Best Discount Stock Brokers in India – Discount Stock Brokers List India – The revolution of discount brokers started with the invention of Zerodha in 2010. Though the journey was not easy. Discount brokers offer low brokerage and service charges so they can attract more customers than conventional brokers.
After the disruption, many conventional brokers come with the discount brokerage plan. Now day by day discount brokers are gaining more and more popularity. In this post, I’m going to discuss the best discount brokers in India.
Here in the post, I’ll analyze the discount brokers on some parameters like brokerage charges, maintenance charges, service offers, pros and cons, and, many more.
What is a discount stock broker?
A discount stock broker is which offers low brokerage, service charge, high speed, fast and secure trading of stocks, commodities, and currencies. The charges are low as compared to conventional brokers like HDFC, ICICI, SBI, KOTAK etc.
Discount charges a flat rate on every trade, it doesn’t depend on the size or lot of the trade. It charges between Rs. 10 to Rs. 20 flat on trade. On the other side, full-service brokers charge 0.03% – 0.07% of the transaction volume. For that more brokerages attract full-service brokers.
Top Picks For Best Demat & Trading Account in India
| ZERODHA | No 1 STOCKBROKER IN INDIA Zerodha Free equity investments | Flat ₹20 intraday and F&O trades | FD Rating ★★★★★ | APPLY NOW |
|---|---|---|---|
| ANGEL BROKING | GET FREE DEMAT ACCOUNT Angel Broking 0 Brokerage on Equity Delivery | Rs 20 per order for Intraday and F&O trades | FD Rating ★★★★★ | APPLY NOW |
| 5PAISA | GET FREE DEMAT ACCOUNT 5Paisa Fix brokerage of Rs. 20 per trade | FD Rating ★★★★ | APPLY NOW |
Best Discount Stock Brokers in India
1. Zerodha
Zerodha was founded in 2010 by Nithin Kamath. As of 2019, Zerodha is the largest retail stockbroker in India by active client base and contributes upwards of 15% of daily retail volumes across Indian stock exchanges. Its mobile app “Kite by Zerodha” has got 1,000,000+ downloads on the Google Play Store.
Client wise it outperforms conventional brokers like SBI, HDFC, ICICI, KOTAK, etc.
Zerodha Brokerage Charges
- Free equity delivery trading on Zerodha. For delivery trading, it charges ZERO brokerages.
- Intraday Trading – Zerodha charges flat Rs. 20 for intraday trading in equity & F&O. Rs. 20 or 0.03% whichever is lower for intraday trading.
Know more about Zerodha Brokerage Charges
Zerodha Account Opening & Maintenance Charges
For Demat & Trading account opening zerodha takes some charges. Here is the list –
- Equity trading account opening charge – Rs. 200
- Commodity trading account charge – Rs. 100
Quick link for Zerodha Demat & Trading Account Opening
As a whole Zerodha charges Rs. 300 for equity & commodity account opening. The annual maintenance charge for the Demat account is Rs. 300.
Services Offered
Zerodha offers trading and investment services in equity, derivatives, currency, commodity, mutual funds, and, gold bonds.
Trading Platforms – Mobile app “Kite by Zerodha”, Kite Web, Pi, Sentinel, Coin, Console.
Pros of Zerodha
- Free Equity delivery trading.
- Flat Rs. 20 brokerages in intraday.
- Easy to use, user-friendly interface.
- 3 in 1 account support.
- Good customer support.
- Best brand value.
- Can invest in direct mutual funds and gold bonds.
- Zerodha Varsity for beginners.
Cons of Zerodha
- Do not provide tips or suggestions.
- Call & Tread charge.
Quick link for Zerodha Demat & Trading Account Opening
2. AngelOne
AngelOne present in the industry since 1987. Angel Broking is one of the largest independent full-service retail broking houses in India in terms of active clients on NSE as of July 31, 2018. It has more than 11,000 sub-brokers and over 110 branches. It has a pan-India presence in over 1,800+ cities and towns.
AngelOne is a member of the Bombay Stock Exchange (BSE), National Stock Exchange (NSE), Metropolitan Stock Exchange of India (MSEI), NCDEX & MCX. It is also registered as a Depository Participant with CDSL.
“Angel iTrade Prime” is the discount broking service under Angel Broking Limited. It offers ₹0 brokerages For Equity Delivery & ₹20/Order For Intraday, F&O, Currencies & Commodities.
Angel Broking Brokerage Charges
- Equity Delivery – Zero brokerage.
- Equity Intraday – Flat Rs. 20 per trade
- Equity/Currency/Commodity F&O – Flat Rs. 20 per trade
Know more about Angel Broking Charges
Angel One Demat & Trading Account Opening Charge
- Account Opening Charge – Zero (Use this link)
- Annual Maintenance Charge – Rs. 450 + TAX
Service Offered
Angel One offers Equity, Intraday, F&O, Currency and Commodity trading. Also offers mutula fund, IPO, NFO, Life Insurance etc.
Trading Platforms – Angel iTrade, Angel Broking Mobile App, Angel BEE
Pros of AngelOne
- Being a full-service broker it also offers discount services.
- Fast account opening process.
- Up To 48x Leverage.
- Flat brokerage charges.
- Expert reports.
- Best customer support.
Cons of AngelOne
- No 3 in 1 account service.
Quick link for Angel One Demat & Trading Account Opening
3. 5Paisa
5pasia a part of IIFL started operation in 2016. 5paisa is a discount broker and member of NSE, BSE, MCX, MCX-SX. IIFL started 5paisa to compete with the discount broker industry.
5paisa Brokerage Charges
5paisa has 3 subscription plans, Optimum, Platinum and Titanium.
- Optimum – In this segment, it charges flat Rs. 20 per trade on all segments.
- Platinum – In platinum 5paisa charges flat Rs. 10 per order on all segments.
- Titanium – In titanium 5paisa offers free equity delivery trading and flat Rs. 10 for all other segments.
5paisa Demat & Trading Account Opening Charges
- Demat Account Opening Charge – Free (Rs. 650 waived) (Opening Link)
- Annual Maintenance Charges – Rs 45 per month (if you hold or trade stocks on that month)
Services Offered
5paisa offers equity, currency trading, mutual funds, IPO, Insurance and personal loans.
Trading Platforms – 5paisa Web, 5paisa Mobile App
Pros of 5paisa
- Free delivery trading.
- Fast account opening.
- User Friendly interface.
- Low maintenance charges.
- Good customer support.
Cons of 5paisa
- No 3 in 1 account.
- No commodity trading facility.
- Different brokerage plans.
Quick link for 5paisa Demat & Trading Account Opening
4. Upstox
Upstox is one of India’s fastest-growing retail broking firms. It is headquartered in Mumbai, India and holds memberships with the NSE, BSE, MCX, and MCX-SX.
Upstox is a trading platform from RKSV. It is backed by Ratan Tata, Kalaari Capital, and Tiger Global Firm.
Upstox Brokerage Charges
Upstox offers two different plans – Basic & Priority.
- Basic – Free delivery trading & for intraday Rs. 20 or 0.05% (whichever is lower) per trade.
- Priority – Free delivery trading & for intraday Rs. 30 or 0.10% (whichever is lower) per trade
Upstox Demat & Trading Account Opening and Maintenance Charges
- Account Opening Charges – Rs. 300 (Free With This Link)
- Annual Maintenance Charges – Rs. 300
Services Offered
You can invest in stocks, futures, options, currencies and commodities, Mutual funds and Global investments are also available in Upstox.
Trading Platforms – Pro Web, Pro Mobile, Dartstock, NEST trader, Fox Trader.
Pros of Upstox
- Instant Demat account opening.
- Up to 25x leverage.
- Great Support.
- 3 in 1 account available.
- Margin against shares.
Cons of Upstox
- Can not apply directly in IPO, FPO, Bonds etc.
Quick link for Upstox Demat & Trading Account Opening
5. Groww
Groww is an India-based online investment platform that targets first-time investors and millennials. Headquartered in Bengaluru, Groww allows investors to open an account electronically and transact in mutual funds online. As of June 2018, Groww App had partnered with 34 mutual fund houses and around 5000 mutual funds were available on the platform. Nextbillion Technology, the company behind the platform.
Now Groww App is offering Demat and Trading accounts to trade in stocks or share markets also. So, Groww App is a discount stockbroker.
Groww App Brokerage Charges
- Equity Delivery Trading Charges – Zero.
- Equity Intraday Trading Charges – Flat Rs. 20 or 0.01% whichever is lower.
Groww App Demat & Trading Account Opening Charges
- Account Opening Charges – Rs. 300 (Get Free Account Using This Link)
- Annual Maintenance Charges – Rs. 25 + GST per month (If you hold or trade on that month)
Services Offered
Groww App offers direct mutual fund investments, stock investments, and bond investments.
Trading Platforms – Groww App Web, Groww App Mobile Application.
Cons Of Groww App
- Instant Account Opening.
- Paperless Account Opening.
- Almost free of cost.
- Good for beginners.
- Good customer support.
Cons of Groww App
- Do not have a dedicated intraday option.
- Don’t have an F&O trading option.
Quick Link For Groww App Demat & Trading Account Opening
Thoughts
Before choosing a stockbroker, look for a broker which offers low brokerage, low account opening & maintenance charges, trading tools available, etc. Put your priority first then choose a stockbroker. Don’t fall into the trap of offers go for a genuine broker.