HomeAppsbest online investing app

best online investing app

The business of online stock trading apps have risen exponentially since the pandemic hit in 2020. With the advent of the fast internet speed and growing popularity of financial literacy, stock trading via mobile applications has taken a new turn altogether. With every passing day, Indians are witnessing a smooth transition to ultra smooth and flexible trading capabilities choice with just one click.

With the rising penetration of such apps, even a newbie can start trading very easily as these apps not facilitate buy and sell of financial instruments but also provide other valuable services. All that you need is a good internet connection for the smooth running of these trading apps.

The research studies in the past have shown that Indian millennials between 20-35 years are the ones who are making use of such trading apps most extensively. An analysis done by a private brokerage firm reported in a daily stated, there has been a significant rise in the number of demat account holders in India, almost counting at 11 crore accounts in January 2023 as compared to only 8.4 crores in 2022. These impressive figures would have not been possible if penetration of trading mobile apps hadn’t gone so far.

Given the range of choices, it can be daunting for investors or traders to find the right trading platform as per their requirements. To help, we’ve listed our findings below. You’ll find more details about the trading app platforms we chose, and how we ranked them, in our methodology.

Trading AppIndia RatingAccount opening chargesBrokerage chargesApp Downloads on Android
Zerodha Kite4.5
INR 200Nil1 crore+
Upstox Pro Trading4.0
NilINR 20/order1 crore+
5 Paisa4.0
NilINR 20/order1 crore+
ICICI Direct4.0
Nil0.55%10 lakh+
Kotak Securities4.0
Nil0.25%10 lakh+
Angel Speed Pro4.0
NilNil1 crore+
IIFL Market4.0
NilINR 20/order50 lakh+
MO Investor App4.0
Nil0.20%50 lakh+
Edelweiss Mobile Trading App3.5
NilINR 10/order10 lakh+
Paytm Money3.5
NilNil1 cr+
Sharekhan Mobile3.5
NilNil (for first month)50 lakh+

What are Discount Brokerage Apps and How Do They Work?

An online discount broker helps the investors or traders to place buy and sell orders for an exchange of a nominal commission. They offer their clients enriched trading interface and help them place their trades in the easiest and hassle-free way. However, they are not in the business of providing any kind of investment related advice such as full-time brokerage firms. Discount online brokers comprises a large section of the fintech industry which provides a wide gamut of online services with minimal or no physical presence.

Presently, as of March 31, 2023, the total number of active clients for all the stock brokers of the exchange are 42,88,171, out of which online brokerage clients also account for a large part.

As compared to full-time brokerage firms, the discount brokerages are able to offer trading related services at much lower fees as they do not provide any kind of customized services. Also, they are open to every kind of investor class from beginner or housewives to young and tech savvy youth and as well as seasoned investors via online mode. Thus, their affordability lies in their online business activities, which translates to much lesser overhead costs.

It is to be noted that these types of brokerages have no online branches as they offer their services online, however, with the rise of their popularity many of the online discount brokers have started offering personalized consultations through additional subscriptions.

How to Trade Like a Pro Via Mobile Trading App

If you wish to conduct smart trading via mobile apps, then you must check the following points for the hassler-free and smooth trading functionalities:

Select the kind of trading app which is suitable as per your needs and requirements.
Do proper research on available mobile apps regarding their pricing structure, hidden fees and features. Compare and choose the best.

Check and consider the functionality of the app such as trading tools, real-time information and updates, smart alerts, customizable features. The app must also have features such as multiple watchlists, stop-loss orders, trailing stops among others.

Check the reviews and ratings of the app before downloading it.

Traders must choose an app which is fully loaded with security features such as multi-factor authentication, end-to-end encryption among other features.

Also check the compatibility of the selected trading app with your smartphone or laptop.The app must work seamlessly with your device.

What are the Key Features of a Discount Brokerage Apps?

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 TradingOffline 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exit mobile version