First Demat vs m.Stock
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
First Demat
VS
m.Stock
First Demat vs m.Stock — quick verdict
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
Choose m.Stock if
You want low-cost, self-directed trading
One Account. Zero Brokerage. Lifetime Investing.
Company overview
First Demat is a discount broker incorporated in 2026; m.Stock is a discount broker incorporated in 1985*.
| Parameter | First Demat | m.Stock |
|---|---|---|
| Type of broker | Discount Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX |
| Year of incorporation | 2026 | 1985* older |
| Number of branches | 1 | 196+ wider |
| Active clients | 500 | 12 Lakh+ larger |
Charges & AMC
Account-opening and maintenance charges for First Demat and m.Stock compared side by side.
| Parameter | First Demat | m.Stock |
|---|---|---|
| Trading a/c opening | ₹0 online; ₹500 offline | ₹0 |
| Trading a/c AMC | ₹0 | ₹0 |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹0 for the first year lower | ₹999 + GST (One-time Lifetime AMC Plan)* |
| DP charges (per ISIN, sell) | ₹20 + GST per ISIN | ₹13.5 + GST per debit transaction lower |
Brokerage charges
How First Demat and m.Stock price each trading segment, per executed order.
| Parameter | First Demat | m.Stock |
|---|---|---|
| Equity Delivery | 0.1% or ₹20 per executed order, whichever is lower | ₹0 (Zero Brokerage Plan) |
| Equity Intraday | 0.1% or ₹20 per executed order, whichever is lower | ₹5 per executed order* |
| Equity Futures | ₹20 per executed order | ₹5 per executed order* |
| Equity Options | ₹20 per executed order | ₹5 per executed order* |
| Currency F&O | — | ₹5 per executed order* |
| Commodity F&O | — | ₹5 per executed order* |
| Call & Trade | ₹50 per trade | ₹20 per executed order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by First Demat and m.Stock, per segment.
| Parameter | First Demat | m.Stock |
|---|---|---|
| Equity Delivery | NSE: 0.00307% · BSE: 0.00375% | NSE: 0.00297% • BSE: 0.00375% |
| Equity Intraday | NSE: 0.00307% · BSE: 0.00375% | NSE: 0.00297% • BSE: 0.00375% |
| Equity Futures | NSE: 0.00183% · BSE: 0% | NSE: 0.00173% |
| Equity Options | NSE: 0.03553% on premium · BSE: 0.0325% on premium | NSE: 0.03503% (on premium) |
| Currency Futures | Not specified | NSE: 0.00035% |
| Currency Options | Not specified | NSE: 0.03110% (on premium) |
| Commodity | Current segment-wise rates not verified | — |
| Commodity Futures | — | MCX: 0.00210% |
| Commodity Options | — | MCX: 0.04180% (on premium) |
Demat & DP charges
Depository (demat) charges for First Demat and m.Stock — AMC, debit transactions, pledging and remat.
| Parameter | First Demat | m.Stock |
|---|---|---|
| Demat Account Opening | ₹0 online | ₹0 |
| 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, | — |
| Pledge Creation Confirmation | Not specified | — |
| Failed Instruction Charges | ₹20 per intimation per instruction | — |
| Advance Deposit | ✕ No | — |
| Other Charges | Refer to the latest official demat tariff | — |
| Annual Maintenance Charges (AMC) | — | ₹999 + GST (One-time Lifetime AMC Plan) |
| Debit Transaction Charges | — | ₹13.5 + GST per debit transaction |
| Pledge / Unpledge Charges | — | ₹20 + GST per request |
| Dematerialisation (Demat) | — | ₹150 per certificate + GST |
| Rematerialisation (Remat) | — | ₹150 per certificate + GST |
| Failed Transactions | — | Nil |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by First Demat and m.Stock.
| Parameter | First Demat | m.Stock |
|---|---|---|
| Equity Delivery | Not verified (Not verified) | 100% of trade value (1x) |
| Equity Intraday | Not verified (Not verified) | VAR + ELM Margin (Up to 5x*) |
| Equity Futures | As per applicable exchange and broker requirements (Not verified) | SPAN + Exposure Margin (As per available margin) |
| Equity Options | As per applicable exchange and broker requirements (Not verified) | Premium Value (Not Applicable) |
| Currency Futures | Not verified (Not verified) | SPAN + Exposure Margin (As per available margin) |
| Currency Options | Not verified (Not verified) | SPAN + Exposure Margin (As per available margin) |
| Commodity Futures | Not verified (Not verified) | SPAN + Exposure Margin (As per available margin) |
| Commodity Options | Not verified (Not verified) | — |
Features & account
Account type and feature availability across First Demat and m.Stock.
| Parameter | First Demat | m.Stock |
|---|---|---|
| 3-in-1 account | ✕ No | ✕ No |
| Automated / API trading | ✓ Yes | ✓ Yes |
| Margin Trading (MTF) | ✓ Yes | ✓ Yes |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | First Trade Web, First Mobile | m.Stock Web, m.Stock Mobile App, m.Stock Desktop |
| Intraday square-off | 3:20 PM | 3:15 PM |
| Other | Free equity delivery, digital onboarding, MTF facility available. | Option Chain, Advanced Charting, Basket Orders, API Trading, Algo Trading Support, Price Alerts, eDIS, Margin Trading Facility (MTF), Smart Watchlists |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by First Demat and m.Stock.
| Parameter | First Demat | m.Stock |
|---|---|---|
| Trading platforms offered | First Demat Web Trading Platform, First Demat Mobile Trading, First Demat Android App, First Demat iOS App | m.Stock Web, m.Stock Mobile App, m.Stock Desktop |
| Number of platforms | 4 more choice | 3 |
| Platforms (summary) | First Trade Web, First Mobile | m.Stock Web, m.Stock Mobile App, m.Stock Desktop |
| Mobile / desktop apps | Web, Mobile, Android, iPhone / iOS | Web, Mobile, Desktop |
User ratings
User ratings for First Demat and m.Stock across the key parameters.
| Rated on | First Demat | m.Stock |
|---|---|---|
| Fees | — | 4.9 |
| Brokerage | — | 5 |
| Trading platform | — | 4.5 |
| Customer service | — | 4.3 |
| Research | — | 4.1 |
| Overall | 5 better | 4.6 |
Investment options
Which investment products First Demat and m.Stock let you access.
| Parameter | First Demat | m.Stock |
|---|---|---|
| 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 First Demat and m.Stock.
| Parameter | First Demat | m.Stock |
|---|---|---|
| Bracket Order | ✕ No | ✕ No |
| Cover Order | ✕ No | ✕ No |
| BTST | ✓ Yes | ✓ Yes |
| After Market (AMO) | ✓ Yes | ✓ Yes |
| GTC / GTT | ✓ Yes | ✓ Yes |
Safety & credibility
SEBI registration, financial strength and complaint record for First Demat and m.Stock.
| Parameter | First Demat | m.Stock |
|---|---|---|
| SEBI registration | INZ000328330 | INZ000163138 |
| NSE member code | 90479 (NSE membership number) | 13198 |
| Year of incorporation | 2026 | 1985* longer track record |
| Net worth | 6952 | ₹2,611.66 Cr stronger |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX |
| Latest complaint ratio | 0.016% | 0.002% fewer complaints |
Complaints record
Exchange complaint data for First Demat and m.Stock — the ratio matters more than the raw count.
| Parameter | First Demat | m.Stock |
|---|---|---|
| Latest financial year | 2025-26 | 2025–26 |
| Exchange | NSE | NSE |
| Active clients | 5,00,000 | 12,18,457 larger base |
| Complaints filed | 80 | 19 |
| Complaint ratio | 0.016% | 0.002% fewer complaints |
Pros & cons
The main advantages and drawbacks of each broker.
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.
m.Stock
▲ Pros
- ✓ Zero brokerage plans available for eligible customers.
- ✓ Low-cost trading across multiple segments.
- ✓ Backed by the globally recognized Mirae Asset Financial Group.
- ✓ Supports stocks, F&O, commodities, IPOs, mutual funds, ETFs, and bonds.
- ✓ Margin Trading Facility (MTF) and advanced trading platforms available.
- ✓ Fully digital and paperless account opening.
▼ Cons
- ✕ Research offerings are comparatively limited versus full-service brokers.
- ✕ Call & Trade service is chargeable.
- ✕ Some pricing benefits are available only under specific subscription plans.
- ✕ Physical branch presence is smaller than traditional full-service brokers.
- ✕ Advanced advisory services are limited compared to research-focused brokers.
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