5 Paisa – An Overview
5 Paisa is one of the leading stock brokers in India. It works on the discount brokerage model, like Zerodha, Upstox and Samco etc.
They offer a flat brokerage model of Rs 10 per trade, which is the lowest brokerage charge amongst the peers.
With 5 Paisa Mobile App, you can trade across different segments such as Commodities, Equities, Currencies and Derivatives as well. It also provides a facility for investing in Direct Mutual Funds.
This app will also enable you to invest in SIPs (Systematic Investment Plan).
5 Paisa customers can trade or invest using the app through their smartphones. The app is currently available for free on both Android Play Store and Apple iTunes Store.
To use the app, you have to open a Demat and trading account with the brokerage firm
Account opening with 5 Paisa is free of cost and does not take much time as well. The firm claims to open an account within 15 minutes once all the required documents are furnished.
Account opening is entirely online and a paperless process. If you are paying very high brokerage currently with any of the old traditional brokers, then you must consider opening an account with 5 Paisa.
It can save you a lot of money in terms of brokerage fee.
Though 5 Paisa focuses on promoting trades through Mobile based trading platform, still they also offer other terminals for trading on desktop as well.
Currently, they are offering three different options for their users.
- 5 Paisa Mobile Trading App (Mobile)
- 5 Paisa Web Trading Console (Web)
- 5 Paisa Trade Station (Desktop)
The 5 Paisa has more than 1 Lac users as of now, using different trading portals. However, the majority of customers are on the Mobile App.
Here is a short description of the critical app features which come handy with the Mobile App. Highlights of other options are also covered here in this article.
5 Paisa Mobile App (Mobile)
This app is for customers who are always on the wheel and want their trading toolkit still with them. By packing all the features in a mobile app, 5 Paisa has made trading very convenient for them.
Keeping an eye on your stocks of interest has also become a piece of cake with the app.
Top Key Features of this app are:
- Enables trading in all segments under a single app. Be it Equity, Commodity or Currency, 5 Paisa has the feature for you.
- Trading in Derivative segment, i.e. Futures and Options is also possible with the same application.
- 5 Paisa has introduced a very unique and exciting feature of Robo Advisory. It is a fully automated trading advisory system for beginners.
- 5 Paisa App also provides a wide variety of charts such as Bar Charts, Line Charts, Mountains, Candlestick Charts and much more.
- Also, you get the option to choose from different time settings to range from 1 minute to 1 month.
- Advanced technical analysis tools and technical indicators are also available in the app.
- Flat Rs 10 is charged from the trader for every executed order.
- 5 Paisa Mobile App has more than 40 thousand reviews on the Google Play Store with a combined rating of 4.4 Stars.
5 Paisa Web Trading Console (Web Browser)
Web Console is nothing but the online version of 5 Paisa Mobile App. It is loaded with all the similar features that you will get with their Mobile App.
The web console is an advanced online trading platform with an easy and user-friendly interface.
- The web console of 5 Paisa is compatible with all kind of web browsers. You can choose to trade via Google Chrome, Mozilla Firefox, Internet Explorer or even Mac’s Safari Browser.
- You can have a consolidated view of your Portfolio, Open Positions and Mark to Market P&L.
- It has seamless navigation capability for a smooth trading experience.
- 5 paisa Web Console will enable you to perform detailed Technical and Fundamental Analysis for any scrip.
- Detailed Market Depth, i.e. top buying and selling offers and option chain, is also available at this platform.
Also Read: 5Paisa Vs Trade Smart Online Comparison
5 Paisa Trade Station (Desktop)
Even in today’s generation of mobile users, there are still traders who prefer their trading to be done on desktop terminals.
Trading from desktop has its benefits over other available options. Trade Station can be installed on Windows-based computers using a .exe file and has the following features attached to it.
- It has a customizable watch list, which will allow the user to customize according to their specific needs. One can add multiple stocks across different industries. Also, mutual funds and indices can be added.
- Dekstop based trading terminal has an advantage over other options, which is its lightning-fast speed.
- The desktop Trading terminal will also facilitate algo trading for advanced traders.
- All the transactions are encrypted and highly secure. Fund transfer is also effortless, fast and safe.
- Because the desktop terminal comes with loads of features, they have provided short-cut keys which come handy for highly active traders.
5 Paisa Mobile App Pros and Cons
After knowing all the attractive features, we would also want to have a quick comparison of the pros and cons of being a customer of 5 Paisa. Let’s have a look.
Pros:
- All the platforms of 5 Paisa, especially the 5 Paisa Mobile App is extremely fast and easy to use for the beginners.
- Flat brokerage of Rs 10 per order is charged.
- Unlike other traditional brokers, you will not be required to make calls for buying and selling stocks in your portfolio.
- Robo Advisory System is beneficial for the customers who are new to trading and need a little guidance for trading in their initial days.
- Mutual Funds, SIPs, Derivates, Currencies. All kinds of investment needs are solved under one roof.
Cons:
- Unlike others, 5 Paisa does not have an option for multiple watch lists.
- Call and Trade facility is costly in comparison to the peers. 5 Paisa is currently charging Rs 100 per order placing through calls.
- Although they claim a quick online and paperless account opening, it is not as effectively working for all the customers.
- Users sometimes get distracted by excessive promotions and advertisement of Life Insurance, SIP and Mutual Funds.
- Some of the current users have also reported some sluggishness and unexpected logging off during a trade session.
Conclusion
Upstox is a top-notch stockbroking firm, with the latest technological tools which are highly reliable and fast.
Upstox can help you save extra bucks because of its discount pricing models, but at the same time, you may have to face some challenges with the customer support team.
Still, the technology of Upstox is so good that you won’t find many instances where you will require to contact the support squad.
We recommend comparing Upstox with other competitors as well before making a choice. Different service providers may suit diverse requirements, after all.
5 Paisa Mobile App FAQ
Q. Is 5 Paisa Mobile App available for free?
Yes, the app available for free on both Android and iOS users.
Q. Can I open a new account with 5 Paisa Mobile App? How much will it cost?
Account opening with 5 paisa is currently free for everyone. Also, the brokerage firm offers a unique feature of online paperless account opening procedure which is time-saving and effortless.
Q. Can I trade in Option segment using 5 Paisa App?
Yes, the Mobile App and all other trading terminals offered by 5 Paisa comes with derivative trading enabled. Customers who have a trading account with 5 Paisa can trade in Futures and Options (F&O) Segment.
Q. How to download 5 Paisa App?
The 5 Paisa Mobile App is available on Google Play Store and Apple iTunes Store for free. You can easily get the app on your smartphone by following these steps:
- Open Play Store or iTunes Store (whichever applicable) on your smartphone.
- Type ‘5 Paisa’ in the search bar.
- The app is available with full name as 5Paisa: Stocks, Share Market Trading App, NSE, BSE
- Click on the ‘Install’ button and follow the steps shown on your phone’s screen.
Q. Does this app need to sign up?
Yes. To use this app for trading purpose, you will be required to sign up a Demat and trading account by furnishing your eKYC and other identity-related documents.
