Angel One vs First Demat
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
Angel One
VS
First Demat
Angel One vs First Demat — quick verdict
Choose Angel One if
You want research and offline support
A full-service broker offering flat ₹20 discount-style pricing, in-house research and one of India's largest branch networks.
Choose First Demat if
You want low-cost, self-directed trading
First Demat review — multiple brokerage packs, brokerage starting at ₹20 per order, digital trading platforms and a wide range of investment options. make this short
Company overview
Angel One is a full-service broker incorporated in 1987; First Demat is a discount broker incorporated in 2026.
| Parameter | Angel One | First Demat |
|---|---|---|
| Type of broker | Full-service Broker | Discount Broker |
| Exchange membership | BSE · NSE · MCX · NCDEX | NSE · BSE · MCX |
| Year of incorporation | 1987 older | 2026 |
| Number of branches | 900 wider | 1 |
| Active clients | 66,84,223 larger | 500 |
Charges & AMC
Account-opening and maintenance charges for Angel One and First Demat compared side by side.
| Parameter | Angel One | First Demat |
|---|---|---|
| Trading a/c opening | ₹0 (Free) | ₹0 online; ₹500 offline |
| Trading a/c AMC | ₹0 (Free) | ₹0 |
| Demat a/c opening | ₹0 (Free) | ₹0 |
| Demat a/c AMC | ₹240 | ₹0 for the first year lower |
| DP charges (per ISIN, sell) | ₹20 per debit | ₹20 + GST per ISIN |
Brokerage charges
How Angel One and First Demat price each trading segment, per executed order.
| Parameter | Angel One | First Demat |
|---|---|---|
| Equity Delivery | ₹20 or 0.1% (lower) | 0.1% or ₹20 per executed order, whichever is lower |
| Equity Intraday | ₹20 or 0.1% (lower) | 0.1% or ₹20 per executed order, whichever is lower |
| Equity Futures | ₹20 / order | ₹20 per executed order |
| Equity Options | ₹20 / order | ₹20 per executed order |
| Currency F&O | ₹20 / order | — |
| Commodity F&O | ₹20 / order | — |
| Call & Trade | +₹20/order | ₹50 per trade |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by Angel One and First Demat, per segment.
| Parameter | Angel One | First Demat |
|---|---|---|
| Equity Intraday | NSE Rs 297 per Cr (0.00297%) | BSE Rs 375 per Cr (0.00375%) (sell side) | NSE: 0.00307% · BSE: 0.00375% |
| Equity Delivery | NSE Rs 297 per Cr (0.00297%) | BSE Rs 375 per Cr (0.00375%) (each side) | NSE: 0.00307% · BSE: 0.00375% |
| Equity Futures | NSE Rs 173 per Cr (0.00173%) | BSE Rs 0 | NSE: 0.00183% · BSE: 0% |
| Equity Options | NSE Rs 3503 per Cr (0.03503%) | BSE Rs 325 per Cr (0.00325%) (on premium) | NSE: 0.03553% on premium · BSE: 0.0325% on premium |
| Currency Future | NSE Rs 35 per Cr (0.00035%) | BSE Rs 45 per Cr (0.00045%) | Not specified |
| Currency Option | NSE Rs 3110 per Cr (0.0311%) | BSE Rs 100 per Cr (0.001%) (on premium) | Not specified |
| Commodity | — | Current segment-wise rates not verified |
Demat & DP charges
Depository (demat) charges for Angel One and First Demat — AMC, debit transactions, pledging and remat.
| Parameter | Angel One | First Demat |
|---|---|---|
| Demat Account Opening Charges | Rs 0 (Free) | — |
| Transaction Charges (Buy) | Rs 20 per ISIN (Rs 50 per ISIN for BSDA Client) | — |
| Annual Maintenance Charges (AMC) | Rs 240 per year (Rs 20 per month) | — |
| Demat + Courier charges | Rs 50 per certificate | — |
| Remat | Rs 50 per certificate | — |
| Pledge Creation | Rs 20 per ISIN (Rs 50 per ISIN for BSDA Client) | — |
| Pledge Creation Confirmation | Nil | Not specified |
| Pledge Invocation | Rs 20 per ISIN | — |
| Failed Transactions | Nil | — |
| Other Charges | Rs 50 per request for additional DIS | Refer to the latest official demat tariff |
| Demat Account Opening | — | ₹0 online |
| Demat Account AMC | — | ₹0 for the first year; thereafter |
| DP Source | — | NSDL, through the intermediary identified in the official regulatory disclosure |
| DP ID | — | IN303921, as listed on the official website |
| DP Charges for Debit | — | ₹20 + GST per ISIN |
| Dematerialisation Charges | — | ₹20 per DRF + ₹3 per certificate |
| Rematerialisation Charges | — | ₹20 per 100 securities or part thereof, subject to a maximum of ₹5,000, or ₹20 per certificate, whichever is higher |
| Margin Pledge / Unpledged for Collateral | — | ₹25 + GST per transaction |
| Margin Pledged | — | ₹3 + GST per transaction, |
| Failed Instruction Charges | — | ₹20 per intimation per instruction |
| Advance Deposit | — | ✕ No |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by Angel One and First Demat.
| Parameter | Angel One | First Demat |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | Not verified (Not verified) |
| Equity Intraday | Up to 20% of trade value (Up to 5x) | Not verified (Not verified) |
| F&O (Eq/Curr/Comm) | 100% NRML (Span + Exposure) (1x) | As per applicable exchange and broker requirements (Not verified) |
| Equity Options | — | As per applicable exchange and broker requirements (Not verified) |
| Currency Futures | — | Not verified (Not verified) |
| Currency Options | — | Not verified (Not verified) |
| Commodity Futures | — | Not verified (Not verified) |
| Commodity Options | — | Not verified (Not verified) |
Features & account
Account type and feature availability across Angel One and First Demat.
| Parameter | Angel One | First Demat |
|---|---|---|
| 3-in-1 account | ✕ No | ✕ No |
| Automated / API trading | ✓ Yes | ✓ Yes |
| Margin Trading (MTF) | ✓ Yes | ✓ Yes |
| Trading in SME shares | ✕ No | ✓ Yes better |
| Trading platforms | Super App, Web, Angel SpeedPro | First Trade Web, First Mobile |
| Intraday square-off | 3:15 PM | 3:20 PM |
| Other | Daily/weekly research reports | Free equity delivery, digital onboarding, MTF facility available. |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by Angel One and First Demat.
| Parameter | Angel One | First Demat |
|---|---|---|
| Trading platforms offered | Angel One Super App, Angel One Trade, Angel SpeedPro | First Demat Web Trading Platform, First Demat Mobile Trading, First Demat Android App, First Demat iOS App |
| Number of platforms | 3 | 4 more choice |
| Platforms (summary) | Super App, Web, Angel SpeedPro | First Trade Web, First Mobile |
| Mobile / desktop apps | Mobile, Web, Desktop | Web, Mobile, Android, iPhone / iOS |
User ratings
User ratings for Angel One and First Demat across the key parameters.
| Rated on | Angel One | First Demat |
|---|---|---|
| Fees | 3 | — |
| Brokerage | 3 | — |
| Trading platform | 3 | — |
| Customer service | 2.5 | — |
| Research | 2.7 | — |
| Overall | 3.9 | 5 better |
Investment options
Which investment products Angel One and First Demat let you access.
| Parameter | Angel One | First Demat |
|---|---|---|
| Stocks / Equity | ✓ Yes | ✓ Yes |
| Commodity | ✓ Yes | ✓ Yes |
| IPO | ✓ Yes | ✓ Yes |
| Mutual Funds | ✓ Yes | ✓ Yes |
| Bonds / NCD | ✓ Yes | ✓ Yes |
Order types offered
Advanced order types supported by Angel One and First Demat.
| Parameter | Angel One | First Demat |
|---|---|---|
| Bracket Order | ✓ Yes better | ✕ No |
| Cover Order | ✓ Yes better | ✕ No |
| BTST | ✓ Yes | ✓ Yes |
| After Market (AMO) | ✓ Yes | ✓ Yes |
| GTC / GTT | ✕ No | ✓ Yes better |
Safety & credibility
SEBI registration, financial strength and complaint record for Angel One and First Demat.
| Parameter | Angel One | First Demat |
|---|---|---|
| SEBI registration | INZ000161534 | INZ000328330 |
| NSE member code | 12798 | 90479 (NSE membership number) |
| Year of incorporation | 1987 longer track record | 2026 |
| Net worth | ₹4,620.22 Cr stronger | 6952 |
| Exchange memberships | BSE · NSE · MCX · NCDEX | NSE · BSE · MCX |
| Latest complaint ratio | 0.016% | 0.016% |
Complaints record
Exchange complaint data for Angel One and First Demat — the ratio matters more than the raw count.
| Parameter | Angel One | First Demat |
|---|---|---|
| Latest financial year | 2025-26 | 2025-26 |
| Exchange | NSE | NSE |
| Active clients | 67,45,594 larger base | 5,00,000 |
| Complaints filed | 1,070 | 80 |
| Complaint ratio | 0.016% | 0.016% |
Pros & cons
The main advantages and drawbacks of each broker.
Angel One
▲ Pros
- ✓ Full-service research at flat ₹20 discount-style pricing.
- ✓ Flat fee across segments & exchanges.
- ✓ Free research, advisory and trading tips.
- ✓ Margin trading & securities as collateral available.
- ✓ No charge for NEFT / fund transfers.
- ✓ Local sub-broker / RM support.
▼ Cons
- ✕ Margin funding can be applied without notice.
- ✕ No trading in SME shares.
- ✕ Sales team may cross-sell other products.
- ✕ GTC / GTT order facility not available.
- ✕ Does not offer a 3-in-1 account.
First Demat
▲ Pros
- ✓ Zero online account opening charges.
- ✓ Brokerage of ₹20 per executed order or 0.1%, whichever is lower, on applicable segments.
- ✓ ₹20 per executed order for equity futures and options, according to the official pricing page.
- ✓ Web and mobile trading platforms.
- ✓ AI-assisted market insights and research tools.
- ✓ Option strategy builder and multi-leg strategy tools.
- ✓ Charting and technical indicators.
- ✓ Trailing stop-loss and smart alerts.
- ✓ IPO application facilities.
- ✓ Mutual funds and ETFs, according to the supplied review and platform information.
▼ Cons
- ✕ Brokerage and other fees should be checked against the applicable tariff and account conditions.
- ✕ Call & Trade and auto square-off services attract additional charges.
- ✕ Statutory taxes and exchange transaction charges apply separately.
- ✕ Zero Demat AMC is stated for the first year; charges after the first year should be confirmed.
- ✕ Current active-client figures and net worth have not been independently verified.
- ✕ Individual category ratings and review counts are unavailable.
- ✕ MTF is marked unavailable in the supplied review.
- ✕ A 3-in-1 account is marked unavailable in the supplied review.
- ✕ Some platform features and product availability require confirmation.
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