Thu. Sep 28th, 2023
top discount broking in india

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:

  • Low fees
  • One of the best Trading platforms
  • You can use the fee calculator on its website
  • The deposit and withdrawal procedures are simple to use and cost-free
  • There are no platform deposit fees that you must pay. Use UPI to quickly transfer money to your account

Zerodha Cons:

  • Does not offer stock recommendations, research reports, or suggestions
  • There are no monthly unlimited trading plans
  • There is an extra charge of Rs. 50 per executed order for call and trade
  • Due to the lack of banking services offered by Zerodha, 3-in-1 trading accounts are not available
  • Covered only the Indian market

Zerodha Brokerage Charges

SegmentBrokerage Charges
Equity DeliveryZero
Equity Intraday0.03% or Rs 20/trade whichever is lower
Equity Futures0.03% or Rs 20/trade whichever is lower
Equity OptionsRs 20/trade 
Currency Futures0.03% or Rs 20/trade whichever is lower
Currency OptionsRs 20/trade 
Commodity Futures0.03% or Rs 20/trade whichever
Commodity OptionsRs 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:

  • Zero Demat account maintenance charges
  • Mobile trading app available for both Android and iOS phones
  • Multiple indicators are available on the Upstox Pro Web Trading Platform to monitor markets while on the go
  • Availability of technical and fundamental investing knowledge resources
  • Possible to place Good-Till-Triggered (GTT) orders for commodities and equity

Upstox Cons:

  • Delivery trades are not eligible for margin funding
  • Upstox doesn’t offer unlimited monthly trading plans
  • Due to the lack of banking services offered by the company, 3-in-1 accounts are not offered
  • The API is not accessible through Upstox for automated trading
  • When intraday square-off orders are not squared off by the customer, an additional Rs 20 is charged for each executed order

Upstox Brokerage Charges

SegmentBrokerage Charges
Equity Delivery2.5% or Rs 20/trade whichever is lower
Equity Intraday0.05% or Rs 20/trade whichever is lower
Equity Futures0.05% or Rs 20/trade whichever is lower
Equity OptionsRs 20/trade 
Currency Futures0.05% or Rs 20/trade whichever is lower
Currency OptionsRs 20/trade 
Commodity Futures0.05% or Rs 20/trade whichever is lower
Commodity OptionsRs 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:

  • Zero Account opening fee
  • Zero Demat AMC Charges
  • Customers can invest in mutual funds without paying any commission
  • Users can also buy digital gold, US FDs, US ETFs, and US stocks
  • Simple and intuitive user interface

Groww Cons:

  • Groww does not offer trading options for commodities or currencies
  • Don’t offer stock recommendations, research summaries, or advice
  • Advanced order types like BO, CO, AMO, and GTT are not available.
  • Do not offer NRI Trading
  • There are no SME IPOs available

Groww Brokerage Charges

SegmentBrokerage Charges
Equity Delivery0.05% or Rs 20/trade whichever is lower
Equity Intraday0.05% or Rs 20/trade whichever is lower
Equity FuturesRs 20/trade 
Equity OptionsRs 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:

  • Free stock and mutual fund investing advice
  • Provides an investor the choice to invest in corporate bonds
  • Free advice on the Robo advisory app, ARQ
  • Advanced Trading Platforms

Angel One Cons:

  • Shares of SME companies not be traded
  • It does not provide a 3-in-1 account feature
  • There are no GTC or GTT facilities

Angel One Brokerage Charges

SegmentBrokerage Charges
Equity DeliveryZero
Equity IntradayRs 20/trade 
Equity FuturesRs 20/trade 
Equity OptionsRs 20/trade 
Currency FuturesRs 20/trade 
Currency OptionsRs 20/trade 
Commodity FuturesRs 20/trade 
Commodity OptionsRs 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:

  • For trading and investing, there is no commission
  • Leverage up to 20x for option trading
  • Bracket orders and cover orders are examples of Advanced Order types
  • Discover Trading and Investing Ideas on Samco
  • StockBasket offers ready-made investment portfolios for building long-term wealth

Samco Cons:

  • They only offer Regular Mutual Fund Investment Plans
  • They impose an additional cost for call and trade
  • NRI trading accounts facility is not available
  • There is no free delivery on brokerage

Samco Brokerage Charges

SegmentBrokerage Charges
Equity DeliveryRs 20/trade or 0.20% whichever is lower
Equity IntradayRs 20/trade or 0.20% whichever is lower
Equity FuturesRs 20/trade or 0.20% whichever is lower
Equity OptionsRs 20/trade or 0.20% whichever is lower
Currency FuturesRs 20/trade or 0.20% whichever is lower
Currency OptionsRs 20/trade or 0.20% whichever is lower
Commodity FuturesRs 20/trade or 0.20% whichever is lower
Commodity OptionsRs 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:

  • Flat 20 Rs/order irrespective of the size of trade, segment, or exchange
  • All-in-one account for stock, mutual fund, commodity, and currency investments as well as research and consulting services
  • Offer stock investment ideas, research resources, automated trading, and advisory services
  • Offer resources for stock research and investment ideas
  • Robo Advisory services and algorithmic trading
  • Sponsored by the IIFL sponsors. With more than 20 years of expertise, IIFL is one of India’s top non-banking financial institutions

5paisa Cons:

  • No option to trade in commodities
  • Mobile trading app is not up to the mark
  • Demat debit transaction fees are expensive
  • In the Optimum Plan, research and consulting services are not offered
  • Doesn’t offer a 3-in-1 account
  • 5paisa doesn’t provide services for NRI Trading

5paisa Brokerage Charges

SegmentBasic PackPower Investor PackUltra Trader Pack
Plan ChargesNo ChargesRs 499/monthRs 999/month
Monthly Brokerage Charges00Upto Rs 1000
Equity DeliveryRs 20/trade Rs 10/trade Rs 10/trade 
Equity IntradayRs 20/trade Rs 10/trade Rs 10/trade 
Equity FuturesRs 20/trade Rs 10/trade Rs 10/trade 
Equity OptionsRs 20/trade Rs 10/trade Rs 10/trade 
Currency FuturesRs 20/trade Rs 10/trade Rs 10/trade 
Currency OptionsRs 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:

  • The entire account opening process can be completed online in a matter of minutes
  • By pledging shares, you can enjoy immediate margin benefits
  • Dhan offers a customized options trading app made just for F&O traders
  • For investors and traders, there are excellent research and advising facilities

Dhan Cons:

  • In comparison to its competitors, the Call and Exchange fees are the highest at Rs 100 per trade
  • Dhan doesn’t have any physical offices or branches. Because of this, opening an account is challenging for non-techies
  • Mutual funds, gold bonds, and other bonds are not available

Dhan Brokerage Charges

SegmentBrokerage Charges
Equity DeliveryZero
Equity Intraday0.03%
Equity Futures0.03%
Equity OptionsRs 20/trade 
Currency Futures0.03%
Currency OptionsRs 20/trade 
Commodity Futures0.03%
Commodity OptionsRs 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:

  • Free stock suggestions are offered
  • There are real-time data accessible for several indices
  • Customers can get assistance from the support team with questions related to trade
  • Provides a free webinar

Stoxkart Cons:

  • Only offers regular plans; it does not offer direct mutual funds
  • ODIN software is provided at an additional cost
  • Their software and user interface are quite simple and lack any further functionality
  • A call and trade option is offered for an additional fee

Stoxkart Brokerage Charges

SegmentBrokerage Charges
Equity DeliveryZero
Equity IntradayRs 15/trade 
Equity FuturesRs 15/trade 
Equity OptionsRs 15/trade 
Currency FuturesRs 15/trade 
Currency OptionsRs 15/trade 
Commodity FuturesRs 15/trade 
Commodity OptionsRs 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:

  • Efficient and trustworthy trading platforms
  • The platform has a two-factor authentication method in place to protect your personal information
  • Paytm Money offers mutual fund investment advisory services and an internal brokerage calculator
  • Online IPO application
  • Bracket Order and Cover Order types are available

Paytm Money Cons:

  • Lack of branch support
  • Trading in commodities and currencies is not possible
  • The broker does not provide an account for NRI traders
  • Unlimited monthly trading plans are not available

Paytm Money Brokerage Charges

SegmentBrokerage Charges
Equity DeliveryRs 15 or 2.5% of turnover (whichever is lower)
Equity IntradayRs 15 or 0.05% of turnover (whichever is lower)
Equity FuturesRs 15 or 0.02% of turnover (whichever is lower)
Equity OptionsRs 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 offers a single margin account that enables users to use funds from the same pool for several asset classes
  • Free equity delivery trading. No brokerage for cash & carry trades
  • There are no hidden fees. Fees/charges are quite clear
  • All trading software is provided free of charge

Fyers Cons:

  • Exchange transaction fees are higher than other discount brokers
  • Fyers lacks candlestick indications for trading
  • Screeners are not available on the platform for investors or traders

Fyers Brokerage Charges

SegmentBrokerage Charges
Equity DeliveryZero
Equity Intraday0.03% or Rs 20/trade whichever is lower
Equity Futures0.03% or Rs 20/trade whichever is lower
Equity OptionsRs 20/trade whichever is lower
Currency Futures0.03% or Rs 20/trade whichever is lower
Currency Options0.03% or Rs 20/trade whichever is lower
Commodity Futures0.03% or Rs 20/trade whichever is lower
Commodity Options0.03% 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.

By Vivz

Leave a Reply

Your email address will not be published. Required fields are marked *