Angel One vs INDmoney for US stocks from India: same custodian, different products
Angel One (DriveWealth custodian, 0% brokerage until Dec 2026, unified Indian trading app) vs INDmoney (Alpaca custodian, 0.25% brokerage, lot-level tax reports, unified wealth view). Full comparison for Indian investors.
Arnav GroverCo-Founder & Chief Product Officer, RoviaShort answer: Angel One if you're an existing Angel One user and primarily care about brokerage cost (especially during the 0% period). INDmoney if you want better tax reporting, unified wealth view with mutual funds and Indian stocks, or ACATS support for RSU consolidation.
How the platforms are structured
Angel One uses DriveWealth (US FINRA-registered broker-dealer) as its US custodian. It provides US stock investing integrated into its existing Indian equity and F&O trading app:
- Brokerage: 0% until December 2026, then 0.1% per trade
- FX spread: not publicly stated at a fixed rate — verify in-app before each transfer
- No ACATS support for RSU transfers
- LRS route: SWIFT, A2 form, TCS above ₹7L/yr
- Tax reporting: gain/loss statements from DriveWealth — verify ITR format with CA
INDmoney uses Alpaca (US FINRA-registered broker-dealer) as its US custodian. All-in-one wealth app:
- Brokerage: 0.25% per trade (capped at $25 — kicks in at $10,000 per trade)
- Lot-level capital gains reports in ITR format
- Schedule FA export (automated peak INR balance calculation)
- Inbound ACATS support from US employer brokers
- LRS route: SWIFT, A2 form, TCS above ₹7L/yr
- Unified dashboard: mutual funds, Indian stocks, US stocks, credit
Head-to-head comparison
| Dimension | Angel One | INDmoney |
|---|---|---|
| Brokerage | 0% (until Dec 2026), then 0.1% | 0.25%, cap $25 |
| FX spread | Not stated — verify in-app | Not stated — verify in-app |
| LRS route | Yes (SWIFT) | Yes (SWIFT) |
| ACATS inbound | No | Yes |
| Lot-level sell (HIFO) | Not confirmed — verify | Yes |
| ITR-format tax reports | Verify with CA | Yes (lot-level) |
| Schedule FA export | Verify in-app | Yes (automated) |
| Unified India+US dashboard | Indian trading + US stocks | MF + Indian stocks + US stocks |
| Exchange access | NYSE, NASDAQ | NYSE, NASDAQ, OTC |
| USD withdrawal | No | No |
| Custodian | DriveWealth | Alpaca |
Full financial year worked example: ₹12 lakh invested
Profile: Divya, existing Angel One user, ₹12L/yr in US ETFs, 4 trades/yr, files ITR herself
| Cost item | Angel One (0%) | Angel One (0.1% post-Dec 2026) | INDmoney |
|---|---|---|---|
| Brokerage (4 trades) | ₹0 | ~₹1,200 | ~₹3,000 (0.25%) |
| FX spread (verify in-app) | Unconfirmed | Unconfirmed | Unconfirmed |
| SWIFT fee (2 transfers) | ~₹3,000 | ~₹3,000 | ~₹3,000 |
| TCS above ₹7L (reclaimable) | ₹10,000 | ₹10,000 | ₹10,000 |
| Brokerage saving vs INDmoney | ₹3,000 | ₹1,800 | — |
The brokerage saving from Angel One is real but partial — FX spread must be verified in-app for both platforms. If Angel One's FX spread is 0.2–0.3% higher than INDmoney's, that offsets the brokerage saving at ₹12L. Always verify FX rates in-app before a large transfer.
Onboarding walkthrough
Angel One:
- Download Angel One → if you already have an account for Indian stocks, US stock KYC reuses existing credentials
- Enable US stock investing in-app → submit W-8BEN
- Fund via LRS SWIFT: A2 form, purpose code S0001; funds arrive in 3–5 business days
- Total time to first buy: 2–6 business days for existing users (1–3 days KYC + 3–5 days SWIFT)
INDmoney:
- Download INDmoney → PAN, Aadhaar, bank details, W-8BEN
- KYC + Alpaca account opening: 1–3 business days
- Fund via LRS SWIFT: A2 form, S0001; 3–5 business days
- For ACATS: US Stocks → Transfer → Incoming; enter delivering broker account number; 5–7 US business days
- Total time to first buy: 4–8 business days
What happens when things go wrong
FX rate discrepancy (both platforms): Neither platform publishes a guaranteed fixed FX spread. The spread is applied at conversion time. For large transfers above ₹10 lakh, verify the indicative rate in-app and compare with the SBI TT rate for the day. A 0.3–0.5% difference adds ₹3,000–₹5,000 on a ₹10L transfer.
Tax reporting for ITR (key risk with Angel One): DriveWealth provides gain/loss statements in US format. Your CA needs to verify whether these can be directly used for ITR or require conversion. INDmoney's Alpaca-based reports are already formatted for Indian ITR. If you are filing ITR yourself and your Angel One statements are in US format, allow additional time to convert.
ACATS out — switching platforms: INDmoney supports outbound ACATS (verify current status in-app). Angel One's DriveWealth-based account — verify whether outbound ACATS is supported before opening the account if future flexibility matters.
Post-December 2026 brokerage change: Angel One's 0% brokerage is promotional until December 2026. After that, 0.1% applies. At that point, INDmoney's 0.25% cap at $25 may be cheaper for large trades (above $25,000 per trade), and the tax reporting advantage of INDmoney becomes relatively more important.
Investor personas: who belongs on which platform
Divya — existing Angel One F&O trader, ₹8L/yr US ETFs, 4 trades/yr Divya is already on Angel One. The US stock experience reuses her existing KYC. The 0% brokerage until December 2026 saves ~₹2,000/yr vs INDmoney. She doesn't have RSUs and her CA handles ITR using the Angel One gain/loss statement. Angel One is the right choice while the 0% promotion is live.
Kamal — mutual fund investor, ₹20L/yr US stocks, files ITR with CA Kamal tracks all his investments in INDmoney already — SIPs, MFs, and Indian stocks. He wants US stocks in the same dashboard. INDmoney's unified view and lot-level ITR-format reports are what his CA needs. The brokerage difference at ₹20L/yr (₹5,000 vs ₹2,000 after Dec 2026) doesn't justify maintaining two separate apps.
Rajan — RSU holder at Schwab, ₹25L vested, needs HIFO Neither Angel One nor INDmoney provides ACATS from Schwab with full lot-level HIFO tooling. Actually — INDmoney does support inbound ACATS, making it the right choice over Angel One for Rajan. But for deep RSU tooling (Schedule FA automation, Form 67 prep), Rovia is the stronger alternative.
Related reading
- Angel One vs Vested for US stocks
- INDmoney vs Vested for US stocks
- Best US stock platform for Indian investors 2026
- How US stocks are taxed in India
Sources
Fee figures last checked October 2026. Verify before investing — fees change without notice.
- Angel One US stocks — angelone.in (Oct 2026 — verify brokerage and FX rate in-app)
- INDmoney brokerage (0.25%, cap $25) — chittorgarh.com INDmoney brokerage (verify at INDmoney official app)
- DriveWealth — drivewealth.com (Angel One US custodian)
- Alpaca — alpaca.markets (INDmoney US custodian)
- RBI LRS guidelines — rbi.org.in (Oct 2026)
Run your own numbers
Try the calculator that matches this post
Frequently asked questions
- What is the main difference between Angel One and INDmoney for US stocks? ▾
- Both use the LRS route and US FINRA-registered custodians (Angel One uses DriveWealth; INDmoney uses Alpaca). The primary differences are: Angel One charges 0% brokerage until December 2026 (then 0.1%), vs INDmoney's 0.25%; INDmoney provides richer tax reporting (lot-level ITR-format reports, Schedule FA export, inbound ACATS for RSU transfers); Angel One provides a unified Indian trading + US stocks experience in a single well-known app. For most retail investors choosing between them, the brokerage saving is the headline — but tax reporting quality determines the true long-term cost.
- Is Angel One brokerage really 0% for US stocks? ▾
- Yes, Angel One is offering 0% brokerage on US stocks until December 2026 as a promotional rate, then 0.1% thereafter. This is meaningful for active traders who buy and sell multiple times per year. For buy-and-hold investors with 1–2 trades per year, the brokerage saving is ₹500–₹2,000/yr at standard portfolio sizes — not the primary cost driver.
- Does INDmoney support ACATS transfers from Fidelity or E*TRADE? ▾
- Yes. INDmoney supports inbound ACATS transfers from US employer brokers. Angel One does not support inbound ACATS. For RSU holders wanting to consolidate shares from Fidelity, E*TRADE, Schwab, or Morgan Stanley without selling, INDmoney is one of the few India-facing platforms that supports this.
- Which platform has better tax reporting — Angel One or INDmoney? ▾
- INDmoney provides lot-level capital gains reports in ITR format, Schedule FA exports, and Form 67 prep assistance. Angel One provides gain/loss statements based on DriveWealth's records — the format and Indian ITR compatibility should be verified with your CA. For CA-assisted filing, INDmoney's tax reporting quality is materially better.
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About the author
Co-Founder & Chief Product Officer, Rovia
IIT Bombay + IIM Calcutta. Founding PM at Aspora (largest NRI fintech). 6+ years covering Indian-resident US investing, LRS compliance, Schedule FA, and ITR-2 filing for AY 2026-27.
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