There are many best stock brokers in India 2023 as all brokers have different strengths and weaknesses. Some factors that you should consider while choosing the best stock broker in India are:
- Trading fees,
- Trading platforms,
- Research and analysis tools,
- Customer support and more.
Based on these factors, top 5 stock brokers in India : Zerodha, Upstox, ICICI, HDFC and 5Paisa.
It’s important to evaluate each broker based on your specific requirements and preferences before choosing one that best suits your needs.
Discount Brokers In India, 2023
Discount broking has grown in popularity as more people turn to the internet. In keeping with the company’s name, they provide extremely low fees for trading. Unlike a full-service broker, they do not offer stock market trading. As a result, investors have access to a cutting-edge trading environment where they may place their money with confidence.
Investors and traders who engage in regular trading may consider using a discount broker since they charge the low brokerage fee. To their advantage, they only offer one service-stock trading. Discount brokers played a significant role in the major upheaval of the Indian brokerage market, as their low brokerage plans allowed them to attract a wider range of consumers than the more costly traditional brokers. Discount brokers have grown quite popular since many other companies have begun to mimic this model and provide comparable economic programs.
What Makes Best Discount Brokers In India Different From The Traditional Ones?
Both discount and conventional brokers rely heavily on trading to stay in business. The main distinctions are seen in the kind of services each one offers. For example, brokerage fees and services, customer care delivery, market analysis, and a plethora of others…
First, the Brokerage Fees
The discount broker will charge a fee based on the number of trades that are completed. Whereas commissions are set by traditional brokers. Fees can be as little as 0.10% of the deal value, and they can rise in lockstep with it. As a result, the fees charged by discount brokers are fixed, but those charged by regular brokers fluctuate based on the percentage of share they have established.
Secondly, Customer Service
The majority of customer care services are provided over the internet, which means that the consumer may communicate with the service provider via email and live chat. Customers who run into problems will like the fact that most services are available around the clock, making it easier for them to get the help they need. Discount brokers, on the other hand, have an advantage over standard brokers in this regard.
Input From The Marketing Department
Discount brokers are an option if you have a good understanding of the stock market and trading patterns. Discount brokers don’t supply nearly as much information on stock market gains and losses as you’d need to have. For this, you can choose for the more conventional options.. They provide you with background information and explanations, as well as assistance in maintaining your transactions and suggestions for improvements.
10 Best Stock Brokers In India 2023- Most Popular
| Top 10 Stock Brokers in India | |||||
| S.NO. | Stock Broker Name | Overall Rating | Charges | Best Features | Best Offers |
| 1 | Zerodha | 9.56/10 | Free equity delivery trading Rs. 20 per order brokerage for Commodity, Intraday, F&O, and Currency 0-cost investment in Mutual Funds & IPOs Zero Account Maintenance Charges (AMC) | Best-in-class trading platforms – Kite by Zerodha & Coin Cheapest stock brokerage in India Online IPO application Pay as you go brokerage plans A self-clearing broker | Click Here |
| 2 | Upstox | 9.25/10 | Zero cost delivery trading Rs. 20 per order or 0.05% brokerage for intraday and futures trading Rs. 20 per trade order for options trading Free account opening and account maintenance | 3-in-1 account opening feature Free digital account opening Availability of margin against shares | Click Here |
| 3 | Trade Smart online | 9.10/10 | Flat Rs 15 or 0.07% (whichever is lower) For equity delivery trading Flat Rs 15 or 0.07% (whichever is lower) for equity intraday, equity F&O, currency F&O, and commodity F&O. One Time Demat account opening- Rs. 200 | Full-service brokerage at nominal cost Fund transfer facility-Rs.8 per transaction +GST | Click Here |
| 4 | Groww | 8.70/10 | Zero brokerage trading in equity delivery Flat Rs. 20 brokerage for equity intraday and F&O Zero cost account opening and annual maintenance | Free investment in mutual funds Digital and instant account opening Insightful investor education program Option to invest in digital gold, US stocks, and corporate FD | Click Here |
| 5 | 5Paisa | 8.5/10 | Free Demat account opening & AMC of Rs. 300 Flat Rs. 20 per order brokerage across all segments | Zero cost mutual fund account Algo trading and robo advisory Digital account opening in just 5 minutes Multilingual trading application | Click Here |
| 6 | Angel One | 8.5/10 | Free equity delivery trading Flat Rs 20 or 0.25% (whichever is lower) for equity intraday, equity F&O, currency F&O, and commodity F&O. Free Demat account opening | Margin trade facility Full-service brokerage at nominal cost Free fund transfer facility Free stock advisory/recommendations | Click Here |
| 7 | Fyers | 8.2/10 | Trading account opening charges and Demat account AMC-0 Brokerage Charges – Rs.20 per Trade or .03% 0-cost Demat account opening | Digital account opening No Account Opening Fee | Click Here |
| 8 | Trade Plus | 8.0/10 | Demat account AMC is Rs.90 (per year) Free equity delivery trading 0.01% Charge for equity intraday trading Flat Rs. 90 per month brokerage for equity and commodity F&O | Free technical, basic, derivatives, macro-economic and mutual fund research. Zero brokerage plan for investors | Click Here |
| 9 | Master Trust | 8.68/10 | Demat account annual maintenance charges are Rs. 300 from 2nd year onwards Pay ₹20 per trade for Intraday & F&O. Free Equity Delivery | Free Equity Delivery and Mutual Funds Brokerage-free Direct Mutual Fund. | Click Here |
| 10 | Trading Bells | 7.80/10 | Free Demat Account Opening Demat account AMC is Rs. 250 per year Rs. 20 per lot brokerage for equity options | Free account opening | Click Here |
1. Zerodha: The Discount Broker
When it comes to trading, they were one of the first discount brokerage firms to revolutionize the market. Nitin Kamath, the company’s founder, started it in 2010, and it has since grown to be India’s largest discount broker. Because of them, there is no going back for this ideology in India.
Over 1.5 million people have used it, and it is well-known for its inexpensive brokerage fees. There is a flat rate of Rs.20 for each trade, regardless of the size of the trade. Obviously, there has been a major shift in the way brokerage fees are calculated.
More than 15% of the daily retail trading volume in the Indian stock market is provided through this service. You just need to spend Rs.300 to start an account with them, and the annual maintenance fee is Rs.300. When it comes to the services and products they offer, Zerodha is quite adaptable.
More than one million people have downloaded their Android-based mobile app, KITE, since it was released in 2012. This stock is also listed on the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE), and the Multi-Commodity Exchange (MCX). There are a wide range of instruments available through this trading platform: equities, government bonds, mutual funds, sovereign gold bonds, and futures and options.
Read more – Zerodha Kite App Review
2. Upstox: Start Investing Now
Kalaari Capitals, Ryan Tata, and a host of other high-profile investors have invested in Upstox. The company is one of India’s leading discount brokers. When Upstox was first launched in 2012, it was renamed. After Zerodha, it is the second-most popular company in terms of active users.
The delivery fee is zero rupees for this firm. Intraday trading costs around Rupees 20 or 0.05 percent every trade, whichever is less. The firm charges about Rupees 20 per trade for futures and options trading and options trading.
Upstox’s account opening fee is around Rupees 300, and the Annual Maintenance Charges (AMC) are approximately Rupees 150. Upstox Pro Web, Developer Console, and Option Chain Tool are the company’s trading platforms. Other services offered by the corporation include trading in equities, currency, and commodities markets.
Read More – Upstox Review
3. Trade Smart Online: Trade Smarter, Faster, And Cheaper With Us
They have a proven track record of providing brokers with open, honest, and dependable services. Since its inception, it has grown to be one of India’s most important players when it comes to discount trading, where it is well-known for its lowest brokerage charges and lightning-fast trading speeds.
They also provide a variety of options for traders of all sizes. One is a value trading strategy for those who trade less frequently, while the other is a power trading plan for those who trade frequently. Anyone may select a plan that fits their needs. It’s one of the cheapest brokerages in India, charging just 7 paise for most volumes if you trade less frequently. They charge Rs.15 each trade regardless of the execution rate for less frequent traders. It was created more than 25 years ago, so it’s not a new concept. On a normal day, more than 50,000 people use it and it generates a revenue of Rs.5 billion.
Read more – Trade Smart Online
4. Groww: Invest in Mutual Funds, Stocks, Gold, And More, All In One App
Another fast-growing investment platform is Groww. Next Billion Technology Private Limited has the trademark rights to the name. Groww, a Bangalore-based start-up, was founded in 2016 and is still headquartered there. For the benefit of its customers, the firm provided the option of trading stocks. Investing should be as simple as online shopping, and that was the startup’s major goal when creating their app.
Rupees 20 per trade or 0.05 percent of the order amount are the equity delivery trading fees. Equity Intraday trading prices are same to delivery trading prices. The site charges nothing to create an account, so there’s no reason to pay for one. AMC, or annual maintenance costs, are also nonexistent. Brokerage fees range from 20 rupees to 0.05 percent of the total value of each deal. Investing is carried out using the Groww trading app. The interface is simple and intuitive.
Mutual funds, Depository Receipts, Initial Public Offerings (IPOs), Trading Exposure (TE), Intraday Services (IS) and Trading Services (TS) are some of Groww’s offerings.
5. 5Paisa: Chalo Start Karo
Infoline India is the parent company of the 5 Paisa service (IIFL). One of India’s least expensive stock brokerages In order to compete with the best discount Broker in India, they have developed their website.
5 Paisa offers no-risk trading capital for its users to take advantage of. Currency future options and equities futures have the same fees as delivery trading, which costs about Rs. 20 per trade.
In order to create a Demat and Trading account, the firm waives the initial fee of Rupees 650, or in other words, account opening is free. The annual upkeep fee is 400 rupees. You will be charged for the amount of time you spend actively participating in the market. Website: www.5Paisa.com is the company’s website. Their smartphone app, 5 Paisa, is also accessible on both the Apple and Google Play stores.
They offer trading services in equities, currency, and commodities markets. Additionally, mutual fund services are offered by this company. The business also provides services such as insurance and personal loans.
Read More – 5 Paisa
6. Angel Broking: Duniya Dekhegi, Aap Kamaoge
For more than 30 years, Angel Broking has been operating in the financial markets. Their customer base is in the tens of millions. A percentage-based brokerage fee was initially charged before a fixed-fee model was implemented in 2019. Angel iTrade Prime is the plan offered by the firm. The proposal includes free delivery trade. A total of roughly Rupees 20 is charged every trade for other services such as intraday, F&O, currencies, and commodities. Investments in equities are guided by the business.
Among the many products and services that the firm offers are equity and commodity trading as well as money market funds, life insurance, initial public offerings (IPOs), and exchange-traded funds. Intraday Trading costs Rupees 20 each transaction, currency F&O, equity F&O, and commodity F&O each cost Rupees 20 per deal. There are no fees associated with delivery. The account opening fee is zero rupees, so it’s completely free. Every year, you’ll have to pay an annual maintenance fee (AMC) of about Rupees 450.
Read More – Angel Broking Review
7. Fyers: Don’t just trade. Fyers
They were founded in Bangalore, India, near the end of the year 2015. At NSE, Fyers provides a variety of services, including trading equity cash, F&O currency, and the derivatives section. The firm is one of the best stock brokers on the internet. They charge rupees 20 each trade in the category. For Fyers, there is no account opening fee, however there is an annual maintenance fee of 300 rupees.
Read More – Fyers One Review (Recently Updated)
8. Trade Plus: Invest Smart, Save More
An online brokerage firm called Trade Plus combines elements of a regular brokerage firm with an online discount brokerage firm. A member of the National Stock Exchange since 1995, Navia Market has served the market since 1983. During the year 2015, the firm reintroduced itself on the internet market. Installable trading terminals in Trade Plus make it a flexible market for investors (EXE). Users can access the company’s services via a website and a mobile app. In addition, they provide the NSE NOW platform for its customers to use. Traders are familiar with Trade Plus’s zero-fee trading products.
IPOs, Bonds, G-Security (G-Security), commodities, stock (options), and currency (currency) derivatives are all available. Trade Plus charges a one-time account opening fee of Rupees 199. There are no fees for starting a demat account. The Demat account has an annual maintenance fee of Rs. 90, which must be paid up front.
Traders can choose from two Brokerage programs at Trade Plus General Brokerage and the Infinity Trading Pack. It costs Rs. 799 a month for the Infinity Trading Pack which includes zero equity delivery, 0.01 percent equity intraday, equity future, currency future, currency option, currency future, and commodities opinion. Equity Futures at 0.01% a day, Equity Options at Rs. 60 a trade, and Currency Futures at Rs. 20 per trade are all included in the General Brokerage Plan.
Read More – Trade Plus Online Review
9. Master Trust: Investing Simplified
A second cheap brokerage firm founded in 1985 is Master Trust, which is also a discount brokerage firm. It is a subsidiary of a major Indian financial institution. It wasn’t until 2014 that the firm began to specialize in low-cost beer production as a cheap brewer. In addition to typical trading plans, they charge flat costs for each trade. More than a quarter of a million people utilize them. Their trading and back-office software covers equity, currency, commodity, and a single back-office login.
Master Mobile, the company’s mobile app, is an easy-to-use trading platform. Pre-order executed and normal brokerage plans are the two types of accounts offered. Rupees 20 per transaction is charged for pre-orders that include trading plans. You won’t have to pay brokerage or equity fees with this plan. Percentage-based brokerage fees are the norm. It charges 0.30 percent equity and 0.03 percent equity intraday. Charges for equity and commodities trades average about 75 rupees. rupees 10 is levied for each currency exchange.
10. Trading Bells: Trade Smart, Grow Rich
Another major cheap brokerage firm has jumped into the fray. Their main selling point is that they are a discount brokerage business of the future. All of these options are available on the platform for your convenience.
Swastika Investment Ltd. uses it as a trademark. More than 600 franchisees and over 80 locations in India are owned and operated by the company. A desktop trading tool, a web trading application, and a mobile trading application are all available for investors to use.
The process of opening an account with them is simple and takes only a few minutes. You only need an Aadhar card to open the account online, and there is no need to visit the branch. For clients who trade regularly or heavily, they also offer a premium brokerage package.
Conclusion: Best Discount Brokers in India
Among discount brokers, Zerodha is the granddaddy and top-ranking broker. It is possible to register an account with Zerodha online in just a few clicks, and begin trading in shares, F&O, commodities and currencies at a maximum of Rs. 20 per transaction. Its all-in-one Kite platform is one of the best trading platform for online trading with better charting, easy-to-use interface, and safety. Additional features include an online and mobile app version of a free direct mutual fund investment platform. With Rs. 20 flat brokerages on delivery, intraday and F&O transactions, Upstox is the 2nd finest online cheap brokerage business after Zerodha. There are other discount brokers for intraday traders, but Prostocks is the lowest, offering unlimited intraday trading for just Rs. 899 per month. For just Rs. 899/month, traders may place thousands of intraday (MIS) transactions, allowing them to save a large amount of brokerage.
FAQs
1. Which is the best stock broker in India?
Ans: Popular best Stock Brokers in India are Zerodha, Angel Broking, Upstox, HDFC Securities, and ICICI Direct. If you’re looking for a low-cost broker, Zerodha & Upstox offer discount brokerage services, and if you want a broker with a wide range of research and analysis tools, HDFC Securities & ICICI Direct might be a better choice.
2. Who is the No 1 broker in India?
Ans: According to the data released by the National Stock Exchange for the ending Dec 2022, ICICI Securities is the largest broker in India with a market share of 12.4%.
3. Which stock broker is the best for beginners in India?
Ans: For beginners in India, it’s advisable to choose a stockbroker that offers a user-friendly trading platform, educational resources, and low brokerage fees. Zerodha is a most popular discount brokerage firm that offers a simple and intuitive trading platform.
4. Which broker is best for stocks?
Ans: Most popular brokers for stocks in India are ICICI Direct, HDFC Securities, Zerodha, Upstox, and Angel Broking.
5. What Is an International Broker?
Ans: An international broker is a financial intermediary that facilitates trading of securities and other financial instruments in markets outside the investor’s home country. International brokers allow investors to trade stocks, bonds, options, and other financial instruments in foreign markets.
6. Which broker is better than Zerodha?
Ans: Upstox is a better than Zerodha, Both are popular online discount brokers. Upstox provides access to third party trading platform like NEST Trader, Dartstock, and Fox Trader for advance traders. Zerodha offers Kite as a trading platform.
7. Which broker is cheapest?
Ans: According to brokerage charges for delivery trades, zerodha is the cheapest stock broker in India
8. Who is India’s No 1 stock trader?
Ans: The most famous names in the Indian stock market include Rakesh Jhunjhunwala, also known as “The Big Bull” is among the top 10 traders in India
9. Who is No 1 stock holder in India?
Ans: Rakesh Jhunjhunwala(3,093.9 crores) is popularly known as Share Market King of India.
10. Is Zerodha trustworthy?
Ans: Zerodha is a reputable and trustworthy broker in India. It is one of the largest and best discount brokers in India
11. How do I choose a good broker?
Ans: Choosing a good broker is an important decision as it can affect your investment experience and returns. Some factors to consider are Reputation and regulatory compliance, Fees and commissions, Trading platforms, Research and analysis, Customer service, Educational resources, Security, and Account minimums.
12. Why is Zerodha so successful?
Ans: Zerodha charges a very minimal amount to the traders for transactions because of which the trading volume is generally high.