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As someone who carefully examines broker fee structures to protect capital, I approached Angel One’s pricing with caution. What stood out immediately is that their fee schedule is generally competitive for Indian market standards, but it’s absolutely essential to pay attention to details and understand what these costs mean for returns over time. Angel One offers zero brokerage for the first ₹500 within 30 days, which can be attractive if you’re starting out. For equity delivery trades after this initial offer, the brokerage is capped at the lower of ₹20 or 0.1% per order (minimum ₹2), making it straightforward for small to moderately-sized positions. Intraday trades, as well as futures, also follow a flat fee model: the lower of ₹20 or 0.03% for intraday, and ₹20 per executed order for futures. While these fixed charges provide some predictability, there are also mandatory transaction costs, including NSE transaction charges, Securities Transaction Tax, GST at 18%, and SEBI charges, which follow standard norms but add up over active trading periods. One thing to be acutely aware of is Angel One’s absence of spreads as a fee component—primarily because it doesn’t offer forex or CFD trading, focusing instead on stocks, derivatives, commodities, and mutual funds. Also, annual maintenance charges apply for non-BSDA accounts, and if you use margin, there are daily interest rates and cash collateral charges. For me, every small fee is critical, especially considering the broker has no formal regulation. While the percentages seem minor, diligent traders should always calculate the aggregate impact to fully appreciate total costs and risks before committing funds.