- Advisor
- Investing
Rashi Maheshwari
Editor
Published: Feb 12, 2023, 1:39pm
Reviewed By
Aashika Jain
Editor
Reviewed By
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
Trading apps have made it super easy and comfortable for investors, traders and even beginners to trade in financial instruments of their choice including mutual funds, bonds with just one click.Key benefits of using a trading app is to be able to maintain all your investments’ information at one place, and provide you with advanced tools and features that aid in making better investment decisions.
We’ve put together a guide to help you choose a stock market trading app to better your chances of building wealth.
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- Featured Partner Offers
- Best Trading Apps In India For March 2023
- Zerodha Kite
- Upstox PRO Trading App
- 5 Paisa
- Kotak Securities
- Angel Speed Pro
- IIFL Markets Mobile App
- MO Investor
- Edelweiss Mobile Trading App
- Sharekhan
- ICICI Direct
- Compare the Best Trading App of India
- Methodology For Finding The Best Trading App In India
- What Are The Key Features Of A Trading App?
- What Are The Benefits Of Using Trading Apps?
- Difference Between Online Trading And Offline Trading?
- Step-By-Step Guide To Download A Trading App
- Documents Required For Opening Up A Trading Account App?
- Featured Partner Offer
- Frequently Asked Questions
Best Ofs
- Best Penny Stocks
- Best Investment Options
- Best Equity Mutual Funds
Guides
- How To Invest In StartUps
- How To Invest In NPS
- How To Invest In REITs
Featured Partner Offers
1
SBI Securities
Support
24/7 Dedicated Customer Care Support
Welcome Benefits
Enjoy benefits worth upto INR 1375
Range of Products:
Stocks, Derivatives, Mutual Funds, IPO, CFDs & more
Best Trading Apps In India For March 2023
FEATURED PARTNER OFFER
Best For Overall Trading Experience
Zerodha Kite
4.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
A/C opening Charges
INR 200
Brokerage charges
NIL
Android Downloads
1 crore+
A/C opening Charges
INR 200
Brokerage charges
NIL
Android Downloads
1 crore+
Why We Picked It
Zerodha has more than one crore active clients contributing almost 15% of all Indian retail trading volumes. This app is recommended for beginners as well as advanced traders and investors owing to its robust technology platform.
Zerodha Kite is an in-house flagship mobile trading software app of the company. At present, Kite 3.0 web platform offers market watch, advance charting with more than 100 indicators, advanced order types like cover order, good till triggered (GTT) order, fast order placements, among other features..
Key Features
- High-speed streaming of market data, advanced charts with sophisticated user interface.
- Provides deep analytics on every day trades and overall portfolio.
- Advanced features such as “view breakdown” depicting brokerage and STT charges.
- Free equity delivery trading with no brokerage fee.
- Direct investment in mutual funds (MF) with no commission charges.
- Provides up to 20x leverage on intraday trading.
- Can make it a 3-in-1 account (demat-trading-bank account) with IDFC First Bank.
- Allows application for Initial Public Offerings (IPOs) directly with the app.
Zerodha Equity Charges
| Charge Type | Equity Delivery | Equity Intraday |
|---|---|---|
| Brokerage | Nil | 0.03% or INR 20, whichever is less |
| Securities Transaction Tax (STT) | 0.1% on buy & sell | 0.025% on the sell side |
| Transaction Charges | NSE: 0.00345% BSE: 0.00345% (per trade each side) | NSE: 0.00345% BSE: 0.00345% (per trade each side) |
| Goods and Service Tax (GST) | 18% on (brokerage + transaction charges) | 18% on (brokerage + transaction charges) |
| SEBI Charges | 0.0001% (INR10/Crore) | 0.0001% (INR 10/Crore) |
| Stamp Charges | 0.015% or INR 1500 / crore on buy side | 0.003% or INR 300 / crore on buy side |
Pros & Cons
- Available on both iOS and Android.
- Zero brokerage fee for equities delivery trades and MFs.
- Beginner-friendly application and user interface
- Best-suited for passive, active or algo traders.
- Charge for account opening and account maintenance, INR 200 and INR 300 per year, respectively.
- Charge extra for trade SMS alerts, which is optional.
- Does not offer any stock tips, research reports for free.
- Order details have to be fetched from a different app which is a detached entity from the main app
FEATURED PARTNER OFFER
Best For Intraday and F&O Traders
Upstox PRO Trading App
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
A/C opening Charges
NIL
Brokerage charges
INR 20
Android Downloads
1 crore+
A/C opening Charges
NIL
Brokerage charges
Android Downloads
1 crore+
Why We Picked It
Upstox PRO is a popular discount broker app, which is backed by marquee investors such as Indian billionaire Ratan Tata and Tiger Global Management. It provides trading and investment opportunities in stocks, currency, commodities and in mutual funds with advanced tool options like trading view and charts IQ libraries, which is recommended for advanced and seasoned investors.
Key Features:
- Trade and invest in equities, derivatives, currency future and options and commodity future and options.
- Allows investing in gold, IPOs and MFs.
- Zero commission fee for MFs investments.
- Offers advanced features such as market watch, live stock quotes, advanced charts, among others.
- Trade directly from charts under the “TFC” feature.
- Offers up to 5X leverage on intraday trading.
- Advanced charting tools with more than 100 technical indicators.
- Access to NSE cash, futures and options and various currencies.
Upstox Equity Charges
| Charge Type | Equity Delivery | Equity Intraday |
|---|---|---|
| Brokerage | 2.5% or INR 20, whichever is less | 0.05% or INR 20, whichever is less |
| Securities Transaction Tax (STT) | 0.1% on buy & sell | 0.025% on the sell side |
| Transaction charges | NSE: 0.00345% BSE: 0.00345% (per trade each side) | NSE: 0.00345% BSE: 0.00345% (per trade each side) |
| Goods and Service Tax (GST) | 18% on (brokerage + transaction charges) | 18% on (brokerage + transaction charges) |
| SEBI Charges | INR 5 crore | INR 5 crore |
| Demat Transaction Charges | INR 18.5 per scrip per day on sell | Nil |
Pros & Cons
- Reasonable brokerage charges
- Available on both iOS and Android.
- Browsing between screens and trade is very easy.
- No fees for account maintenance and account opening.
- Option to set an unlimited number of price alerts of a specific stock.
- No cap on customizing of stocks watchlist.
- User complaints on the updated version of the Upstox App.
- Charges INR 20 for call and trade orders.
- Chart interface is poor.
- Does not offer any research and recommendation.
FEATURED PARTNER OFFER
Best For Retail Trading
5 Paisa
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
A/C opening Charges
NIL
Brokerage charges
INR 20/order
Android Downloads
1 crore+
A/C opening Charges
NIL
Brokerage charges
INR 20/order
Android Downloads
1 crore+
Why We Picked It
5paisa is one the growing trading apps of India which is available on both apple and android. This app is quite a preferred choice for both traders and investors. It provides an array of products such as stocks, mutual funds, commodities, currency. 5paisa also offers free access to news, research, advisory and blogs which is not provided even in the best of the trading apps.
Key Features:
- Easy and clean user interface
- Fast access to watchlist and order books.
- Provides research advisory based on the user’s specific goals.
- Gives real-time access to market data, live stock quotes and price updates.
- Provides advanced tool options for charts and multi-asset watchlists.
- Launched basket orders with which users can place several orders with a single click.
- Allows investing in U.S. stocks.
- Option to create multiple watchlists and create unlimited price alerts.
5 Paisa Equity Charges
| Charge Type | Equity Delivery | Equity Intraday |
|---|---|---|
| Brokerage | INR 20 | INR 20 |
| Securities Transaction Tax (STT) | 0.1% on buy & sell | 0.025% on the sell side |
| Transaction Charges | NSE: 0.00345% BSE: 0.00345% (per trade each side) | NSE: 0.00345% BSE: 0.00345% (per trade each side) |
| Goods and Service Tax (GST) | 18% on (brokerage + transaction charges) | 18% on (brokerage + transaction charges) |
| Stamp Duty Charges | 0.015% or INR 1500 / crore on buy side | 0.003% or INR 300 / crore on buy side |
| SEBI Charges | 0.00% | 0.00% |
Pros & Cons
- Extra benefits such as no charge for call and trades, cashback options, among others.
- No charges for opening a demat account.
- No commission on MF investing.
- One-click order placement.
- Highly customizable app.
- Multilingual app support.
- Provides research and recommendations.
- Complaints of intermittent hanging of the app.
- Distractions on app due to advertisements and promotional offers.
FEATURED PARTNER OFFER
Best For Beginners
Kotak Securities
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
A/C opening Charges
Nil
Brokerage charges
0.25%
Android Downloads
10 lakh +
A/C opening Charges
Nil
Brokerage charges
0.25%
Android Downloads
10 lakh +
Why We Picked It
The user can open a trading account in Kotak Securities with zero account opening fees. It also has special discounted rates for investors under 30 years of age. The account opening process is easy and quick with minimum steps required.
One can deal in stocks, IPOs, derivatives, mutual funds, currency and commodities along with global investing options via Kotak trading app. The app is well-designed with an easy interface available at iOS, android and windows. The app also offers additional features such as margin funding, live portfolio tracking, live stock quotes with stocks charting options.
Key Features:
- Online trading in equity cash, equity derivatives and currency derivatives.
- Offer research reports and online courses.
- Brokerage fees on intraday trades are nil.
- Margin trading is available.
- Basic trading tools such as news section, stock charts, gainers and losers, stocks by volume, watchlist and so on.
- Users have the option to choose from various packages such as trade free, trade free youth and others.
- Access to top stock picks and & live research calls which is beneficial for new investors.
- Runs a refer and earn program which allows 15% of the total referral transactions as referral points.
Kotak Securities Equity Charges
| Charge Type | Equity Delivery | Equity Intraday |
|---|---|---|
| Brokerage | Nil (trade youth plan) 0.25% on buy and sell (trade free plan) | Nil |
| Securities Transaction Tax (STT) | 0.1% on buy & sell | 0.025% on the sell side |
| Transaction Charges | NSE: 0.00345% BSE: 0.00345% (per trade each side) | NSE: 0.00345% BSE: 0.00345% (per trade each side) |
| Goods and Service Tax (GST) | 18% on (brokerage + transaction charges) | 18% on (brokerage + transaction charges) |
| SEBI Charges | 0.0001% (INR10/Crore) | 0.0001% (INR 10/Crore) |
| Stamp Charges | 0.015% or INR 1500 / crore on buy side | 0.003% or INR 300 / crore on buy side |
Pros & Cons
- Easy user interface.
- Wide range of research and analysis tools.
- Solid customer support system.
- Access to the international market.
- Features such as price alerts and advanced orders panel are not available.
- Does not offer a demo account.
- No option of leveraged trading via Kotak trading app.
FEATURED PARTNER OFFER
Best for Heavy Traders
Angel Speed Pro
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
A/C opening Charges
NIL
Brokerage charges
NIL
Android Downloads
1 crore +
A/C opening Charges
NIL
Brokerage charges
NIL
Android Downloads
1 crore +
Why We Picked It
Angel Speed Pro is a trading application software by Angel Broking, which is a full-service stock broker. This trading app is known for providing its users a single window trading experience along with insightful trade monitoring features. It is also known for its speedy execution of orders and real time stock updates.
Key Features
- Offerings range from equities, commodity and currency trading along with derivatives and margin trading facilities and mutual funds.
- Provides live streaming of rates to enable trade instantly.
- Evaluate and analyze all investments at once with high-end stocks inbuilt portfolio.
- Get instant and real-time news flashes and reports.
- The user can opt to watch and update live market data in excel.
Angel Speed Pro Equity Charges
| Charge Type | Equity Delivery | Equity Intraday |
|---|---|---|
| Brokerage | Nil | INR 20 or 0.25% (whichever is less) |
| Securities Transaction Tax (STT) | 0.1% on buy & sell | 0.025% on the sell side |
| Transaction Charges | NSE: 0.00335% BSE: Charges vary as per scrip group (per trade each side) | NSE: 0.00335% BSE: Charges vary as per scrip group (per trade each side) |
| Demat Transaction Charges | INR 20/stock on sell side | Nil |
| Goods and Service Tax (GST) | 18% on (brokerage + transaction charges) | 18% on (brokerage + transaction charges) |
| SEBI Charges | 0.0001% (INR10/Crore) | 0.0001% (INR 10/Crore) |
| Stamp Duty Charges | 0.015% or INR 1500 / crore on buy side | 0.003% or INR 300 / crore on buy side |
Pros & Cons
- Highly customizable app
- Robust and innovative software
- No charges for account opening and account maintenance.
- Very responsive customer care service.
- Comparatively higher charges.
- User complaints of software compatibility issues.
- Relatively bulky trading app.
FEATURED PARTNER OFFER
Best For Both Beginners and Seasoned Investors
IIFL Markets Mobile App
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
A/C opening Charges
NIL
Brokerage charges
NR 20/per order
Android Downloads
50 lakh +
A/C opening Charges
NIL
Brokerage charges
NR 20/per order
Android Downloads
50 lakh +
Why We Picked It
IIFL Markets app is a trading app of the full brokerage firm, IndiaInfoline. Along with providing products across all the segments of equities, currencies, commodities and mutual funds, the IIFL Markets app is known for stock tips and research reports, which are offered free to their clients.
Key Features:
- Creates multiple watchlists in NSE, BSE, MCX-SX and NCDEX.
- Detailed and advanced dashboard for indices, commodities and currencies.
- Get live and in-depth coverage of companies, markets.
- Advanced technical charting tools such as bollinger bands, MACD, RSI and moving average.
- Paperless application for IPOs.
- Instant notification of order, trades and news.
- “Call” feature provides intraday tips to place intraday orders.
IIFL Market App Equity Charges
| Charge Type | Equity Delivery | Equity Intraday |
|---|---|---|
| Brokerage | INR 20 | INR 20 |
| Securities Transaction Tax (STT) | 0.1% on buy & sell | 0.025% on the sell side |
| Transaction Charges | NSE: 0.00335% BSE: Charges vary as per scrip group (per trade each side) | NSE: 0.00335% BSE: Charges vary as per scrip group (per trade each side) |
| Demat Transaction Charges | INR 20/stock on sell side | Nil |
| Goods and Service Tax (GST) | 18% on (brokerage + transaction charges) | 18% on (brokerage + transaction charges) |
| Stamp Duty Charges | 0.015% | 0.003% |
| SEBI Charges | INR 10/Crore | INR 10/Crore |
Pros & Cons
- Easy user interface
- Free research reports.
- Responsive customer care.
- Allows placing After Market Orders (AMOs).
- Free guest user log-in.
- User-based complaints of problems in the portfolio section.
- Call and trade services are provided with an extra charge of INR 50.
FEATURED PARTNER OFFER
Best For Investing in Equities and MFs
MO Investor
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
A/C opening Charges
Nil
Brokerage charges
0.20%
Android Downloads
50 lakh +
A/C opening Charges
Nil
Brokerage charges
0.20%
Android Downloads
50 lakh +
Why We Picked It
MO investor app is designed by one of the leading stock brokerage firms of India- Motilal Oswal Securities. This app is known in the market for advanced tools, instant price alerts and its user interface.
The MO investor app offers a huge array of services which allows investors to invest in equity, derivative, commodity, currency, mutual funds, IPOs, bonds, U.S. equities and other portfolio management services. For learning purposes, one can apply for their beginner, advance and intermediate courses along with a huge range of blogs and attractive infographics.
Key Features:
- AI-powered tool for portfolio restructuring which helps to rebalance the entire portfolio and thus maximize returns.
- Several value-added services such as SIP via WhatsApp, automated advisory, live bot genie and call and trade service.
- Offers funding services such as loan against securities, margin funding, stock lending features.
- Provides information on position, margin and in-depth analysis via comprehensive research reports.
- Huge range of MF schemes across 40 asset management companies.
- Quick access to extensive educational materials via online lessons, videos and blogs.
MO Investor Equity Charges
| Charge Type | Equity Delivery | Equity Intraday |
|---|---|---|
| Brokerage | 0.20% on buy and sell | 0.02% |
| Securities Transaction Tax (STT) | 0.1% on buy & sell | 0.025% on the sell side |
| Transaction Charges | NSE: 0.00345% BSE: 0.00345% (per trade each side) | NSE: 0.00345% BSE: 0.00345% (per trade each side) |
| Goods and Service Tax (GST) | 18% on (brokerage + transaction charges) | 18% on (brokerage + transaction charges) |
| SEBI Charges | 0.0001% (INR10/Crore) | 0.0001% (INR 10/Crore) |
| Stamp Charges | 0.015% or INR 1500 / crore on buy side | 0.003% or INR 300 / crore on buy side |
Pros & Cons
- User-friendly and very quick in its process.
- Allows easy overview of charts, portfolio and upcoming market events.
- Charting tools are not complex and very easy to understand.
- No charges for account opening, advisory and research services.
- Higher brokerage transactional charges.
- Complaints on poor customer service.
FEATURED PARTNER OFFER
Best For Advance Market Analysis
Edelweiss Mobile Trading App
4.0
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
A/C opening Charges
Nil
Brokerage charges
INR 10/per order
Android Downloads
10 lakh+
A/C opening Charges
Nil
Brokerage charges
INR 10/per order
Android Downloads
10 lakh+
Why We Picked It
Edelweiss mobile trading app is a best mobile app for active traders as it provides various advance chart options, market analysis tools and in-depth reports. This app also has features such as real-time commentary on markets, dedicated relationship manager, access to various research tools, free portfolio organizer service, Whatsapp alerts and so on. It offers its users two brokerage plans such as “lite” and “elite” plan where the former is little light on pocket and the latter is very rich on features.
Account opening is free for both Lite and Elite plans, however post the introductory offer period there is a charge of INR 300 for trading accounts opened in the lite plan.
Key Features
- Seamless market view via real-time commentary.
- Provides generic sectorial performances.
- Dedicated sections for equity, derivatives and commodity markets.
- Option to create and track the stock watchlist of up to 100 stocks.
- Offers advanced tools for charting such as heiken ashi, renko, points and figure, candlestick and many more.
- Offers historical charting, live market news and various stock screeners.
- Provides plans such as “lite” and “elite” depending on the user’s need.
Edelweiss Equity Charges
| Charge Type | Equity Delivery | Equity Intraday |
|---|---|---|
| Brokerage | INR 10 or 0.300% | INR 10 or 0.30% |
| Securities Transaction Tax (STT) | 0.1% on buy & sell | 0.025% on the sell side |
| Transaction Charges | NSE: 0.00325% BSE: 0.00325% (per trade each side) | NSE: 0.00325% BSE: 0.00325% (per trade each side) |
| Goods and Service Tax (GST) | 18% on (brokerage + transaction charges) | 18% on (brokerage + transaction charges) |
| Stamp Duty Charges | 0.015% | 0.003% |
| SEBI Charges | INR 10/Crore | INR 10/Crore |
Pros & Cons
- Advanced market analysis tools, charts and reports.
- No charges for account opening charges and account maintenance for the first year.
- Elite plan offers a lot of free value added services.
- No scope for bracket orders.
- Extra charges to be paid in lite plan to avail basic features.
- High switching charges of INR 2,500 from elite to lite plan.
FEATURED PARTNER OFFER
Best for Seasoned Traders
ICICI Direct
3.5
Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.
A/C opening Charges
NIL
Brokerage charges
0.55%
Android Downloads
10 lakh+
A/C opening Charges
NIL
Brokerage charges
0.55%
Android Downloads
10 lakh+
Why We Picked It
ICICI Direct is one of the oldest full-brokerage service providers of India, which is a part of ICICI Group. It offers smooth online trading and investment services to advanced investors, traders as well as beginners. Being a full service brokerage app, it offers free advisory services and research and offers free equity futures trading. ICICI Direct charges nothing for futures trading and account opening services.
Key Features:
- Provides analytical tools like live charting, graphs on option chain, live profit and loss statements.
- Provides detailed research across equity and derivatives.
- Ensures speedy orders placement, swipe to buy and sell with simplified user interface.
- Allows the users to create their own multiple watchlist of stocks, index and F&O contracts.
- Products range from equities, commodity and currency, derivatives margin trading facility, mutual funds, IPOs, FD and bonds, insurance, exchange traded funds (ETFs).
- Provides heat map features, such as, green color depicts high and red signifies low in the value of a specific stock.
- Offers several plans with different features and charges such as prime plan, neo plan and lifetime prepaid brokerage plan.
| Prime Plan | Neo Plan | Lifetime Brokerage Plan |
|---|---|---|
| Ranges from INR 299 to INR 4999 | Plan starts from INR 299+ GST with lifetime validity | Ranges from INR 2500 to INR 1,00,000 |
| Equity Delivery: 0.27% to 0.1% Margin Trading: INR 20 | Equity Delivery: 0.55% Margin Trading: INR 20 | Equity Delivery: 0.25% to 0.7% Margin Trading: INR 20 |
| Futures Trades: NIL | Futures Trades: NIL | Futures Trades: NIL |
| Options (per lot): INR 20 | Options (per lot): INR 20 | Options (per lot): INR 20 |
| Interest on Margin Trading Facility (MTF) ranges from 14.90% to 8.4% | Interest on Margin Trading Facility (MTF): 0.025% per day | Interest on Margin Trading Facility (MTF) ranges from 14.90% to 8.4% |
Pros & Cons
- Biometric based log-in to the app.
- High refresh rate and low downtime.
- The updated version of the app is more responsive and easier to use.
- Responsive customer service.
- User complainants of slow login process.
- Exchange membership is only limited to BSE and NSE.
- Not a technology-driven app.
- Average ratings on iOS and Android.
- Technical charts are not as interactive compared to apps like Zerodha Kite.
- Difficult for beginners.
Compare the Best Trading App of India
| Trading App | Company – Logo | Forbes Advisor India Rating | Forbes Advisor Rating | Account opening charges | Brokerage charges | App Downloads on Android | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| Zerodha Kite |  | 4.5 |  | INR 200 | Nil | 1 crore+ | View More | ||
| Upstox Pro Trading |  | 4.0 |  | Nil | INR 20/order | 1 crore+ | View More | ||
| 5 Paisa |  | 4.0 | | Nil | INR 20/order | 1 crore+ | View More | ||
| Kotak Securities |  | 4.0 | | Nil | 0.25% | 10 lakh+ | View More | ||
| Angel Speed Pro |  | 4.0 | | Nil | Nil | 1 crore+ | View More | ||
| IIFL Market |  | 4.0 | | Nil | INR 20/order | 50 lakh+ | View More | ||
| MO Investor App |  | 4.0 | | Nil | 0.20% | 50 lakh+ | View More | ||
| Edelweiss Mobile Trading App |  | 3.5 |  | Nil | INR 10/order | 10 lakh+ | View More | ||
| Sharekhan Mobile |  | 3.5 | | Nil | Nil (for first month) | 50 lakh+ | View More | ||
| ICICI Direct |  | 3.5 | | Nil | 0.55% | 10 lakh+ | View More |
Methodology For Finding The Best Trading App In India
Forbes Advisor India analyzed 30 trading apps of India financial market and selected the best, based on the following metrics:
- Speed of Execution : No matter if one does intraday or any other kind of trading, speed is the essence. We ranked the trading apps on the basis of its reliability and its fast working style.
- Ease of Use of the Mobile App: We have listed only those trading apps which allow the user to trade the most complicated trade via their simplest interface. Trading apps must be ultra smooth in their functioning which helps the user in executing the trading strategies in the quickest and easiest way.
- Availability of Advanced Features And Customization: An efficient trading app must support all the advanced trading features and should be receptive to customization.
- Access to Real-Time and Live Market Feeds: This feature can either make or break your trading deal. Real -time fees are much required for an app to be successful.
- Range of Products: Availability of different range of products such as stocks, equities, MFs, insurance, IPOs, among others. (10% of score).
- Trading App Charges: Fees and other charges such as account opening, account maintenance, demat charges have been taken into account while selecting the best trading apps.
What Are The Key Features Of A Trading App?
Cross-Platform Approach: In trading, time is a very crucial factor, thus trading apps are designed in such a way which helps users to connect to their app in seconds on different media platforms. They can be used on iOS as well as android platform which enables users to have access to their app from anywhere and from any device.
Access To Real-Time Data: This is the key feature of a trading app and thus it has been used so widely by the trading and investing community. Just by the convenience of sitting at home, or while working from the office, one can easily trade or invest in various platforms, as they have access to real-time data, live news, price and other real-time information in their trading app. For instance, real-time data shows instantly the price fluctuation of a given stock, which helps traders to trade efficiently.
Alerts and Notifications: Smart alerts can do wonders for your app and it is one of the important features that no trader wants to miss. Alerts and notifications help traders in a long way to trade efficiently and without any time lag. There are certain apps which charge for providing alerts and notifications instantly, others might offer them for free.
High Volume of Trades: The trading app allows traders or investors to place high volume trades instantly and make some quick cash on their investments seamlesly.
Online Chat or Live Bot System: Customer satisfaction is everything for the long-running of any online trading app. Features like live chat box, call 24*7, toll free chat makes investors extremely comfortable and helps them to clear their doubts instantly.
What Are The Benefits Of Using Trading Apps?
- Fast execution of order placement.
- Paperless account opening process
- Real-time and live market feeds.
- Lower fees and charges than broker counterparts.
- Instant notifications and price alerts.
- Access to historical charts and detailed research reports.
- Easy to understand and simple brokerage slabs.
- Diverse mutual fund (MFs) options and quick IPO application process.
- Offer insight from experts or brokerage firms in the form of the up-to-date research reports.
Difference Between Online Trading And Offline Trading?
| Online Trading | Offline Trading |
|---|---|
| No dependency on share brokers or intermediaries. | Total dependency on share brokers and intermediaries. |
| One can place their order directly and instantly. | Time consuming process as it happens via share brokers. |
| Access to multiple asset classes such as equity, currency, commodity, MFs and IPO via one trading app. | For dealing in multiple asset classes, the user has to contact different brokers separately, which can be a tedious process. |
| Research reports and quality advice is provided at your fingertip. And if you are new to markets then you have direct access to educational blogs and study material. | The user is totally dependent on the broker’s advice and their recommendations. |
| Access to live feeds and real-time updates. | No such access to live feeds and real-time updates. |
| Paperless account opening process. (Trading and demat account) | Lots of paperwork is involved to open a demat account via a share broker. |
| Entire process is online and digitized from placing orders to paying money, the speed of transaction is very fast. | Speed of carrying out transactions is comparatively slower due to manual intervention. |
| Apt for new-age beginners and advanced traders and investors. | Apt for non-tech savvy, conventional and traditional investors and traders. |
Step-By-Step Guide To Download A Trading App
- Step 1: Select your broker and download their XYZ trading app from your Aadhar-linked mobile number.
- Step: 2 Sign up by setting up your user ID, password and keep your PAN number, Aadhar card and bank account number ready for online submission of documents.
- Step 3: After giving all the required details, you need to enter the OTP sent from the trading app on your registered mobile number.
- Step 4: A trading application may ask here to pay account opening charges, if it is not free. And, if free, you can directly log in.
- Step 5: As you’re logged in, you can create your watchlist and start trading.
Documents Required For Opening Up A Trading Account App?
- Photo ID proof: PAN card / Voter’s ID / Passport / Driving license / Aadhaar card.
- Address proof: Landline bill / Electricity bill / Bank statement / Ration card/ Passport / Voter’s ID
- Income Proof (optional): last six months bank statement/ three months salary slips/Income tax return (ITR).
- Bank Proof: Canceled cheque/ bank passport/account statement.
- Registered lease or sale agreement / Driving license.
- One passport size photograph.
- Signature on a piece of paper.
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Frequently Asked Questions
What is a Trading Account App?
Trading account app is a kind of an interface on your mobile or desktop which enables the traders and investors to buy and sell in various financial instruments such as stocks, derivatives, mutual funds, IPO, currency and commodity markets instantly. It also facilitates the user to track markets, access live feeds and execute the trade in one go. All trading accounts must be linked to your bank accounts which further provides liquid cash for buying and selling activities.
Is it safe and secured to trade via mobile app?
Yes, mobile trading apps are registered under the Securities and Exchange Board of India (SEBI) regulations. These applications also have a two-level authentication process and strict security protocols for user authentication.
Can I use two trading apps simultaneously?
Yes, one can use as many apps at the same time, as per their requirements and needs. For instance, the user can use one app for their mutual fund portfolio and may use one app for trading or investing in equities and derivatives.
How to choose a trading app as a beginner?
As a new entrant to the world of trading, one must know the account opening process and also have all documents in place such as PAN card, Aadhar card, income and bank proof. They should check the fee and pricing structure of a particular trading app, its new-age features, payment options and safety protocols.
What are the disadvantages of using a trading app to trade stocks?
Trading apps are enriched with new-age features but they also have certain limitations. Mobile apps offer trading experience via a small screen where one has to browse and switch screens which might be an unpleasant experience. The trading apps generally work well with good internet connection, so in remote areas they might not work that efficiently because of poor connection. Lastly, any technical issue might hinder your buying or selling process which can cause serious delays.
How to select the best trading app?
Select a few of your favorite trading apps. Compare each platform on the basis of features, product range, payment options, safe protocols, pricing structure. Also read their FAQ section which can be immensely helpful for knowing the pros and cons of a certain trading platform.
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Rashi MaheshwariEditor
Rashi Maheshwari is a Deputy Editor for Forbes Advisor India. She has more than a decade of experience working in news, public relations and communications. In the past, she has worked with CNBC Awaaz, CryptoWire, among others and has covered beats including insurance, personal investments and cryptocurrency. She is a travel enthusiast and would like to visit every country and try as many different culinary specialities as possible.