Angel Broking is a leading online broker but due to the huge losses you have faced recently or because of your addiction to trading or buying options/futures, you may want to close your account with this firm. This is the right step to safeguard your hard-earned money and prevent further losses (if you’ve incurred losses and if you fall into the first category). If you’re addicted to option/futures trading and you’re not profitable yet or haven’t made a decent profit yet, there’s a good chance that you may lose a significant amount of money you’ve parked into your account. To make sure that this doesn’t happen, you can ask the Angel One support team to deactivate the segment. You can also close the account.
Some online brokers (for example Zerodha, 5Paisa, etc) provide an option to close trading accounts online. Angel Broking’s website lacks this option. How to close your trading account with them?
Angel Broking has a branch in many metro cities across India. If your city or town has one, you can download the account closure form from the company’s official website, fill it out, and submit it to the branch. You must enter these details in the form:
- Account type, name.
- Date, DP ID, signature.
- Segments and reason.
This process is a bit slow and time-consuming. You will also have to spend some money i.e. 5 to 10 Rs for taking a printout and bus/rickshaw fees for visiting the branch.
The easiest way to close the account is to write an email to the company. I sent the same to support@angelbroking.com. I had mentioned the reason why I wanted my trading a/c to be deactivated in the email. My a/c was deleted within 2/3 working days.
Although my profile has been deactivated, I still receive messages from the NSE. The company sends the account balance information to the exchanges on a regular basis.
Alternatives:
Kotak Securities: If you’ve closed or want to close your demat account with Angel Broking because of the 20 Rs brokerage they charge for each trade and you’re looking for another platform, open your a/c with KS. The company has been adding new features to its new trading platform “NEO”. They have also beefed up the application’s resources to make sure traders face a few glitches during market hours. KS has integrated TradingView charts with their Neo mobile/web app.
Nuvama: Earlier known as Edelweiss, this Angel Broking alternative sells a Lite subscription plan that charges a brokerage of Rs 10 per order. AB is enabled with ChartIQ and TradingView charts. Nuvama supports ChartIQ online.
ICICI Direct: This company has more clients than A B and has introduced several subscription plans. It has also launched a new feature called “Flash Trade”. This feature wasn’t popular until ICICI introduced the 7 Rs brokerage offer for orders placed with it. ICICI Direct is the only firm on this list that provides leverage on options buying.
M Stock: MStock is a zero-brokerage firm like KS. It is not as good as Kotak Securities when it comes to performance but it is still a good option.
Zerodha: This company has a special option called “kill switch” that will disable a segment of your choice for 12 to 24 hours. Zerodha, like its counterpart, charges a brokerage of 20 Rupees per order.
