Punch Trade and Lemonn are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. Punch Trade is listed as a Private Discount Broker , established in 2021 and headquartered in Mumbai, India, while Lemonn is listed as a Private Discount Broker , established in 2020 and headquartered in Mumbai.
This comparison reviews brokerage, Demat charges, product availability, platforms, features, support, ratings, and complaints. Use the side-by-side tables below to see whether Punch Trade or Lemonn is a better fit for your investment style, platform preference, and budget.
Punch Trade is listed as a Private Discount Broker established in 2021 with headquarters in Mumbai, India and founded by Amit Dhakad, Hiral Jain, Arshad Fahoum, Ajit Dandekar. The broker highlights access to equity delivery, equity intraday, equity futures and equity options through mobile app access and web trading and promotes features such as watchlists, real-time updates, portfolio tracking, research reports, interactive charts and live market tracking.
Lemonn is listed as a Private Discount Broker established in 2020 with headquarters in Mumbai and founded by Ashish Singhal, Govind Soni, & Vimal Sagar Tiwari. It offers equity delivery, equity intraday, equity futures, equity options and mutual funds using mobile app access, web trading and desktop terminal access and supports traders with features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and customised recommendations. Its brokerage model is structured as Standard.
Both brokers use technology-driven platforms to attract active traders and investors, but the better option depends on the combination of pricing, products, services, and support that matters most to you.
Punch Trade vs Lemonn — A Comprehensive Company Overview
| Company Overview | Punch Trade | Lemonn |
|---|---|---|
| Company Type | Private | Private |
| Broker Type | Discount Broker | Discount Broker |
| Headquarters | Mumbai, India | Mumbai |
| Founder | Amit Dhakad, Hiral Jain, Arshad Fahoum, Ajit Dandekar | Ashish Singhal, Govind Soni, & Vimal Sagar Tiwari |
| Establishment Year | 2021 | 2020 |
| Brokerage Plan | — | Standard |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Punch Trade and Lemonn.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. Punch Trade charges ₹1/order or 0.10% while Lemonn charges Rs 20 per executed order.
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. Punch Trade charges ₹1/order or 0.10% while Lemonn charges Rs 20 per executed order.
Equity futures: This charge applies to futures contracts on stocks and indices. Punch Trade charges ₹1/order or 0.10% while Lemonn charges Rs 20 per executed order.
Equity options: This charge applies to equity option contracts. Punch Trade charges ₹1/order or 0.10% while Lemonn charges Rs 20 per executed order.
Punch Trade vs Lemonn — Detailed Brokerage Comparison
| Brokerage | Punch Trade | Lemonn |
|---|---|---|
| Brokerage Plan | Standard | |
| Subscription Charges | Zero | |
| Equity Delivery | ₹1/order or 0.10% | Rs 20 per executed order |
| Equity Intraday | ₹1/order or 0.10% | Rs 20 per executed order |
| Equity Future | ₹1/order or 0.10% | Rs 20 per executed order |
| Equity Option | ₹1/order or 0.10% | Rs 20 per executed order |
| Commodity Future | Not available | Not Available |
| Commodity Option | Not available | Not Available |
| Currency Future | Not available | Not Available |
| Currency Option | Not available | Not Available |
Punch Trade provides mobile app access and web trading for order placement, portfolio tracking, and market monitoring. Lemonn provides mobile app access, web trading and desktop terminal access for its users.
Android app: Punch Trade and Lemonn both list an Android trading app.
iOS app: Punch Trade and Lemonn both list an iOS trading app.
Web trading platform: Punch Trade and Lemonn both list a web trading platform.
Desktop trading terminal: Lemonn lists a desktop trading terminal, while Punch Trade does not currently mention it.
Algo trading: Neither broker currently highlights algo trading support.
Basket trading: Punch Trade lists basket trading, while Lemonn does not currently mention it.
Foreign stocks platform: Neither broker currently highlights foreign stocks access.
Mutual fund platform: Lemonn lists a mutual fund investment platform, while Punch Trade does not currently mention it.
Digital gold platform: Neither broker currently highlights digital gold investing.
Bonds platform: Neither broker currently highlights a bonds investment platform.
Punch Trade vs Lemonn — Complete Comparison of Trading Platforms
| Trading Platform | Punch Trade | Lemonn |
|---|---|---|
| Android App | Download | Download |
| iOS App | Not available (in development) | Download |
| Web Trading Platform | Yes (punch.trade) | Lemonn Trade |
| Trading Terminal | Not available | Available |
| Algo Trading Platform | Not available | Not Available |
| Foreign Stocks Platform | Not available | Not Available |
| Basket Trading Platform | Yes — add to Trading Platforms | Not Available |
| Mutual Fund Platform | Not available | Available |
| Digital Gold Platform | Not available | Not Available |
| Bonds Platform | Not available | Not Available |
Punch Trade highlights trading features including watchlists, real-time updates, portfolio tracking, research reports, interactive charts and live market tracking, while Lemonn promotes watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and customised recommendations. The table below shows the full feature set for both brokers side by side.
Wishlist: Monitor specific stocks or assets by adding them to a watchlist for close tracking. Both Punch Trade and Lemonn offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Punch Trade and Lemonn offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Punch Trade and Lemonn offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Lemonn offers this; Punch Trade does not currently highlight it.
Research reports: A comprehensive overview of different stocks and sectors in the stock market. Both Punch Trade and Lemonn offer this feature.
Customised recommendations: Personalised investment suggestions based on your objectives and behaviour patterns. Lemonn offers this; Punch Trade does not currently highlight it.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. Lemonn offers this; Punch Trade does not currently highlight it.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Punch Trade and Lemonn offer this feature.
Live market: Live updates on market movements and trends. Both Punch Trade and Lemonn offer this feature.
Multi profile management: Manage multiple trading profiles from a single account. Lemonn offers this; Punch Trade does not currently highlight it.
Secure platform: A secure trading environment with next-generation security controls. Both Punch Trade and Lemonn offer this feature.
Punch Trade vs Lemonn — Comprehensive Comparison of Trading Features
| Trading Feature | Punch Trade | Lemonn |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | No | Yes |
| Research Reports | Yes | Yes |
| Global Indices | No | No |
| Customised Recommendations | No | Yes |
| Stock Tips | No | Yes |
| Interactive Charts | Yes | Yes |
| Live Market | Yes | Yes |
| Multi Profile Management | No | Yes |
| Robust & Secure Platform | Yes | Yes |
Stockbrokers use promotional offers to attract and retain clients. Below is a side-by-side comparison of the offers currently listed by Punch Trade and Lemonn.
Free account opening: Punch Trade and Lemonn both list free account opening.
Free AMC: Punch Trade and Lemonn both list free Demat AMC.
Free brokerage: Neither broker currently highlights free brokerage.
Flat brokerage: Punch Trade and Lemonn both list flat brokerage pricing.
Flexible brokerage plans: Neither broker currently highlights flexible brokerage plans.
Happy trading hours: Neither broker currently highlights happy trading hours.
Free delivery trading: Lemonn lists free delivery trading, while Punch Trade does not currently mention it.
Free intraday trading: Neither broker currently highlights free intraday trading.
Free F&O trading: Neither broker currently highlights free F&O trading.
Free research reports: Neither broker currently highlights free research reports.
Free trading calls: Neither broker currently highlights free trading calls.
Zero brokerage for loss trades: Neither broker currently highlights zero brokerage for loss-making trades.
Punch Trade vs Lemonn — Comparison of Latest Offers
| Offer | Punch Trade | Lemonn |
|---|---|---|
| Free Account Opening | Yes | Yes |
| Free AMC | Yes | Free for 1st Year, Rs 250+ Gst afterwards |
| Free Brokerage | No | No |
| Flat Brokerage | Yes (₹1/order) | Yes |
| Flexible Brokerage Plans | No | No |
| Happy Trading Hours | No | |
| Free Delivery Trading | No | Yes |
| Free Intraday Trading | No | No |
| Free F&O Trading | No | No |
| Free Research Reports | No | No |
| Free Trading Calls | No | No |
| Referral Offers | No | No |
| Margin Funding / Pledging | No | No |
| Brokerage Cashback | No | No |
| Zero Brokerage for Loss-Making Trades | No | No |
Product availability determines whether a broker can support your preferred markets. Punch Trade highlights equity delivery, equity intraday, equity futures and equity options, while Lemonn highlights equity delivery, equity intraday, equity futures, equity options and mutual funds.
The table below compares the full product lineup side by side across equity delivery, equity intraday, equity futures, equity options and mutual funds.
Punch Trade vs Lemonn — Complete Comparison of Products
| Product | Punch Trade | Lemonn |
|---|---|---|
| Equity Delivery | Yes | Yes |
| Equity Intraday | Yes | Yes |
| Equity Option | Yes | Yes |
| Equity Future | Yes | Yes |
| Commodity Option | No | No |
| Commodity Future | No | No |
| Currency Option | No | No |
| Currency Future | No | No |
| Foreign Stocks | Not available | No |
| Mutual Funds | Not available | Yes |
| Banking | Not available | No |
| Insurance | Not available | No |
| Corporate Bonds | Not available | No |
| Government Bonds | Not available | No |
| Digital Gold | Not available | No |
Demat services: Punch Trade and Lemonn both list Demat services.
Trading services: Punch Trade and Lemonn both list trading services.
Intraday services: Punch Trade and Lemonn both list intraday trading services.
F&O services: Punch Trade and Lemonn both list F&O services.
IPO services: Lemonn lists IPO services, while Punch Trade does not currently mention it.
3-in-1 account: Lemonn lists 3-in-1 account support, while Punch Trade does not currently mention it.
Stock research: Punch Trade and Lemonn both list stock research.
Stock recommendations: Lemonn lists stock recommendations, while Punch Trade does not currently mention it.
Trading education: Neither broker currently highlights trading education.
Share pledging: Lemonn lists share pledging, while Punch Trade does not currently mention it.
PMS or PCG: Lemonn lists PMS or PCG support, while Punch Trade does not currently mention it.
NRI services: Neither broker currently highlights NRI services.
Punch Trade provides Demat services, trading services, intraday trading, F&O trading and stock research, while Lemonn offers Demat services, trading services, intraday trading, F&O trading, IPO access and 3-in-1 account support.
Punch Trade vs Lemonn — In-Depth Comparison of Services
| Service | Punch Trade | Lemonn |
|---|---|---|
| Demat Services | Yes | Yes |
| Trading Services | Yes | Yes |
| Intraday Services | Yes | Yes |
| F&O Services | Yes | Yes |
| IPO Services | No | Yes |
| 3-in-1 Account | No | Yes |
| Stock Research | Yes | Yes |
| Stock Recommendations | No | Yes |
| Trading Education | No | No |
| Share Pledging | No | Yes |
| PMS or PCG | No | Yes |
| NRI Services | No | No |
Stock advisory helps investors choose appropriate stocks through research reports, tips, and market reviews. The table below shows which advisory products are available from Punch Trade and Lemonn.
Punch Trade and Lemonn — Detailed Comparison of Advisory Services
| Advisory | Punch Trade | Lemonn |
|---|---|---|
| Fundamental Reports | Yes | Yes |
| Research Reports | Yes | Yes |
| Company Reports | No | Yes |
| Annual Reports | No | Yes |
| IPO Reports | No | Yes |
| Technical Reports | No | Yes |
| Stock Tips | No | Yes |
| Daily Top Stock Picks | No | Yes |
| Daily Market Review | No | Yes |
| Monthly Review | No | Yes |
| Weekly Review | No | Yes |
| Relationship Manager | No | Yes |
| Robo Advisory | No | Yes |
Margin exposure allows traders to manage larger positions with less capital. Below is a comparison of the margin available from Punch Trade and Lemonn across different segments.
Punch Trade and Lemonn — Comprehensive Comparison of Trading Exposure
| Exposure | Punch Trade | Lemonn |
|---|---|---|
| Equity Delivery | 1x | 1x |
| Equity Intraday | Up to 5x | 2x |
| Equity F&O Carry Forward | 1x (exchange margin only) | 1x |
| Equity F&O Intraday | 1x (exchange margin only) | 2x |
| Commodity F&O Carry Forward | Not applicable | N/A |
| Commodity F&O Intraday | Not applicable | N/A |
| Currency F&O | Not applicable | N/A |
Lemonn lists a sub-broker program, while Punch Trade does not currently mention it. Lemonn lists a partner program, while Punch Trade does not currently mention it. Punch Trade and Lemonn both list a referral program.
Punch Trade vs Lemonn — Comparative Analysis of Programs
| Program | Punch Trade | Lemonn |
|---|---|---|
| Sub-Broker Program | Yes | |
| Partner Program | Yes | |
| Referral Program | Yes (Punch Champions) | Yes |
Punch Trade provides support through trading desk support, call support, email support, website support and Facebook support. Lemonn provides support through trading desk support, call support, email support, website support and Facebook support.
Punch Trade and Lemonn — Comprehensive Comparison of Customer Support
| Support Channel | Punch Trade | Lemonn |
|---|---|---|
| Trading Support | +91 79482 22271 | +918035769929 |
| Dedicated Dealer | ||
| Call Support | +91 79410 57311 | +918040011310 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | ||
| Website Support | Punch Trade | https://lemonn.co.in/ |
| Facebook Support | Facebook Support Link | https://www.facebook.com/lemonnhq |
| Twitter / X Support | — | https://twitter.com/LemonnHQ |
| Telegram Support | — | — |
| Branches / Offices |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. Punch Trade carries an overall rating of 7.5/10, while Lemonn carries an overall rating of 4/5.
Punch Trade vs Lemonn — Ratings Comparison
| Rating Parameter | Punch Trade | Lemonn |
|---|---|---|
| Overall Rating | 7.5/10 | 4/5 |
| Customer Support | 6.5/10 | 4/5 |
| Technology | 8.5/10 | 4/5 |
| Charges | 9.5/10 | 4/5 |
| Products & Services | 6.5/10 | 4/5 |
| Experience | 8.0/10 | 4/5 |
SEBI, BSE, and NSE regularly publish broker complaint data as part of investor protection oversight. The table below shows the complaint records for both brokers.
Punch Trade & Lemonn — Comparison of Customer Complaints
| Complaint Metric | Punch Trade | Lemonn |
|---|---|---|
| Total Complaints Lodged | ||
| Total Complaints Resolved | ||
| % of Resolved Complaints | ||
| Non-Actionable Complaints | ||
| % of Non-Actionable Complaints |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Punch Trade and Lemonn.
Punch Trade vs Lemonn — Detailed Comparison of Transaction Charges
| Transaction Charges | Punch Trade | Lemonn |
|---|---|---|
| Equity Delivery | NSE: 0.00297% | BSE: 0.00375% | ₹1500 per crore on buy orders |
| Equity Intraday | NSE: 0.00297% | BSE: 0.00375% | ₹300 per crore on buy orders |
| Equity Future | NSE: 0.03503% (on premium) | BSE: 0.0325% (on premium) | ₹200 per crore on buy orders |
| Equity Option | NSE: 0.00173% | BSE: 0 | ₹200 per crore on buy orders |
| Commodity Future | - | |
| Commodity Option | - | |
| Currency Future | - | |
| Currency Option | - |
Pledge creation charges apply when traders borrow against their held securities. Pledge invocation charges apply if the pledged shares are sold due to a shortfall. Margin trading interest is the rate charged on borrowed funds.
Punch Trade & Lemonn — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Punch Trade | Lemonn |
|---|---|---|
| Pledge Creation Charges | Rs 20 + GST per ISIN | |
| Pledge Invocation Charges | ₹50 per ISIN | |
| Margin Trading Interest | ₹20 |
Beyond brokerage, several statutory and operational charges apply. These include SEBI turnover fees, DP charges, GST, account closure, reactivation, dematerialisation, and call & trade charges.
Punch Trade and Lemonn — Detailed Comparison of Hidden / Other Charges
| Charge | Punch Trade | Lemonn |
|---|---|---|
| SEBI Turnover Charges | ₹10/crore | 0.0001% |
| DP Charges | ₹3.50 + 18% GST per order | Rs 20 |
| GST | 18% on (brokerage + SEBI charges + transaction charges) | 18% on (transaction charges) |
| Account Closure Charges | ||
| Reactivation Charges | ||
| Dematerialisation Charges | ||
| Call & Trade Charges | ₹50 (incl. GST) | ₹50 per ISIN |
Punch Trade lists account opening charges of ₹0 (Free) and Demat AMC of ₹0 (Free). Lemonn lists account opening charges of Free and Demat AMC of Rs 250+ GST.
Punch Trade vs Lemonn — Detailed Comparison of Demat Charges
| Demat Charges | Punch Trade | Lemonn |
|---|---|---|
| Account Opening Charges | ₹0 (Free) | Free |
| Annual Maintenance Charges (AMC) | ₹0 (Free) | Rs 250+ GST |
Securities Transaction Tax (STT) and Commodity Transaction Tax (CTT) are government levies — the same for all brokers in India. These are shown below for reference.
Punch Trade vs Lemonn — Comparative Analysis of STT and CTT Charges
| STT & CTT | Punch Trade | Lemonn |
|---|---|---|
| Equity Delivery | 0.1% on buy & sell | 0.1% on buy & sell |
| Equity Intraday | 0.025% on the sell side | 0.025% on the sell side |
| Equity Future | 0.02% on sell side | 0.01% on the sell side |
| Equity Option | 0.1% on sell side (on premium) | 0.5% on sell side |
| Commodity Future | - | |
| Commodity Option | - | |
| Currency Future | - | |
| Currency Option | - |
Stamp duty is a government tax charged when the broker issues, sells, or transfers a security. It is collected at the end of each trading day.
Punch Trade and Lemonn — Comparison of Stamp Duty Charges
| Stamp Duty | Punch Trade | Lemonn |
|---|---|---|
| Equity Delivery | 0.015% buy side only (government-mandated rate) | |
| Equity Intraday | 0.025% on the sell side | |
| Equity Future | 0.1% on sell side (on premium) | |
| Equity Option | 0.02% on sell side | |
| Commodity Future | ||
| Commodity Option | ||
| Currency Future | ||
| Currency Option |