The other day @inuke messaged me asking about how I buy US stocks. I use INDMoney to buy the US stocks, and to be honest it is one of the Simplest app to buy the stocks. I actually started for buying the Bitcoin ETF from the US Stocks because in the longer term, Bitcoin ETF will only have 20% tax whereas the direct Bitcoin will have 30% tax so I could solve the 10% tax from it.
So the tax implications for US stocks are that for short term (before 24 months) we have to pay tax as per our income tax whereas if we sell the stocks after 24 months then we have to pay just 20% tax of the gains. So that's why when we buy the Bitcoin ETF and sell if after 2 years we just have to pay 20% tax on the profit amount.
Also when we buy the US S&P Index from the Indian Market, it becomes too volatile whereas when we buy it fron the US market it will br less volatile. The only problem I feel with the US stocks buying using the INDMoney is that the initial conversion from Indian Rupee to US Dollar, thus because of that conversion we lose some amount.
Now with so many scams happening in the Crypto Exchanges, for most of the people buying Bitcoin ETF makes much mote sense than creating a paper wallet or getting the hardware wallet. Now people who have very less amount in the crypto getting the hardware wallet doesn't make sense, so buying from it for the longer term actually makes sense.
So if you are buying for Rs 10K you will get the $116.27 in your account which you can use to buy the stocks. The today's exchange rate would be around Rs 85.62 which is around Rs 1.5 higher than actual. And then there is a GST too.
Overall I find INDMoney as better platform for investments than the other platform and thus I am investing through it.
If you would like to learn about Finances, do checkout My YouTube Channel where you will learn about Finances, Stocks, Investments Advices, Passive Incomes Sources and Much More.
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Ha yes best app hai mai bhe yahe se invest krta hu aab mene bhe krna hai us Market mai bhe investment
Haan wohi, yahi best laga mereko
Thanks for the detailed post😅. The conversion rate is High plus taxes is too much. Theres a lot of leakage in this system. Plus the fluctuations is too much. But I think all of this is worth a try. Will definitely give it a go.
I will try and explore other apps too, I came across Vested as one of the broker that offer this service. Will check out both.
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Yeah let me know once you explore other apps...