What are different kinds of financial service providers?

[Good-Person]

Generally financial service providers are the kind of institutes that offer financial services. Some of the most popular kind of financial service providers include financial advisers. However, there could be many other kind of financial service providers as well. So, what are they? How do they function? What services do they offer?

 

[Kane]

Banks are also financial service providers, they offer lending and saving facilities. banks even offer you investment opportunities through DMAT services. Mutual Funds and ETFs are other kinds of financial services that offer investment opportunities for people. INvestment and trading apps are also financial services.

 

[Frank]

Banks are also financial service providers, they offer lending and saving facilities. banks even offer you investment opportunities through DMAT services. Mutual Funds and ETFs are other kinds of financial services that offer investment opportunities for people. INvestment and trading apps are also financial services.

Most of these trading apps are not registered here and I don't think people should be looking at them as rendering a service that the law can hold them accountable. I don't know yet why they are not registered though. It is still surprising that people will give out their money on a platform that is not yet certified to operate as a financial institution.

 

[Kane]

While US-based or international financial services might not be available in your location, you must surely have some similar local financial services. You might use your local banks's services, you might use your local stock trading services, or you might use local payment solutions. There are multiple options.

 

[Good-Person]

Most of these trading apps are not registered here and I don't think people should be looking at them as rendering a service that the law can hold them accountable. I don't know yet why they are not registered though. It is still surprising that people will give out their money on a platform that is not yet certified to operate as a financial institution.

There have been cases of many scam trading apps that have looted a lots of people. This is a cyber crime and it was reported by many people. The app required people to invest and upload funds before they could start trading. However, it was a big pyramid scheme in reality. The government should stop such kind of applications that portray themselves as the kind of applications that offer financial services.