Top 10 Discount Stock Brokers in India

In recent times, lakhs of investors have poured money into equity markets, especially during the pandemic. Equity has always been an attractive investment, and the recent surge in prices has enticed many to invest in stock markets.

Stocks in India are traded on stock exchanges like NSE (National Stock Exchange) or BSE (Bombay Stock Exchange). To do the transactions of buying and selling of a stock, you need a discount stock brokers to execute your trades on your behalf. In exchange for this, the stockbroker will charge you a commission. Here we discuss the top 10 discount stock brokers in India.

Who are Discount Brokers?

As the name suggests, they are the best stock broker in India who provide you with the cheapest brokerage. Discount brokers came into existence due to the rise in internet usage and free mobile data. They provide an online trading platform to execute transactions. Fee-conscious investors may prefer them because they typically charge a very low fee/flat fee. They do not offer you advisory services or any kind of investment advice. It is for this reason that a low brokerage fee is charged.

But there are so many discount brokers in India, so choosing the best one is not easy. So, here’s the list of top discount brokers in India with their brokerage charges:

List of Top 10 Discount Stock Brokers in India:

Here is the list of top discount stock brokers in India who are recognized for providing cost-effective trading solutions to investors:

1. Zerodha
2. Upstox
3. 5 Paisa
4. Groww
5. Paytm Money
6. Angel One
7. SAMCO
8. FYERS
9. Trade Smart Online
10. Tradejini

1. Zerodha

Zerodha was founded in 2010 and is the country’s first discount broker that introduced a fixed brokerage structure concept in India. Their largest number of active clients places them as the top brokerage company. Its trading app is known as Kite. Various prominent products, such as Varsity (for education), Coin (for mutual funds), etc., make their platform the best in the industry. They have been at the top for providing the most innovative and highly advanced trading tools.

Active clients: 65,79,159

Trading Platforms: Kite Web, Kite mobile application & Coin.

2. Upstox

Upstox (also known as RKSV), founded in 2011 is ranked second among active clients. The company is backed up by some of the best in the industry, including Tiger Global, Ratan Tata, etc. It offers you minimal brokerage costs and does not charge you anything for the account opening and annual maintenance charges.

They provide high-tech tools for trading, that have features like 100+ indicators, powerful charts, and price alerts. Upstox recently surpassed 10 lakh users, making it the second-largest discount broker after Zerodha.

Active clients: 51,99,547

Trading Platforms: Pro Web Trading Platform, Upstox Pro Mobile.

3. 5 Paisa

To compete in the fastest growing industry of broking, IIFL (India Infoline) launched 5 paisa

. They have over 450,000 clients and 3.5 million+ app users. Their commission is a flat rate of ₹20/- order regardless of what kind of investment you make (equity, derivatives, currencies, commodities, and mutual funds).

They provide you with the 3 brokerage plans:

1. Standard/Basic pack- Flat ₹20 per order for all segments
2. Power Investor Pack- which costs ₹499 per month, charges you a commission of a Flat ₹10 per order.
3. Ultra-Trader Pack- which costs ₹999 per month, charges you a commission of a Flat ₹10 per order and is free for Equity Delivery.

There are also other benefits included in these packages, such as free investment advice, derivatives strategies, analytical tools, etc.

Active Clients: 15,78,716

Trading Platforms: Basic, Power Investor Pack, and Ultra Trader Pack.

4. Groww

It is an online investment platform that allows investors to invest in stocks and mutual funds. In 2016, they began as a mutual fund investing platform, and by 2020, they started offering equity trading after seeing an increase in demand for equity investments.

Through the use of YouTube videos, blogs, and daily/weekly updates on Telegram, they provide the best educational content on the stock market. You can invest in equity, mutual funds, gold, ETFs and fixed deposits through the Groww platform. However, they do not provide you with any tools for analyzing stocks and trading.

Active Clients: 44,99,782

Trading Platforms: Website, Groww App.

5. Paytm Money

It is a Bangalore-based discount brokerage company incorporated in the year 2017. They are one of the fastest-growing broking houses in a very short period. They are a SEBI registered Investment Advisor proving investment and advisory services. The company serves everything online from creating an account to invest. It initially started as a mutual fund platform and then slowly increased its presence in Equities, IPOs, ETFs and digital gold.

They have revised their brokerage structure for all the new users who open their accounts on or after 5^th August 2022. Check out the details:

Brokerage charges for Demat accounts opening opened before 5^th Aug 2022

Brokerage charges for Demat accounts opening opened on or after 5^th Aug 2022

Active Clients: 5,53,792

Trading Platforms: Paytm Web Trading Platform, Paytm Money Mobile Application.

6. Angel One

Incorporated in 1987, Angel One Limited (formerly known as Angel Broking Limited) is a public limited company which is a full-service as well as a discount broker. They offer a free Demat account, digital KYC, and flat brokerages. As a result, they now have one crore, satisfied customers.

Angel One helps you to invest, trade and grow your wealth via stocks, mutual funds, US stocks, IPOs, commodities and F&O. It provides ‘ARQ Advisory’ (automated and integrated) that includes technical and fundamental analysis. It also provides a free online learning platform (Smart Money).

Active Clients: 40,63,669

Trading Platforms: Angel Broking Application, Angel Broking Trade-Website, Angel Bee.

7. SAMCO

Samco was incorporated in the year 2015, famous for its cheapest brokerage and free trading software. It has some unique margin products and offers high leverage to its customers to make their trading game stronger. They have a unique facility, called BTPT (Buy today, pay in two days) is a one-of-a-kind facility that allows clients to purchase stocks for immediate delivery by only paying a fraction of the price (margin) and the remaining balance in two days. They also provide you 100% brokerage cash back for the 1st month.

Active Clients: 72,510

Trading Platforms: Samco Desktop Trading Platform, StockNote Web, RankMF.

8. FYERS

Incorporated in the year 2015, Fyers securities is one of the low-cost brokerage companies. They offer you Thematic investing which means a well-researched readymade portfolio as per your needs. It is an expert-made basket of stocks for free.

Fyers provides you high leverage, such as up to 16 times margin in the equity intraday segment. You can look at historical data of stocks going back up to 25 years. Moreover, they have zero charges for cheque bounce, pledges, dematerialization charges, and payment gateway.

Active Clients: 1,47,779

Trading Platforms: Fyers Web, Fyers App, Fyers One, Fyers Direct, School of Stocks (SOS).

9. Trade Smart Online

Trade Smart is a Mumbai-based discount broking firm and is a part of VNS Finance & Capital Services, a full-service broker since 1994. They offer you two broking plans, named power trading and value trading. You have the flexibility to switch between the plans as per your strategy. This platform is most suitable for traders, not investors. You can get intraday exposure of up to 30x on equities, 3x on currency and 6x on commodities and 7x on F&O.

Active Clients: 41,985

Trading Platforms: Sine, Trade Smart App, Swing API, Dartstock, Box, and Nest trader.

10. Tradejini

It was incorporated in the year 2012 and allows you to trade in NSE, BSE, MCX and MSEI. They use NEST trader as their trading terminal. The company have crossed an annual turnover of 1000 crores. They have also a very strong presence in Southern India. You can benefit from high margins, particularly in equity intraday, which can be up to 10 times.

Active Clients: 7,861

Trading Platforms: Nest trader and NSE now.

How to select the best discount broker?

To choose the best broker, here are a few key points to keep in mind:

1. Brokerage charges: Look for a stock broker with the cheapest brokerage. Also, check for the ones with low annual maintenance costs and most importantly no hidden costs. High brokerage charges will eat your profits, so choose wisely.
2. Active customer service: You should look for brokers who provide excellent customer service and respond quickly to your inquiries. Lastly, check how quickly customer complaints have been resolved.
3. Trading Platform: The competition among brokers is highly intense and to stay at the top, they must invest in innovation and technology. Choose a broker offering you high-quality trading tools and a smooth interface.

FAQs About Top Discount Brokers in India-

by Instockbroker Team | November 29, 2023