₹20 Optimum plan (all segments)		₹0 Delivery (Ultra Trader plan)		₹300/yr AMC (yr 1 free)
₹20 DP charge/scrip		Both Direct + Regular MF		3.6/5 CSB Rating

5paisa is India's first publicly listed discount broker — a distinction that matters for trust and transparency. Founded in 2016 as the discount brokerage arm of IIFL Holdings (India Infoline), promoted by Nirmal Jain, it was demerged and separately listed on BSE and NSE in 2019. This means quarterly audited financial disclosures and the regulatory accountability of a public company, something most discount brokers including Zerodha, Upstox, and Groww do not offer. In that sense, 5paisa sits alongside Angel One as one of only two major listed discount brokers in India.

5paisa's most distinctive feature among discount brokers is its tiered subscription plan structure. Instead of a single brokerage rate, it offers three plans: a basic Optimum plan at ₹20/order flat, a Power Investor plan at ₹499/month with ₹10/order brokerage plus free research and zero DP charges, and an Ultra Trader plan at ₹999/month offering free equity delivery, ₹10/order on other segments, and a suite of premium features including free research and free Call & Trade. This model is uncommon in Indian discount broking — most brokers charge the same rate to every customer. Active traders who break even on the subscription cost get meaningfully lower effective brokerage.

One more distinguishing feature worth noting: 5paisa is among the very few discount brokers in India offering built-in Robo Advisory — an automated, algorithm-driven portfolio recommendation and investment service available directly within the app. This makes it technically the first discount broker to combine share trading and robo advisory in a single platform, a positioning that traditional pure-execution brokers like Zerodha and Groww do not match.

The trade-offs are clear. 5paisa's active client base as of August 2025 is approximately 3.85 lakh — significantly smaller than Zerodha (7+ lakh), Groww (14+ lakh active), and Angel One. It charges ₹10 per mutual fund transaction on the Optimum plan, which every other major broker offers free. NRI accounts are not available. And the default plan's ₹20/order delivery brokerage is higher than Zerodha's ₹0. But for active traders willing to pay a monthly subscription, the effective per-trade cost drops meaningfully.

Brokerage charges

3.6

Trading platform

3.7

FnO 360 platform

4.2

Mobile app

3.6

Customer support

3.1

Research & advisory

3.4

Account opening

3.8

Trust & transparency

4.0

Overall Rating

3.6

Ratings based on independent testing, verified user reviews, SEBI complaint data, and platform benchmarking. Updated March 2026.

5paisa is the only major discount broker in India offering a subscription-based tiered pricing structure. Understanding which plan suits you is the most important decision when evaluating 5paisa. The breakeven calculation is straightforward: if you place more than 50 trades per month, the Power Investor plan at ₹499/month saves you money vs the Optimum plan's ₹20/order. If you place more than 100 trades per month in non-delivery segments, the Ultra Trader plan can make financial sense.

Functional app for stocks, F&O, IPOs, and mutual funds. Interface is less polished and more complex than Groww's, but includes built-in research on premium plans, customisable watchlists, real-time quotes, and algo trading access. The app rating of 4.3 on Google Play and App Store is respectable but below Groww (4.6+) and Zerodha Kite. Good for active traders; not the recommended choice for complete beginners who want simplicity.

FnO 360 is unambiguously 5paisa's best product and the main reason experienced options traders choose this broker. It is a dedicated F&O analytics and trading platform with 16+ live Greeks displayed in real time, multiple dashboards for in-depth derivatives analysis, pre-defined strategy builder, basket order placement directly from the option chain, and a one-tap rollover feature for futures positions. For options traders who want institutional-grade Greeks data in a retail app, FnO 360 is genuinely differentiated from what Zerodha, Upstox, and Groww offer in their standard options interfaces.

5paisa Trade Station is a downloadable desktop .exe trading terminal for active traders. It offers multi-monitor support, advanced charting, real-time market depth, keyboard shortcuts for fast order entry, and multiple simultaneous watchlists. Suitable for active intraday traders who prefer desktop over mobile. NEST terminal is also supported for third-party algo integration.

5paisa FinSchool offers structured courses on stock market basics, mutual funds, technical analysis, fundamental analysis, equity derivatives, currency derivatives, investment analysis, and valuation methodology — a broader curriculum than Groww SmartMoney though not as deep as Zerodha Varsity's 13-module structure. Courses are free for all users including Optimum plan holders.

5paisa account opening is fully online and takes approximately 15 minutes. Note: physically signing and couriering a POA (Power of Attorney) form is required for some account types — check current requirements on 5paisa.com as this may have changed.

1	Visit 5paisa.com → Open Account — Enter mobile number, verify via OTP. Basic form: personal details + DOB.
2	PAN + Aadhaar eKYC — PAN verification and Aadhaar-linked mobile OTP. DigiLocker integration speeds this up.
3	Bank account details + IPV — Bank IFSC + account number. In-person verification via front camera.
4	E-sign documents — Aadhaar-based e-sign for account agreement. Digital and legally valid.
5	Account activation — Typically 2 working days. Credentials sent via email + SMS. Fund transfer can begin immediately once credentials arrive.

• You are an active options trader — FnO 360 with 16+ live Greeks, one-tap rollover, basket order from option chain, and ₹2/lot options brokerage on Power Investor and Ultra Trader plans is the most advanced retail options setup in India.
• You place 50+ orders per month — Power Investor at ₹499/month gives you ₹10/order + free DP + free research. At 50+ orders/month this is cheaper than any ₹20 flat broker.
• You want IIFL institutional backing with a listed company — 5paisa's listed status, public financials, and IIFL parentage provide a level of regulatory accountability that unlisted brokers cannot match.
• You need personal loans or insurance alongside trading — IIFL group integration gives access to personal loans, insurance, and other financial products within the 5paisa ecosystem.

• You invest primarily in mutual funds on the Optimum plan — ₹10 per MF transaction is charged where every other major broker charges ₹0. Groww and Zerodha Coin are significantly better for MF investors on their base plans.
• You want ₹0 AMC permanently — 5paisa charges ₹300/yr from year 2. Groww is ₹0 AMC for life, no conditions.
• You are an NRI — 5paisa does not support NRI accounts. Angel One is the right choice.
• You want ₹0 delivery brokerage without a subscription — Zerodha offers ₹0 delivery with no monthly fee. 5paisa's ₹0 delivery requires a ₹999/month subscription.
• You are a beginner who wants a simple experience — The tiered plan structure adds complexity for new investors. Groww's single clean pricing is easier to understand.

Regulatory standing: 5paisa Capital Ltd is SEBI-registered, member of BSE and NSE, MCX member, and a Depository Participant with CDSL. Publicly listed on BSE and NSE (ticker: 5PAISA) since 2019 — meaning audited quarterly financial disclosures, regulatory compliance as a public company, and Nirmal Jain (IIFL founder) as promoter. Your shares are held in your own CDSL demat account, completely separate from 5paisa's balance sheet.

IIFL parentage: While 5paisa was demerged from IIFL Holdings in 2019, the IIFL group connection still provides institutional credibility. IIFL Securities (the full-service broker arm of the same group) has been operating since 1996 and is one of India's largest financial services conglomerates. The technology and risk management infrastructure built over 25+ years benefits 5paisa's operations.