Top 10 Best Discount Broker In India

The popularity of investing in the stock market has led to an increase in the number of stockbrokers. However, choosing the best discount broker is very important as you decide on investing your hard-earned money.

Investing your money in the correct mechanism is very difficult. Even if you had chosen the investment option, it becomes tougher to select the right stock broker for investment & trading.

The stock market is one of the best ways to get good returns & create wealth in long term. Furthermore, the Internet and social media are helping people to get aware of the stock market.

List Of Best Discount Broker In India

As the name suggests, the discount broker mainly executes buying and selling orders at low brokerage. Brokerage means the amount that the stockbroker charges for order placing for buying and selling shares.

They are technology driven brokers with low operations cost due to which they charges low brokerage. For Executing trade they provide you trading platform through which you can place order without any personal account manager & no dedicated lines for trading.

Although different stockbrokers have different brokerages and leverage or margin & trading platform. So here below we have listed all the best discount brokers that we will talk about to help you choose the best discount broker in India.

1

Upstox

Top Most Discount Broker

Upstox is one of the fastest-growing and best discount stock broker in India, with a client base of more than 12 lakh+ investors. Upstox is funded by Mr. Ratan Tata is one of them. They charge a brokerage fee of Rs.20/order, which is similar to peer discount broker.

In Upstox for intraday trading on BSE, NSE and MCX, and F&O brokerage is 0.01% or upto Rs. 20 per order traded (whichever is lower) & Equity delivery trades are free of cost.

  • Product
  • Specification
  • Videos
  1. Upstox is one of India's leading discount brokerage firm. Our user base spans over 1 lakh traders process over Rs. 20,000 crores of the ...
Segment Wise Broekerage
Commodity Futures Brokerage 0.01% or ₹ 20/executed order (whichever is lower)
Commodity Options Brokerage ₹ 20/executed order
Currency Futures Brokerage 0.01% or ₹ 20/executed order (whichever is lower)
Currency Option Brokerage ₹ 20/executed order
Equity Delivery Brokerage
Equity Future Brokerage 0.01% or ₹ 20/executed order (whichever is lower)
Equity Intraday Brokerage 0.01% or ₹ 20/executed order (whichever is lower)
Equity Option Brokerage ₹ 20/ executed order
Account Charges
Offline Order Placing Charge ₹ 20
Tips & Research No
Trading & Demat A/C Opening Charge ₹ 300
Commodity A/C Opening Charge ₹ 200
Specification
Brokarage Type
DP Transaction Charge 21.83 ₹
Segment Supported , , , ,
AMC Charge (Yearly) ₹ 150
Services , , , , , ,

What makes Upstox different from other stockbroker is their trading platform. Upstox is tech-based stockbroker, which allows customers to trade online by their app or website. Even Upstox is planing to launch global investing platform soon.

In Upstox, they charge Demat account maintenance (AMC) of Rs. 150/year +GST. For Upstox account opening you have to pay account opening charges as per plan you choose. Even sometimes they offer free account opening offer.

9.4Expert Score
Trader Friendly Discount Broker

Upstox has an advanced mobile and web application. Along with that have high margin plan which make it a good option for professional traders.

Positive
  • Upstox have a very Good Mobile and Web application
  • Upstox provide high margins of about 15X
  • Upstox charge Zero brokerage fee for Delivery Trades.
Negatives
  • They do not provide any trading tips or recommendations.
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Edelweiss

Low Broekrage 10 Per Order Maximum & Highest Rated Mobile App

Edelweiss is an old company and is one of the top best discount stockbroker. It was founded back in 1995 & headquartered in Mumbai and registered on BSE, NSE, and MCX stock exchange. However, they were a full-time broker earlier, they now ventured into the discount broking segment.

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  • Specification
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Edelweiss Broking Limited is a SEBI registered financial services company offering stock trading services since 2008. It offers its services online ...
Segment Wise Broekerage
Commodity Futures Brokerage ₹10 / 0.01% whichever lower
Commodity Options Brokerage ₹10 / 0.01% whichever lower
Currency Futures Brokerage ₹10 / 0.01% whichever lower
Currency Option Brokerage ₹10 / 0.01% whichever lower
Equity Delivery Brokerage
Equity Future Brokerage ₹10 / 0.01% whichever lower
Equity Intraday Brokerage ₹10 / 0.01% whichever lower
Equity Option Brokerage ₹10 / 0.01% whichever lower
Account Charges
Tips & Research Yes
Trading & Demat A/C Opening Charge FREE
Specification
Brokarage Type
Segment Supported , , ,
Services , , , , , ,
AMC Charge (Yearly) ₹ 300

Edelweiss company has a wide offline presence of over 475 offices in the 200 cities in India and currently they have a client base of about 1.5 lakh investors.

Apart from stockbroking, they are also into other financial services like life insurance, general insurance, private equity, etc. Due to this, they are relatively less prevalent in the stockbroking segment.

8.6
Edelweiss

Edelweiss

Edelweiss Broking Limited is a SEBI registered financial services company offering stock trading services since 2008. ...

Talking about there stock broking bussiness when we compare to other stockbrokers, they are one the lowest brokerage broker as they charge brokerage fee of Rs. 10/order. While other stockbrokers charge a brokerage fee of Rs. 20/order on an average. They also provide stock trading tips calls at Rs. 50/month which most discount broker don’t offer at such low cost.

Edelweiss offers free Demat and trading account opening. After the first year, Edelweiss charge Rs. 500/year annual maintenance charges (AMC) toward your demat account.

9.3Expert Score
Best Complete Stock Broker

You can consider Edelweiss stockbroker if you want a premium stockbroker who charges a low fee. We will say Edelweiss is one of Under rated Best Discount Broker.

Positive
  • Edelweiss Charges Brokerage fees of only Rs.10/order.
  • Edelweiss have one of the highest-rated mobile applications.
  • Edelweiss Provide High Margin.
Negatives
  • Edelweiss have poor online customer service.
  • They charge a brokerage fee of Rs. 10/order for delivery trades, which the majority of discount stockbrokers don't charge.
  • Good-Till canceled (GTC) orders are not available.
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Zerodha

Best Alltime Overall Hit Stock Broker

Zerodha is one of the most prominent and top discount broker in India in terms of the client base. Currently, they have the highest number of customers compared to other stockbrokers (24 lakh+ client base). Zerodha was founded in 2010 by Nitin and Nikhil Kamath, and its headquarter is in Bengaluru.

In Zerodha, For equity delivery trades brokerage charges are zero & ₹20 rupees or 0.03% (whichever is lower) applied for intraday trades. They charge Rs. 200 for online Demat account & Trading account opening and Rs. 300/year towards Demat account maintenance charges(AMC).

9.4Expert Score
Best Overall Stock Broker

Zerodha is a highly recommended best discount broker especially for beginners and looking to explore other financial products and algo trading.

Positive
  • Zerodha mobile and web Trading Platform Kite UI (User Interface) is straightforward, user-friendly, and fast, which you can access even with a slow internet connection.
  • Zerodha don't charge brokerage fees for equity delivery trades.
  • They have many offices across various cities in India, where you can get offline support.
  • You can invest in an IPO through Zerodha account.
Negatives
  • Being the topmost broker, according to the clientele base, the main reason for the backlog of Zerodha is frequent server issues and other technical difficulties.
  • They do not provide any trading tips or recommendations.

Along with the trading platform, Zerodha provides other products that Majority of stockbroker does not offer. So these types of platforms stand out Zerodha from other discount brokers when it comes to choosing the best stockbroker.

Zerodha offers some top financial product such as Varsity (where you can learn about the stock market, including basics, fundamental and technical analysis); Console (where you can gain in-depth insights about your trades and investments); and Sentinel (where you can create alert for stocks, future, and options, etc.).

9.2
Zerodha

ZerodhaUser choice

Zerodha is top discount brokerage firm by Client base. Zerodha offers to trade in stocks, currency, ...
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Angel Broking

Angel Broking is also premium well-known stockbroker established in 1987. They have more than 8500 franchise and stockbrokers outlets in various small cities across India. They used to be a full-time broker; now, they have ventured into discount broking like Edelweiss & few full-service brokers. They have a client base of 10 lakh+ customers.

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  • Specification
Segment Wise Broekerage
Currency Futures Brokerage Rs. 20 per executed order
Currency Option Brokerage ₹20 per lot
Equity Delivery Brokerage
Equity Future Brokerage Rs. 20 per executed order
Equity Intraday Brokerage Rs. 20 per executed order
Equity Option Brokerage ₹ 20/ executed order
Account Charges
Tips & Research Available (Free)
Specification
Brokarage Type
DP Transaction Charge 20 ₹
Segment Supported , , , ,
Services , , , , , ,
AMC Charge (Yearly) ₹ 450

Angel Broking charge 20/order for intraday brokerage charges & Zero Brokerage for Delivery trades.

9.3Expert Score
Premium User Choice

You can go with Angel Broking if you are a trader as they provide high margins compared to other stockbrokers.

Positive
  • Angel Broking charge zero brokerage fees for delivery trade.
  • Angel Broking have outstanding Offline Customer support because of their 8500+ franchise and stockbrokers outlets.<br>
  • Angel Broking Offer high margins as compared to other stockbrokers.<br>
Negatives
  • Despite having good offline support and offices in different cities, Angel Broking have poor Online Customer Support.
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FYERS

Best Charting Facility With Costumer Centric Broker

FYERS is relatively new in the discount stockbroking segment and has a client base of around 25,000 customers. They have recently launched their mobile app. Like other top discount stock brokers, they also charge a brokerage fee of Rs 20/order.

8.8
Fyers

FyersUser choice

Fyers is a discount brokerage firm driven by a group of young passionate entrepreneur know for its world-class charting ...

FYERS charge Rs. 400 for opening a Demat and trading account and Rs. 300/year for Demat account maintenance (AMC) charges.

  • Product
  • Specification
Fyers is a discount brokerage firm driven by a group of young passionate entrepreneur know for its world-class charting solution & faster order ...
Segment Wise Broekerage
Equity Delivery Brokerage
Equity Future Brokerage 0.01% or ₹ 20/executed order (whichever is lower)
Equity Intraday Brokerage 0.01% or ₹ 20/executed order (whichever is lower)
Equity Option Brokerage ₹ 20/ executed order
Account Charges
Offline Order Placing Charge ₹ 20
Tips & Research No
Specification
Brokarage Type
Segment Supported , , ,
Services , , ,
AMC Charge (Yearly) ₹ 400
DP Transaction Charge 20 ₹

Fyers has an amazing mobile app & web trading platform for trading efficiently & well known for charting facility. Their CEO Mr. Tejas Khoday also was seen to replying to customer queries & grievances over the internet so you can expect a better experience in front of Costumer Support.

8.9Expert Score
Recommended For Support Centric

You can look for FYERS if you looking for good support & they also have advanced charting facility and the margin is also good. Sometimes FYERS CEO also seen to responding costumer query over internet.<br>

5paisa is another top discount stock broker founded in 2016 by IIFL founders. They are also listed on NSE and BSE stock exchange and have about 6 lakh customers.

8.6
5paisa

5paisa

5paisa is a discount broker & subsidiary company of IIFL which is also leading financial services company in India. ...

In 5paisa for any segment, you will be charged brokerage of ₹20/order for any value & any segment & Zero Brokerage for delivery trades. You have to pay Rs.300 to open 5paisa Demat and trading account. ALong with that 5paisa levy charges Rs. 540/year for Demat account maintenance charges (AMC).

Along with stockbroking service 5paisa offers Insurance, Direct Mutual fund, NFO, Loans & other financial products. You can invest in direct mutual fund so through so you have Pay ₹0 Commissions.

8.9Expert Score
All In One Investment Account

5paisa is like one choice for all your investment need stocks, mutual funds, commodities, currency, F&O, bonds, gold, insurance etc in one account, one statement, one charge.

Positive
  • 5paisa mobile application is quite useful.
  • 5paisa charge no brokerage fee for equity delivery trading.
Negatives
  • They charge comparatively higher demat account maintenance charges as compared to other stock brokers.
  • Costumer Review are not good compared to peer broker.
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Stoxkart

Pay Brokerage Only When You Earn Profit

Stoxkart is a Delhi-based company founded in 2019 by the SMC group. Established in 1990, SMC Global first started as a financial service company offering one-stop investment and trading solutions. Then they ventured into discount broking with Stoxkart.

  • Product
  • Specification
Stoxkart is discount broker & backed by SMC Global which is well-diversified financial service company in India & abroad. ...
Segment Wise Broekerage
Commodity Futures Brokerage ₹15/- FLAT per executed order
Commodity Options Brokerage ₹15/- FLAT per executed order
Currency Futures Brokerage ₹15/- FLAT per executed order
Currency Option Brokerage ₹15/- FLAT per executed order
Equity Delivery Brokerage
Equity Future Brokerage ₹15/- FLAT per executed order
Equity Intraday Brokerage ₹15/- FLAT per executed order
Equity Option Brokerage ₹15/- FLAT per executed order
Account Charges
Offline Order Placing Charge ₹ 20
Tips & Research Yes
Trading & Demat A/C Opening Charge FREE
Commodity A/C Opening Charge Free
Specification
Brokarage Type
DP Transaction Charge ₹ 15.5/- per scrip
Segment Supported , ,
AMC Charge (Yearly) ₹ 300
Services , , , ,

Stoxkart offer service in commodity, equity, derivatives, IPOs, and mutual fund segments. Unlike other stockbrokers, they have a unique concept of charging brokerage fees, where you have to pay brokerage fees only when you make a profit.

Stoxkart charge Rs.300 for opening Demat and trading account and charges Rs. 300/year+GST for AMC charge towards your Demat account maintenance.

Stoxkart is one of the lowest brokerage charging stockbrokers as you have to pay brokerage fees only when you make a profit in sell order. Also, they charge low brokerage fee of Rs. 15/order, which is relatively lower as compared to other brokers.

Stoxkart also offers a single platform for investing in mutual funds and stocks, making it easy for investors who invest in both stocks and mutual funds to monitor it from a single platform.

8.5Expert Score
Best Value For Money

Stoxkart can be a perfect option for beginners to pay brokerage fees when you earn a profit. Therefore, this can reduce your loss amount a little. Also, they provide research and goal-based recommendation, which can be quite helpful for beginners.

Positive
  • Relatively Low Brokerage
  • Can invest in IPO through the Stoxkart account.
  • Zero brokerage fees for delivery based trading.
  • Provide you goal and research-based recommendations
Negatives
  • Trading Platform doesn't work smoothly.
  • Lack few features &amp
  • service compared to peer stock broker.
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Alice Blue

Recommended for Algo & High Margin Trader

Alice Blue is another top discount stock broker based in Bengaluru. They have a client base of about 86,000+ customers. Alice Blue allows you to trade at BSE, NSE, MCX.

They also charge the same brokerage fee of 0.01% or Rs.20 per transaction (Whichever is lower). You don’t have to pay any brokerage fee in the equity delivery segment.

They charge Rs.300 for opening Demat and trading accounts and charges Rs. 400/year for Demat account maintenance charges.

Alice blue is known for Margin as they provide very high margin compared to other brokers. Even most of the stock brokers have some restriction on margins, but Alice Blue doesn’t have any, due to this reason Alice Blue is famous among algo traders.

Alice Blue trading platform ANT is quite similar to Zerodha Kite. Zerodha’s mobile app is considered one of the best app – beginner-friendly and fast. Therefore, the same is true for Alice Blue only but not to a full extent. They also provide advanced trading tools like ANT IQ (where you can build your trading strategies using patterns and indicators), ANT Blue Mutual Funds (invest in mutual funds at zero brokerage fee), Tickertape etc.

8.9Expert Score
Recommend For High Margin Trader

Alice Blue provide high margins and some advanced trading tools, so this can also be a good option for intraday traders.

Positive
  • High Margin With Advanced Trading tools
  • Zero brokerage fees for delivery based trading
Negatives
  • Alice Blue does not provide an option for online IPO, NCD, and Corporate bonds
  • Need to work upon quality service

Groww is a very well known mutual funds app founded in 2016 by Mr. Lalit Kesher. They have their headquarters in Bengaluru. Recently in 2020, they ventured into discount broking. They are providing trading in the same app they are having for mutual funds & allow to trade in Equity, Currency & Derivatives Trading, Commodity Trading, Mutual Funds.

They also charge Rs.20/order or 0.05% brokerage for intraday trades & Zero Brokerage for delivery trades like other majority stock brokers.

8.3Expert Score
Mutual Fund To Stock Market

Groww can be a good option for beginners, who can first start investing with mutual funds to understand the stock market, and then they can later invest in stocks within the same platform.

Positive
  • Groww have a straightforward and useful app.
  • If you are an existing user on Groww mutual fund, you do not need to do documentation or any processing for opening a Demat and trading account on Groww.
  • Zero brokerage for a delivery trade.
Negatives
  • Relatively New Player in Stock Broking
  • Do not provide any research-based recommendations
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SAS Online

SAS Online is another choice for discount stock broker founded back in 2013, and they have a client base of 15,000+ customers. They charge brokerage fees of Rs 9/order, which is relatively lower as compared to other brokers.

SAS Online charges Rs.200 for opening Demat and trading accounts and charges Rs. 200/year for Demat account maintenance charges.

SAS Online doesn’t have anything special apart from brokerage charges so if you are looking for stockbroker which charges the lowest brokerage possible SAS Online can be a better option for you.

But if you are looking for an overall good stockbroker with the lowest brokerage possible you can open an account with Edelweiss. As they also charge 10/order but can be a better option than SAS Online

7.9Expert Score
Cheapest Brokerage

You can go for SAS Online if you are looking for the lowest brokerage broker as they charge a Rs. 9 per order.

Positive
  • SAS Online charge comparatively lower demat account maintenance charges
  • One of the lowest brokerage broker as they charge a low brokerage fee of Rs. 9/order.<br>
Negatives
  • Trading Platform Need Improvement
  • They also charge Rs—9/order for delivery trades, which most other top discount stock brokers don't charge.

Conclusion

While you are choosing discount broker, always try to find those who offer you an affordable brokerage charge, low cost of maintenance, high quality of trading options, excellent customer support, and no hidden fees.

Also, there are other things that you should keep in mind while finding the best discount broker for you, like whether you will invest for a long time or you will do intraday trading. If you want to do trading, you must select a broker with excellent and fast mobile and web applications and advanced tools and charts to help you in trading.

We recommend you to just keep an eye on every update of the stockbrokers through our website and you will get to know about the best stock broker for you to invest.

Nowadays, most of the discount brokers run attractive campaign so that they can attract new customers. These campaigns may offer free account opening, benefits for a client referral, or cash back in brokerage. Despite all these things, you must always put your trading style on top and put your time before choosing a brokerage firm to open your demat & trading account.

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