First Demat vs Paytm Money
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
First Demat
VS
Paytm Money
First Demat vs Paytm Money — 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 Paytm Money if
You want low-cost, self-directed trading
Invest in stocks, F&O, mutual funds and IPOs with zero lifetime AMC and a technology-first trading platform.
Company overview
First Demat is a discount broker incorporated in 2026; Paytm Money is a discount broker incorporated in 2017.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| Type of broker | Discount Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX · NCDEX · MSEI |
| Year of incorporation | 2026 | 2017 older |
| Number of branches | 1 wider | 0 |
| Active clients | 500 larger | 21 Million+ Users* |
Charges & AMC
Account-opening and maintenance charges for First Demat and Paytm Money compared side by side.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| Trading a/c opening | ₹0 online; ₹500 offline | ₹0 (Free) |
| Trading a/c AMC | ₹0 | ₹0 |
| Demat a/c opening | ₹0 | ₹0 (Free) |
| Demat a/c AMC | ₹0 for the first year | ₹0 (Lifetime Free) |
| DP charges (per ISIN, sell) | ₹20 + GST per ISIN | ₹20 per debit transaction |
Brokerage charges
How First Demat and Paytm Money price each trading segment, per executed order.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| Equity Delivery | 0.1% or ₹20 per executed order, whichever is lower | ₹20 per executed order |
| Equity Intraday | 0.1% or ₹20 per executed order, whichever is lower | ₹20 per executed order |
| Equity Futures | ₹20 per executed order | ₹20 per executed order or 0.02% (whichever is lower) |
| Equity Options | ₹20 per executed order | ₹20 per executed order |
| Currency F&O | — | ₹20 per executed order |
| Commodity F&O | — | ₹20 per executed order |
| Call & Trade | ₹50 per trade | ₹50 per executed order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by First Demat and Paytm Money, per segment.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| 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: 0.0311% (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 Paytm Money — AMC, debit transactions, pledging and remat.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| 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) | — | ₹0 (Lifetime Free) |
| Debit Transaction Charges | — | ₹20 per sell transaction |
| Pledge / Unpledge Charges | — | ₹20 per transaction (Margin pledge/unpledge as per current tariff) |
| Dematerialisation (Demat) | — | ₹250 per certificate / per scheme |
| Rematerialisation (Remat) | — | ₹250 per certificate / per scheme |
| Failed Transactions | — | Nil |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by First Demat and Paytm Money.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| 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 Paytm Money.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| 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 | Paytm Money Web, Paytm Money App |
| Intraday square-off | 3:20 PM | 3:15 PM |
| Other | Free equity delivery, digital onboarding, MTF facility available. | TradingView Charts, Basket Orders, Option Chain, Stock SIP, Price Alerts, ETF Investing, NPS, Margin Trading Facility (MTF), eDIS |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by First Demat and Paytm Money.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| Trading platforms offered | First Demat Web Trading Platform, First Demat Mobile Trading, First Demat Android App, First Demat iOS App | Paytm Money Web, Paytm Money App, TradingView Charts |
| Number of platforms | 4 more choice | 3 |
| Platforms (summary) | First Trade Web, First Mobile | Paytm Money Web, Paytm Money App |
| Mobile / desktop apps | Web, Mobile, Android, iPhone / iOS | Web, Mobile, Integrated Charting |
User ratings
User ratings for First Demat and Paytm Money across the key parameters.
| Rated on | First Demat | Paytm Money |
|---|---|---|
| Fees | — | 4.8 |
| Brokerage | — | 4.8 |
| Trading platform | — | 4.5 |
| Customer service | — | 4.1 |
| Research | — | 3.8 |
| Overall | 5 better | 4.4 |
Investment options
Which investment products First Demat and Paytm Money let you access.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| 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 Paytm Money.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| 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 Paytm Money.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| SEBI registration | INZ000328330 | INZ000240532 |
| NSE member code | 90479 (NSE membership number) | 90165 |
| Year of incorporation | 2026 | 2017 longer track record |
| Net worth | 6952 | ₹366.98 Cr stronger |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX · NCDEX · MSEI |
| Latest complaint ratio | 0.016% | 0.002% fewer complaints |
Complaints record
Exchange complaint data for First Demat and Paytm Money — the ratio matters more than the raw count.
| Parameter | First Demat | Paytm Money |
|---|---|---|
| Latest financial year | 2025-26 | 2025–26 |
| Exchange | NSE | NSE |
| Active clients | 5,00,000 | 765,696 larger base |
| Complaints filed | 80 | 14 |
| 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.
Paytm Money
▲ Pros
- ✓ Zero lifetime Demat AMC.
- ✓ Competitive flat brokerage across trading segments.
- ✓ Fully digital and paperless account opening.
- ✓ Supports stocks, F&O, commodities, IPOs, mutual funds, ETFs, bonds, and NPS.
- ✓ Modern web and mobile trading platforms with advanced charting.
- ✓ GTT orders, Basket Orders, Stock SIP, and Margin Trading Facility available.
▼ Cons
- ✕ Limited offline branch network.
- ✕ Research and advisory services are not as comprehensive as full-service brokers.
- ✕ Call & Trade service is chargeable.
- ✕ No dedicated desktop trading software.
- ✕ Customer support response time may vary during peak market hours.
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