When it comes to the variety of trading platform choices, those who are new to the world of stock trading may feel overwhelmed. So, how would a newbie pick the finest trading platform? What qualities and advantages do you need to search for?
Don't worry; we are here to assist you. In this blog article, we'll talk about some of the top trading platforms in India for beginners and explain what sets them apart from the others.
But, let's begin by understanding what a trading platform is, and what its features are.
What is a trading platform?
A trading platform is a software application that allows you to buy and sell stocks, derivatives, commodities, currencies, and other financial instruments online. It connects you to the stock exchanges, such as NSE and BSE, where you can place your orders and execute your trades.
A trading platform also provides various tools and features that help you analyse the market, track your portfolio, manage your risk, and optimize your returns. Some of these features include Live market data and quotes, Charts and indicators, News and research reports, Order types and execution modes, etc.
Best Trading Platforms for Beginners in India
Based on these factors, we have shortlisted some of the best trading platforms for beginners in India. These are:
1. Zerodha Kite
With over 6.4 million active customers as of September 2023, Zerodha is India's second-largest and most popular discount broker. Kite, which is a sleek and powerful trading platform offered by Zerodha, is accessible both online and on mobile devices.
Kite has several features that make it one of the best trading platforms for beginners, such as:
- A minimalist design that provides a clutter-free experience.
- Kite allows you to search across 90,000+ stocks and F&O contracts across multiple exchanges instantly. This makes it easy to find the instruments you want to trade, regardless of what exchange they are listed on.
- Various order types and execution modes, such as market order, limit order, stop-loss order, bracket order (BO), cover order (CO), etc.
- A basket order feature that allows you to place multiple orders at once.
- A console dashboard that gives you a comprehensive view of your portfolio, holdings, positions, trades, P&L, etc.
- Accessing Level 3 data gives you the advantage of delving deeper into market liquidity, with access to 20 levels of market depth, which can provide valuable insights for those trading intraday.
Overall, Zerodha Kite is a powerful and versatile trading platform that offers a wide range of features for traders of all levels. However, before opening an account with Zerodha, you must know that only the Indian market is covered, which means you cannot trade or invest in foreign markets or currencies through Zerodha.
2. Angel One
Angel One (formerly Angel Broking) is one of India's leading full-service brokers, with over 4.8 million active users as of September 2023. It offers a robust and versatile online trading platform called ‘Angel One Trade’ for traders who wish to log in directly instead of downloading the software. There is also a mobile app available for investors and traders on the go.
Angel One Trade has several features that make it one of the best trading platforms for beginners, such as:
- A user-friendly design that provides a smooth and seamless experience.
- A variety of tools are offered by Angel One to give a broad overview of the markets and trades. Four tools are available: Speed Pro, Trade, App, and Prime. Each serves a particular function for different traders and investors.
- Angle One provides daily technical and derivative reports without charging anything extra.
- It charges a fixed brokerage for day-to-day trading and derivatives.
- It also offers loans against shares.
- Investors also get the chance to invest in corporate bonds through Angle One.
- It charges a flat brokerage fee of just ₹20 across segments.
However, before opening an account with Angle One, you must know that this platform doesn’t allow trading in SME shares, nor does it provide the facility of GTC/GTT orders. Also, Angle One’s sales team constantly tries to cross-sell the products to its customers.
3. Upstox Pro
Upstox is India's fourth-largest discount broker, with over 2.1 million active customers. Upstox offers a fast and elegant trading platform called Upstox Pro, which is available as a web-based application as well as a mobile app.
Upstox Pro has several features that make it one of the best trading platforms for beginners, such as:
- The Upstox early morning newsletter is well-written and offers insightful market recaps.
- You may borrow money for trading using your shares as collateral with Upstox.
- This platform provides free delivery transactions and low and consistent trading costs.
- They provide technical and fundamental investing knowledge resources.
- Upstox charges zero commission, zero account maintenance charges,
- They charge less for calls and trades than other brokers.
- Free equity delivery is included with Upstox investment.
However, before opening an account with Upstox, you must know that for stock delivery, there is a brokerage fee of ₹20 per transaction, while other brokers generally provide stock delivery without charging brokerage costs. Also, this platform does not offer online demat and trading account opening facilities for NRIs.
4. HDFC Securities
HDFC Securities is one of India's oldest and one of the top full-service brokers, with over 1 million customers.
- HDFC Securities is a one-stop shop for all your investments.
- It provides access to a 3-in-1 account facility to manage all financial activities in one place.
- The smart virtual assistant ARYA provides customers with automated chat assistance.
- For a better trading experience, a variety of tools and services are available, including HDFC Blink and portfolio analyzers for monitoring services.
- A portfolio tracking system is also available to keep track of your overall trading and investing portfolio.
- With HDFC Securities it is also possible to purchase US and Indian equities and exchange-traded funds.
- The available trading systems are quite user-friendly and technically sophisticated.
- Even NRIs can create an account with HDFC if they want to invest in the Indian market.
However, before opening an account with HDFC Securities, you must know that the commodity trading service is not provided on this platform, and the brokerage fee is quite high compared to other brokers. Also, tips and research services provided via SMS are paid services.
5. Paytm Money
Incorporated in 2017, Paytm Money is an online investment platform, with an active client base of over 7 lakh as of September 2023. This online discount broker offers competitive charges for trading with free Equity Delivery trading.
- For intraday trading and derivatives, Paytm Money charges one of the lowest brokerage fees in the market, at ₹10.
- They have a significant blog section that offers their consumers educational material.
- Given its status as a SEBI-registered investment advisor, Paytm Money provides advice services in the form of investment packs, which typically include 3-5 mutual funds.
- They offer direct mutual funds with no commissions.
- The maximum brokerage fee that is charged per transaction is ₹15.
- There is no maintenance fee.
However, before opening an account with Paytm Money you must know that they do not offer an NRI trading account, no commodity and currency trading are offered, and also, there is no facility of margin against shares.
We reviewed some of the best trading platforms for beginners in India. However, you should explore other options too and compare them based on your own criteria.
To find the best trading platform for beginners in India, visit Finology Select. Here, you can compare and open a demat account with the broker that meets your needs.
Finology Select provides unbiased and detailed reviews of various brokers in India. You can compare different brokers based on various parameters such as brokerage charges, account opening fees, margin facilities, customer support, etc.
Visit Finology Select today and find the best trading platform for beginners in India, also you can compare brokerage of 3 brokers side by side.