Best Stock Broker in India- Top 10 Stock Brokers in India
Instock Broker is considered the best stock broker in India, offering comprehensive, insightful data and advisory about different stocks in real-time. Instock Broker assists you with any financial instrument, from derivatives to mutual funds and bonds. The stock market is volatile, and you need good insight and professional assistance to earn a good return.
Choosing the right stockbroker is essential to ensure you grow your portfolio with positive and increased returns. While selecting the best broker, look into their company history, their experience, read the reviews, and understand if their services are suitable to your needs. You can also gauge how they leverage technology to provide a seamless investment experience.
Why Choose the Best Stock Broker in India?
- The service allows you to choose which investments are appropriate for retirement savings and which are not.
- The stock market advisor will advise you where to put your money and the total returns you can anticipate from your portfolio.
- By identifying the many forms of taxable income from your investments and making strategic stock investments, stock consultants can also assist you in managing your income taxes. If you sell your possessions, they will also ensure you know the taxes you will owe.
The best stock broker will help you minimize the risk. A stock advisor helps with recommendations based on their understanding of your risk tolerance. By following your advisor’s advice, you’ll always be at the top of your game and ready for any risks. Instock Broker is the best stock broker in India for unrivaled trading services, advanced platforms, and expert assistance. Make informed investment decisions with the top broker’s comprehensive tools and insights.
Types of Stock Brokers-
There are primarily two types of stock brokers in India- full-service and discount brokers.
- Full-service stockbrokers: Full-service stockbrokers provide their clients with a wide range of services. They are conventional brokers who offer consulting services and a trading platform. Because of this, full-service stockbrokers demand hefty fees, and the brokerage they charge is determined by how many transactions a customer executes overall.
| S.No | Brokers | Active Clients |
|---|---|---|
| 1. | ICICI Direct | 1,875,186 |
| 2. | Kotak Securities | 1,134,719 |
| 3. | HDFC Securities | 1,062,264 |
| 4. | Motilal Oswal | 848,809 |
| 5. | Sharekhan | 650,277 |
- Discount stockbrokers: Due to the growing popularity and accessibility of the Internet, discount stockbrokers have emerged. These brokers offer an Internet trading platform for their customers. However, discount brokers don’t provide research facilities or consulting services. Here are the top discount brokers in India.
| S.No | Brokers | Active Clients |
|---|---|---|
| 1. | Groww | 7,420,803 |
| 2. | Zerodha | 69,94,952 |
| 3. | Angel One | 5,685,889 |
| 4. | Upstox | 2,401,555 |
| 5. | Paytm Money | 801,809 |
Read our detailed difference between full-service brokers and discount brokers.
Comparison Between Full-Service Brokers and Discount Brokers
| Feature | Full-Service Brokers | Discount Brokers |
|---|---|---|
| Commission Fees | Higher commission fees | Lower commission fees |
| Services Provided | Extensive range including research, investment advice, retirement planning, etc. | Basic execution of trades, limited or no research or advice |
| Customer Support | Personalized support including dedicated advisors | Generally limited support, often through online channels |
| Trading Platforms | Feature-rich trading platforms with advanced tools and analysis | Simple and user-friendly platforms for trade execution |
| Investment Products | Wide range including stocks, bonds, mutual funds, options, etc. | Mostly stocks, ETFs, and basic investment products |
| Education/Resources | Extensive educational resources, seminars, webinars, etc. | Limited educational resources |
| Accessibility | Primarily geared towards experienced investors or high net-worth individuals | Suitable for all types of investors including beginners |
| Advice and Research | In-depth research reports, market analysis, and personalized advice | Limited or no research is provided |
| Transparency | Clear fee structure but higher overall fees | Transparent fee structure with lower overall costs |
List of Top 10 Stock Brokers in India:
| S.No | Stock Brokers | Rating | Sign In/Login | Download Link |
|---|---|---|---|---|
| 1. | ICICI Direct | ⭐⭐⭐⭐⭐ | Sign Up | Download |
| 2. | IIFL Securities | ⭐⭐⭐⭐⭐ | Sign Up | Download |
| 3. | Sharekhan | ⭐⭐⭐⭐⭐ | Sign Up | Download |
| 4. | Kotak Securities | ⭐⭐⭐⭐ | Sign Up | Download |
| 5. | HDFC Securities | ⭐⭐⭐⭐⭐ | Sign Up | Download |
| 6. | Angel One | ⭐⭐⭐⭐⭐ | Sign Up | Download |
| 7. | Motilal Oswal | ⭐⭐⭐⭐ | Sign Up | Download |
| 8. | Axis Direct | ⭐⭐⭐⭐ | Sign Up | Download |
| 9. | Edelweiss | ⭐⭐⭐⭐ | Sign Up | Download |
| 10. | Zerodha | ⭐⭐⭐⭐ | Sign Up | Download |
ICICI Direct
It has been one of the leading full-service brokers operating since May 1995. ICICIdirect.com is a part of ICICI Securities, which offers retail trading and investment services. ICICI Direct, the best stock broker in India, offers a 3-in-1 account, which means a combination of a savings bank account, a stock trading account, and a Demat account.
ICICI Direct provides five different brokerage plans-
- ICICI Direct Prime
- ICICI Direct Neo
- Prepaid brokerage plan
- I-Secure
- NRI brokerage
If we talk about the default I-Secure plan, the brokerage structure is:
| Trading segment | Brokerage charges |
|---|---|
| Equity Delivery | 0.55% |
| Equity Intraday | 0.275% |
| Equity Futures | 0.050% |
| Currency/ Commodity Futures | ₹ 20 Per Order |
| Equity Options | ₹ 95 per lot |
| Types of charges | Charges |
|---|---|
| Demat account opening charges | ₹ 0 |
| Demat account annual maintenance charges (AMC) | ₹ 700 (waived for the first year)₹ 300 for ICICIdirect Neo customers |
Active Clients: 18,69,925
Trading Platforms: ICICI direct Mobile and Trade Racer Web-based Platform
IIFL Securities
IIFL Securities Limited (formerly known as India Infoline Limited) is a leading independent full-service retail and institutional brokerage firm in India, established in 1995. They offer custom-made portfolios based on your risk profile and have more than 22+ lakh satisfied customers.
IIFL offers three brokerage plans- Investor, Premium, and Super Trader.
| Trading segment | Brokerage charges |
|---|---|
| Equity Delivery | ₹ 20 Per Order |
| Equity Intraday | ₹ 20 Per Order |
| Equity Futures | ₹ 20 Per Order |
| Currency/ Commodity Futures | ₹ 20 Per Order |
| Equity Options | ₹ 20 Per Order |
| Types of charges | Charges |
|---|---|
| Demat account opening charges | ₹ 0 |
| Demat account annual maintenance charges (AMC) | ₹ 250 (Free for the 1st year) |
Active Clients: 4,37,829
Trading Platforms: IIFL Markets Mobile App, Trader Terminal, and TT Iris.
Sharekhan
It was founded in February 2000 and is the best stock broker provider. It is also available in more than 600 cities and has 3,500+ outlets in India. The company provides a well-known trading terminal known as ‘Sharekhan TradeTiger.’ It is one of the most widely used trading platforms among retail investors.
Here’s the broking structure of Sharekhan:
| Trading segment | Brokerage charges |
|---|---|
| Equity Delivery | 0.30% on market rate or a minimum 10 paise per share |
| Equity Intraday | 0.03% on market rate or a minimum 3 paise per share |
| Equity options | ₹ 60 per lot |
| Commodity options | ₹ 60 per lot |
| Currency Options | ₹ 20 per lot |
| Futures (across Equity, Commodity & Currency) | 0.03% per transaction value |
| Types of charges | Charges |
|---|---|
| Demat account opening charges | ₹ 0 |
| Demat account annual maintenance charges (AMC) | ₹ 400 (Free for the 1st year) |
Active Clients: 6,65,129
Trading Platforms: TradeTiger (Trading Terminal), Sharekhan App (Mobile Trading) Sharekhan Mini (Low bandwidth App)
Kotak Securities
Kotak Securities Limited is a subsidiary of Kotak Mahindra Bank, founded in 1994. It has a well-entrenched presence in the international markets as well, namely, Asia Pacific, European, Middle Eastern, and American markets.
They have different brokerage plans: Trade Free Youth, Trade Free Plan, Trade Free Max, and Dealer Assisted Plan.
Here are the brokerage details for their Trade Free Plan:
| Trading segment | Brokerage charges |
|---|---|
| Equity Delivery | 0.25% |
| Intraday Trades -All Segments | Free |
| Equity Futures | ₹ 20 Per Order |
| Currency/ Commodity Futures | ₹ 20 Per Order |
| Equity Options | ₹ 20 Per Order |
| Types of charges | Charges |
|---|---|
| Demat account opening charges | ₹ 0 |
| Demat account annual maintenance charges (AMC) | ₹ 600 |
Active Clients: 11,79,674
Trading Platforms: KEAT Pro X, Kotak Securities website, Kotak stock trader.
HDFC Securities
HDFC Securities has been one of the best stock brokers in India since 2000. It is a subsidiary of HDFC Bank, which provides a one-stop shop for all your financial requirements. It offers more than 30 financial products and has more than 250 branches across India.
| Types of charges | Charges |
|---|---|
| Demat account opening charges | ₹ 0 |
| Demat account annual maintenance charges (AMC) | ₹ 750 (Free for the 1st year) |
Active Clients: 10,88,561
Trading Platforms: HDFC Securities Pro Terminal, HDFC Securities Voice-Enabled Investing and HDFC Securities Application.
Angel One
Founded in 1987, Angel One Limited (formerly Angel Broking Limited) offers full-service brokerage and seeks to develop a strong relationship with GenZ and Millennial investors in India. They have 7 Million+ Registered Clients, 16000+ Authorized Persons, 12 Million+ App downloads, and have a presence in over 1800+ cities in India. It is one of the top 10 stock brokers in India.
Here’s the broking structure of Angel One:
| Trading segment | Brokerage charges |
|---|---|
| Equity Delivery | ₹ 0 |
| Equity Intraday | ₹ 20 / executed order or 0.25% (whichever is lower) |
| Equity Futures & options | ₹ 20 / executed order or 0.25% (whichever is lower) |
| Currency Futures & options | ₹ 20 / executed order or 0.25% (whichever is lower) |
| Commodities Futures & options | ₹ 20 / executed order or 0.25% (whichever is lower) |
| Types of charges | Charges |
|---|---|
| Demat account opening charges | ₹ 0 |
| Demat account annual maintenance charges (AMC) | ₹ 240 |
Active Clients: 59,83,067
Trading Platforms: Angel Broking Application, Angel Broking Trade-Website, Angel Bee.
Motilal Oswal
Motilal Oswal started in 1987 as a small sub-broking unit with two promoters and a peon. It is now a multi-faceted financial services company with a presence in over 550 cities and provides a wide range of products and services in Retail and Institutional broking, Private wealth management, Home finance, Private Equity, Asset Management, and Investment banking.
They do not charge a fee for opening an account, and AMC and Admin charges are free for the first year. Moreover, they provide free research and personal advice. Motilal Oswal is considered the best stock broker in India.
| Trading segment | Brokerage charges |
|---|---|
| Equity Delivery | 0.40% |
| Intraday Trading | 0.04% |
| Futures & Options – Currency | ₹ 20 Per lot |
| Options (Commodity Trading) | ₹ 200 per lot |
| Equity Options | ₹ 50 per lot |
| Types of charges | Charges |
|---|---|
| Demat account opening charges | ₹ 0 |
| Demat account annual maintenance charges (AMC) | ₹ 299 (Free for the 1st year) |
Active Clients: 8,74,230
Trading Platforms: MO Trader, MO Investor.
Axis Direct
Axis Direct is the online brand of Axis Securities that provides simplified investment solutions to over 3.6 million customers. It enjoys a high level of market trust due to its parent company, Axis Bank. They offer you various products & services to make your investment journey easy through powerful research and multiple trading platforms. Axis Direct is one of the finest top 10 stock brokers in India.
It offers three brokerage plans- Standard, Now or Never, and Investment Plus.
Here are the further details for the standard plan:
| Trading segment | Brokerage charges |
|---|---|
| Equity Delivery | 0.50% |
| Equity intraday | 0.05% |
| Equity Futures | 0.05% |
| Equity Options | Intraday: Rs 0.01 per lot | Carry Forward: Rs 10 per lot |
| Currency Futures | 0.05% |
| Currency Options | Intraday: Rs 0.01 per lot | Carry Forward: Rs 10 per lot |
| Commodity futures | 0.03% |
| Commodity options | ₹50 per lot |
| Types of charges | Charges |
|---|---|
| Demat account opening charges | ₹ 0 |
| Demat account annual maintenance charges (AMC) | ₹ 650 (Free for the 1st year) |
Active Clients: 3,71,589
Trading Platforms: Axis Direct Trade, Axis Direct Swift Trade, and Axis Direct Mobile Trading Application.
Edelweiss
Edelweiss Broking Limited was incorporated in 2008 and is a subsidiary of the Edelweiss Group, a leading diversified financial services conglomerate founded in 1995. The company has more than 475 offices in 200 locations across India and offers flat brokerage plans to its customers.
Edelweiss has two brokerage plan options, namely- Lite and Elite.
| Trading segment | Brokerage charges- Lite Plan | Brokerage charges- Elite Plan |
|---|---|---|
| Equity Delivery | ₹10.00 / executed order | 0.30% |
| Equity intraday | ₹10.00 / executed order | 0.03% |
| Equity Futures | ₹10.00 / executed order | 0.03% |
| Equity Options | ₹10.00 / executed order | ₹75 per lot |
| Currency Futures | ₹10.00 / executed order | 0.02% |
| Currency Options | ₹10.00 / executed order | ₹20 per lot |
| Types of charges | Charges |
|---|---|
| Demat account opening charges | ₹ 0 |
| Demat account annual maintenance charges (AMC) | ₹ 500 (Free for the 1st year) |
Active Clients: 1,74,590
Trading Platforms: Website, Edelweiss Terminal X3, and Edelweiss Mobile Trader.
Zerodha
Zerodha is the first stockbroker in India to offer discount broking to investors. In terms of trading volume and active client base, Zerodha is the top stock broker in India. It allows traders and investors to invest in a wide range of stock market instruments, including Equity, Currency, Commodities, IPOs, Futures and options, Bonds, Government securities, and Direct Mutual Funds.
| Transaction | Applicable Charges |
|---|---|
| Demat and Trading Account Opening | Rs. 200 |
| Demat Account Maintenance Charges | Rs. 300 per year |
| Trading Account Maintenance Charges | Rs. 0 |
Brokerage
| Trading Category | Brokerage |
| Equity Delivery | Rs 0 (Free) |
| Equity Intraday | Flat Rs 20 or 0.03% (whichever is lower) per executed order |
| Equity Future | Flat Rs 20 or 0.03% (whichever is lower) per executed order |
| Equity Options | Flat Rs 20 per executed order (on Turnover) |
| Currency Futures | Flat Rs 20 or 0.03% (whichever is lower) per executed order |
| Currency Options | Flat Rs 20 or 0.03% (whichever is lower) per executed order |
| Commodity | Flat Rs 20 or 0.03% (whichever is lower) per executed order |
| Mutual Fund | Rs 0 (Free Unlimited Direct MF) |
Active Clients: 72,23,525
Trading Platforms: Zerodha Kite, Coin, Console, and Varsity Mobile.
Here are some final important things to remember before investing in the stock markets:
- Always research before investing, and never follow any stock tips blindly.
- Do not ever try to time the market.
- Control your emotions while investing in the markets.
- Allocate a budget that you need to invest in and try to diversify it.
- Lastly, stock market investing is all about discipline and patience. So, monitor your portfolio regularly and make informed decisions.
The selection of a stockbroker is not easy. So, it is paramount to carefully assess each one according to your needs and choices. Look for a quality trading platform with low brokerage charges and good customer service that facilitates better investing decisions.
Frequently Asked Questions-
What factors should I consider while choosing a stock broker in India?
Consider factors like brokerage charges, trading platforms, research and analysis tools, client service, ease of use, trustability, and regulatory compliance.
Do I Need a Demat Account to Trade Stocks in India?
Yes, to trade stocks in India, you need a Demat (Dematerialized) account to be able to buy and sell shares on the stock market.
Are there any hidden charges associated with the stock brokers in India?
Brokers may charge various fees, including brokerage charges, transaction fees, account maintenance fees, and more. Review the broker’s fee structure completely to understand all associated charges.
Can I trade options and futures with a stock broker?
Yes, some stock brokers offer the facility to trade options and futures contracts on stocks, indicators, and commodities through their platforms.
Do stock brokers provide investment advice?
Full-service brokers generally offer investment advice and personalized portfolio management services. In contrast, discount brokers typically don’t provide individualized advice but may offer research and analysis tools for self-directed investors.
Is there any regulatory body overseeing stock brokers in India?
SEBI( Securities and Exchange Board of India) is India’s regulatory authority overseeing stock brokers. For added security, always choose brokers regulated by SEBI.
Which Stock Broker Offers the Lowest Brokerage Charges in India?
Brokerage charges can vary extensively among brokers. Some discount brokers offer competitive rates, while full-service brokers may charge advanced fees but provide additional services like research and advisory support. Please read our blog on the lowest brokerage charges in India.