Alice Blue Broker Review
Detailed Analysis of Alice Blue: Platforms, Brokerage Plans, and Trader Services.
Open Account with Alice Blue1. Broker Overview
Full Name: Alice Blue Financial Services Pvt. Ltd.
Brand Name: Alice Blue
Year of Establishment: 2006
Type: Discount Broker
Headquarters: Bengaluru, Karnataka (Corporate Office), Erode (Registered Office)
SEBI Registration No: INZ000156038
Depository Participant: CDSL
Website: aliceblueonline.com
2. Investment Products Offered
- Equity (Stocks – Delivery, Intraday)
- Equity Derivatives (Futures & Options)
- Commodity Derivatives (Futures & Options – MCX)
- Mutual Funds
- Initial Public Offerings (IPOs)
- ETFs (Exchange Traded Funds)
- SGBs (Sovereign Gold Bonds) (when Available)
3. Overall Ratings & Breakdown
Note: Research offerings are usually basic for discount brokers, but Alice Blue provides some tools and partner integrations.
4. Account Opening
Trading Account Opening:₹0 (Free)
Demat Account Opening:₹0 (Free)
AMC (Annual Maintenance Charge – Demat):0
Process:Online (eKYC via WhatsApp or Web) & Offline options available.
Required Documents:PAN Card, Aadhaar Card (linked with mobile), Bank Proof, Signature, Income Proof (for F&O).
5. Alice Blue Charges – Detailed Breakdown
A. Account Opening & Maintenance
Trading Account Opening: Free
Demat Account Opening: Free
Annual Maintenance Charges (AMC): 0
B. Brokerage Fees
| Segment | Brokerage Charge |
|---|---|
| Equity Delivery | ₹20 per executed order or 2.5% (whichever is lower) |
| Equity Intraday | ₹20 per executed order or 0.05% (whichever is lower) |
| Equity Futures | ₹20 per executed order or 0.05% (whichever is lower) |
| Equity Options | Flat ₹20 per executed order |
| Commodity Futures | ₹20 per executed order or 0.05% (whichever is lower) |
| Commodity Options | Flat ₹20 per executed order |
| Currency Futures | ₹20 per executed order or 0.05% (whichever is lower) |
| Currency Options | Flat ₹20 per executed order |
| Mutual Funds & IPOs | ₹0 (No brokerage) |
Note: Brokerage is charged per executed order. Statutory charges, GST, and other levies apply.
C. Government Charges
STT / CTT (Securities/Commodities Transaction Tax):
- Equity Delivery: 0.1% on Buy & Sell
- Equity Intraday: 0.025% on the Sell side
- Equity Futures: 0.0125% on Sell side
- Equity Options: 0.0625% on Sell side (on premium)
- Commodity Futures: 0.01% on Sell side (Non-Agri)
- Commodity Options: 0.05% on Sell side (on premium)
- Currency: No STT
GST (Goods and Services Tax):
18% on (Brokerage + Transaction Charges + other taxable services).
Stamp Duty (Gujarat – Example):
As per state-specific rates. Example for Gujarat:
- Equity Delivery: 0.015% or ₹1500/crore on Buy side
- Equity Intraday: 0.003% or ₹300/crore on Buy side
- Equity Futures: 0.002% or ₹200/crore on Buy side
- Equity Options: 0.003% or ₹300/crore on Buy side
- Commodity Futures: 0.002% or ₹200/crore on Buy side
- Commodity Options: 0.003% or ₹300/crore on Buy side
- Currency: 0.0001% or ₹10/crore on Buy side
D. Regulatory Charges
Exchange Transaction Charges:
- Equity Delivery & Intraday (NSE): 0.00345% per trade on buy & sell
- Equity Futures (NSE): 0.002%
- Equity Options (NSE): 0.053% on premium
- Commodity Futures (MCX): 0.0026%
- Commodity Options (MCX): 0.05% on premium
- Currency Futures (NSE): 0.0009%
- Currency Options (NSE): 0.035% on premium
- BSE: Charges vary, refer to official site.
SEBI Charges:
₹10 per crore (0.0001%) of transaction value.
Depository Participant (DP) Charges:
₹15 + GST per scrip per day (on sell transactions from Demat).
E. Other Charges
Call & Trade Charges:₹20 + 18% GST per executed order.
Auto Square-Off Charges:₹20 per order + GST.
Payment Gateway Charges:₹10 + GST per transaction.
Pledge/Unpledge Charges:₹15 + GST per scrip.
Important: All charges are subject to change. Always refer to the official Alice Blue pricing page and brokerage calculator for the most current and comprehensive list.
6. Margin & Leverage
Intraday (Equity):Up to 5x (Standard). Higher leverage options may be available based on specific products or schemes, stock-specific, and subject to risk policies.
F&O (All Segments):As per Exchange (SPAN + Exposure). Bracket/Cover orders can offer higher leverage subject to availability.
Delivery (Equity – MTF/E-Margin):Margin Trading Facility (MTF) available. Interest charges apply. Verify current rates and terms with Alice Blue.
Against Pledged Shares:Yes, available post haircut.
7. Trading Platforms
Web:ANT Web (Browser-based, TradingView charts)
Mobile:ANT Mobi (Android & iOS App)
Desktop:ANT Desk (Installable Terminal) [Verify current availability]
Other:TradeStore (Marketplace for trading tools), ANT API, Trade School (Education)
Notable Features:
- ANT Platform suite with consistent UI/UX
- Advanced charting (TradingView integration)
- Multiple order types (Bracket, Cover, AMO, GTT)
- Real-time market data and scanners
- Option Chain analytics
- TradeStore for algo tools and strategies
8. Tools, Features & Advisory
Charting:TradingView charts integrated into ANT platforms.
Option Chain:Available with Greeks and OI data.
TradeStore:Marketplace offering various free and paid trading tools, strategies, and algo platforms.
API Access:ANT API for building custom trading applications and algo trading.
Order Types:Market, Limit, SL, Bracket Order, Cover Order, AMO, GTT.
Research & Advisory:Provides some basic research calls and market updates. Advisory services may be available through partners or specific tools on TradeStore.
9. Extra Features & Value Adds
Competitive Brokerage Structure:Offers a flat fee per order for most segments, with options for percentage-based brokerage where lower. Free Mutual Funds & IPOs.
TradeStore Ecosystem:Access to a variety of third-party trading tools and algo strategies.
Leverage Options:Provides standard intraday leverage with possibilities for higher leverage under certain conditions.
Trade School:Educational platform with courses, webinars, and articles for traders.
Branch Network:Has a decent number of branches/partner offices, especially in South India.
Referral Program:Offers referral benefits.
Single Margin Account:Use funds across Equity and Commodity segments.
10. Pledge Facility
Pledging Allowed?Yes
Pledge/Unpledge Charges:₹15 + GST per scrip per request (for pledge and for unpledge).
Margin Time:Usually T+1 day. Verify with Alice Blue for specific scrips.
11. Fund Transfer & Withdrawal
Supported Fund Transfer Methods:
Net Banking (Payment Gateway), UPI, NEFT/RTGS.
Withdrawal Process & Time:
Online process. Standard withdrawal requests processed within 24-48 working hours as per SEBI norms.
Fund Transfer Charges:
Payment Gateway (Net Banking/UPI via gateway): ₹10 + GST per transaction. NEFT/RTGS transfers initiated from your bank may be free or charged by your bank. Withdrawals are generally free.
12. Customer Support
Support Channels & Timings:
- Customer / Partner Support: 07676444362 (Mon-Sat, 09:00 AM – 06:00 PM)
- Call & Trade: 07676444362 (Mon-Fri, 08:30 AM – 11:59 PM)
- Account Opening Support: 080-45366888 / 080-45412000 (Mon-Sat, 09:00 AM – 06:00 PM)
- API Related Support: (Mon-Sat, 09:00 AM – 06:00 PM) – Contact via general support or specific API channels.
- Email: askus@aliceblueindia.com
- Live Chat on Website/ANT Platforms
- Branch Support (Network of branches and partner offices)
- WhatsApp Support
- Comprehensive FAQ & Knowledge Base (Trade School)
Turnaround Time (TAT):Can vary. Branch support can be helpful for certain issues. Online support responsiveness can be mixed.
13. Broker Complaints & Reliability (FY 2024–25)
NSE (National Stock Exchange)
Active Clients: 86,631
Total Complaints: 107
Resolved: 89
Non-Actionable: 11
Pending: 7
BSE (Bombay Stock Exchange)
Active Clients: 3,088
Total Complaints: 3
Resolved: 3
Non-Actionable: 0
Pending: 0
MCX (Multi Commodity Exchange)
Active Clients: [Enter Latest Data from MCX if available]
Total Complaints: [Enter Data]
Resolved: [Enter Data]
Non-Actionable: [Enter Data]
Pending: [Enter Data]
Source: [Specify Source of Complaint Data, e.g., Exchange Reports]. Complaint data is dynamic. Always cross-verify with official exchange reports for the latest figures and consider the complaints-to-active-clients ratio.
14. Why Choose Alice Blue? (And Why It Might Not Be For You)
Reasons to Use Alice Blue (Pros)
- Competitive Brokerage Structure: Flat ₹20 per order for most segments (or lower % based), ₹0 for Mutual Funds & IPOs.
- ANT Trading Platforms: Feature-rich platforms with TradingView charts.
- TradeStore Ecosystem: Access to various algo tools and partner integrations.
- Leverage Options: Standard leverage with potential for higher leverage under specific conditions.
- Educational Resources: Trade School provides good learning materials.
- Branch Network: Offers some level of offline support through branches/partners.
- Free Account Opening.
Reasons to Reconsider Alice Blue (Cons)
- Customer Support: Responsiveness can be inconsistent, especially for online channels.
- Platform Stability: Some users have reported occasional glitches or performance issues with ANT platforms.
- Demat AMC: Annual Maintenance Charge of ₹400 + GST applies.
- Charges for Add-ons: Be aware of charges for value-added services from TradeStore.
- Research & Advisory: Limited in-house research; mostly reliant on partner tools or basic calls.
- Call & Trade Charges: ₹20 + GST per executed order.
15. Current Offers & Referral Program
Account Opening Offers:Typically Free Account Opening. May offer other promotions from time to time. [Check Site]
Refer & Earn:Alice Blue has a referral program. Benefits can include brokerage sharing or cash rewards. [Verify current terms]
TradeStore Offers:Discounts or trial periods for tools available on TradeStore may be offered.
Important: Offers are dynamic. Always verify current promotions on Alice Blue’s official website or by contacting them.