Vested charges explained: brokerage, FX markup, TCS, and what you actually pay

Vested has no account opening fee, no maintenance fee, no withdrawal fee. What it does have is a brokerage commission on every trade and an FX markup on every rupee you send. If you're using LRS (which you are, with Vested), TCS on remittances above ₹7 lakh is a third cost to factor in.

This article breaks down every cost, shows the math at different investment sizes, and compares to alternatives so you can make an informed choice.

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The complete Vested fee list

Fee type	Amount	Notes
Account opening	₹0	Free
Account maintenance (AMC)	₹0	Free
Brokerage — stocks	0.25% per trade	Capped at $35 per order
Brokerage — ETFs	0.25% per trade	Same cap
FX markup on INR→USD	~0.75–1%	Embedded in exchange rate
FX markup on USD→INR	~0.75–1%	On repatriation
Withdrawal / repatriation fee	₹0 platform fee	Wire transfer fee from custodian may apply
Account closure	₹0	Free

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Brokerage: 0.25% capped at $35

Vested's brokerage is 0.25% of the trade value, with a hard maximum of $35 per order. This means:

• On a $500 buy (~₹42,500): 0.25% = $1.25 brokerage
• On a $2,000 buy (~₹1.7L): 0.25% = $5 brokerage
• On a $5,000 buy (~₹4.25L): 0.25% = $12.50 brokerage
• On a $14,000 buy (~₹11.9L): 0.25% = $35 — this is where the cap kicks in
• On a $20,000 buy (~₹17L): $35 (capped, not $50)

The cap at $35 is meaningful for large single trades. If you're deploying ₹15–20 lakh in a single order, you pay $35 rather than $42–50. The brokerage is charged on both the buy and the sell leg.

Is Vested's brokerage competitive?

• vs Tickertape: Tickertape charges 0.15% with no cap — 40% cheaper for trades under $14,000
• vs INDmoney: Identical — 0.25% capped at $35
• vs IBKR (Fixed plan): IBKR charges $0.005/share with a $1 minimum. Below $400 per trade (~₹34,000), Vested is cheaper. Above $400, IBKR's per-share model beats 0.25% for most stocks
• vs Rovia: Rovia charges 0.15%, same as Tickertape

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FX markup: ~0.75–1%

When you transfer rupees to your Vested wallet, Vested (via its banking partners) converts INR to USD. The exchange rate applied is not the mid-market (interbank) rate — it includes a markup of approximately 0.75–1%.

What this means in practice:

If the interbank USD/INR rate is ₹85.00 and Vested's applied rate is ₹84.15, the markup is ₹0.85 per dollar — about 1%.

Transfer amount	FX markup at 1%	Effective loss to FX
₹2 lakh	~₹2,000
₹5 lakh	~₹5,000
₹10 lakh	~₹10,000
₹25 lakh	~₹25,000

FX markup applies again when you repatriate (convert USD back to INR). A full round-trip (invest + repatriate) costs approximately 1.5–2% in FX spread at typical rates.

How does this compare?

• vs INDmoney: Similar — both around 0.75–1%
• vs Tickertape (GlomoPay): Similar — 0.5–1%
• vs IBKR: Significantly worse. IBKR offers near-interbank FX with ~0.002% markup for investors who wire USD or convert within IBKR. On ₹50 lakh per year, this gap saves roughly ₹40,000 vs Vested on the inbound leg alone

If you're investing ₹25 lakh or more per year, the FX difference between Vested and IBKR starts to compound meaningfully.

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TCS under LRS: 20% above ₹7 lakh

Vested uses the LRS (Liberalised Remittance Scheme) route. TCS under Section 206C(1G) applies to your outward remittances:

Annual LRS remittance	TCS rate	TCS amount
Up to ₹7 lakh	0%	₹0
₹7L–₹10L (₹3L in this band)	20%	₹60,000
₹10L–₹20L (₹10L in this band)	20%	₹2,00,000
₹25L total	20% on ₹18L above ₹7L	₹3,60,000

Important: TCS is not a tax you lose permanently. It's credited to your PAN and adjusted against your income tax liability at ITR filing. If your tax liability is lower than your TCS, you receive a refund. However, the capital is locked until your refund — often 4–12 months after the financial year ends.

For investors who invest ₹7 lakh or less per year across all LRS purposes, TCS is zero on Vested.

The alternative: Platforms using the GIFT City IFSC route (Tickertape, Dhan, INDmoney) are, under the prevailing interpretation, not subject to TCS and LRS limits. This is a structural advantage for investors remitting above ₹7 lakh per year.

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Total cost example: ₹10 lakh invested, held 2 years, sold

Let's say you invest ₹10 lakh ($11,765 at ₹85/$) in Vested, hold for 2 years (LTCG territory), and the portfolio grows to ₹14 lakh ($16,470).

Cost component	Amount
FX markup on buy (1%)	₹10,000
Brokerage on buy (0.25%)	₹2,500 ($29.41)
TCS on ₹3L above ₹7L threshold (20%, if first year investing)	₹60,000 (refundable at ITR)
FX markup on sell/repatriation (1%)	₹14,000
Brokerage on sell (0.25%)	₹3,500 ($41.18, capped at $35)
LTCG tax on ₹4L gain (12.5%, no indexation)	₹50,000
Non-refundable investment costs	~₹30,000 (brokerage + FX, excluding tax)
Refundable (TCS at ITR)	₹60,000

The FX markup is the single largest non-tax cost. Brokerage is modest. TCS is real but recoverable.

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What Vested does not charge

To be explicit about what is free:

• No account opening fee
• No KYC processing fee
• No annual maintenance charge (AMC)
• No dividend collection fee (US dividends flow into your account; 25% is withheld at source by the US, which is a tax not a Vested fee)
• No inactivity fee
• No account closure fee
• No fee for the LRS calculator or Schedule FA tooling

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Vested vs alternatives on total cost

For an investor putting ₹10 lakh per year into US stocks:

Platform	Brokerage (₹10L)	FX markup	TCS route	Total visible cost
Vested	₹2,500	~₹10,000	20% above ₹7L	₹12,500 + TCS
INDmoney (LRS)	₹2,500	~₹10,000	20% above ₹7L	₹12,500 + TCS
INDmoney (GIFT City)	₹2,500	~₹8,000	Potentially none	₹10,500
Tickertape (GIFT City)	₹1,500	~₹8,000	Potentially none	₹9,500
IBKR	~₹1,000–2,000	~₹200	20% above ₹7L	₹1,200–2,200 + TCS

IBKR's all-in cost advantage is largest on FX — not brokerage. For investors putting ₹25L+ per year, the FX gap with IBKR is the dominant factor.

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Is Vested worth the cost?

For most Indian retail investors putting ₹2–15 lakh per year into US stocks, Vested's cost structure is reasonable:

• The brokerage (0.25%) is mid-market
• The FX markup (~1%) is industry-standard for India-facing LRS platforms
• The TCS on LRS is recoverable at ITR

Where Vested is not the best value:

• Cost-sensitive investors investing below ₹12 lakh per order → Tickertape saves 40% on brokerage plus potentially avoids TCS via GIFT City
• Large lump-sum investors (₹25L+/year) → IBKR's near-interbank FX outweighs Vested's UX convenience
• RSU holders who need lot-level INR tax tracking → Rovia's 0.15% brokerage and purpose-built RSU tools are better

For the investor who wants a clean, established US-investing platform with India-friendly onboarding, Schedule FA tooling, and doesn't want to manage the complexity of IBKR, Vested's charges are acceptable.

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Vested.blog is the editorial publication of Rovia.