Best Stock Broker in India- Top 10 Stock Brokers in India
The best stock broker in India can be an individual or a business that works as an intermediary between a stock exchange and a stock investor. The primary responsibility of a stockbroker is to enable effortless buying and selling of stocks in the stock market. In addition, a stockbroker uses its knowledge and skills to help traders and investors make the right investment decisions.
Why Choose the Best Stock Broker 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.
Some of the reasons for choosing Instock Broker are-
- The service allows you to choose which investments are appropriate for retirement savings and which are not.
- The stock market advisor will advise 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. Instockbroker 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 stockbrokers 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 in addition to 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. For their customers, these brokers offer an Internet trading platform. Discount brokers don’t, however, 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 |
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 provided |
| Transparency | Clear fee structure but higher overall fees | Transparent fee structure with lower overall costs |
Types of Financial Instruments that Can be traded in the Stock Market
Shares/Stocks:
When you buy a share of the company, you are becoming a shareholder, owning a partial stake in that company. This is one of the most popular investments as it is highly liquid in nature, which means you can easily sell your shares in the market whenever you require any funds.
Derivatives:
It is an instrument that derives its value from an underlying asset like currencies, stocks, commodities, etc. It is a contract between two parties, in which they decide to buy or sell an asset on a specific date at a specific price. The two most popular derivatives contracts are Futures and Options.
Mutual funds:
It is a large fund where many investors, like you and me, put their money to invest in various securities. These securities can be stocks, bonds, money market instruments, etc. Each mutual fund scheme issues units which have some certain value. Whoever buys those units, becomes the unit-holder.
Bonds:
They are fixed-income debt instruments issued by private sector companies and the government to raise money. Buying a bond means you are lending to the issuer and, in return, getting the interest rate, also known as the coupon rate. It is one of the safest financial instruments because of its fixed interest rates.
List of Top 10 Stock Brokers in India:
Here is the list of best stock brokers in India –
- ICICI Direct
- IIFL Securities
- Sharekhan
- Kotak Securities
- HDFC Securities
- Angel One
- Motilal Oswal
- Axis Direct
- Edelweiss
- Zerodha
1. ICICI Direct
It is one of the leading full-service brokers operating since May 1995. ICICIdirect.com is a part of ICICI Securities that offers retail trading and investment services. They provide a large of stockbroking services along with banking products as well. ICICI Direct, the best stock broker in India offers you 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: 31,82,724
Trading Platforms: ICICI direct Mobile and Trade Racer Web-based Platform
2. 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 the year 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.
They do not charge you anything for opening an account. Also, there will be no Demat AMC charges for the first year.
| 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: 11,41,787
Trading Platforms: IIFL Markets Mobile App, Trader Terminal, and TT Iris.
3. Sharekhan
At Sharekhan, relationships with their customer matter the most. They don’t even call their account a Demat account; they refer to it as a Sharekhan investment account.
It was founded in February 2000, and it is the best stock broker provider. They are also available in more than 600+ cities and have 3500+ 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.
Account opening charges are zero and also, they do not charge any Demat AMC for the first year.
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: 7,68,940
Trading Platforms: TradeTiger (Trading Terminal), Sharekhan App (Mobile Trading) Sharekhan Mini (Low bandwidth App)
4. Kotak Securities
Kotak Securities Limited is a subsidiary of Kotak Mahindra Bank founded in the year 1994. They have a well-entrenched presence in the international markets as well, i.e., Asia Pacific, European, Middle Eastern, and American markets. As per the recent data, they have a presence in over 360+ cities and have more than 153 branches and 1332 franchisees across India.
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: 12,23,441
Trading Platforms: KEAT Pro X, Kotak Securities website, Kotak stock trader.
5. HDFC Securities
HDFC Securities has been one of the best stock brokers in India since the year 2000. It is a subsidiary of HDFC Bank which provides you with a one-stop shop for all your financial requirements. It offers you more than 30+ financial products and has more than 250+ branches across India.
They charge you ₹999 for account opening. There are various brokerage plans with different amounts. Here are the details:
(Source: HDFC Securities)
| Types of charges | Charges |
| Demat account opening charges | ₹ 0 |
| Demat account annual maintenance charges (AMC) | ₹ 750 (Free for the 1st year) |
Active Clients: 11,77,765
Trading Platforms: HDFC Securities Pro Terminal, HDFC Securities Voice-Enabled Investing and HDFC Securities Application.
6. Angel One
Founded in 1987, Angel One Limited (formerly known as 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+ Authorised 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.
Angel Broking has been a traditional broker, but it shifted its focus too extensively using Artificial Intelligence and Machine Learning as part of its transition into a completely digital platform by 2019.
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: 40,63,669
Trading Platforms: Angel Broking Application, Angel Broking Trade-Website, Angel Bee.
7. Motilal Oswal
Motilal Oswal started in the year 1987 as a small sub-broking unit with two promoters and a peon, which now is a multi-faced financial services company. They have a presence in over 550 cities providing a large number of products & services across Retail and Institutional broking, Private wealth management, Home finance, Private Equity, Asset Management, and Investment banking.
They do not charge any fee for the account opening. AMC and Admin charges are also free for the first year. Moreover, they provide you with research and personal advice for free. 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: 9,15,409
Trading Platforms: MO Trader, MO Investor.
8. 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 you 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: 4,04,569
Trading Platforms: Axis Direct Trade, Axis Direct Swift Trade, and Axis Direct Mobile Trading Application.
9. Edelweiss
Edelweiss Broking Limited was incorporated in the year 2008 and is a subsidiary of the Edelweiss Group, a leading diversified financial services conglomerate founded in 1995. They have a presence of more than 475 offices in 200 locations across India. They offer flat brokerage plans to their 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: 2,10,236
Trading Platforms: Website, Edelweiss Terminal X3, and Edelweiss Mobile Trader.
10. Zerodha
Zerodha is the first stockbroker in India to bring the concept of 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 Equity, Currency, Commodity, IPO, Futures & Options, Bonds, Govt. Securities, and Direct Mutual Funds.
Zerodha levies 0 brokerages for trading in equity delivery and direct mutual funds. It has a brokerage of flat Rs. 20 or 0.03% for intraday and futures. In the case of options trading, the brokerage is fixed at flat Rs. 20 per executed order.
| 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) |
Here are some final important things to remember before investing in the stock markets:
- Always do your 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 an easy task. So, it is of paramount need to carefully assess each one of them as per your needs and choices. Look for a quality trading platform, with low brokerage charges, good customer service and which facilitates better investing decisions.
FAQ About The Best Stock Broker in India-
1. What is a Stock Broker?
Ans- A stock broker is an authorized professional who facilitates investors in buying and selling of securities, including stocks, bonds, options, and mutual funds.
2. What factors should I consider while choosing a stock broker in India?
Ans- Consider factors like brokerage charges, trading platforms, research and analysis tools, client service, ease of use, trustability, and regulatory compliance.
3. Do I Need a Demat Account to Trade Stocks in India?
Ans- Yes, to trade stocks in India, you need a Demat( Dematerialized) account to be able to buy and sell shares on the stock market.
4. What types of stock brokers are there?
Ans- There are primarily two types of stock brokers- full-service brokers who offer a wide range of services including research, advisory, and portfolio management, and discount brokers who offer basic trading services at lower expenses without personalized advice.
5. Who are considered the best stock brokers in India?
Ans- The best stock brokers vary based on individual preferences. Some popular ones include Zerodha, Upstox, ICICI Direct, HDFC Securities, and Sharekhan.
6. Are there any hidden charges associated with the stock brokers in India?
Ans- Brokers may have various charges, including brokerage charges, transaction fees, account maintenance fees, and more. Review the broker’s fee structure completely to understand all associated charges.
7. Can I open a Demat account and a trading account with different brokers?
Ans- Yes, it’s possible to have a demat account with one broker and a trading account with another. However, numerous brokers offer both services packed together for convenience.
8. Which stock broker in India provides the best trading platform?
Ans- Several brokers offer advanced trading platforms. Some popular choices include Zerodha’s Kite, Upstox Pro, and ICICI Direct’s Trade Racer.
9. Can I trade options and futures with a stock broker?
Ans- Yes, numerous stock brokers offer the facility to trade options and futures contracts on stocks, indicators, and commodities through their platforms.
10. Do stock brokers provide investment advice?
Ans- Full-service brokers generally offer investment advice and personalized portfolio management services, while discount brokers generally don’t provide individualized advice but may offer research and analysis tools for self-directed investors.
11. Does the best stock broker in India offer margin trading facilities?
Ans- Yes, numerous brokers offer margin trading facilities, allowing traders to trade with borrowed funds, thereby potentially magnifying their returns. However, margin trading involves pitfalls and requires a good understanding of the market and threat operation.
12. How do I open a trading and demat account with a stock broker?
Ans- Visit the broker’s official website, find the” Open an Account” section, and follow the enrollment process. This generally involves submitting KYC documents and completing an application form.
13. Is there any regulatory body overseeing stock brokers in India?
Ans- Yes, SEBI( Securities and Exchange Board of India) is India’s regulatory authority overseeing stock brokers. Always choose brokers regulated by SEBI for added security.
14. Which Stock Broker Offers the Lowest Brokerage Charges in India?
Ans- Brokerage charges can vary extensively among different 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.