If you’re interested in trading in stocks, Exchange Traded Funds (ETFs), currencies and commodities, it’s now possible to do so while on the go.
Simply download any of these 10 best trading apps in India.
All these apps also allow you to subscribe to Initial Public Offerings (IPOs) of company stocks and New Fund Offers (NFOs) of ETFs.
Additionally, you can buy or sell government bonds and company debentures from these mobile trading apps.
These apps allow you to keep track of your investments in the stocks and commodities market at any time of the day, without the need for a computer.
Also, you can manage your investments with these apps during trading hours of the stock exchanges.
Furthermore, you can do online stock trading and investments even while on the move using these apps.
However, before downloading these best trading apps, there’re certain requirements that you’ll have to fulfil.
Therefore, I’ll list all the things you need to do for using any of these 10 best online trading apps in India.
Most Recommended Read: Beginners Guide: How to Invest in Share Market of India
Requirements to Use an online Trading App
Here’re some of the requirements to use mobile trading apps.
These requirements are stipulated by the Securities and Exchange Board of India (SEBI) and the Ministry of Finance of the Indian government.
The first and foremost requirement is that you should hold a Central Know Your Customer (CKYC) number from the Indian government and SEBI.
You can easily get a CKYC number by completing an online form and posing before your computer or mobile camera with your original Permanent Account Number (PAN) card, Aadhar Card, and copy of your signature.
This process is known as e-verification of your details.
Alternatively, you can do In-Person Verification (IPV) of your credentials. For IPV, you’ll have to submit a completed CKYC form along with photocopies of your PAN and Aadhar cards.
Also, carry the original PAN card, Aadhar card and a copy of your bank statement or bank passbook when visiting any of the KYC Registration Agencies (KRAs) in your area.
Reasons to Hold CKYC
The 16-digit CKYC number is very important.
Because, under existing laws of the Indian government, you cannot invest in stocks, ETFs, currencies and commodities without holding a CKYC number.
The CKYC number is also necessary to invest in Mutual Funds, government and company bonds and company debentures or other financial instruments.
The main purpose of a CKYC number, however, is for opening a Demat and Trading account, which allows you to invest and trade on the stocks, commodities and currencies markets.
You simply cannot hold a Demat and Trading Account, or even their app, without having a CKYC number.
The Indian government allows investments only up to Rs.50,000 if you’re not CKYC compliant. However, this limit also is conditional.
Therefore, to own a Demat and Trading Account and its app, the CKYC number is compulsory in every way.
A CKYC number is necessary to hold a Depository Participant Number or DPID…
Importance of Depository Participant Number
Once you have a CKYC number, the stockbroking firm will register you with either the National Securities Depository Ltd (NSDL) or Central Securities Depository Ltd (CSDL).
This means, you’ll get something known as a Depository Participant ID.
A Depository Participant ID consists of 16 digits. The first eight digits signify the stockbroking firm with whom you hold a Demat and Trading account.
The next eight digits are your unique identity as an investor.
Top 10 Best Trading Apps in India 2022
Now that you’re aware of the requirements to hold a Demat and Trading account and the app of the company where you hold such an account let’s look at some of the best mobile trading apps for 2021.
As a rule, download only the app of the company or financial institution with whom you hold a Demat and Trading account.
Or you can open a separate Demat and Trading Account with the company that offers the app.
1. Paytm Money
With nearly 10 million users, Paytm Money is by far the best trading app in India. This app draws on the popularity of the Paytm payments app.
It’s available free of cost to users. The app is free of cost to download and use.
Paytm money offers instant services for getting online CKYC and allots you a DP ID within three working days.
Furthermore, Paytm Money charges the lowest fees for Intraday trading: Rs.10 per transaction.
Its low charges and fee structure make it the most popular and best stock trading app for beginners in India.
You can link Paytm Money to your Paytm wallet or Paytm Payments Bank account for faster transactions.
2. Upstox
Upstox is the fourth on the list of 10 best trading apps in India. It has over four million users in the country.
The company is backed by renowned Indian industrialist Ratan Tata and an NBFC, Tiger Global.
Upstox is rapidly growing its customer base in India since its mobile and online stock trading platforms are simple and easy to use.
Upstox is also one of the top discount brokerages in India. They charge Rs.25 plus an 18 percent Goods and Services Tax (GST) as their monthly Demat and Trading account maintenance fee.
However, Upstox doesn’t charge money for stock deliveries. And Intraday trading costs only Rs.20 per transaction. Their brokerage fees are among the lowest in the industry.
3. 5Paisa
5Paisa comes from India Infoline Ltd or IIFL, a Non-Banking Financial Company (NBFC). This trading app has some seven million registered users as of mid-2021.
And 5Paisa is also billed as India’s fastest-growing trading app in India.
That’s because of their low transaction charges. Opening a Demat and Trading account on 5Paise costs only Rs.750 as a one-off fee.
Furthermore, 5Paisa is a very fast platform where you can do Intraday trading. Their charges are also among the lowest in the Demat and Trading account segment.
That’s what makes the app and 5Paisa Demat and Trading account very popular. You’ll have to signup for a Demat and Trading account on the 5Paisa website to use their amazing app.
4. Zerodha Kite
Zerodha is also a discount brokerage. In fact, this Bangalore-based stockbroking firm has earned accolades worldwide as one of the most successful startups.
They have a wonderful online trading app that goes by the name Zerodha Kite. And they also offer a separate app for Mutual Funds investments, known as Zerodha Coin.
Zerodha Kite has some six million registered users in India, according to the latest figures available for 2021.
As a discount brokerage, they charge only Rs.20 per Intraday trade while deliveries of stocks and ETFs, bonds and commodities are free.
Their charges are among the lowest in the market. You can add up to three bank accounts to trade and invest with Zerodha Kite.
5. DigiDemat
DigiDemat ranks as the fifth-best trading app. It has over 2.6 million users and comes from HDFC Securities, a leading Indian NBFC.
This isn’t surprising because HDFC ranks among the topmost financial houses in the country and has an eponymous bank, insurance company and other asset management firms.
You can open an HDFC DigiDemat trading account within 10 minutes or even lesser.
They offer superb services to their Demat and trading account holders, since HDFC Securities is a full-service brokerage.
Their charges are in line with other full-service brokerages, though account opening is free of cost. As a full-service brokerage, you can get stockbroking advice from this app too.
6. Angel Broking
Angel Broking ranks sixth on my list of 10 best trading apps in India. They have over 1.45 million users across the country. Angel Broking is also a discount brokerage.
Hence, they have very low rates, of Rs.20 per trade only. Additionally, you get to use a lot of their services free of charge for 30 days from the day your Angel Broking account is activated.
Opening an account with Angel Broking is very simple and fast. Once you sign up, you can complete their online CKYC procedures.
They’ll also send you a DP agreement copy by email, which you’ve to sign and return.
They have one of the fastest online trading app in India, which is the reason for its popularity.
7. Reliance Smart Money
A relatively newcomer in the trading app market, Reliance Smart Money is simple to use and comes loaded with features such as a Robo Advisor.
As the name suggests, this trading app comes from one of the topmost NBFCs of India- Reliance Securities. This is a full-service brokerage.
Since its launch about four years ago, Reliance Smart Money has found over 1.25 million customers. As a full-service brokerage, they offer two plans for subscribers.
One is the R-Account Insta Online Plan and the other, the R-Fixed Plan. Charges for trading and investments, deliveries and Futures and Options differ according to your plan.
8. MO Investor/MO Trader
This is another app that falls under the best trading app in India MO Investor and MO Trader are full-service online trading apps that want a unique experience in stock trading or for stockbrokers.
These apps come from Motilal Oswal Securities, which is a leader in the field of asset management and wealth-building solutions in India.
Combined, the two have over one million active customers across the country.
While MO Investor is suited for smaller, retail investors, MO Trader is more geared towards larger investors or even stockbrokers.
Their charges are fairly competitive. It’s easy to open a Demat and trading account with Motilal Oswal.
They also enter your name for a raffle draw that features gold as prizes.
9. Cherry by Kotak
Cherry by Kotak is the newest kid on the scene. Meaning, Cherry was launched in early 2021 and is gaining a lot of users over the last few months.
Currently, it’s said to have 100,000 users, though exact details aren’t available. Kotak Cherry is a full-service brokerage app that comes with some amazing features.
As a matter of fact, Cherry offers a Robo Advisor, which guides you on stocks and other investments.
You can also upload your Consolidated Account Statement of your stocks, ETF and Mutual Fund holdings to get advice on what to hold or redeem.
Kotak Securities calls Cherry a wealth-building app because you can invest in stocks, ETFs, Mutual Funds, debentures, and open Fixed Deposit and Savings accounts with this app.
10. Beyond
Beyond ranks among India’s best online trading apps from Nirmal Bang, a leading Indian NBFC.
In fact, Nirmal Bang has won a lot of awards for its full-service stockbroking services, including some from the Bombay Stock Exchange and MCX- the commodities exchange for its superb service.
About 100,000 investors use the Beyond mobile app from Nirmal Bang. They offer free personal accident insurance and Mediclaim for all newcomers.
Nirmal Bang is a full-service brokerage. You can invest in IPOs, NFOs, Further Fund Offers (FFOs), government bonds, debentures and other financial instruments through Beyond.
However, read their charges before you sign up for using Beyond. As a matter of fact, Nirmal Bang offers free Demat and trading account for newcomers.
You can also get financial advisory through their app.
Selecting an online Trading App
If you Google the words “Best Trading App or Best online Trading App”, a lot of offers from various stockbroking firms will pop up in search engine results.
This can make selecting an app that suits your needs very confusing.
Moreover, most stock brokerages are now offering free Demat and trading accounts, which makes choices more difficult.
Therefore, study all the terms and conditions as well as details of charges for stock trading and investments before you sign-up for any online trading app.
Usually, discount brokerages don’t provide investment advice. Only full-service apps will give you tips on investments and Intraday trading.
Choose a trading app that actually suits your needs and experience with stock trading.
In Conclusion
All the 10 best online trading apps have something unique to offer to you as an investor.
Most of them are available when you sign up, and your Demat and trading account is activated.
If you’re a newbie to stock trading, I would suggest you opt for a full-service brokerage. This ensures you get the right advice for investing.