9 Best Discount Broker in India – Stock Brokers List 2022

Best Discount Broker in India – Are you confuse? Don’t worry we are here to help in this dilemma of searching best discount brokers in India. This article will be best guide for “Best Discount Broker”. We will talk about every aspects of Discount Brokers.

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Best Discount Broker in India
Best Discount Broker in India

Over time, the stock market is one of the best locations to invest your hard earned money. However, you cannot just purchase a stock through your bank account or by calling the company and ordering shares; instead, you must locate one of the best discount broker.

Fortunately for average investors, the brokerage industry has evolved significantly over the last few decades. To purchase a stock, you used to have to contact a stockbroker, who would place the order on your behalf. This was a difficult and costly process before, but now this problem has been resolved by evolving technology . [best discount broker in India]

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The majority of investors now buy and sell equities through online stock brokers. And there has never been more rivalry among the best online stock brokers.

We’re here to help if you’re ready to start investing. To assist you in getting started, our team of specialists has produced a list of the finest trading platforms and what you should look for.

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In India, brokers are categorized into two groups based on the services they provide and the fees they charge: [best discount broker in India]

  • Full-service Broker
  • Discount Broker

After reading this you must be thinking what do you mean by full-service broker and Discount broker.

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  • Is Discount broker is not giving full service?
  • What is an advantage of using a discount broker rather than a full service broker?
  • What is the difference between discount broker and traditional broker?
  • What is the main advantage of a discount broker?
  • What are the disadvantages of discount brokerage?

Ok ok.. let me clear all your doubts. We will help you in getting all queries related to Discount broker and full-time broker.

What exactly is a Full-service broker?

What exactly is a Full-service broker

A Traditional Broker is another term for a full-service broker. This group of brokers assists their clients with any type of investment. The following are some of the services provided by Full-Service Brokers:

  • Presence in the branch or offline.
  • Advisor, Research, and Stock Suggestions
  • Devoted salesperson or Relationship Manager
  • Customers receive 24-hour support.
  • Client training sessions are held.
  • Margin Funding Facilities
  • Financial product variety.

When inexperienced investors seek the aid of brokers, they frequently become perplexed by queries such as “Which stockbroker will be most suited for them?” Which will be the most dependable? Who has the lowest brokerage, and so on. [best discount broker in India]

What exactly is a discount broker?

A discount broker is a stockbroker who executes buy and sell orders at a lower commission rate than a full-service broker. In contrast to a full-service broker, a discount broker does not provide investment advice or perform analysis on behalf of clients. Here we are going to talk about 9 Best Discount Broker in India. [best discount broker in India]

The rise of Zerodha, the first cheap broker, formed in 2010, caused major disruption in the Indian broking business.

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Because these discount brokers provided a lower-cost brokerage plan, they were able to attract a larger number of consumers than the more expensive traditional and bank brokers.

Following this disruption, many of the established older brokers and organisations began to mimic the model and offer similar lower-cost products.

Discount brokers have grown in popularity in recent years, more than a decade after they first gained recognition.

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In fact, several of these inexpensive brokers are able to outperform the well-established and large ‘traditional’ trading organisations.

As a result, in order to compete, several traditional brokers have also entered the discount broking model or aim to provide a discount brokerage plan to their clients.

In this piece, we will look at eight of the greatest discount brokers in India. In this section, we will evaluate discount brokers in India based on major elements such as brokerage charges, account opening fees, maintenance fees, services supplied, trading platforms, pros and disadvantages, and more.

By the end of this essay, you’ll have a better grasp of the various discount brokers in India, allowing you to select the one that best meets your needs.

Along with the eight finest discount brokers in India, we’ll also list a few other discount brokers worth investigating (as a bonus). Continue reading! [best discount broker in India]

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9 Best Discount Broker in India

1. ZERODHA

9 Best Discount Broker in India – Stock Brokers List 2022

Nitin Kamath created Zerodha in 2010 to provide free equities and mutual fund investments as well as flat brokerage on intraday and all other trades.

It has over +7.5 million clients and accounts for more than 15% of daily retail trading volumes on the Indian Stock Exchange. Its ‘KITE’ mobile app has over +5,000,000 downloads on the Google Play store.

Quick fact: According to the NSE’s December 2021 report, Zerodha is the largest stockbroking firm in India (based on total active clients), outranking numerous old and large broking corporations such as ICICI Direct, HDFC Securities, Sharekhan, and others. [best discount broker in India]

Zerodha has surpassed all of these major rivals due to its innovative and effective strategy.

Zerodha brokerage charges

  • All of your equity delivery investments (NSE, BSE) are completely free – NO BROKERAGE.
  • Rs. 20 intraday stock and F&O trades: Rs. 20 or 0.03% (whichever is lower) per executed order on intraday trades across NSE, BSE, and MCX equity, currency, and commodity trading.

Zerodha Demat And Trading account opening Charges:

Here are the fees for starting a trading and demat account with Zerodha:

— Rs 200 is charged for equity trading account

— Rs 100 is charged for Commodity Account

As a result, the total account opening charges for a Trading, Demat, and Commodity account with Zerodha will be Rs 300. Furthermore, the demat account’s annual maintenance charge (AMC) is Rs 300. [best discount broker in india]

zerodha-mobile-app-min

Services offered by Zerodha

Zerodha provides stock, derivatives, currencies, mutual funds, and commodities trading and investment services.

Pros of Zerodha

  1. Begin investing and trading with India’s No. 1 Stockbroker.
  2. Free Long-Term Equity Delivery Trades Using Technology First
  3. The maximum fee per trade is Rs 20. An innovative and user-friendly trading platform with high brand value and financial education materials
  4. Direct Mutual Fund Investing Using the Same Demat Account

Cons of Zerodha:

  1. There is no research study or market tips/recommendations.
9 Best Discount Broker in India – Stock Brokers List 2022

Quick Link to open an account with Zerodha

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2. One Angel (Formerly Angel Broking)

9 Best Discount Broker in India – Stock Brokers List 2022

Angel One, founded in 1987, is a large brand with +30 years of experience in the brokerage industry and +5 million satisfied consumers. They have a presence in over 1800 Indian cities. Angel Broking provides trading services in equity, futures and options, commodities, and currency on the BSE, NSE, NCDEX, and MCX. [best discount broker in india]

Angel Broking was a full-service broker that charged a percentage brokerage fee to its clients for over two decades. However, they have altered their business model from percentage brokerage to flat prices (November 2019) in order to compete with quickly emerging discount brokers like as Zerodha, 5Paisa, Upstox, and others.

Angel Broking currently provides a flat-rate brokerage plan known as ‘Angel iTrade PRIME.’ Delivery commerce is completely free in this country. And for all other areas, such as intraday, F&O, currencies, and commodities, they charge a flat rate of $20 per transaction. The same basic charge applies to all exchanges and segments. [best discount broker in india]

One of the primary benefits of trading with Angel Broking is that they offer personalised advice/recommendations for stock market investing, as well as research reports on companies and a variety of other value-added products and services.

Services offered by One Angel

Angel Broking provides services in the following areas: equity, commodity, currency, PMS, life insurance, ETFs, IPOs, and mutual funds.

Angel Broking Brokerage Charge:

Delivery charges:Rs 0
Intraday Trading:Flat ₹20 Per Trade
Equity F&O:Flat ₹20 Per Trade
Currency F&O:Flat ₹20 Per Trade
Commodity F&O:Flat ₹20 Per Trade

Account Opening Charges with Angel Broking:

  • Rs 0 for account opening (Currently Waived)
  • The annual maintenance fee is Rs 240. (Rs 20 Per Month)

Pros of Angel Broking: 

  • The most affordable full-service broker with tailored services
  • Expert Research Reports and Market Analysis
  • Quick account opening procedure
  • Long-term (delivery) trades incur no brokerage; all other trades incur a flat Rs 20 per order.

Cons of Angel Broking: 

  1. There are no additional fees for the 3-in-1 account
  2. Extra charges on Call & Trade.
9 Best Discount Broker in India – Stock Brokers List 2022

Quick Link to open an account with Angel One


3. Upstox

Upstox discount broker
Upstox discount broker

Upstox is a rapidly expanding discount broker that is supported by a number of notable investors, such as Kalaari Capital, Ratan Tata, GVK Davix, and others. RKSV is another name for it. In 2012, RKSV launched Upstox, which changed its name to Upstox in 2015. Upstox, behind Zerodha, has the second-highest number of active clients on the NSE as of December 2021. The firm was valued at over $3 billion when it became a unicorn in 2021. [best discount broker in india]

Services offered: Upstox provides trading services for commodities, currencies, and stocks.

Upstox Brokerage charges

Equity delivery deals made through Upstox are cost-free. Trading commissions for intraday orders on the BSE, NSE, MCX, and F&O are 0.05%, or up to Rs. 20 per order. No matter how big the transaction, the brokerage fee is merely Rs. 20 per traded order.

  • Intraday Trading: Rs 20 per executed trade or 0.05% of the value of the trade, whichever is lower. Delivery Fees: Rs 0.
  • Options Trading Fees: Rs 20 per trade for futures trading, or 0.05% (whichever is lesser) every order

Upstox Demat And Trading account opening Charges:

  • Rs 299 in account opening fees
  • Maintenance fees yearly: Rs. 300

Pros of Upstox:

  • Free delivery trading.
  • Quick setup of a paperless demat and trading account.
  • There is a share-based margin available,
  • Free brokerage on delivery and a flat rate of Rs. 20 per order for other trades

Cons of Upstox:

  • GTC (Good Till Cancelled) and GTC Date/Time (GTD) Orders are not currently available.
  • On delivery trades, margin funding is not accessible.
Upstox discount broker

Quick Link to open an account with Upstox

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4. 5Paisa

5Paisa Discount Broker

5Paisa is a subsidiary of IIFL (India Infoline) and provides the most affordable stock brokerage in India. IIFL developed 5Paisa to compete with the rapidly increasing discount broking business by providing a reduced brokerage platform for its clients. 5Paisa provides advice reports and recommendations in addition to a rapid trading platform. [best discount broker in India]

Services offered: 5Paisa provides services in mutual funds, insurance, and personal loans in addition to trading in stocks, currencies, and commodities.

5Paisa Brokerage charges

Free equities trading and flat brokerage are both available with 5Paisa. The brokerage fees that 5Paisa offers are as follows:

  • Trading in equity futures costs Rs. 20 per trade.
  • Rs. 20 per trade in delivery trading.
  • Rs. 20 per trade in intraday trading.
  • Equity Options: 20 rupees per trade
  • The price per trade for currency futures and options is Rs 20.

5Paisa Demat And Trading account opening Charges:

  • ZERO account opening fees (Rs 650 Waived)
  • Monthly Maintenance Fee: Rs. 45 per year (only for months when you trade)

Pros of 5Paisa:

  • Trading free deliveries
  • A negligible flat-rate brokerage of Rs. 10 per trade
  • investing in paperless accounts alone
  • Using the same account, make investments in equities, mutual funds, and insurance.
  • reduced maintenance costs
  • Flexible multiple brokerage programmes based on client preferences are provided.
  • research recommendations and reports (for higher plans)

Cons of 5Paisa:

  • Increased exchange transaction fees
  • No facility for trading commodities
9 Best Discount Broker in India – Stock Brokers List 2022

Quick Link to open an account with 5Paisa


5. Kotak Securities (Trade FREE Plan)

kotak-securities-  Best Discount Brokers in India

One such broker is Kotak Securities, which is a member of the Kotak group. With its Trade FREE Plan, Kotak Securities, a full-service broker by tradition, switched to a discount brokerage model in November 2020. The first-of-its-kind strategy in India was announced here: zero brokerage for intraday training across segments. The Free Intraday Trading (FIT) strategy is another name for it. [best discount broker in India]

For intraday transactions, KSL’s TRADE FREE PLAN offers $0 brokerage; for all other futures and options (F&O) trading, including equities, commodity, and currency trades, the fee is Rs. 20 per order. The following are some important Kotak Securities Trade FREE Plan elements to remember:

  • Zero Brokerage on Intraday Trades.
  • Rs. 20 per order for all other F&O Trades.
  • FREE Demat Account (Rs 499 Opening Charges Waived Currently)
  • Offering a wide selection of investment possibilities and research reports.
  • Full brokerage services are available at a discounted brokerage cost.

Charges

  • Account Opening Charges: Rs 0
  • Annual Maintenance Charges: Rs 50 Per Month
  • Intraday Brokerage Charges (Equity): FREE
  • Delivery Brokerage Charges: 0.25% of Transaction

Pros of Kotak Securities (Trade FREE Plan)

  • Free Intraday Trading Brokerage
  • F&O Trades offers flat brokerage of Rs 20 every order.
  • Stocks Used as Margin (Instead of Cash Margin)
  • Offering a wide selection of investment possibilities and research reports, full brokerage services are available at a discounted brokerage cost.
  • Multiple trading platforms to virtually completely satisfy customer needs.
  • Market Research Reports in-depth

Cons of Kotak Securities Trade FREE Plan

  • Compared to discount brokers, more brokerage fees are charged on delivery transactions
  • Greater AMC as comparison to other top brokers.

Quick Link to open an account with Kotak Securities

ALSO READ- 5 Best Stocks For IntraDay Trading in 2022


6. Groww

Groww- Best Discount Brokers in India

One of India’s most rapidly expanding investment platforms is called Groww. The brand name Groww belongs to Nextbillion Technology Private Limited, a stockbroker that is registered with SEBI and a participant in the NSE and BSE. Groww was initially established in 2016 as a platform for direct mutual fund investments by a Bangalore-based firm. The company also provided equities trading to keep up with the rise in demand for equity trading during the epidemic. [best discount broker in India]

The Groww App was developed with the goal of building a robust yet simple-to-use app for trading from any location. As a result, the app’s design philosophy was born: “Investing should be as easy as online shopping.” Mutual Funds, Demat Services, Trading Services, Intraday Services, IPO Services, and Trading Exposure are currently offered by the organization.

Charges of Groww

ParticularsGroww Charges
Account Opening ChargesFree
AMC ChargesFree
Equity Delivery TradingRs.20 per executed order or 0.05% of order value (whichever is lower)
Equity Intraday TradingRs.20 per executed order or 0.05% of order value (whichever is lower)

Pros of Groww Demat & Trading Account:

  • interface that is easy to use and intuitive
  • Stocks, mutual funds, gold, and US stocks can all be purchased on one platform.
  • There is a provision for investing in US stocks.

Cons of Groww Demat & Trading Account:

  • The ability to trade commodities and currencies is not yet accessible.
  • The trading platform has not yet been tested for reliability during busy trading days as it is a more recent entry.
Groww- Best Discount Brokers in India

Quick Link to open an account with Groww


7. Paytm Money

Paytm Money- Best Discount Brokers in India
The SEBI gave Paytm permission to enter the market for inexpensive stockbroking in 2019. Over the years, Paytm has made an effort to position itself as the go-to resource for all things monetary. Following demonetization, the online payment platform gained popularity and started to offer banking services, mutual fund, SIP, and pension products.[best discount broker in India]

There was no better time for Paytm’s intentions to enter the stock brokerage market to materialise. In the past fiscal year, 4.9 million new demat accounts were opened. The work-from-home approach has been compelled implemented as a result of the lockdown enforced by the COVID-19 epidemic. Due to the increased disposable money and the forced reduction in leisure spending brought on by the pandemic, more novice investors have begun to flood the stock markets.

Charges for Paytm Money Demat and Trading Account

  • Account Opening Charges: Rs. 200 – One-time Digital KYC
  • Depository AMC: Zero Annual Maintenance Charges for your demat account.
  • Delivery Charges:  Rs 0
  • Intraday Charges: Rs 10 per trade
  • Futures and Options Charges: Rs 10 per trade

Note: Rs. 1 per day is charged as platform fees (billed annually for days exchange is open) (Referring to Paytm Money)

— Fees for Paytm Money Delivery

ChargeDelivery Rates
BrokerageRs. 0.01/- per executed order
Exchange Turnover Charges0.00325% of turnover for NSE and 0.003% of turnover for BSE
GST18% on Brokerage and Exchange Turnover Charges
Security Transaction Charges (STT)0.1% of turnover on buy and sell orders
SEBI Turnover Fees0.0005% of turnover
Stamp Duty0.015% of turnover on buy orders

— Intraday Fees for Paytm Money

ChargeIntraday Rates
Brokerage0.05% of turnover or Rs. 10/-, whichever is lower
Exchange Turnover Charges0.00325% of turnover for NSE and 0.003% of turnover for BSE
GST18% on Brokerage and Exchange Turnover Charges
Security Transaction Charges (STT)0.025% of turnover on sell orders
SEBI Turnover Fees0.0005% of turnover
Stamp Duty0.003% of turnover on buy orders

Pros of Paytm Money:

  • A well-known brand with numerous investment opportunities on the same platform
  • The lowest intraday rate is $10 per trade.
  • Quickly start an online bank account within minutes

Cons of Paytm Money:

  • Zero AMC but Rs. 1 per day in platform fees
  • The trading platform has not yet been tested to ensure that it will operate without a hitch on busy trade days.
  • The ability to trade commodities and currencies is not yet accessible.
9 Best Discount Broker in India – Stock Brokers List 2022

Quick Link to open an account with Paytm Money


8. Trade Smart

Trade Smart

For traders and investors seeking low brokerages, strong margins, and a quick trading platform, Trade Smart, a discount broker situated in Mumbai, India, is an excellent choice. Trade Smart Online is not a new company, unlike the majority of cheap brokers. [best discount broker in India]

It is a component of VNS Finance & Capital Limited, a reputable broker in India with more than 25 years of experience. It has more than 100,000 satisfied customers and an average daily revenue of more than Rs. 5000 crores.

Services offered: Trade smart online offers brokerage services in stock, futures & options, commodity, and currency trading segments.

Trade Smart Online Brokerage charges:

In its “Value” trading plan, this inexpensive broker gives a flat brokerage rate of Rs 15 per trade, regardless of trading volume.

Additionally, it suggests a “Power” trading plan for modest volume traders with a brokerage fee of 0.007% on the transaction. The brokerage fees for delivery and intraday trading are as follows:

— Delivery costs 15 rupees each trade (Power plan), or 0.07% (value plan)

— Rs 15 per trade (Power plan), or 0.007%, for intraday trading (Value Plan)

Trade Smart Online Demat And Trading account opening Charges:

— Rs 400 in account opening fees

— Rs. 300 in annual maintenance fees (Second year onwards)

Pros of Trade Smart Online:

  • Low and Unique Brokerage Plans,
  • Higher margin for trades,
  • Zero additional software charges,
  • Zero Demat AMC charge for the first year

Cons of Trade Smart Online:

  • 3-in-1 not available,
  • No direct IPO Investment,
  • Call and trade at Rs 20 per executed trade (plus brokerage)

Quick Link to open an account with Trade Smart

9. SAMCO

Samco- Best Discount Brokers in India

SAMCO, a 2015 incorporation, is another Indian discount broker with cheap brokerage costs. SAMCO, however, sets itself apart from other discount brokers by providing its clients with greater trading leverage. Customers can receive up to 4x Delivery Leverage in Cash Markets, up to 80x Leverage for Nifty, 33x Leverage for Stocks, and up to 60x Leverage for Commodities here. [best discount broker in India]

SAMCO Brokerage charges:

— Delivery trading fees are 0.20% of each deal, or Rs. 20, whichever is less.

— For intraday trading, whichever is lower of 0.02% or Rs. 20 per trade.

SAMCO Demat And Trading account opening Charges:

— Rs. 0 in account opening fees

— Rs. 400 in annual maintenance fees (Demat account)

Pros of Samco:

  1. Opening a trading and demat account is completely free.
  2. Traders have access to excellent margin products and a flat maximum brokerage cost of Rs 20 per trade.
  3. AADHAAR-based rapid paperless account opening is also accessible.

Cons of Samco:

  • No available online IPO or FPO application
  • Investment in mutual funds is not possible.
  • lacks branches to provide offline local assistance
9 Best Discount Broker in India – Stock Brokers List 2022

Quick Link to open an account with Samco

FAQs on Best Discount Brokers in India

Which is the best discount broker in India?

With over 7.5 million clients, Zerodha is India’s best discount broker. For trades that are delivered or long-term, it charges no (ZERO) brokerage; for all other trades, it charges Rs 20 per order. Other notable discount brokers in India include Upstox, Groww, Angel One, Paytm money, etc. in addition to Zerodha.

In India, are discount brokers safe?

Discount brokers are safe in India due to strict regulation of the brokerage sector and the fact that depositories, not brokers, act as depository participants for equities. The majority of the largest brokerage businesses in India are now discount brokers, including Zerodha, Upstox, Groww, Angel One, and others. Even more established traditional brokers, such as Sharekhan and ICIC Securities, have begun to provide discount brokerage services.

Which is the best broker in India?

When it comes to the amount of active clients and the trading platforms that are now available, Zerodha is the finest broker in India. It does not, however, provide advising services. Angel One is the greatest option if you’re seeking for full-service facilities at a bargain price.

Which is the cheapest discount broker in India?

The most affordable intraday discount brokerage in India is provided by Paytm Money, with a brokerage fee of just Rs 10 per trade. Other well-known discount brokers in India, such as Zerodha, Upstox, and Angel One, charge a 20-rupee brokerage fee every order.

What are discount brokers?

Discount brokers are those that charge less in commission for stock trades. These brokers typically provide quick platforms, flat brokerage (capped), and high speed for trading stocks, commodities, and currency derivatives. When compared to the typical brokers in India, the brokerage fee when dealing with these bargain brokers is far lower.

Which broker gives best tips?

Some discount brokers, like Angel One, provide their clients with advice services and trade recommendations. If you want advice, you should work with full-service brokers like Sharekhan, Motilal Oswal, and others who provide trading platforms as well as research reports and advisory services.

Which is the best full service or discount broker?

The benefits of discount brokers include lower brokerage fees, which can help you save a lot of money on brokerage and produce larger profits. Additionally, they provide trading platforms with a quick and technology-first approach.

Which is better Zerodha or Upstox?

The two largest stock brokerage firms in India are Zerodha and Upstox. However, Zerodha is superior to Upstox because it provides a straightforward brokerage plan, has a greater technological focus, and continually invests in technology to provide better trading platforms, tools, and education programmes for clients.

Which is the best discount broker that gives advisory?

The top discount broker that offers advice is Angel One. In terms of the overall number of active clients, it is India’s third-largest stock broker, after Zerodha and Upstox, both of which do not provide advisory services. In all the categories, Angel One delivers research reports, free suggestions, and holding-time horizons. Additionally, they provide premium paid advice services such as Angel Platinum, Angel PMS, etc.

Closing Thoughts: Discount brokers in India

Look for a stockbroker who offers reasonable brokerage costs, cheap yearly maintenance fees, top-notch trading tools, responsive customer support, and no hidden account fees when making your selection. Additionally, when opening your account, tell the brokerage firm what is most important to you and how you personally trade. [best discount broker in India]

These days, discount brokers frequently launch a new marketing initiative each month to draw in new consumers by providing incentives like brokerage cashback or perks for referring clients. Because of the competition among brokers, traders and investors can take advantage of superior trading services and facilities. This competition also pushes brokers to innovate more quickly. [best discount broker in india]

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