Here, we will share the 5Paisa Review in detail and tell all the information regarding 5Paisa and its charges. Also, share the steps How to open a Demat account in 5Paisa?
5Paisa, a discount broker, is the fastest growing broker in all of India. It is ranked among the top 10 broker companies in India and backed by India’s leading financial services company, IIFL (India Infoline). They have over 1.2 million clients and more than 3.5 million app users.
5paisa is a DIY platform that offers all financial services like equity trading, mutual funds’ investments, insurance, research products, commodity and currency trading, digital gold investment, advisor, and personal.
|Broker Type||Discount Broker|
|Current Share Price||370 (16 April 2021)|
I had a great experience with 5Paisa that I am going to share with you all here. Following is my 5paisa review:
- Installation: Downloading the app is very easy. After installation, you’d receive a call from the firm. They are very helpful and will hear and solve any of your queries. They’d even help in uploading documents, which you can upload manually or by WhatsApp. They’d help you in uploading any file like bank details, POB, etc.
- Start trading: After uploading your documents, they’d recommend you some plans to start selling. You’ll get them for around 1000 rupees. If you don’t want expensive packages, they will recommend your default plan at about 450 rupees. A costly plan has its benefits, like a lower brokerage fee. If you choose the lower plan, the customer service will start to get a bit arrogant.
- Deposit Money: Now, you’d be asked to deposit money in your 5paisa account. You can deposit through your bank account. Sometimes, it may take two days or so for the funds to be credited to your 5paisa account. However, if the money is still not deposited, you can contact them via email.
- Hidden charges: They charge on unnecessary things. Their customer service is really bad. They don’t believe you and insist that you’re lying.
- Withdrawing money: Withdrawing money is hectic. The money gets out of the 5Paisa account but is not credited to your bank account. You need to send them emails again and again so that your amount is credited.
- App: Their user interface is really bad. Account gets logged out randomly. Sometimes you have to log in every time you open your app.
So, in the end, I would say that my experience with 5Paisa was average. I had many problems in the beginning, but they were all sorted out by the customer service. The only problem is that you have to mail them again and again for them to take notice.
If you plan to deactivate your account, you have to mail the service to [email protected], they’ll try to persuade you to revert your decision, but if you mail them again, they will guide you through the process of account deactivation.
After all the process, they will deactivate your account within seven days. I shared the 5Paisa review with you guys. Hope you learned something from this 5Paisa review.
5Paisa Brokerage Charges
5Paisa brokerage charges are different for its different plans. It has three plans:
- Optimum Plan: You’d be charged 20 rupees per order for all segments.
- Platinum Plan: You’d be charged 10 rupees per order for all the features except 2 rupees/ lot for equity option trade.
- Titanium Plan: You’d be charged 10 rupees per order for all the features except 2 rupees/ lot for equity option trade. No Brokerage up to rupees 1000.
5Paisa charges for its three plans are given as follows
- Optimum Plan: As this a free plan, you’d not be paying a subscription fee. A brokerage fee is 20 rupees per order for all segments. As this is a basic plan, you’d be charged 45 rupees per month for DP maintenance. Net Banking charges would be rupees 10. Call trade charges have been increased from rupees 20 to rupees 100 per call. You’d not be getting any research facilities in this plan.
- Platinum Plan: This is a paid plan. You’d need to pay rupees 499 per month as a subscription fee. Brokerage charges are rupees 10 per order for all segments except rupees 2/lot for equity trade option. There are no charges for DP maintenance or call trade. You’d be getting free research facilities and no net banking charges.
- Titanium Plan: This is also a paid plan where you’d be charged rupees 999 as a subscription fee. Brokerage charges are 10 rupees per order for all the segments except 2 rupees/ lot for equity option trade. No Brokerage fee up to rupees 1000. Research services are free, and there is no charge for DP maintenance or call trade, etc.
These are the 5Paisa charges.
5paise Demat Account Opening Fees
5Paisa charge around rupees 650 for opening a trading account, while there is no fee for opening a Demit account, which is free to open.
How to open a Demat account in 5Paisa?
Let’s see the documents before opening an account. these documents are mandatory to open an account, if you don’t have any documents then you can’t open an account in 5paisa.
Check all the Documents Required for opening a Demat account in 5Paisa
- Pan Card
- Aadhar Card
- Bank Details
- Income Proof
Steps to open a Demat account in 5paisa
- Go to the 5Paisa website. Click here to direct landing on 5Paisa main website.
- Enter your Name, Email ID, mobile number and click on the Get started button.
- Verify your mobile number with OTP.
- Then verify your email id which you enter.
- On the next screen, Link your pan card with an account by filling in your Pan card number and date of birth and click on proceed button.
- Then accept the terms and conditions and click on the proceed button.
- Next step, Enter your Bank details such as bank account number and IFSC Code then click on Proceed button.
- Update your personal details like Name, gender, marital status, and father’s name.
- On the next screen, you have to fill in educational qualification, occupation, Income and click on Proceed button.
- Now, in this step, you need to upload documents such as signatures, selfies, and (If you want to trade in derivatives then trick on the box and upload your income proof) click on the proceed button.
- In the Final step, Complete your eSign form (for esign you have your phone number link with Aadhar card) by clicking on eSign now button. for esign process follow the below steps.
- When you click on the esign now button then the page ask view document and data, you have simply click on Submit button.
- Now you are redirected to the NSDL website, here you enter your Aadhar number, tick the terms&conditions and click on the Send OTP button.
- Now you have received an OTP to your Aadhar registered phone number, enter the OTP, and click on the verify OTP button.
- Now you have received a congratulation message. your client id or password will be sent on your email id.
Your client ID and password will be sent to your registered email ID. When you receive your client ID and password, log in to the 5Paisa app or website and you can start trading. Apart from this, you can easily change your password whenever you want.
What 5paisa offers as Trading Software?
5Paisa offres three trading platforms. you can trade using all these platforms easily.
- 5paisa Mobile App: through 5Paisa app, you can trade in BSE/NSC and Robo advisory from anywhere and anytime. you can download the 5Paisa app from the google play store or apple store with one click. the app user interface is very simple and easy to understand, you can use the 5paisa app for buying or selling stocks, allows to trade in stock, invest in mutual funds and etc.
- 5paisa Web Trading (5paisa.com): 5Paa provides an easy-to-use trading website, you can access the website using any web browser on your laptop and computer. Using the 5paisa website you can buy and sell stocks and use other trading or investment options which are available on the website. You can pay or withdraw your money using the payment gateway.
- 5paisa Trade Terminal: In the 5Paisa trade terminal, the advanced trading tools available are used to see real-time data, advance charts for intraday trading, and stock price. also, they provide keyboard shortcuts to monitor the data and order any stock.
List of Products and services offered by 5paisa
They provide a wide variety of services and products in 5Paisa. All products and services are mentioned below, you can use them for your convenience.
Products provided by 5paisa
- Mutual Funds
Services provided by 5paisa
- Demat Account
- Trading Account
- All in 1 Account
- Intraday Services
- Robo Advisory
- IPO Services
- Trading Exposure up to 20x
- Stock Recommendations
Advantages of using 5Paisa
All the advantages using of 5paisa listed below you can read before opening an account.
- 5Paisa Brokerage charges only Rs 20 per transaction.
- You get free paperless account opening.
- You can open an account in 5paisa without any hurdle. the process is very smooth and easy.
- they provide investment in stocks, mutual funds, commodities, currency, research, and advisory in All in one account.
- Most advanced trading platform and easy to understand.
- 5paisa does not charge any fees for software it is free to use.
- They allow investing in other assets such as insurance and mutual funds.
- they offered the lowest DP charges.
- you get a free mutual fund account.
- It is a Multilanguage trading app
- 5Paisa offers Ideas for Stock Investment and Research tools to make easy trading.
- 24/7 customer support.
Disadvantages of using 5Paisa
Here we will list some disadvantages of 5Paisa. please read before opening an account in 5Paisa.
- They do not offer a 3-in-1 account.
- they charge Rs 25 or 0.025% Demat transaction charge in the optimum plan.
- they charge higher for exchange transactions than other discount brokers.
- In the optimum plan, the calls and trade are available at rs 100 additional cost per call.
- they don’t provide NRI Trading services.
- In the optimum plal, they do not provide research and advisory services.
IPO investment with 5Paisa
- First of all Open an Account in 5Paisa
- After Opening an Account, you can fill the Physical Company IPO form or you can simply fill the form online.
- The Investor can apply up to Rs.15,000 worth of IPO.
- After submitting the form, Company will be raising the IPO to roll out the shares in the market
- If the IPO is fully subscribed, then the Lottery will be done for Share Offering.
- If the IPO not completely subscribe then everyone gets the IPO who has applied.
Zerodha vs 5Paisa Review
Zerodha and 5paisa are indeed some of the biggest discount brokers in India. They are rivals in their field and have hard competition, but which is better? Let’s find out:
- Zerodha supports NSE, BCE, MCX, NCDEX, while 5Paisa does not support NCDEX.
- The account opening fee of Zerodha is rupees 200 while that of 5paisa is 650.
- Equity delivery of Zerodha is free, while in 5Paisa, it is rupees 20 per trade.
- Equity Intraday, Equity future, Equity option, Currency future, Currency option, Commodity fee is same in both which is rupees 200 per trade.
- In Zerodha, call trade charges are rupees 20 + 18% GST order while rupees are 100/ call-in 5paisa.
- Zerodha has more than 2.2 million clients, while 5paisa has more than 1.2 million clients. Thus, Zerodha is more trustable than 5paisa.
- 5paisa provides Robo-advisory and research services which Zerodha does not. Brokerage plans of 5Paisa are also more interesting than Zerodha.
Thus, from all the details mentioned above, it is clear that Zerodha having more clients has the upper hand over 5paisa, which has its own unique and advantageous services which can’t reject. Thus, both Zerodha and 5paisa are top discount brokers whose importance can’t be neglected.