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?

Top 10 Discount Stock Brokers in India
Top 10 Discount Stock Brokers in India

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

top discount brokers in India

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.

Trading segment Brokerage charges
Equity Delivery ₹ 0
Equity Intraday 0.03% or ₹ 20 per executed order whichever is lower
Equity Futures 0.03% or ₹ 20 per executed order whichever is lower
Equity Options Flat ₹ 20 Per Order
Currency Futures & Options 0.03% or ₹ 20/executed order whichever is lower
Commodity Futures & Options 0.03% or ₹ 20/executed order whichever is lower
Types of charges Charges
Demat & trading account opening charges ₹ 200
Demat account annual maintenance charges (AMC) ₹300/year + GST charged quarterly (90 days)

Active clients: 65,79,159

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

2. Upstox

top discount brokers in India

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.

Trading segment Brokerage charges
Equity Delivery ₹20 or 2.5% (whichever is lower)
Equity Intraday ₹20 per executed order or 0.05% (whichever is lower)
Equity Futures ₹20 per executed order or 0.05% (whichever is lower)
Flat ₹ 20 Per Order
Currency Futures ₹20 per executed order or 0.05% (whichever is lower)
Currency Options Flat ₹20 per executed order
Commodity Futures ₹20 per executed order or 0.05% (whichever is lower)
Commodity Options Flat ₹20 per executed order
Types of charges Charges
Demat & trading account opening charges ₹ 0
Demat account annual maintenance charges (AMC) ₹ 0

Active clients: 51,99,547

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

3. 5 Paisa

top discount brokers in India

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.

Trading segment Brokerage charges
Equity, commodities & currency Flat ₹20 per order
Types of charges Charges
Demat & trading account opening charges ₹ 0
Demat account annual maintenance charges (AMC) ₹ 0

Active Clients: 15,78,716

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

4. Groww

top discount brokers in India

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.

Trading segment Brokerage charges
Equity Delivery ₹ 20 per executed order or 0.05% whichever is lower
Equity Intraday ₹20 per executed order or 0.05% (whichever is lower)
Equity Futures ₹20 per executed order
Equity Options ₹20 per executed order
Types of charges Charges
Demat & trading account opening charges ₹ 0
Demat account annual maintenance charges (AMC) ₹ 0

Active Clients: 44,99,782

Trading Platforms: Website, Groww App.

5. Paytm Money

top discount brokers in India

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 5th August 2022. Check out the details:

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

Trading segment Brokerage charges
Equity Delivery ₹0.01 per executed order
Equity Intraday Minimum of 0.05% of turnover or ₹10
Equity Futures 0.02% of turnover or ₹ 10/- per Executed Order, whichever is lower
Equity Options ₹10 per executed order

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

Trading segment Brokerage charges
Equity Delivery 2.5% of turnover or ₹ 15/- per Executed Order, whichever is lower
Equity Intraday Minimum of 0.05% of turnover or ₹15
Equity Futures 0.02% of turnover or Rs. 15/- per Executed Order, whichever is lower
Equity Options ₹ 15/- per Executed Order
Types of charges Charges
Demat & trading account opening charges ₹ 200
Demat account annual maintenance charges (AMC) ₹ 0

Active Clients: 5,53,792

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

6. Angel One

top discount brokers in India

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).

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. SAMCO

top discount brokers in India

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.

Trading segment Brokerage charges
Equity Delivery ₹ 20 per order or 0.20% (whichever is lower)
Equity Intraday and F&O ₹ 20 per order or 0.02% (whichever is lower)
Currency Futures & options ₹ 20 per order or 0.02% (whichever is lower)
Commodities Futures & options ₹ 20 per order or 0.02% (whichever is lower)
Types of charges Charges
Demat account opening charges ₹ 0
Demat account annual maintenance charges (AMC) ₹ 400 (Free for the first year)

Active Clients: 72,510

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

8. FYERS

top discount brokers in India

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.

Trading segment Brokerage charges
Equity Delivery ₹ 0
Equity Intraday ₹20 per executed order or 0.03% (whichever is low)
Futures (Equity, Currency, Commodity) ₹20 per executed order or 0.03% (whichever is low)
Options (Equity, Currency, Commodity) Flat ₹ 20 per order
Types of charges Charges
Demat account opening charges ₹ 0
Demat account annual maintenance charges (AMC) ₹ 0

Active Clients: 1,47,779

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

9. Trade Smart Online

top discount brokers in India

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.

Trading Segment Brokerage for Value Trading Plan Brokerage for Power Trading Plan
Equity delivery 0.07% ₹15 per executed order
Equity Intraday 0.007% ₹15 per executed order
Equity Futures 0.007% ₹15 per executed order
Options ₹7 per lot ₹15 per executed order
Currency 0.007% ₹15 per executed order
Commodities 0.007% ₹15 per executed order
Types of charges Charges
Demat account opening charges ₹ 400
Demat account annual maintenance charges (AMC) ₹ 300 (Free for the first year)

Active Clients: 41,985

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

10. Tradejini

top discount brokers in India

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.

Trading segment Brokerage charges
Equity Delivery ₹ 20 per executed order or 0.1% of Turnover whichever is lower
Equity Intraday ₹ 20 per executed order or 0.05% of Turnover whichever is lower
Futures (Equity, Currency, Commodity) ₹ 20 per executed order or 0.05% of Turnover whichever is lower
Options (Equity, Currency) Flat ₹ 20 per order
Types of charges Charges
Demat account opening charges ₹ 300
Demat account annual maintenance charges (AMC) ₹ 300

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-

1. What are discount brokers?

Ans: Discount brokers are brokerage firms that offer trading services at a lower commission or fee compared to traditional full-service brokers. They provide a platform for investors to buy and sell securities, such as stocks and mutual funds, at a reduced cost.

2. Who are some of the top discount brokers in India?

Ans: Some of the top discount brokers in India include Zerodha, Upstox, Angel Broking, 5Paisa, and Trade Smart Online. These brokers have gained popularity for their user-friendly platforms and cost-effective trading services.

3. What are the key advantages of using a discount broker?

Ans: Using a discount broker can provide several benefits, including lower trading fees, easy-to-use online platforms, access to research and analytical tools, and the ability to execute trades quickly. They are especially popular among active traders and investors who want to minimize trading costs.

4. Are there any drawbacks to using a discount broker?

Ans: While discount brokers offer cost savings, they may have limited personalized advisory services compared to full-service brokers. Additionally, some investors might miss out on certain investment options or specialized guidance that full-service brokers provide.

5. How do I choose the right discount broker for me?

Ans: To choose the right discount broker, consider factors such as trading fees, platform features, ease of use, customer support, research and analysis tools, and the range of investment options available. It’s important to assess your own trading needs and preferences to find a broker that aligns with your goals.

Lifetime Zero AMC Demat Account