Looking for the best full service broker in India?
Great! You have reached the right place; we are here to help you, make sure to read the article carefully to know the top 10 brokers in India. Online trading has facilitated quick growth in the number of traders in India.
Investors who are looking for speedy capital appreciation and want to explore market-linked instruments are increasingly using online broking platforms to trade.
However, as you browse through various online broking services, you may come across two types of brokers, namely discount brokers and full-service brokers, also known as traditional brokers.
A discount broker primarily focuses on providing an online platform for buy and sell transactions at reduced commission rates.
On the other hand, full-service brokers allow you to invest in a wide range of securities and provide investment advice, modern investment tools, and much more.
The brokerage charged by full-service brokers can be up to 0.5% of the transaction amount. Therefore, the brokerage could be significantly higher for large volumes of trades.
To reduce the brokerage charges and avail a wide range of brokerage services, as an investor you must be actively comparing and analysing different broking platforms, their services, and charges.
While there are numerous players, let us figure out who are the most profitable full-time service brokers considering all aspects.
Benefits and Factors to consider while selecting best full time broker in India
Here are some benefits of subscribing to the services of a full-service broker:
- Full-service brokers have their research teams that continuously track national and international events to study their impact on the share market.
- Full-service brokers provide research reports that investors can study to strategize their future investment plans.
- They also share daily tips and insights with the traders to help them book profits.
- Some broking platforms provide online training courses for beginners to make them aware of the trading terminologies, types, and principles.
- On subscribing to the services of a full-service broker, investors can have access to a dedicated broker to resolve the queries. The dedicated manager also gives recommendations about stocks and their standings.
Some key factors that one must take into account while selecting a full-service broker are mentioned below:
- Transfer of funds: The transfer of funds between your bank and trading account must be seamless. The transferred fund must reflect in your trading account immediately so that you can utilise it for taking a trade position.
- Offline presence:
The broking company should have its physical branches spread across the country. The offline presence ensures that you can reach out to them whenever you need to.
- Depth of research:
Choose broking platforms that have their in-house research teams that are engaged in publishing daily articles and posts on their website and app. Reading such research content can assist investors in getting tips and insights about the market.
- Research, recommendations, and tips: Apart from articles and posts, the broking platform must also provide charts and diagrams to represent the latest market trends graphically. Look for platforms that offer the latest stock tips and information about how to read the charts.
- Customer support:
A portal with in-house executives offering 24/7 dedicated customer support is a must to handle the queries, complaints, and issues of customers. The response turnaround time (TAT) should be very short and multiple communication options like email, telephone, live chat, etc. must be provided for convenience.
- Charges:
The brokerage charges usually vary according to the securities and trading type chosen by the traders. For example, intraday trading in equities requires a higher brokerage than trades that are held for more than a day.
An ideal broking platform will offer flat brokerage charges on a wide range of securities. It means that the brokerage will be applicable on a trade and will remain the same irrespective of the trade volume.
Margin Trade Funding (MTF), brokerage for Futures and Options, etc. should also be considered if the customers are interested in securities other than equities or stocks.
Top 10 Best Full Service Broker In India: Buying Guide (Updated 2022)
Considering the above factors, we have created a list of the top ten full-service brokers for investors to have smooth trading and investing experience in 2022:
1. Angel Broking Service
With more than 3 decades of broking experience and over 1 million customers, Angel Broking Service is surely one of the top broking companies in India.
A wide range of broking services including opportunities to trade in stocks, commodities, F&O with all major exchanges like NSE, MCX, BSE, and NCDEX are offered by this trading platform.
Features
2. ICICI Direct
An offering of ICICI Group, one of the most renowned financial service providers in India, ICICI Direct has a client base of almost 2 million.
ICICI trading platform receives more visits as compared to all the other trading platforms.
Features
3. HDFC Securities
HDFC is the largest bank in India when it comes to the private sector and HDFC Securities is its subsidiary.
Therefore, when it comes to investing in different types of securities, many traders opt for HDFC Securities.
A customer base of 3.7 million and a remarkable online and offline presence, makes it a preferred choice of many investors.
Features
4. Kotak Securities
Kotak Securities is one of the best full-service brokers as it provides a 3-in-1 account to the customers.
It is a subsidiary of Kotak Mahindra Group that is a well-known financial services provider in India.
Features
5. Sharekhan
Sharekhan is quite popular due to the vast array of services and products that it offers to its customers.
The customer base of this trading platform grew over 2 million and it is widely recognized as the first broking platform that launched an online trading portal in India.
Features
6. Motilal Oswal
Motilal Oswal has been an active stockbroker in the Indian market for 2 decades.
With over 2200 business locations and an active presence in more than 500 cities, its customer base has already passed the landmark figure of 2.2 million.
With a wide range of investment services and products, its customer base can grow much wider in the future.
Features
7. Axis Direct
A subsidiary firm of Axis Bank, Axis Direct allows customers to open a 3-in-1 account i.e. demat, trading, and bank account.
More than 2.5 million investors are active on this trading platform that allows trading in equities, mutual funds, ETFs, derivatives, IPOs, and commodities.
Apart from that, investing in fixed income and tax-saving instruments is also possible through this platform.
Features
Plans/Securities | Equity Delivery | Equity Intraday | Futures | Options |
|---|---|---|---|---|
Fixed Plan | 0.50% | 0.05% | 0.05% | Rs. 20 |
Investment Plus Plan | 0.50% | 0.05% | 0.05% | Rs. 20 |
Now or Never Plan | 0.25% | 0.03% | 0.03% | Rs. 20 |
8. SBICap Securities
SBICap Securities offers full-service brokerage services including a 3-in-1 account facility.
Over 322 thousand active customers use this platform for leveraging the benefits of intuitive trading dashboards and actionable watchlists.
Traders can invest in the stock market in real-time using the mobile app offered by this company.
Features
Segment | Margin |
|---|---|
Equity Delivery | 8x |
Equity Options | 8x |
Equity Intraday | 12x |
Equity Futures | 8x |
Currency Options | 6x |
Currency Futures | 5x |
9. IIFL Securities Limited
IIFL Securities Limited has more than 2.3 lakh active users who trade in equities, Futures & Options, currencies, commodities, bonds, IPOs, and other securities.
Their in-house research teams give recommendations across different securities and exchanges.
Features
Securities | Brokerage Rates |
|---|---|
Intraday Trading (both sides) | 0.05% |
Delivery Trading | 0.50% |
Futures (both sides) | 0.75% |
Options (minimum charges) | Premium’s 1% or Rs. 100 for every lot |
10. Edelweiss Broking Limited
Edelweiss Broking Limited has been offering trading support and financial services since 1995.
It has more than 1 million active customers who take advantage of its wide range of products and services.
It provides options for both guided and self investing for providing the required support for both beginners and experienced traders.
F&O trends, market watchlist, live market indices, and many other services are offered by this trading platform.
Features
Securities | Elite (per order charges in % of transaction) | Lite (per order charges in INR) |
|---|---|---|
Delivery | 0.30% | 10 |
Intraday | 0.03% | 10 |
Futures | 0.03% | 10 |
Options | INR 75 for each lot | 10 |
Currency Futures | 0.02% | 10 |
Currency Options | INR 20 for each lot | 10 |
Factors to take into account while choosing a full-service broker in India
Here are some factors that need to be monitored closely before subscribing to the services of any full-service broker:
Trading & investment requirements
The trading and investment requirements vary from one individual to another. Some individuals invest for a long term whereas some investors try to capitalise on short-term gains.
Therefore, investors must choose a full-service broker that offers flexibility and necessary services that suit their trading requirements.
Apart from trading, one might also need other financial products like small saving schemes, tax-saving instruments, etc. to diversify their investment profile. A trading platform that offers these options can be ideal for such investors.
Services like wealth management, tax planning, SIP guidance, etc. are also essential components offered by full-service brokers.
Maintaining financial relationship
If a trader has a savings or current account in a particular bank, he would prefer it if the same bank offers a trading and demat account as well.
Therefore, many private banks have introduced their subsidiaries in the market that help their existing customers to take advantage of full-service brokerage.
Some of them also offer investors to open a 3-in-1 account that offers access to trading, demat, and bank accounts on one platform. These types of accounts are ideal for seamless transfer of funds from trading to bank account and vice versa.
DP charges
The assistance of a depository participant or stockbroker is a must for most traders these days. In the case of broking platforms, the company itself acts as a stockbroker and offers trading packages that can be customized according to their trading needs.
While some brokers charge a percentage of the trade volume as a brokerage charge for every trade, others might charge a flat fee for certain market segments like F&O. With the discount broker model adopted by some brokers, investors can leverage free transactions for equity delivery.
While brokerage charges must be considered before choosing a stockbroker, traders must also analyse the services they are getting in return.
Full-service brokers usually allow trading across different segments and exchanges but they charge brokerage only on the services utilised by the investors. Therefore, opting for their services isn’t a bad option at all.
Technology-based trading
Traders must leverage technological tools for trading with higher precision. These days, platforms offer movement charts that can be customized to line or candlestick patterns, moving averages, etc.
Also, they provide details like the average expected price of stocks along with indicators like support line and resistance line. Therefore, investors who can read and interpret these charts can book a higher profit from the movement of stock prices.
ROI and ROE calculators are offered by some platforms for investors who are planning to hold their stocks for a specific period. The full-service brokers that provide these facilities and modern tools are ideal for trading.
Conclusion
Subscribing to the services of a full-service broker is a wise decision. However, one must also be ready to adapt to the market conditions. A thorough study of the market and its behavior in different situations will give traders and investors a head start.
Also, some broking platforms are more suited for investors who are targeting long term investment goals whereas others offer better services in relation to short term gains.
The investors and traders who are adept at understanding the subtle differences of the best full-service brokers in India will certainly earn huge profits by investing wisely.
I hope you liked our article on best full service broker in India, and it must have solved your queries such as top 10 stock brokers in India, top full service brokers in India, or best stock brokers in India
if you have any comments or suggestions do share them in the comments below.
Frequently Asked Question
Q1. Who is referred to as a full-service broker in the stock market?
A broker that offers easy access to different stock exchanges and securities along with add-on and value added services, trading advisory, and related services is called a full-service broker.
Q2. Which top 5 stock brokers provide the best Research, Advisory & Stock Tips?
Motilal Oswal, Angel Broking, Sharekhan, SBICap Securities, and Kotak Securities are the best brokers for stock tips, advisory, and research. If you are eyeing long-term investments, Motilal Oswal and Sharekhan would be the best options.
Other options are suitable for both long term and short term investment planners.
Q3. Do they train how to trade after opening a demat account?
Yes, many trading platforms offer free tutorials and trading insights that guide beginners to grow their capital without any hassles.
Q4. What type of trading support is provided by a full-service broker?
A full-service broker provides assistance of a dedicated relationship manager and various other research analytics and tools to facilitate seamless trading across multiple market segments.
Q5. How to choose or select the best full-service broker?
One must choose a full-service broker after considering the investment and trading needs. Also, one must access the brokerage, services, and features offered by various broking platforms before subscribing.
