As of today, Demat accounts are becoming increasingly popular in India, with their appeal reaching new heights. In August 2024, India hit a big milestone. The number of Demat accounts in India passed 171 million. That’s more people than live in Russia, Mexico, or Japan.
A Demat account stores all your shares electronically. You don’t need to hold physical share certificates anymore. This makes trading more convenient and reliable. The procedure of opening and keeping up a demat account used to be difficult, but with the popularity of mobile applications, it has become much easier.
Investors no longer have to make any trips to a broker’s office. They can begin trading using their mobile devices in a matter of minutes. Everybody, small or big investors may now affordably access stock markets through a variety of easy-to-use mobile applications.
Here are the top 10 apps in India that offer free demat accounts. You can pick the one that works best for you:
Types of Charges
But, before we go and detail about each of these platform charges let us face some common charges that will always apply in any kind of demat account. :
Account Opening Charge: At the time of opening a demat account, a one-time fee is charged. While some platforms provide these accounts free of charge (except for a nominal fee), others require you to pay.
Annual Maintenance Charge (AMC) — AMC is an annual fee that brokers charge to your account, which usually gets deducted every quarter. This is meant for the general maintenance of your demat account. This is an at-all-cost fee, and you will have to pay it no matter how many trades you do in a year.
Depository Participant (DP) Charge: Whenever you sell shares, a thing known as a DP charge is applied. This fee is the same for every sell order, no matter how many shares you sell or how much they’re worth. The fee is split between the depository (NSDL/CDSL) and your broker.
Money Deposit Charge: Most brokers don’t charge a money-depositing fee. However, the fee may be different depending on the broker and how you add funds to your trading account.
Brokerage Charge: A broker’s brokerage charge is one of the major factors for you to consider. Brokers can charge a percentage of the total trade value or a flat fee. The kind of order you place and who you choose as your broker may dictate how much you pay.
- Delivery: Delivery-based trading means keeping a stock for more than one day before selling it. The respective shares are moved to your demat account and are mainly used by swing and positional traders.
- Intraday: In intraday trading, one buys and sells shares on the same day. As the stocks are not actually transferred, no delivery fees are charged.
- Futures and Options: These trades are derivatives and are made based on pre-determined terms on the date and price.
Auto Square-Off Charge: If you fail to close your intraday position by the end of the trading day, brokers will automatically square it off, converting it into a delivery trade. In this case, an auto square-off fee may apply.
For each app, we’ll break down these charges so you can make an informed choice. You can also use the platform’s brokerage calculator to get a detailed view based on your specific transactions.
1. Zerodha
Zerodha, established in 2010 is India’s leading stockbroker. It was established by two brothers- Nikhil and Nitin Kamath. They recognized the shortcomings of the traditional trading industry- high costs and technological barriers. It did not take much time for them to disrupt the industry with their flagship product Kite. Zerodha is a pioneer in the discount brokerage industry.
With over 13 million downloads and 6.7 million active users, it has become a hero product for the Indian investors. It is headquartered in Bengaluru and accounts for 15% of India’s total retail trading volume.
Zerodha offers a range of features that enhance your trading experience. The Single Ledger Facility allows users to manage equity and commodity funds from one account. The Portfolio Timeline provides a consolidated view of stock news and events, using Tijori Finance for in-depth analysis.
The Nudge feature helps users avoid risky investments by highlighting potential issues with stocks, such as consistent losses or high pledge levels. Zerodha also supports learning through Varsity Live, which offers interactive sessions on technical and fundamental analysis. The Watchlist Notes feature enables users to add notes to their watchlist of stocks, making it easier to remember why they tracked specific stocks.
Pricing
Account Opening Charge: Free account opening for resident Indian accounts, both online and offline, effective June 29, 2024.
Annual Maintenance Charge (AMC): ₹300 per year plus 18% GST, billed quarterly every 90 days.
Depository Participant (DP) Charge: ₹13 plus GST per scrip.
Money Deposit Charge: ₹9 plus GST(UPI is free)
Brokerage Charge:
- Delivery: Free.
- Intraday: Charges ₹20 or 0.03% (whichever is lower) per executed order.
- Futures and Options: ₹20 per futures trade, and ₹20 per option trade.
Auto Square-Off Charges: ₹50 plus 18% GST applies for each order.
Pros
- Safest and most reliable broker in India with a strong reputation.
- Delivery trading and account opening are free, offering one of the best pricing models.
- The Kite app is highly efficient with a smooth, simple, and attractive interface, making it hard to switch to another platform.
- Excellent for professional traders, offering better P&L reports and advanced charting tools.
- Ideal for F&O trading, and the IPO process is more streamlined compared to other platforms.
Cons
- Multiple platform failures in the past year, with technology struggling to keep up with the growing user base.
- Zerodha occasionally crashes during peak trading hours, which can disrupt trades.
- Lacks unlimited trading plans, making it expensive for high-frequency traders.
- Separate apps (Kite for equity, Coin for mutual funds) make portfolio management less convenient compared to all-in-one platforms like Groww.
2. Upstox
Upstox has over 1 crore downloads and 24 lakh active users which shows how big it is in the Indian market. It was founded in 2009 by Ravi Kumar, alongside his brother Raghu Kumar and Shrini Viswanath. After the 2008 financial crisis, they saw an opportunity to modernize trading by focusing on efficiency and cost-effectiveness.
Upstox provides a lot of investment options, including stocks, F&O (Futures and Options), IPOs, commodities, currencies, mutual funds, and sovereign gold bonds. It has always established itself as an online-only broker which reduces its costs drastically and improves profitability.
The platform features two modes: Upstox for straightforward investing and Upstox Pro for more advanced trading. It integrates TradingView’s advanced charting tools, essential for intraday trading and quick execution. Users can trade directly from charts, place limit, and stop-loss orders, and utilize smartlists for effective stock and mutual fund management. Upstox also delivers detailed market news and analysis to aid in informed trading decisions.
Pricing
Account opening charge: Nil
AMC charge: ₹150 + GST (₹177) per annum. Applicable only to accounts opened before August 2021.
DP charge: ₹18.5 + GST per scrip, charged on the day stocks are sold. This includes charges from both the Depository (CDSL) and Upstox.
Money deposit charge: ₹7 for net banking transfers (free for UPI transfers).
Brokerage Charges:
- Delivery: ₹20 or 2.5% (whichever is lower) per order
- Intraday: ₹20 or 0.05% (whichever is lower) per order
- Futures and Options: ₹20 or 0.05% (whichever is lower) per order
Auto Square-off charges: ₹59 (₹50 + 18% GST) per order
Pros
- Ideal for frequent traders with robust trading software.
- Supports advanced order types like AMO, CO, SL, and GTT.
- Impressive real-time data and charting tools, though minor technical issues may arise.
- Advanced features for expert traders, such as Upstox Developer Console for custom app development and Upstox Bridge for AmiBroker for executing detailed trading strategies.
Cons
- Brokerage fee of Rs 20 per stock delivery trade, whereas many competitors offer this service free of charge.
- The user interface (UI) is quite poor. I found the new UI less intuitive compared to the previous version. The app now displays irrelevant futures and options information even if not activated, making it tough to navigate and less enjoyable to use. The previous version had a more user-friendly interface.
- Inability to disable promotional notifications. The app only allows for order, referral, and wallet-related notifications to be toggled, with no option to turn off marketing messages, which is quite inconvenient.
- No 24/7 customer support is available.
3. Groww
Groww is the largest discount broker in India as far as its active user base is concerned. It has over 7 crore downloads and an enormous active user base of 76lakh users. It was founded by Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal in April 2016. It has its headquarters in Bengaluru, Karnataka.
The platform has a very simple goal- to simplify investing for young individuals. The founders realized that there was a market gap in the investment industry as income levels had risen significantly during the e-commerce boom. This led them to start this venture eventually.
Groww offers a wide range of investment options, including stocks, F&O (Futures and Options), IPOs, mutual funds, digital gold, US stocks, NFOs, and even loans and bill payments. The USP of Groww lies in its simplicity. The interface is so easy to access that the most naive investor can navigate through it easily. This is because Groww has always aimed to make investments accessible to every person.
Though Groww ’s technical analysis tools are less advanced, it does not lack the absolute necessary features. It provides price alerts, market watch, and also investment planning. It recently introduced several new features to enhance trader safety.
For example, the “F&O Pause” feature allows traders to pause their futures and options trading during volatile periods. The “Safeguard” feature alerts traders about potential trading breaks if they face continuous losses. Additionally, the “Safe Exit” feature helps limit losses on F&O positions by automatically closing trades once a specified limit is reached.
Pricing
Account opening charge: Nil
AMC charge: Nil
DP charge: ₹13.5 + GST per scrip, with ₹8 going to Groww and ₹5.5 to the depository
Money deposit charge: ₹9 + GST (free for transfers via UPI)
Brokerage Charges:
- Delivery: Flat ₹20 or 0.05% (whichever is lower) per executed order
- Intraday: ₹20 or 0.05% (whichever is lower) per executed order
- Futures and Options: Flat ₹20 per executed order
Auto Square-off charges: ₹50 + GST per position
Pros
- Groww offers 0 account opening charges as well as 0 AMC.
- The user interface is praised for its simplicity and ease of use which makes it the best choice for beginners.
- Suitable for long-term investing with both equity and mutual funds available in a single app. IPO applications are straightforward and user-friendly.
- Easy money transfers and withdrawals streamline your investment management.
Cons
- Equity delivery trades incur a fee, unlike some other platforms that offer this service for free.
- The app’s portfolio view is notably poor. It lacks the detailed overview available on the web version, requiring multiple clicks to access basic information like LTP and average hold price. This makes it less convenient compared to other apps.
- I did not find it suitable for active traders as it lacks the advanced tools and features available on other demat apps.
4. AngelOne
AngelOne is also considered one of the pioneers of India’s brokerage industry. It was founded in 1996 by Mr. Dinesh Thakkar and has amassed over 2 crore registered users and 61 active users. He started this company with a vision to bring transparency and customer-centric service to the industry. His goal was to combine ethical practice with technological innovation.
Since its digital transformation in 2019, AngelOne’s client base has surged from 1.8 million to 13.8 million. It is now the third largest platform after Groww and Zerodha.
AngelOne offers a broad spectrum of services including stock broking, commodity trading, advisory services, IPOs, portfolio management, mutual funds, health insurance, and life insurance. The company’s tagline, “SERVICE TRULY PERSONALIZED,” shows its commitment to its customers.
The platform features a redesigned mobile app, allowing users to place orders, track them, and view market depth directly from charts. Enhanced payment options include UPI, Netbanking, Google Pay, biometric pay, and one-click pay. The user-friendly interface also includes improved trade notifications. This eliminates the need to refresh the page to check the order status.
Pricing
Account opening charge: Nil
AMC charge: ₹20 + GST per month
DP charge: ₹20 + GST per debit transaction
Money deposit charge: Nil
Brokerage Charges:
- Delivery: Free
- Intraday: Brokerage up to ₹500 is waived for the first 30 days. After this period, the charge is the lower of ₹20 or 0.03% per executed order
- Futures and Options: Brokerage up to ₹500 is waived for the first 30 days. After this period, the charge is a flat ₹20 per executed order
Auto Square-off charges: ₹20 per order
Pros:
- Delivery trading is free of charge.
- Users can trade directly through charts, which is a key feature for many traders.
- As a full-service broker, AngelOne also offers advisory services.
- The app is reliable and regularly updated with new features.
- The user interface has significantly improved, becoming clean and easy to navigate, suitable for both beginners and experienced traders.
Cons:
- Higher depository participant (DP) charges compared to some competitors.
- Customer support is not ideal; issues can’t be raised through tickets and there is often a 20-minute wait time.
- There have been privacy concerns, such as receiving excessive calls for stock advice, with claims that contact details were obtained from AngelOne. Additionally, video verification for KYC is required, which is not a common practice with all brokers.
5. 5paisa
Ranked fifth on our list is 5paisa. With over 1 crore downloads and an active user base of 5.5 lakh, it seems like all the “5s” have aligned perfectly for this fintech firm!
5paisa is a Mumbai-based firm that was founded in 2016. Registered with SEBI as a stock broker, depository participant, and research analyst, 5paisa offers a broad range of financial services. It was the first discount broker to introduce portfolio advisory services and the first fintech to go public. Their offerings include equities, mutual funds, IPOs, insurance, smallcase, and even US stocks.
5paisa shines with its technology-driven approach. Its suite of platforms includes the 5paisa trading app, the web platform, Fn0360 for derivatives traders, and TV.5paisa, which integrates TradingView for direct chart trading. The Finschool app provides educational resources for both beginners and experienced investors. Users can also leverage advanced features such as stock SIPs, portfolio analytics, and over 150 technical indicators to enhance their trading strategies.
Pricing
5paisa offers three plans: Regular Account (₹0 per month), Power Investor (₹599 per month), and Ultra Trader (₹1,199 per month). Each plan has different brokerage charges, but this overview focuses on the Regular Account plan.
Account opening charge: Nil
AMC charge:
- ₹0 per month if the holding value is less than ₹50,000 and up to 1 demat account
- ₹8 per month if the holding value is between ₹50,000 and ₹2,00,000 and up to 1 demat account
- ₹25 per month if the holding value exceeds ₹2,00,000 and up to 1 demat account
- ₹25 per month if the number of demat accounts across brokers is more than 1
DP charge: ₹12.5 per scrip
Money deposit charge: ₹10 for Net Banking transactions. UPI and IMPS are free.
Brokerage Charges:
- Delivery: ₹20 per executed order
- Intraday: ₹20 per executed order
- Futures and Options: ₹20 per executed order
Auto Square-off charges: ₹50 + 18% GST per order
Pros:
- Offers multiple plans tailored to different trading frequencies and experience levels, allowing users to choose what best suits their needs.
- Supports trading directly through charts, which is ideal for intraday traders and scalpers.
- Advanced plans can be cost-effective for frequent traders, potentially saving money.
- Provides technical, fundamental, and derivative research and advice through paid plans.
- Features some of the lowest depository participant (DP) charges in the market.
Cons:
- Margin funding can be provided without prior notice, leading to confusion and unexpected interest charges.
- The cost for futures and options trading is relatively high, with a fee of ₹20 per transaction, and equity delivery is not free.
- The app has useful features, but the small font size can be challenging. An option to adjust the font size would be beneficial.
- The app often sends multiple reminders for sign-in and encourages users to open it immediately, which may be intrusive. Users should have the option to reach out to customer service as needed.
- Occasionally, the app experiences issues with loading and processing delays.
6. Dhan
Founded in 2021 and based in Mumbai, Dhan has quickly gained over 10 lakh downloads and 4.7 lakh active users. Pravin Jadhav is the founder and CEO of Dhan. He was previously the Managing Director and CEO at Paytm Money and has used his experience quite well to shape Dhan’s success. Dhan allows users to trade in stocks, commodities, currencies, futures, options, IPOs, mutual funds, NFOs, and ETFs.
Dhan aims to be different from older platforms, which haven’t evolved much over the years. While traders and investors have become smarter, the tools they use have stayed the same. Dhan is trying to change that with a platform built specifically for both super traders and long-term investors.
Dhan offers various apps, including the Dhan App for mobile trading and a special Options Trader app. Long-term investors can use features like smart portfolio insights for detailed stock analysis and draft orders to save and place trades later. Super traders get access to margin trading with up to 4x leverage and custom strategies through Dhan’s strategy builder. Dhan also includes advanced charts and tools to help users track dividends and more.
Pricing
- Account Opening Charge: ₹0, no fees required to open an account.
- AMC (Annual Maintenance Charge): ₹0, no annual maintenance charges.
- Depository Participant (DP) Charges: ₹12.50 per instruction/ISIN, plus applicable GST.
- Money Deposit Charge: ₹0 for UPI and net banking transactions.
- Brokerage Charges:
- Delivery: Free, no brokerage on delivery trades.
- Intraday: Flat ₹20 or 0.03% per executed order, whichever is lower.
- Futures: Flat ₹20 or 0.03% per executed order, whichever is lower.
- Options: Flat ₹20 per executed order.
- Auto Square-Off Charges: ₹20 per order, plus GST.
Pros:
- One of the most cost-effective options, offering zero account opening charges, no AMC, and free equity delivery.
- Integration with TradingView allows direct subscription and account linking, which is a rare feature among brokers.
- Equipped with advanced tools and technology, including an inbuilt options simulator, TradingView mouse trading, and customizable charts, catering well to analytical needs.
- Demonstrates rapid improvement with constant user feedback, and provides excellent customer support, including responsiveness on Twitter.
- Fast deposit and withdrawal processes with a hassle-free account setup.
Cons:
- Online account closure is not available; users must apply offline to close their accounts.
- The abundance of features might overwhelm users, potentially cluttering the interface and hindering quick trades.
- Order execution speed can be slow, which may lead to significant losses between order placement and execution.
7. Fyers
Founded in 2015 by Tejas Khoday, FYERS is a bootstrapped stockbroking firm based in Bangalore with over 10 lakh downloads. It is said that Tejas became interested in the stock market at age 16 after hearing about it on TV. This motivated him to enter the market and change how stock investments are made in India. FYERS is a technology-driven brokerage, aiming to make trading and investing easier and more accessible for everyone.
FYERS focuses heavily on equity investments. Its unique theme-based investing model allows users to choose from different investment themes, supported by analytics and algorithms. This approach is usually attractive to the newer generation of investors since they like to manage their finances themselves without depending on a manager.
FYERS offers a wide range of products, including equity stocks, mutual funds, IPOs, SGBs, F&O, and debt securities. It provides several platforms to suit different needs. FYERS Web offers advanced charting tools with drag-and-drop trading from charts.
The FYERS App allows mobile trading on the go. FYERS One is an advanced platform for pro traders, with the latest analytics tools and technical screeners. Insta Options helps with futures and options analysis, and the platform is integrated with TradingView for easy use.
FYERS also provides educational resources through its School of Stocks, where users can learn, take quizzes, and engage with the community.
Pricing
- Account Opening Charge: ₹0, no fees for opening an account.
- AMC (Annual Maintenance Charge): ₹0, no annual maintenance charges.
- Depository Participant (DP) Charges: ₹7 + ₹5.5 (CDSL Charges) + 18% GST on a total of ₹12.5 per transaction.
- Money Deposit Charge: ₹0, no charges for adding funds.
- Brokerage Charges:
- Delivery: Free, no brokerage on delivery trades.
- Intraday: ₹20 or 0.03% of the transaction, whichever is lower, per executed order.
- Futures: ₹20 or 0.03% of the turnover, whichever is lower, per executed order.
- Options: Flat ₹20 per trade for all options.
- Auto Square-Off Charges: ₹50 per order.
Pros:
- TradingView integration is a standout feature, allowing direct access to TradingView tools and execution of trades, which is highly beneficial for scalpers.
- No charges for pledging securities, a feature rarely offered for free by other brokers.
- Offers zero AMC and no charges on equity delivery, making it a cost-effective choice.
- The charting software is excellent, with intuitive web platform navigation. You can place orders directly from charts, eliminating the need for multiple screens.
- The option chain feature is robust and highly praised.
- Orders are executed swiftly with minimal latency, and any glitches are usually resolved within 5-10 minutes.
- Customer support is responsive, with calls answered promptly within 2-3 minutes, though occasionally it may take longer.
Cons:
- The homepage upon login is quite basic and lacks visual appeal.
- Withdrawals do not support IMPS, meaning funds are only available the next day, unlike other platforms that offer instant access to up to 80% of capital.
- No investment options in US stocks.
- Does not offer Stock SIPs.
- The mobile app is significantly less functional and user-friendly compared to the web platform, which may be a drawback for frequent mobile users.
8. IndMoney
IndMoney was founded in 2019 by Ashish Kashyap. It came into the limelight as it was among the first apps to allow investments in US stock. But then eventually, it has grown into a multi-product platform that includes Indian stocks, IPOs, mutual funds, FDs, insurance, and even credit card bill payments. It has already garnered over 1 crore downloads and is growing rapidly.
INDmoney’s flagship features include tracking portfolios and offering access to US stocks. One of its key features is the ability to track the entire family’s investments together. This makes it easier to manage wealth and loans all in one place.
The app provides powerful trading tools, including real-time charts and a P&L dashboard for seamless trading. It also offers mutual fund analytics, allowing users to dive deep into data and receive personalized insights. Additionally, INDmoney also helps users set financial goals. You can add your goals like a house, marriage, education, etc, and track your progress accordingly.
Another popular feature is the credit score checker, which helps users maintain their credit health and secure loans at better rates. INDmoney also offers a variety of calculators like SIP, salary, and GST calculators, along with the unique ability to invest in US stocks via SIP.
Known as a “super finance app,” it aims to be a one-stop solution for managing all financial needs.
Pricing
- Account Opening Charge: ₹0, with no fees for opening an account.
- AMC (Annual Maintenance Charge): ₹0, no annual maintenance charges.
- Depository Participant (DP) Charges: ₹13.5 + GST per ISIN (Stock or ETF) per day, regardless of the quantity sold.
- Money Deposit Charges: ₹10 for fund additions via net banking, while UPI transfers are free.
- Brokerage Charges:
- Delivery: Flat ₹20 or 0.05% of the transaction, whichever is lower.
- Intraday: Flat ₹20 or 0.05% of the turnover, whichever is lower.
- Futures & Options (F&O): Flat ₹20 per order for all trades.
- Auto Square-Off Charges: ₹50 + 18% GST per order squared-off automatically.
Pros:
- Provides a user-friendly interface and straightforward transactions, making it easy to track personal and family assets with effective portfolio management.
- Allows instant withdrawal of up to 100% (up to ₹1 lakh) from your trading wallet, offering more flexibility than many competitors.
- Features real-time settlements, ensuring prompt processing of transactions.
- Enables investment in US stocks with as little as $1 by allowing fractional shares, which is great for small investors.
- Supports Systematic Investment Plans (SIPs) in stocks, providing a disciplined approach to investing.
- No Annual Maintenance Charges (AMC), making it cost-effective for users.
Cons:
- Equity delivery is no longer free, whereas it used to be.
- Lacks a customer care number; any issues with withdrawals or deposits may be difficult to resolve without direct contact.
- Requires users to grant permissions to access SMS and email, which might be seen as intrusive.
- Does not support investments in currencies, commodities, or Sovereign Gold Bonds (SGBs)
9. mStock
mStock is a recently launched app with only around 2 years of operations. Yet it has achieved a reasonable amount of success in the industry. mStock has already crossed 1 crore downloads and has 3.5 lakh active users. It is a product of Mirae Asset Global Investments which has been a trusted name in the financial world since 1997. It has its headquarters in South Korea. Hyeon Joo Park is the founder and Global Strategy Officer of Mirae Asset Financial Group and is responsible for leading the financial conglomerate.
Despite being new, mStock has gained popularity for its simple user interface, competitive pricing, and unique features. It provides advanced charting tools, including TradingView integration, allowing users to execute trades smoothly. You can also build and track your portfolio in one place and set price alerts to catch market opportunities. Advanced order types like AMO and cover orders help you have more control over your trades.
One of the unique features of mStock that I didn’t find in any app is MIRA, a proprietary voice assistant. MIRA lets users navigate the app and even execute trades using voice commands, adding an innovative twist to the trading experience. With all these features, mStock has quickly become a favorite for many investors in India.
Pricing
- Account Opening Charge: ₹999 one-time fees, offering lifetime brokerage-free trades across all segments, including delivery, intraday, F&O, and mutual funds. If the one-time fee is not paid, equity delivery remains free, but a flat ₹20 brokerage applies to intraday and F&O trades.
- AMC (Annual Maintenance Charge): ₹219 + 18% GST, charged quarterly. Alternatively, a lifetime free AMC option is available for a one-time fee of ₹1,299 + GST.
- Depository Participant (DP) Charges: ₹18 + GST per scrip
- Money Deposit Charges: UPI and Smart Pay transactions are free. Net banking incurs a charge between ₹7 – ₹11 + GST, depending on the bank.
- Brokerage Charges:
- Delivery: Always free, regardless of the plan.
- Intraday: Free or a flat ₹20 per order, depending on the selected plan.
- Futures & Options (F&O): Free or ₹20 per order, based on the plan.
- Auto Square-Off Charges: ₹100 + 18% GST per squared-off order.
Pros:
- Offers zero brokerage with no hidden fees across various products like intraday and F&O for a one-time fee of Rs. 999, making it ideal for frequent traders.
- The platform provides a user-friendly interface with minimal technical glitches, ensuring smooth trade execution. While the UI has minor bugs, it generally performs well for regular use.
- Over the past year, there have been only a few instances of major breakdowns, and they were resolved quickly, contributing to an overall seamless trading experience.
- Customer service is prompt and responsive, efficiently addressing any concerns or issues that arise.
Cons:
- Without the lifetime free plan, AMC charges are higher compared to other platforms, which may be a downside for cost-conscious traders.
- Occasional technical issues and platform downtime during peak trading hours can disrupt the user experience.
- The lack of physical branches may be inconvenient for users who prefer in-person assistance from their broker.
10. Paytm Money
Paytm Money was launched in 2017 under the parent company- One97 Communications. It is a subsidiary of Paytm which was originally founded by Vijay Shekhar Sharma in 2010. Paytm Money has over 1 crore downloads and an active user base of 8 lakh users. Headquartered in Noida, Paytm Money offers services like equity and derivatives trading, IPO investments, and depository services.
Though Paytm has recently faced regulatory charges by the RBI regarding its payment services, Paytm Money continues to operate without issues, delivering the same quality experience. The platform is led by Madhur Deora who has 18 years of investment banking experience. He has efficiently used that experience to develop a seamless and reliable trading system.
Paytm Money offers features like Stock SIPs for regular stock investments and price alerts to notify users of market changes. Advanced traders can use tools like real-time market depth, detailed charts with indicators, and order types such as Good Till Triggered (GTT) and bracket orders. Moreover, expert traders can build their own trading terminals with custom software using Python, Java, etc.
Pricing
- Account Opening Charge: Free
- AMC (Annual Maintenance Charge): Free
- Depository Participant (DP) Charges: ₹13 + GST per scrip
- Money Deposit Charge: ₹10 + GST per fund addition via Netbanking (UPI transactions are free)
- Brokerage Charges:
- Equity Delivery: 2.5% of turnover or ₹20 per executed order, whichever is lower
- Intraday: 0.05% of turnover or ₹20 per executed order, whichever is lower
- Futures & Options (F&O): Up to ₹20 per executed order
- Auto Square-Off Charges: ₹50 + 18% GST
Pros
- Clean and easy-to-use interface. Suitable for beginners.
- Wide range of investment options, including digital gold, NPS, stocks, derivatives, and mutual funds.
- Provides Mutual Fund Investment Advisory Services for better decision-making.
- Advanced order types like Good Till Cancelled (GTC), Cover Orders (CO), Bracket Orders (BO), and Basket Orders help manage trades efficiently.
Cons
- High delivery charges compared to competitors offering free equity delivery.
- Lacks an extensive set of features, limiting its appeal to more advanced traders.
- No physical branches or dedicated customer support, with delays in addressing issues.
- Customers have had a hard time withdrawing funds when they need it.
Conclusion
When it comes to picking a brokerage platform, remember that it’s not about the flashy number of downloads but the real deal: active users. Imagine choosing a café based on how many people walk by versus how many actually enjoy their coffee—it’s the same here.
For investing, Groww is like that cozy café with a killer menu, perfect for your long-term goals. But if you’re into trading, think of Zerodha as the bustling market where even the smallest hiccup gets a lot of attention—more customers mean more eyes on every glitch, and a lot of social media buzz!
Ultimately, your choice of platform is as personal as your coffee order. Preferences in UI, customer service, and overall reliability are unique to each individual. So, take these platforms for a spin yourself and find the one that makes your trading or investing journey as satisfying as that perfect cup of joe.
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