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Nowadays, the word “Discount Broker” is commonly heard when people talk about opening a new demat account. Over 70% of new demat accounts opened in NSE and BSE are opened by discount stock brokers. People prefer to choose the best discount brokers in India while opening a new demat account so that they can save on the brokerage fees involved in stock trading.
By opening a demat account with the best discount brokers, people save up to 90% on brokerage fees as well as take advantage of many other features like high intraday leverage, advanced trading platforms, advanced technical charts.
A few years ago, it was very difficult to trade anytime, anywhere in a moment, make big value trade in less money, and calculate brokerage and government tax before making a trade.
However, this is not the case with discount stock brokers. Discount brokers have made this very easy and like doing it every day. Even if you are a small investor, it is very important to have an account with a discount broker to save on brokerage.
A discount broker is one such stock broker which provides excellent service to you despite charging low brokerage. Its entire focus is on enabling buying and selling transactions.
These brokers do not provide facilities like advisory tips, research reports to their clients. Instead of advisory tips or research, discount brokers offer comprehensive educational material to their clients.
The discount broker directly links the client and the stock exchange through the trading platform, which greatly benefits the client. Clients can trade anytime, anywhere. Also, there are no calls from discount brokers urging them to trade. So they get rid of fake advisory tips and unwanted calls made by stock brokers. These trading platforms can be available in any form, such as computer software, web-based, or mobile app.
Even on the mobile phone, buying and selling can be made by analyzing the technical chart. For this, there must be a huge ecosystem on the trading platform. Discount stock brokers help manage this ecosystem, constantly monitor all key components, and try to maximize utility as much as possible.
Rank | Broker | Brokerage | Account Opening | AMC | Exposure | Advisory | Open Account |
1 | Groww | Rs 20/order | Free | Lifetime Free | Up To 8x | No | |
2 | Zerodha | Rs 20/order | Rs 300 | Rs 300 + GST | Up To 5x | No | |
3 | Angel Broking | Rs 20/order | Free | Rs 240 + GST | Up To 7x | Yes | |
4 | Upstox | Rs 20/order | Rs 249 | Rs 300 + GST | Up To 5x | No | |
5 | Paytm | Rs 10/order | Rs 200 | Lifetime Free | Up To 10x | No | |
6 | 5 Paisa | Rs 20/order | Free | Rs 300 + GST | Up To 6.66x | Yes | |
7 | Fyers | Rs 20/order | Free | Life time Free | Up To 6.66x | No | |
8 | Alice Blue | Rs 15/order | Rs 150 + GST | Rs 400 + GST | Up To 6x | No | |
9 | Samco | Rs 20/order | Free | Rs 400 + GST | Up To 6.67x | Yes | |
10 | Tradesmart | Rs 15/order | Rs 400 | Rs 300 + GST | Up To 7x | No |
Membership: NSE, BSE, CDSL
Services Offered: Mutual Funds, Stocks, F&O, US Stocks, Gold, Fixed Deposits
Account Opening Charges: Free
Brokerage Charges: Maximum Rs 20 per executed order
Products: Groww App
Active Clients: 91,85,024
Groww is the brand name of the Nextbillion Technology Private Limited company based in Bangalore. The company started the Mutual Fund business in 2016. After achieving spectacular success in the mutual fund business, the company entered the discount brokerage in 2019. The company has a tendency to provide easy, fast and transparent service to the customers.
Groww offers stock broking and mutual fund services as well as in US stocks, gold, and fixed deposits. They currently have over 9+ million active customers and ranking on 1st position in the list of best discount brokers.
Groww provides a free account. Also, AMC charges are free here.
Groww charges a brokerage of Rs 20 or 0.05% for intraday and delivery trading. They also charge a fixed Rs 20 brokerage charge for future and options.
Membership: NSE, BSE, MCX, CDSL
Services Offered: Equity, F&O, Currency, Commodity, Direct Mutual Funds, IPO, Bonds, and Govt. Securities
Account Opening Charges: Rs 300
Brokerage Charges: Maximum Rs 20 per executed order
Products: Kite, Console, Coin, Kite connect API, Varsity, Sentinel
Active Clients: 72,23,525
Zerodha is a Bangalore based discount stock broker founded by Mr. Nitin Kamath in 2010. It is a member of well-known exchanges like NSE, BSE, and MCX. It provides trading and investment services in stocks, currency, and commodities as well as in mutual funds and IPOs.
With its low brokerage service and powerful trading platform “Kite”, Zerodha has overtaken the big brokers like ICICI Direct, Angel Broking, Sherkhan and become the largest discount broker in India. Currently Zerodha is India’s 2nd best discount broker with more than 7+ million clients, contributing more than 15% to the Indian retail trading volume through its in-house and powerful ecosystem trading platform Kite.
There is an account opening charge of Rs 300 in Zerodha, in which your trading, f&o, currency, commodity, and mutual fund accounts are opened. Zerodha levies annual maintenance charges of Rs 300/year + GST.
Zerodha charges its clients a flat brokerage of Rs 20 or 0.03% (whichever is lower) for intraday trades of equity, currency, and commodity. This means customers do not have to pay brokerage of more than Rs 20 in any transaction. Also, they do not charge any brokerage for investment in equity delivery and mutual funds.
Membership:Â BSE, NSE, MSEI, MCX, NCDEX, CDSL
Services Offered:Â Equity, F&O, Currency, Commodity, IPO, Mutual Funds, Bonds
Account Opening Charges: Free
Brokerage Charges: Maximum Rs 20 per executed order
Products: Angel One App, Angel One Web, Angel SpeedPro, SmartAPI, Smart Money, Smart Buzz
Active Clients: 59,83,067
Angel one is none other than the former full-service broker Angel Broking. Founded in 1987, Angel Broking is a very big brand in India. It has been providing excellent and uninterrupted service in the broking industry for the last 33 years. Recently in 2019, they have changed their business model and adopted the discount brokerage model.
Angel One has over 59+ lakh active clients under its belt and is successfully counted amongst the top 10 discount brokers in India.
Angel One offers you a free demat account opening. In which your trading and demat account are opened. In this account, you can invest in stocks, f&o, currency, commodities, IPOs, and mutual funds. The annual maintenance fee of this account is free for the first year, and from the second year onwards, it is Rs. 20 + GST per month.
Angel Broking charges a flat brokerage of Rs 20 or 0.25% (whichever is less) for each executed order in the intraday, f&o, commodity, and currency segments. Also, no brokerage is charged for equity delivery.
Membership: NSE, BSE, MCX, CDSL, NSDL
Services Offered: Equity, F&O, Currency, Commodity, Mutual Funds, IPO, Digital Gold
Account Opening Charges: Rs 249
Brokerage Charges: Maximum Rs 20 per executed order
Products: Upstox pro, Upstox MF, Upstox Dev
Active Clients: 25,01,173
Upstox is the most popular discount broker in India. With 25+ lakh happy clients, it is the 4th largest stockbroker in India after Zerodha. It started in Mumbai in 2011 as RKSV and was rebranded as Upstox in 2016. They have got backing from leading investors like Mr. Ratan Tata, Kallari Capital, Tigar Global.
With its low brokerage plan and high-quality trading platform, the company has added more than 4 million clients in a very short time. It has made its place at the second position in India.
There is a fee of Rs 249 for opening an account with Upstox. In this, you get a trading and demat account. In which you can trade in equity, f&o, commodity, currency, and invest in mutual funds and IPOs. AMC charges are free.
Upstox charges flat Rs 20 per order to trade in equity, f&o, currency, and commodity. There is no brokerage fee or commission for investing in mutual funds and IPOs.
Read Upstox Review
Membership: NSE, BSE, CDSL
Services Offered:Â Equity, F&O, Mutual Funds
Account Opening Charges: Rs 200
Brokerage Charges: Maximum Rs 10 per executed order
Products: Paytm Money App, Paytm Money Web
Active Clients: 8,01,809
Paytm Money is a wholly-owned subsidiary of One97. One97 is the largest E-Commerce company in India which also owns the Paytm brand.
Paytm Money, launched in 2017, initially offered only direct investment services in mutual funds. Later, in 2020, it started offering equity trading and IPO investment services. At present, they have more than 8 lakh active customers and are growing rapidly.
Paytm Money charges a one-time KYC fee of Rs 200 from customers for account opening purposes. AMC is free for a lifetime on this demat account.
Paytm Money charges a brokerage of 0.05% of the turnover or Rs.10 per executed order (whichever is less) for Equity intraday. They charge 0.01/-per executed order brokerage for equity delivery. Their brokerage charges are for options trading is Rs. 10/- per executed order. Paytm Money charges a brokerage of 0.02% of the turnover or Rs.10 per executed trade (whichever is less) or trading in the futures segment.
Read Paytm Money Review
Membership: NSE, BSE, MCX, CDSL
Services Offered:Â Equity, F&O, Currency, Commodity, IPO, Mutual Funds, Loans
Account Opening Charges:Â Free
Brokerage Charges: Maximum Rs 20 per executed order
Products: 5Paisa App, Trade Station, Trade Station Web, Developer API, Algo Trading
Active Clients: 5,17,898
5Paisa is the discount broking part of India Infoline (IIFL). IIFL has been serving the broking sector for over two decades. It is a member of NSE, BSE, MCX, and CDSL. 5Paisa is one of the fastest-growing discount brokerage firms and currently has around 5 lakh active clients.
The company provides trading and investment services in equity, currency and commodities. In addition, they offer mutual funds and personal loans.
5Paisa offers the cheapest brokerage in the industry at Rs 10 per order through their premium plans. They also provide research and advisory to their clients.
Account opening is free in 5Paisa. Although earlier it was Rs 650. AMC charges are Rs 25 + GST per month.
5Paisa charges a fixed brokerage of Rs 20 across all segments, including stocks, currencies, and commodities. Apart from this, they have 2 brokerage plans as Power Investor and Ultra Trader. The brokerage in both these plans is Rs 10 per trade. Both these plans are available for Rs 449 and Rs 899 per month, respectively.
Membership:Â NSE, BSE, MCX, CDSL
Services Offered:Â Equity, F&O, Currency, Commodity, IPO, Mutual Funds
Account Opening Charges: Free
Brokerage Charges: Maximum Rs 20 per executed order
Products: Fyers App, Fyers One, Fyers Web, Fyers Direct, Thematic Investment Fyers API, Fyers API Bridge
Active Clients: 2,14,075
Launched in 2015, Fyers is a Bangalore-based discount broking firm. “Focus Your Energy & Reform The Self” is an acronym for Fyers and represents the company’s core philosophy.
The company offers trading and investment services in various segments such as equity, f&o, currency, commodity, IPO, mutual funds. Fyers also offer to invest in themes based on innovative concepts and ideas in the form of thematic investments.
Account opening in Fyers is completely free. Annual maintenance charges are also free for a lifetime.
In Fyers, brokerage charges are Rs. 20 or 0.03% (whichever is less) for equity intraday and futures across all the segments. Equity delivery is brokerage free. There is a brokerage of Rs. 20 for each trade of options in all segments.
Membership: NSE, BSE, MCX, MCX-SX, CDSL
Services Offered:Â Equity, F&O, Currency, Commodity, IPO, Mutual Funds
Account Opening Charges: Free
Brokerage Charges: Maximum Rs 15 per executed order
Products: ANT Mobi, ANT Plus, ANT IQ
Active Clients: 1,60,409
Alice Blue is a well-known discount brokerage firm based in Bangalore. It was established in 2006. Alice Blue is a member of NSE, BSE, and MCX and provides trading services in equity, currency, and commodity. It also offers mutual funds services.
Alice Blue has more than 15 branches and 1000 partners in major cities of India. At present, they have around 1.5 lakh, active customers.
Alice Blue offers free account opening. There are AMC charges of Rs.400 per year, and it is deducted at Rs.33.30 + GST per month.
Alice Blue offers its customers the Freedom 15 (F15) plan. This brokerage plan is very easy to understand. This scheme has a brokerage fee of 15 or 0.05% (whichever is less) for equity intraday, equity futures, currency futures, and commodity futures. There is also a flat brokerage fee of Rs 15 for trading in equity, currency, and commodity options. And in this plan equity delivery brokerage fee is free.
Read Alice Blue Review
Membership: NSE, BSE, MCX, MSEI, CDSL
Services Offered:Â Equity, F&O, Currency, Commodity, IPO, Mutual Funds
Account Opening Charges: Free
Brokerage Charges: Maximum Rs 20 per executed order
Products: StockNote, Nest Trader, StockNote TradeAPIs, RankMF, StockBasket, Kyatrade, Samco Star
Active Clients: 88,151
Samco is a well-known company in the Indian stock market. It was started by Mr. Jimeet Modi. In 2015, he acquired Samruddhi Stock Brokers Limited and re-branded it into Samco Securities.
Although Samco is a discount broker, it offers high leverage for trading to its clients compared to other discount brokers.
Opening a demat and trading account in Samco is free. AMC charges are free for the 1st year, Rs 400 per year from the 2nd year.
Samco charges brokerage of Rs.20 or 0.2% (whichever is less) for equity delivery trades. For intraday and f&o trades, it charges a flat Rs 20/order or 0.02% (whichever is less).
Read Samco Review
Membership:Â NSE, BSE, MCX, CDSL
Services Offered:Â Equity, F&O, Currency, Commodity, Mutual Funds, IPO
Account Opening Charges:Â Rs 400
Brokerage Charges:Â Maximum Rs 15 per executed order
Products: Sine, Swing, Swing API, Box, TradeSmart MF
Active Clients: 29,729
Trade Smart is an online broking branch of VNS Finance. VNS Finance has been providing excellent services in the brokerage business for the last 25 years.
VNS Finance entered into discount brokerage in 2013 under the brand name Trade Smart Online and became a very popular brand. At present, they have approximately 30,000 active customers, and their daily exchange turnover is 15000+ cr.
Trade Smart serves its customers in equity, f&o, currency, and commodity through NSE, BSE, MCX, and CDSL. Apart from this, customers can also invest in mutual funds and IPO.
Trade Smart offers two brokerage plans. Value plan for small trade size and Power plan for a big trade.
Unlike other brokers, Trade Smart does not offer direct plans in mutual funds. They provide investment in regular MF where small commissions are included.
The account opening fee for the equity and currency account in Trade Smart is Rs 400. The account opening fee for a commodity is Rs.200. Trade Smart has free annual maintenance charges for the first year and Rs 300 + GST from the second year onwards.
Trade Smart offers two brokerage plans as mentioned above. The value plan is percent based and has 0.007% for intraday cash, futures, currency, commodities, 0.07% for delivery, and Rs 7 per lot for Options. On the contrary, a power plan charges Rs 15 per trade regardless of the trade size or segment.
Over the last 11 years, discount stock brokers have evolved a lot. From time to time, they have been providing high-quality services to customers at a low cost with the help of advanced technology. And so the trend of all traders from small to big is gradually increasing towards them.
In conclusion, all these discount brokers are the best and charge very low brokerage. However, you should consider low brokerage, a good trading platform, and active customer service when choosing a stock broker.
You may have liked our article Best Discount Brokers in India. But if you still have some confusion and need our help, you can comment below.
If you are a beginner or experienced trader and looking for a new account. In that case, you can choose Zerodha or Upstox . And if you don’t want both, you can opt for Angel One, Fyers or Trade Smart.
Know about Top 10 Stock Brokers In India.
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Great info about best discount brokers.