Are you someone attracted to the trading world and want to get into this mystical zone?
Or are you looking for a side source of income and you thought that this would fulfill your dream?
But which are the best trading apps for beginners you might be thinking?
So, let is list the 10 best trading apps for beginners along with their key features, pros, cons, charges and few other necessary information.
Keep reading, keep learning!
What is a Trading App?
Trading app is actually a mobile app through which users can access the financial markets and conduct trades and manage their investment portfolios either from a smartphone or a tablet.
These are mini-brokerages that enable individuals to sell and purchase a myriad of financial instruments such as stocks, bonds, commodities, and even cryptocurrencies without necessarily having to be in front of a desktop computer.
How Trading Apps Work
- Registration: Investors have to open an account with a broker who is offering the trading app.
- Funding: Users need to deposit funds in their trading accounts upon registration.
- Market Exploration: Users can now browse the list of available assets, examine data related to market conditions, and seek opportunities for investment.
- Order Placement: Users can buy or sell orders for whatever assets they decide on.
- Portfolio Management: Users track their investments and thus can make any necessary corrections.
Benefits of Trading Applications
- Convenience: Trade anywhere, anytime with a smartphone.
- User-Friendly Interfaces: These are designed to be user-friendly and often much more straightforward than the traditional platforms.
- Low Fees: Many apps have competitive fees or commission-free trading options.
- Educational Resources: Most apps have instructional content, market-related information, and analysis tools to help users become better traders.
Considerations
Trading apps offer a lot of advantages; however, traders should remember that these carry features that are limited compared to the full feature set available on the desktop platform and need a constant stable internet connection.
10 Best Trading Apps for Beginners in India
10 Best Trading Apps for Beginners in India in ‘24
Here’s a list of the best trading apps for beginners in India with their key features, pros, cons, and charges:
1. Zerodha Kite
It is the favorite for the traders who are looking for advanced charting tools and real-time data. Its user-friendly interface makes it smooth to trade even though the learning curve may be steep for the beginners.
Key Features:
- Advanced charting tools
- Real-time market data
- Multi-watchlist
- One click order placement
Pros:
- User-friendly interface
- Low brokerage fees
- Extensive educational resources
Cons:
- Steeper learning curve for new users
- Few options for support from users
Charges: ₹20 per order or 0.03% for intraday trades
2. Upstox
It is popular for quick order executions and low brokerage fees. It has educational resources to help the beginners in understanding trading, though this little support in any form might not be perfect for many users.
Key Features:
- Quick order executions
- In-depth charting
- Real time market data
- Educational resources
Pros:
- Low brokerage
- Easy interface
Cons:
- Limited physical branch support
- Glitches in the app sometimes
Charges: ₹20 per order or 0.01% for intraday trades
3. Paytm Money
It is a platform that allows users to make goal-based investments and commission-free mutual funds while integrating the overall Paytm ecosystem. However, stock trades could incur charges to the user.
Key Features:
- Seamless integration with the Paytm ecosystem
- Options for goal-based investing
- Commission-free mutual funds
Pros:
- Perfect for beginners, easy to use
- Comprehensive features
Cons:
- Specific fees applied on stock trades
- Limited advanced trading tools
Charges: Differ according to type of trade; check the app to know
4. Angel One
Angel One provides quality research to you at your fingertips with good customer service. It is best suited for a beginner, though users sometimes face occasional delays during peak hours.
Key Features:
- Wide research tools
- Multiple investment options
- User-friendly interface
Pros:
- Goods customer service
- Sufficient and robust analytical tools are there
Cons:
- Occasional delays during peak hours
- Some of the services charge more
Charges: ₹15 each equity delivery or 0.05% in intraday trades
5. Groww
Groww is known for having a simple interface and focusing on mutual funds. It’s easy to use for beginners, but advanced options for trading are less compared to the rivals.
Key Features:
- A simple yet easy to understand interface
- Mutual fund and stocks are focused
- Easy procedure to invest
Pros:
- Best for beginners
- There is no feature that is too complicated
Cons:
- Less advanced option for trading
- Fewer asset classes as compared to the competitor
Charges: No commission is charged for equity delivery trading
6. ICICI Direct
ICICI Direct integrates banking services with trading and comes with some strong research tools. Though it’s pretty friendly to beginners, cost-sensitive traders might not like the comparatively higher brokerage charges.
Key Features:
- Integrates banking services
- Strong research tools
- Provides market insights
Pros:
- Beginner-friendly
- Pretty comprehensive market analysis
Cons:
- Higher brokerage fees
- The interface is not that user-friendly for complete beginners
Charges: The charges go up to around ₹20 per order or about ₹30 for delivery trades
7. AxisDirect
It has live market updates, and for beginners who want to begin with trading, it would be pretty useful. However, for the advanced features, it is kind of limited, so it may not meet the needs of more advanced traders.
Key Features:
- Live market updates
- Huge investment opportunities
Pros:
- Easy interface
- Good for new traders
Cons:
- Limited advanced features
- More brokerage charges than some competitors
Charge: About ₹20 per trade or about ₹30 for delivery trades
8. Kotak Securities
Kotak Securities has the capability for algorithmic trading, and it also offers comprehensive market analysis tools. It provides insights, but for a fee that is slightly higher than most other competitors.
Key Features:
- Profound algorithmic trading capabilities
- Comprehensive market analysis tools
Pros:
- Valuable insights are given to its customers
- Good research resources are available
Cons:
- Fees are quite high as compared to competitors
- Won’t be a good choice for budget-conscious traders
Charges: Charges are different; generally Rs 20 per order or as per the trade value
9. HDFC Securities
It provides excellent research reports and excellent customer support, so it can be a good choice for beginners. The higher brokerage charges may be a concern for the traders who tend to trade very frequently.
Key Features:
- Quality research reports
- Robust customer support
Pros:
- A reliable platform for a beginner
- Excellent educational resources are available
Cons:
- Costlier brokerage commission than other apps
- The interface gets confusing sometimes
Charges: ₹20 per order or delivery trades at about ₹30
10. 5Paisa
5 Paisa focuses on the low-cost brokerage options, offering an affordable fee structure for trades. Though it is economical, the platform has limited asset classes available for trading.
Key Features:
- Lower cost brokerage
- Affordable fee structure
Pros:
- A low-cost platform for traders
- All basic trading features covered
Cons:
- Only basic features are present
- Research tools are not that detailed
Charges: ₹10 per order or Rs. 10 for intraday trades
Conclusion
The trading apps have changed how people interact with financial markets, especially by making the connection with the trading tool free on mobile devices. For Indian traders aiming to start trade, these apps listed have various features suited to various needs and preferences yet making it straightforward to use.
