Arrow review
Independent review of Arrow — brokerage, app, account opening, customer support and the kind of investor it actually fits. Arrow is an ultra-low-latency, speed-first trading platform from iRage Broking Services LLP — one of India's largest algorithmic/HFT firms.
Verdict
Active intraday, options and algo traders who want institutional-grade execution speed and a trading API, and don't need branch support, advisory or research.
Brokerage at a glance
Headline brokerage on the default Arrow flat ₹20 plan. On top of brokerage you also pay STT, exchange transaction charges, SEBI fee, stamp duty, GST and DP charges — see full charges for the breakdown.
About Arrow
Arrow is an ultra-low-latency, speed-first trading platform from iRage Broking Services LLP — one of India's largest algorithmic/HFT firms. Equity delivery is free; intraday and futures are charged at flat ₹20 or 0.03% per executed order, whichever is lower, and options at flat ₹20 per order.
The Arrow trading app
- TradingView charts integration with advanced order types
- Live option chain with Greeks, IV and payoff analysis
- Smart orders — GTT, Trailing SL and Iceberg
- Trading REST API with Python and Go SDKs
Opening an Arrow account
Account opening is fully online for Indian residents. Keep your PAN, Aadhaar (with mobile linked for OTP), a bank cancelled cheque or statement, a passport-size photo and a signature on white paper handy. Aadhaar e-KYC, in-person video verification and e-sign typically take 1–3 working days end-to-end. Start at arrow.trade.
Customer support
Arrow provides standard SEBI-compliant grievance redressal. For complete contact details, the four-level SEBI escalation path (broker desk → compliance officer → SCORES → SMART ODR), and what to have ready before escalating, see the Arrow customer care page.
Pros and cons
How we judge this: these pros and cons are drawn from Arrow’s published charges and platform features — cross-checked against its SEBI registration and NSE / BSE membership. They are our editorial assessment, not a sponsored placement, and not financial advice.
What users say about Arrow
Paraphrased themes from public app-store reviews and forums — these are users’ opinions, not our testing, and not financial advice.
- Ultra-low-latency execution — the broker reports 95% of orders filled under 2.9 ms
- TradingView charts with smart order types (GTT, Trailing SL, Iceberg)
- Live option chain with Greeks, IV and payoff analysis for options traders
- Open trading API with Python and Go SDKs, backed by iRage's HFT engineering
- New retail platform with a limited public track record so far
- Built around F&O and active trading rather than long-term investing or research
- No branch network — support is online only
Alternatives to Arrow
By active client count, Arrow is the #38 largest of 38 retail brokers on the NSE (as of 2026-04-30). If you're weighing it against the field, these are the brokers people most often compare it with:
See the full ranked list of every retail broker in India on the stock brokers in India page, or compare exact landed cost on a typical trade with the brokerage calculator — switch brokers in the dropdown without leaving the page.
Frequently asked
What people ask about Arrow.
Arrow is SEBI-registered and holds NSE / BSE membership, so it meets the regulatory bar every Indian broker must clear. Whether it is a good fit depends on what you trade. Active intraday, options and algo traders who want institutional-grade execution speed and a trading API, and don't need branch support, advisory or research.
Equity delivery is Free. Equity intraday is ₹20 / 0.03%. Equity options is Flat ₹20. On top of brokerage you pay STT, exchange transaction charges, SEBI fee, stamp duty, GST and DP charges. The brokerage calculator on this site shows the all-in landed cost for a sample trade.
Arrow is registered with SEBI and a trading member of NSE / BSE. Demat accounts are held with CDSL or NSDL — the broker does not hold your shares, the depository does. Funds are held in a SEBI-regulated client bank account separate from the broker's own funds. The risk to investors from broker failure is limited; the larger risk to manage is account fraud via phishing and OTP sharing.
TradingView charts integration with advanced order types. Live option chain with Greeks, IV and payoff analysis. For a full feature list and download links see the Arrow app page.
Account opening is fully online for Indian residents. You need PAN, Aadhaar (with mobile linked for OTP), a bank cancelled cheque or statement, a passport-size photo and a signature on white paper. Aadhaar e-KYC, in-person video verification and e-sign typically take 1–3 working days. Apply via https://arrow.trade.
Discount brokers comparable to Arrow include Zerodha, Groww, Upstox, Dhan and Angel One. Full-service alternatives include ICICI Direct, HDFC Securities, Kotak Securities and Sharekhan. Compare brokerage rates side-by-side on the brokerage calculator before switching.