Does your stock-broker provide you with the opportunity of a Referral Program? Are you looking for any Stock Broking Referral Program to earn some quick cash? If yes, then this article is just the one you were searching for a while.
This article covers the Top 5 Broking Referral Programs in the country offered by top stock-brokers. The top five are enlisted below with their respective ranks according to our analysis and studies.
If you are not aware of what is a Referral Program, then let us clear your doubts on that before we dig into the details.
What is Referral Program?
So, a Referral Program offered by a stock-broker is a No-Investment business opportunity where you can earn cash in form of a percentage or a flat fee for referring anyone to the broker who is interested in trading using their services.
You can be anyone, whether the clients of the firm or any random person who wants to get benefit from this program.
You can also refer anyone whether friends and family members or your colleagues or even acquaintances and anyone interested in investing money through the broker for whom you are working.
And you do not have to pitch any products or services to them in particular. All you need to do is to pitch the overall broker’s products and services and features and other benefits.
Once you refer a client to the broker, the relationship managers pitch products and services according to the need of the client. Is it also done after going through his or her risk and return profile?
If the firm can sell any product and service to the client, you get a percentage of the revenue generated. However, in this method, the popular way of paying the Referee which would be you is via a flat fee.
Now, let us see the five most crucial things to look at while choosing the Best Broking Referral Program in the country.
Top 5 Stock Broking Referral Programs – Find the Best Broking Referral Program in India
Here is the list of the Top 5 Referral Programs in the Stock Broking Industry –
| Rank | Referral Program |
| 1 | Angel Broking Referral Program |
| 2 | Upstox Referral Program |
| 3 | 5Paisa Referral Program |
| 4 | Edelweiss Referral Program |
| 5 | Motilal Oswal Referral Program |
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Let’s have a detailed review of the 5 criteria based on which this amazing ranking has been derived –
- Revenue Sharing
- Security Deposit
- Experience
- Offers
- Trading Platforms & Apps
Best Stock Broking Referral Program with High Revenue Sharing
In the Referral Program, revenue sharing is not that popular. Under this program, the stock-broker most of the time pays the referee with various vouchers, gifts, and other monetary benefits but not a share of revenue generated from the referred client.
However, some brokers also share revenue out of the brokerage paid by the client who is being referred.
In this case, you just need to refer a client and nothing else, and thus the amount of the vouchers and revenue is on similar lines.
You might feel they are lesser than other business models of the stock-brokers, but you need to understand that your investment is also less or nil and your job is just to refer and not pitch and sell products and services.
So, in our list of top 5 stock brokers with the best referral program, Upstox, Angel Broking, and Edelweiss pays via gift and shopping vouchers worth Rs. 500-Rs. 1000.
Angel Broking pays more as you refer more. For example, it pays Rs. 300 for 1 refer and when you refer 6 or more people it pays Rs. 1000 for each of the references. Isn’t that great?
The other two, Motilal Oswal and 5Paisa pay a flat 10% of the brokerage generated by the client referred by you.
So, it works like your referred client generates a certain amount of brokerage every month/year, and you will get 10% of the same as your referral earnings.
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Best Broking Referral Program with Low-Security Deposit
Referral Programs of stock-brokers are generally free. It requires no investment from the side of the referee to start the business. There is no security deposit involved as well in most cases.
It is a free business opportunity where you can use your contacts and PR skills to earn some extra cash. In our list, except 5Paisa, none of the four brokers charges any security deposit or other fees for joining this program from interested people.
5Paisa charges a very nominal fee and that is only Rs. 200. Though it is not common this amount is affordable and when you can earn 10% of the brokerage every time your referred client makes online trades, this amount looks very justifiable.
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Top Stock Broking Referral Program with high Experience
What do you think is the most important factor in the stock market to achieve success? Is it Experience? If are thinking alike, then you are right.
This market is volatile and one with the experience of years and quality trading knows how to swim in this sea. So, while choosing your stock-broker, you also need to see how many years of experience your stock-broker has and also its brand value.
In the above list, you will find Angel Broking and Motilal Oswal as the oldest firms that offer Referral Program. Both were established in the year 1987 and have been running with a rock-solid balance sheet every year.
While Edelweiss and 5Paisa were established in consecutive years in 2008 and 2007 respectively, both are now widely famous for this initiative.
Finally, Upstox is already famous for its low brokerage, and other aspects, and for its business opportunities, it is also known for its Referral program and others.
Top Broking Referral Program with Exclusive Offers
While joining a stock-broker as a business partner, do you look for exclusive offers on the card? If yes, you do the right thing. It is one of the most effective ways of reducing your investment and earning way more than normal.
Exclusive offers can include flat or flexible revenue sharing, Zero deposit schemes, and others. The stock-brokers on our list offer different kinds of offers to make life and business easier for the Referral Program partner.
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Stock Broking Referral Program with Best Trading Apps & Platforms
Whether you are new in this market or old, whether you know computer or not, you need to understand the trading terminal if you want to trade by yourself every day. Yes, this is the present scenario in the market, and trading platforms play a great role in trading.
Trading Platforms nowadays are not restricted to only terminals which you can only use in the office or home. You can now trade from your phone and laptop or any device which supports these applications.
Angel Broking, Upstox, and Motilal Oswal are the pioneers of bringing in new technologies every time to the market to make the life of the traders easier.
Best Stock Broking Referral Program – Conclusion
A referral Program is one of the easiest ways to make money without any investment. Moreover, you get paid well if you can refer more clients.
Got a lot of contacts who are interested in investments? Do not waste any more time and join any of these Top 5 Broking Referral Programs and start earning.
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