5Paisa Review: 5Paisa is a discount broker with a flat brokerage of Rs 10 per trade. It is headquartered in Mumbai and is a part of India Infoline (IIFL).
India Infoline is a leading non-banking financial institution in India with experience of over 2 decades (originally incorporated in 1995). 5paisa was re-launched with new brokerage model for online retail broking services in late 2016.
5Paisa Review at a Glance:
Account Opening Fees & Annual maintenance charges (AMC)
- Trading Account Opening Charges (One Time): Rs. 650
- Account Annual Maintenance Charges (AMC): Rs. 400 per year
- Stock Intra-day Trades: Rs. 10 per executed order
- Stock Cash Delivery Based Trades: Rs. 10 per executed order
- Stock F&O Trades: Rs. 10 per executed order
- Currency F&O Trades: Rs. 10 per executed order
Advantages of Opening account at 5Paisa
- Paperless account opening using Aadhar Card within 5 minutes (sign application using e-Sign)
- Flat brokerage of Rs 10 for Equity Cash, F&O, and Currency derivative.
- Online Trading (Stocks, Futures & Options, and Currencies at NSE and BSE), Mutual funds and Insurance services under one roof.
- Free fundamental, technical and derivative research & financial advice to customers.
- Advanced and FREE technology-driven trading platforms across the web, desktop and app based.
Disadvantages of 5Paisa
- 5Paisa doesn’t offer 3-in-1 account (only demat and trading account available).
- The exchange transaction charges slightly higher compared to the competitors.
- It doesn’t offer commodity trading.
How to open an account with 5paisa Capital?
You can open a 2-in-1 account (demat and trading) completely online (no paper documents required).
- The account opening process is based on Aadhar Card (Your mobile number should be mapped with your Aadhar card as you’ll receive an OTP to verify your account).
- After completing the online application, the online trading accounts get activated within 3-4 hours.
- Offline account opening process is also available where you can download the application form, print it, fill it up and send it to 5paisa Mumbai office.
Overall, if you try an online account opening process, then it’s is really fast.