A discount broker is a type of financial brokerage firm that offers online trading services at a lower cost than traditional full-service brokerages. Discount brokers do not provide the same level of personalized advice and investment recommendations as full-service brokerages, but they typically offer a wider range of investment products and tools for self-directed investors.
Discount brokers generally charge lower fees for their services than full-service brokerages, making them an attractive option for investors who are looking to save money on trading costs. They often offer a variety of trading platforms and tools for research and analysis, as well as educational resources and other support to help investors make informed decisions.
These firms offer a range of investment products, including stocks, bonds, mutual funds, exchange-traded funds (ETFs), and options. They also often offer a variety of account types, including individual and joint accounts, retirement accounts, and education savings accounts.
In summary, a discount broker is a financial brokerage firm that offers online trading services at a lower cost than full-service brokerages, but with a more limited range of personal advice and investment recommendations.
There are several benefits to using a discount broker in India:
Lower fees: Discount brokers generally charge lower fees for their services than full-service brokers, which can be especially beneficial for investors who trade frequently.
Wide range of investment products: Discount brokers in India typically offer a wide range of investment products, including stocks, mutual funds, ETFs, and more, allowing investors to diversify their portfolios.
Easy-to-use trading platforms: Most discount brokers in India offer user-friendly trading platforms that make it easy for investors to place trades and manage their investments.
Educational resources: Many discount brokers in India offer educational resources, such as market analysis, articles, webinars, and more, to help investors make informed decisions.
Customer support: Discount brokers in India generally offer customer support through phone, email, or online chat, to help investors with any questions or issues they may have.
Convenience: Using a discount broker in India allows investors to manage their investments online from anywhere, at any time.
Overall, using a discount broker in India can be a cost-effective and convenient option for investors who want to manage their own investments without the need for personal investment advice.
List of Top Discount Brokers in India 2023
1> Zerodha
Zerodha is an Indian financial services company that offers a range of investment products and services, including online trading and brokerage services. It was founded in 2010 and is headquartered in Bengaluru, India.
Zerodha is a discount brokerage firm, which means that it offers online trading services at a lower cost than traditional full-service brokerages. It provides a wide range of investment products, including stocks, mutual funds, ETFs, and options. It also offers a variety of trading platforms and tools for research and analysis, as well as educational resources and customer support.
In addition to its brokerage services, Zerodha also offers other financial products and services, such as portfolio management and wealth management. It serves a large number of retail and institutional clients in India and has a strong presence in the online trading market. Zerodha has received recognition for its innovative approach to financial services and has been named one of the fastest-growing companies in India.
Zerodha offers excellent customer service from the moment you register an account and throughout your trading career. You can experience issues with customer service with other discount brokers.
Zerodha Pros:
Zerodha Cons:
Zerodha Brokerage Charges
| Segment | Brokerage Charges |
| Equity Delivery | Zero |
| Equity Intraday | 0.03% or Rs 20/trade whichever is lower |
| Equity Futures | 0.03% or Rs 20/trade whichever is lower |
| Equity Options | Rs 20/trade |
| Currency Futures | 0.03% or Rs 20/trade whichever is lower |
| Currency Options | Rs 20/trade |
| Commodity Futures | 0.03% or Rs 20/trade whichever |
| Commodity Options | Rs 20/trade |
2> Upstox
For traders seeking low brokerage, high margins, and reliable trading platforms, Upstox is among the finest discount brokers in India.
The company started as a technology-driven brokerage firm that focused on providing low-cost trading solutions to retail investors in India.
In the early years of its journey, Upstox faced several challenges, including a highly competitive market, regulatory hurdles, and a lack of awareness about its brand. However, the company persevered and continued to focus on its mission of providing affordable and accessible investment solutions to a wider audience.
Over the years, Upstox has made significant progress in expanding its customer base and establishing itself as a leading player in the online trading market in India. It has introduced several innovative products and services, such as its proprietary trading platform, Upstox Pro, and its Robo-advisory platform, Upstox Invest.
Upstox has also received several accolades and recognition for its contributions to the financial industry. It has been named one of the fastest-growing companies in India by various publications and has received several awards for its innovative approach to financial services.
Upstox Pros:
Upstox Cons:
Upstox Brokerage Charges
| Segment | Brokerage Charges |
| Equity Delivery | 2.5% or Rs 20/trade whichever is lower |
| Equity Intraday | 0.05% or Rs 20/trade whichever is lower |
| Equity Futures | 0.05% or Rs 20/trade whichever is lower |
| Equity Options | Rs 20/trade |
| Currency Futures | 0.05% or Rs 20/trade whichever is lower |
| Currency Options | Rs 20/trade |
| Commodity Futures | 0.05% or Rs 20/trade whichever is lower |
| Commodity Options | Rs 20/trade |
3> Groww
Groww is an Indian investment platform that allows users to buy and sell mutual funds, stocks, and other investment products online. It is a discount brokerage firm, which means that it charges lower fees for its services compared to traditional brokerage firms.
It was founded in 2016 and its headquartered in Bangalore and is available to users across India. Groww is registered with the Securities and Exchange Board of India (SEBI) and is a member of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
In addition to its investment products and services, Groww also offers a range of financial planning tools, including a goal planner and a retirement planner. The company also provides its clients with Fixed deposits, US Stocks, and Digital Gold as additional investment possibilities.
Groww gives its investors a flawless trading experience with its own trading platform, Groww (web and mobile trading app). It has 128-bit encryption, making it a safe and secure app.
Overall, Groww aims to provide a simple and convenient way for users to manage and grow their investments online.
Groww Pros:
Groww Cons:
Groww Brokerage Charges
| Segment | Brokerage Charges |
| Equity Delivery | 0.05% or Rs 20/trade whichever is lower |
| Equity Intraday | 0.05% or Rs 20/trade whichever is lower |
| Equity Futures | Rs 20/trade |
| Equity Options | Rs 20/trade |
4> Angel One Discount Broking
In 2019, Angel One changed its name to Discount Broker and adopted the discount brokerage model. They used a full-service brokerage approach before 2019. However, they have reduced the brokerage fees as a result of competition. They offer a wide range of services in addition to trading, including mutual funds, bonds, life insurance, and portfolio management services.
Angel One is renowned for its top-notch trading platforms and investing guidance. Angel One is the first major full-service broker to give its clients discounted brokerage prices.
Angel One Pros:
Angel One Cons:
Angel One Brokerage Charges
| Segment | Brokerage Charges |
| Equity Delivery | Zero |
| Equity Intraday | Rs 20/trade |
| Equity Futures | Rs 20/trade |
| Equity Options | Rs 20/trade |
| Currency Futures | Rs 20/trade |
| Currency Options | Rs 20/trade |
| Commodity Futures | Rs 20/trade |
| Commodity Options | Rs 20/trade |
5> Samco
SAMCO Securities is a Mumbai-based online discount brokerage service that allows customers to trade and invest in stocks, equity derivatives, currency derivatives, commodities, mutual funds, and initial public offerings (IPOs). SAMCO, which was founded in 2015, is well-known for its ultra-low brokerage, unique margin products, and free trading software. SAMCO is also well-known for providing StockBasket, a platform that allows investors to invest in an expert-selected basket of stocks based on 25+ stock rating parameters.
SAMCO is a SEBI-registered stockbroker, research analyst, and NSE, BSE, MCX, and NCDEX member. CDSL depository participant membership is held by the company. Margin funding, loans against shares, and other financial products are provided by SAMCO’s NBFC business.
SAMCO provides advanced and reliable trading systems for a wide range of products via online, mobile, and desktop software.
Samco Pros:
Samco Cons:
Samco Brokerage Charges
| Segment | Brokerage Charges |
| Equity Delivery | Rs 20/trade or 0.20% whichever is lower |
| Equity Intraday | Rs 20/trade or 0.20% whichever is lower |
| Equity Futures | Rs 20/trade or 0.20% whichever is lower |
| Equity Options | Rs 20/trade or 0.20% whichever is lower |
| Currency Futures | Rs 20/trade or 0.20% whichever is lower |
| Currency Options | Rs 20/trade or 0.20% whichever is lower |
| Commodity Futures | Rs 20/trade or 0.20% whichever is lower |
| Commodity Options | Rs 20/trade or 0.20% whichever is lower |
6> 5paisa
5paisa is a discount brokerage firm based in India that offers a range of financial services, including online trading in stocks, mutual funds, and other investment products. The company was founded in 2016 and is headquartered in Mumbai.
The company’s platform is available on both the web and mobile, and it offers a range of tools and resources to help users make informed investment decisions. It is promoted by the founders of India Infoline Limited (IIFL), which is a leading financial services company in India. 5paisa online trading is available in equity, commodity, and currency at BSE, NSE, and MCX. It is a flat-rate discount stockbroker.
A simple brokerage plan is used by 5paisa.com to provide trading services. Customers can trade across all segments in the Optimum Plan for a fixed fee of Rs. 20 per order, in the Platinum Plan for Rs. 10, and in the Titanium Plan for Free Equity Delivery. When compared to traditional brokers, who charge brokerage fees as a percentage of overall turnover, this results in savings of up to 90%.
5paisa Pros:
5paisa Cons:
5paisa Brokerage Charges
| Segment | Basic Pack | Power Investor Pack | Ultra Trader Pack |
| Plan Charges | No Charges | Rs 499/month | Rs 999/month |
| Monthly Brokerage Charges | 0 | 0 | Upto Rs 1000 |
| Equity Delivery | Rs 20/trade | Rs 10/trade | Rs 10/trade |
| Equity Intraday | Rs 20/trade | Rs 10/trade | Rs 10/trade |
| Equity Futures | Rs 20/trade | Rs 10/trade | Rs 10/trade |
| Equity Options | Rs 20/trade | Rs 10/trade | Rs 10/trade |
| Currency Futures | Rs 20/trade | Rs 10/trade | Rs 10/trade |
| Currency Options | Rs 20/trade | Rs 10/trade | Rs 10/trade |
7> Dhan
Dhan is an Indian stock broking platform that aims to provide a fast and convenient way for users to buy and sell stocks online. The platform is technology-driven and offers a range of features and tools to help users make informed investment decisions and manage their portfolios.
The company was founded by Pravin Jadhav, and it is based in Mumbai. Its rapid success can be credited to the brokerage house’s technology- and product-driven business model.
Dhan provides a variety of investment options, including equities, ETFs, and SIPs. This means that it can be thought of as a one-stop shop for all of your investment needs.
Dhan offers zero brokerage on equity delivery. Additionally, a user-friendly interface is offered. One-Tap Reverse Position, Live Market Scanners, Real-Time Data and Analytics, and Direct Trading from TradingView Charts are just a few of the features available on the platform.
Dhan Pros:
Dhan Cons:
Dhan Brokerage Charges
| Segment | Brokerage Charges |
| Equity Delivery | Zero |
| Equity Intraday | 0.03% |
| Equity Futures | 0.03% |
| Equity Options | Rs 20/trade |
| Currency Futures | 0.03% |
| Currency Options | Rs 20/trade |
| Commodity Futures | 0.03% |
| Commodity Options | Rs 20/trade |
8> Stoxkart
Stoxkart provides trading and investing in a variety of sectors for a flat rate of brokerage and is supported by the SMC group. With the aim of removing all hurdles that traders and investors in India experience in terms of cost, service, and technology, Stoxkart is a financial brokerage firm that is growing quickly.
Stoxkart empowers traders and investors by sharing its market expertise, cutting-edge technology, zero brokerage advantages, and superior trading platform. The company has extensive experience in the financial markets and a great awareness of the expanding client needs.
With the help of a strong group of specialists, tech nerds, market experts, and a dedicated support team, Stoxkart is led by a group of young, smart people with solid financial backgrounds.
Stoxkart Pros:
Stoxkart Cons:
Stoxkart Brokerage Charges
| Segment | Brokerage Charges |
| Equity Delivery | Zero |
| Equity Intraday | Rs 15/trade |
| Equity Futures | Rs 15/trade |
| Equity Options | Rs 15/trade |
| Currency Futures | Rs 15/trade |
| Currency Options | Rs 15/trade |
| Commodity Futures | Rs 15/trade |
| Commodity Options | Rs 15/trade |
9> Paytm Money
Paytm Money Limited also referred to as Paytm Money, is a discount brokering company based in Bengaluru that was established in 2017. The largest and most well-known digital products and mobile platform in India, One97 Communications Ltd, which also owns the Paytm brand, is the parent company of Paytm Money. The RBI has approved the Indian e-commerce payment system Paytm.
Paytm Money is a SEBI-registered stockbroker and an Investment Advisor. The company is a member of NSE, BSE, and CDSL as a depository participant. Paytm Money was founded as a platform for direct mutual fund investments.
Paytm Money provides free equity delivery trading along with competitive trading fees. Paytm Money provides cost-free mutual fund services, including no fees for purchasing or redeeming mutual funds.
Paytm Money Pros:
Paytm Money Cons:
Paytm Money Brokerage Charges
| Segment | Brokerage Charges |
| Equity Delivery | Rs 15 or 2.5% of turnover (whichever is lower) |
| Equity Intraday | Rs 15 or 0.05% of turnover (whichever is lower) |
| Equity Futures | Rs 15 or 0.02% of turnover (whichever is lower) |
| Equity Options | Rs 15/trade |
10> Fyers
The Khoday brothers established the discount broker Fyers in 2015. At the NSE, Fyers provides trading in the Equity Cash, F&O, and Currency Derivatives categories. The company was created by young entrepreneurs that believe in developing the greatest trading platforms, being transparent, and keeping trading costs as low as possible in India.
Fyers’ simple pricing strategy allows you to trade across segments for the same flat brokerage cost of up to Rs 20 per executed transaction. Fyers charge a limit of Rs 20 for every executed order, regardless of size. In the Equity Delivery area, Fyer does not charge any brokerage fees.
Fyers provides its users with a free in-house built web trading platform, installable Desktop trading terminal, and mobile trading app.
Fyers Pros:
Fyers Cons:
Fyers Brokerage Charges
| Segment | Brokerage Charges |
| Equity Delivery | Zero |
| Equity Intraday | 0.03% or Rs 20/trade whichever is lower |
| Equity Futures | 0.03% or Rs 20/trade whichever is lower |
| Equity Options | Rs 20/trade whichever is lower |
| Currency Futures | 0.03% or Rs 20/trade whichever is lower |
| Currency Options | 0.03% or Rs 20/trade whichever is lower |
| Commodity Futures | 0.03% or Rs 20/trade whichever is lower |
| Commodity Options | 0.03% or Rs 20/trade whichever is lower |
Top Discount Brokers in India 2023 – Final Verdict
Looking for a stockbroker who offers reasonable brokerage costs, low yearly maintenance fees, top-notch trading tools, responsive customer support, and no hidden account fees when making your selection
When opening your account, tell the brokerage firm what is most important to you and how you personally trade.
These days, discount brokers frequently launch a new marketing initiative each month to bring in new consumers by providing incentives like brokerage cashback or perks for referring clients. Because of the competition among brokers, traders and investors can take advantage of superior trading services and facilities. This competition also pushes brokers to innovate more quickly.
Finally, out of all of these brokers, it is really tough to choose the best discount broker in India. To evaluate them, we must take into account a variety of ranking and rating elements. But based on my observations and input, I’ve shortlisted them down.
From my experience thus far, I would say that Zerodha is the finest in its class. There is a reason why they are India’s top discount broker.
Disclaimer:
The information provided in this blog is for informational purposes only and should not be construed as financial advice. Before making any investment decisions, it is recommended that you seek advice from a professional financial advisor.