal, the global investing platform.
Opening a Stockal account is an easy, simple and quick process. One just needs to enter details such as name, email and mobile number to start. Once the Stockal account is created, automatically your brokerage account also gets created. The stocks that you own will be through the Stockal account and DriveWealth, a US brokerage and clearing services firm regulated by FINRA.
The documentation is bare minimum and that includes a combination of ID proof (with picture) and address proof. For the ID proof, one can furnish (any one) voter ID, PAN card, valid driver’s licence, passport or voter's registration card and photo. The utility bill or the mobile phone bill or even the bank or credit card statement may be provided as an address proof. Alternatively, a valid driver licence with address or Government-issued Photo ID with address such as Aadhaar card or passport will suffice.
3. Fund your account
Once your Stockal account is approved, you are allowed to add funds to your brokerage account. Just look for the 'Add Funds' button after log-in and enter the amount you wish to send to your brokerage account. A pre-filled LRS form (in pdf format) will be generated which you need to download. Now, just sign, scan and upload it back. There are clear instructions to help you navigate the process.
4. Your Indian banker
While transferring INR funds from your Indian bank account to your brokerage account in the US, the exchange rate matters. And, Stockal has already tied up with leading nationalised banks to get forex rates for you. Alternatively, you can on your own, discuss with your banker and go ahead with the transfer of funds.
5. Start trading
Now that you have the Stockal account, brokerage account opened and the funds transferred, you are good to go and start trading. As of now, under the RBI rules, you can invest up to USD 250,000 every year in foreign stocks from India. The Indian rupees that you remit to invest in international stocks, bonds, real estate etc fall under the Liberalized Remittance Scheme (LRS) of the RBI.