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Discount Brokers in India

discount brokers in india
June 23, 2022

Want to know top discount brokers in India? Well you have landed on the right article. Hey! Do you know someone who doesn’t like to save money? No…? Me, neither.

We all believe in saving money, reducing extra expenses, and having more pocket money. Similarly, for investors, in the world of the share market, there is a way to limit your brokerage expenses.

Yes, you read it right. You can play it smart with discount brokers in India and get the maximum benefit of their platforms.

Let’s know, how.

Who are discount brokers?

Discount brokers are online stock broker platforms that allow a user to trade with low brokerage and high speed. However, these companies do not provide any investment advice or analysis to the client.

They provide discounted rates for trading. Unlike traditional brokers, discount brokers avail of a fixed brokerage rate for each trade. The usual rate ranges around INR 10-20.

Earlier, only people with high income could afford to invest in the stock market due to the high commission fees charged by the full-service providers.

But today, as the internet has come to an explosion, the stock market is more accessible to people with smaller capital. 

Benefits of Discount Brokerage Services

Low Brokerage & Zero Commission: While full-services typical brokers charge high brokerage, discount brokers are saviors and charge the minimum brokerage.

Traditional brokers charge a commission fee as high as 0.25%-0.7% of the transaction value of delivery transactions but discount brokers do not charge any commission fee at all.

Better Tech: Discount brokers eliminate the hurdle of paperwork and offer convenient services. It saves costs for both clients and the broker’s business model.

Time & Efficiency: Discount brokers in India are quick and efficient for modern investors. So that users can trade with no lag.

Analytical Tools: Some discount brokers avail of analytical tools to study and analyze the market. You do not necessarily need an advisor and study the market on your own. 

Discount Brokers in India (2022)

In this competitive market, it can be tough to pick the best discount broker. All the discount broking platforms are constantly improving themselves to lead the marker.

However, there are some pros and some cons to each platform. Here, we have created a list of the top 12 discount brokers in India so you can make the right decision in your investment journey.

Want to jump straight to my top picks? My favorite Discount Broker is Zerodha and Upstox.

1. Zerodha

Zerodha contributes to more than 15% of daily retail trading volume in India across the Indian Stock Market.

The founder, Nitin Kamath bought the biggest discount broker platform in India in 2010.

According to the NSE reports in December 2021, Zerodha is the Biggest Stockbroking firm in India.

The reports are based on the number of active clients. 

It outranks most traditional broking corporates like HDFC Securities, ICICI Direct, and Sharekhan.
Zerodha is also a member of BSE, NSE, MCX, and MCX-SX.

Account opening process:

  1. Go to zerodha.com and click on Sign Up Now, or click on the link given below.
  2. Enter your mobile number and verify with the OTP.
  3. Enter your details i.e., your name and your email id.
  4. Next, enter your PAN details and DOB.
  5. Click on Continue and you’ll be redirected to the payment page.
  6. Pay INR 200 as an account opening fee using a UPI ID or debit/credit card/ net banking/ wallet.
  7. After that, you’ll have to continue to DigiLocker.
  8. Enter your Aadhar Number.
  9. Verify with the OTP and click on Allow. This will allow Zerodha to access your Aadhar data.
  10. The next step is to enter your profile details i.e., family background, income background, trading experience, occupation, etc.
  11. After that, link your bank account using IFSC Number or UPI Id.
  12. Verify yourself with the Webcam verification.
  13. Upload the required documents.
  14. Sign the document with an e-sign.
  15. Your account will be ready within 24 hours. 

Brokerage Charges

Charges

Brokerage

Stock Market Segment

Margin

Equity Delivery

No Margin

Intraday Equity

Up to 20 times

Equity Futures

40% of the normal margin (NRML)

Equity Options

No margin

Currency Futures

40% of the normal margin (NRML)

Currency Options

No margin

Commodity

40% of the normal margin (NRML)

Features

  • Number of active users: 7.5 million
  • Services offered: Stocks, equity, mutual funds, currency, derivatives, commodities, government securities, sovereign, gold bonds, and future and options.
  • Downloads: 10,00,000
  • Account Opening Charge: INR 200
  • Commodity Account Opening Charge: INR 100
  • Account Maintenance Charges (AMC): INR 300
  • Trading platforms: Kite 3.0, Kite Mobile, Console, Pi, Sentinel, and Coin by Zerodha.
Pros
  • Zero brokerage Charges
  • Authentic brand value - No. 1
  • Stockbroker in India
  • Strong Customer Support
  • In-house trading platforms
  • User-friendly dashboard
  • Maximum brokerage per trade is as low as Rs. 20
  • Same Demat Account for mutual fund investments
  • Free Long-term Equity Delivery Trades
Cons
  • No research report, recommendations, or market tips. 

2. Upstox

Initially, named RKSV in 2012, Upstox was rebranded in 2015 and changes name to Upstox.

It become popular when leading investors like Ratan Tata and Kalaari Capital supported and promoted it. 

Upstox is a secure trading platform for investors who believe in high margins and low brokerage.

They offer a high-tech trading platform and are the second biggest stockbroker in India after Zerodha.

Account opening process:

  1. Visit the Upstox account opening page.
  2. Enter your email address, and mobile number, and create a password.
  3. Enter your PAN Card, or Aadhar card and verify with OTP.
  4. Pay the account opening fee and upload the required documents.
  5. Review, confirm and submit the application.
  6. You’ll receive a User ID and password within 24 hours. 

Upstox offers free equity delivery trades. It charges 0.05% or up to INR 20 per order for intraday trading on NSE, BSE, MCX, and F & O.

The brokerage charges are INR 20 irrespective of the order volume. 

Brokerage Charges

Charges

Brokerage

Delivery Charges 

INR 0

Intraday Trading

0.05% or INR 20/ executed trade (whichever is low)

Futures Trading Charges

0.05% or INR 20/ (whichever is low) per order

Options Trading Charges

INR 20/ trade

Features

  • Account Opening Charges: INR 299 
  • Maintenance Charges: INR 300
  • Number of active users: 5 million
  • Services Offered: Trade in equity, commodity, and currency.
  • Trading platforms: Upstox Pro Web Trading Platform, Developer Console, Upstox MF Platform, Bridge for AmiBroker, Option Chain Tool.
Pros
  • Zero cost delivery trading 
  • Zero brokerage on delivery
  • Brokerage as low as flat INR 20 per order
  • It offers a margin against the share
  • Paperless and quick Demat and Trading account opening
Cons
  • Upstox does not offer Good Till Date/Time (GTD) and Good Till Cancelled (GTC) orders. 
  • Upstox does not offer margin funding on delivery trades.

3. 5Paisa 

To compete with the high competing discount broking industry,

IIFL (India Infoline) launched 5paisa as the cheapest stock brokerage platform in India.

It is a Public Limited Company that also provides recommendations and advisory services.

Account opening process:

  1. 5paisa offers a paperless account opening facility that usually takes about an hour.
  2. Go to 5paisa.com and enter your mobile number.
  3. Fill in your personal details.
  4. Fill in your bank details.
  5. Upload your photo, Aadhar card, and cancelled cheque.
  6. Pay the account opening fee.
  7. E-Sign your form. 

Brokerage Charges

Charges

Brokerage

Delivery Trading

INR 20 per trade

Intraday Trading

INR 20 per trade

Equity Futures

INR 20 per trade

Equity Options

INR 20 per trade

Currency Futures

INR 20 per trade

Currency Options

INR 20 per trade

Features

  • Account Opening Charges: No Charges 
  • Maintenance Charges: INR 45 per month
  • Number of active users: 2 million
  • Services Offered: Equity trading, currency trading, commodity trading, mutual funds, personal loans, and car, health & term insurance services.
  • Trading platforms: “5paisa: Shares, MF, IPO & ETF”, Investor terminal web platform and trader terminal.
Pros
  • No cost delivery trading 
  • 100% paperless account investing
  • Low brokerage
  • Low maintenance charges
  • Single account for investment in stock, mutual fund, and insurance.
  • Brokerage plans available as per clients’ preference
  • Advisory and research reports are available in higher plans
Cons
  • 5paisa does not support 3-in-1 accounts. 
  • No commodity trading
  • Exchange transaction charges are high

4. Trade Smart Online

A venture by VNS Finance & capital Limited, Trade Smart Online is an over 25 years old discount broker in India.

It is a reliable trading platform that offers low brokerage and high-speed trading.

It offers 2 optional trading plans for investors involving Power Trading Plan and Value Trading Plan.

A client can pick a plan as per their preferences as they have different charges and services included. 

There are no hidden charges in any of these plans.

Account opening process:

  1. There are 3 ways to Trade a Smart Online trading account.
  2. Online account opening
  3. By downloading account opening forms
  4. By requesting account opening forms via courier

Account opening and maintenance charges

Trade smart online charges a higher amount for opening Demat & Trading account as compared to most discount brokers in India.

Also, it does not charge any maintenance fee for the first year but starts charging a fee from the second year onwards. 

Brokerage Charges

Trading Segment

Brokerage for Value Trading Plan

Brokerage for Power Trading Plan

Equity delivery

0.07%

INR 15/ finished order

Equity Futures

0.007%

INR 15 per finished order

Equity Intraday

0.007%

INR 15 per finished order

Options

Rs. 7 per lot

INR 15 per finished order

Commodities

0.007%

INR 15 per finished order

Currency

0.007%

INR 15 per finished order

Features

  • Account Opening Charges: INR 400 
  • Annual Maintenance Charges: INR 300 (Second year onwards)
  • Number of Active Users: 50,000
  • Services Offered: Trade in equity, commodities, currency, and future & options.
  • Trading platforms: SINE Mobile Application, SineWeb (Web portal), DartStock, and NEST Trader. 
Pros
  • No additional software charges 
  • The high margin for traders
  • Trading plan options
  • Up to 30x margin for equity intraday CO/BO Order on NSE
Cons
  • Higher account opening charges 
  • Direct IPO investment is not available

5. Angel One

With over 5 million happy clients in more than 1800 cities in India,

Angel One is thriving in the broking industry for over 30 years now. It was founded in 1987 as a full-services broker.

However, being adaptive to the modern trading world, it changed its business model in November 2019. 

Earlier, it used to offer percentage brokerage on flat rates but now, it competes with discount brokers like Zerodha, Upstox, Grow, 5paisa, etc.

Account opening process:

With Angel One, you can open your account in 2 ways.

  1. Online - through digital KYC
  2. Offline - by visiting the Angel Branch office or Sub-broker 

Brokerage Charges

Charges

Brokerage

Delivery charges  

INR 0

Intraday Trading

Flat INR 20 Per Trade

Equity F&O

Flat INR 20 Per Trade

Currency F&O

Flat INR 20 Per Trade

Commodity F&O

Flat INR 20 Per Trade

Features

  • Account Opening Charges: INR 0 
  • Annual Maintenance Charges: INR 240 
  • Number of Active Users: 3 million
  • Services Offered: Trading in equity, currency, commodity, PMS, ETFs, IPOs, Life Insurance, and Mutual Funds.
  • Trading platforms: Angel iTrade, Angel Broking Mobile App, and Angel BEE.
Pros
  • Angel one is the cheapest full-service broker that offers personalized discount broking 
  • Quick account opening process
  • Research reports and market advisory by experts
  • Personalized guidance
  • No brokerage of delivery trades
  • INR 20 fixed brokerage for all other trades
Cons
  • Angel One does not offer three-in-one account
  • Extra charges for Call 7 Trade

6. Groww

best app for mutual fund

Groww is a newer entrant but the fastest-growing platform in the discount broking industry.

It was first launched in 2016 as a mutual fund investment platform.

Later, with the high demand for equity trading, it started offering equity trading services along with some others.

It is a brand name of Netbillion Technology Private Limited which is a member of BSE and NSE and a SEBI registered stockbroker. 

The philosophy of this startup is “Investing should be as simple as online shopping”.

Account opening process:

  1. Download the Groww application or open the Groww web portal.
  2. Register with phone number and email Id.
  3. Verify with OTP.
  4. Enter PAN card details, and bank details and complete the setup.
  5. Read details and click to agree.
  6. Click on Open Stock Account and additional required details.
  7. Upload your signature and e-Sign the account opening form.
  8. Verify the Aadhar number and enter OTP to complete the process.
  9. Your account will be activated within a few hours after this process. 

Brokerage Charges

Charges

Brokerage

Brokerage Charges

INR 20 or 0.05% per executed trade (Whichever is lower)

Equity Delivery Trading

Equity Intraday Trading

Features

  • Account Opening Charges: INR 0 
  • Annual Maintenance Charges: INR 0
  • Number of Active Users: 20 million
  • Services Offered: Demat and Trading services, IPO services, mutual funds investments, intraday services, and trading exposure.
  • Trading platforms: Groww mobile application and Groww web portal. 
Pros
  • Simple user interface 
  • Availability of investment in US Stocks
  • Single platform for stock, gold, mutual funds, and US stocks
Cons
  • Commodity and currency trading is not available 
  • Groww does not work smoothly at n high trading days.

7. Paytm Money

Paytm has been a well-established banking platform for over years. It got approval in 2019 by SEBI to become a discount broker.

After demonetization, it started offering mutual funds, pension services, SIPs, and other banking services.

Paytm has built a simple, yet powerful mobile application and web portal for trading along with research and analysis.

Account opening process:

Paytm Money account opening process is completely online. You can open a Paytm money account with 4 stages: 

  1. KYC verification
  2. Stock Market Onboarding
  3. Account Opening Form
  4. Registration with the exchange 

Account opening and maintenance charges

Paytm money charges INR 200 as account opening charges. There are no depository account maintenance changes.

However, it does charge INR 1 per day as platform charges. This amount is billed annually for the days when the exchange is open.

Paytm Money

Charges

Delivery Charges

Intraday Charges

Brokerage

Rs. 0.01/- per executed order

0.05% of turnover or Rs. 10/-, whichever is lower

Exchange Turnover Charges

0.00325% of turnover for NSE and 0.003% of turnover for BSE

0.00325% of turnover for NSE and 0.003% of turnover for BSE

GST

18% on Brokerage and Exchange Turnover Charges

18% on Brokerage and Exchange Turnover Charges

Security Transaction Charges (STT)

0.1% of turnover on buying and sell orders

0.025% of turnover on sell orders

SEBI Turnover Fees

0.0005% of turnover

0.0005% of turnover

Stamp Duty

0.015% of turnover on buy orders

0.003% of turnover on buy orders

Features

  • Account Opening Charges: INR 200 (One-time Digital KYC)
  • Depository AMC: No AMC for your Demat account.
  • Number of Active Users: 4 lakh
  • Services Offered: Direct mutual funds investment, equity stocks trading, NPS, Digital Gold, and F&O trading services.
  • Trading platforms: Paytm Money
  • Brokerage charges: Futures and Options Charges: INR 10 per trade
Pros
  • Big brand value and already trusted by the users 
  • Multiple investment options are available
  • Lowest intraday charges - INR 10/-
  • Quick and paperless account opening process
Cons
  • Per-day platform charges
  • No currency and commodity trading 
  • Does not work smoothly on trading days

8. SAMCO

Established in 2015, SAMCO is another discount broker that does not charge a fee for account opening and maintenance.

It supports trading in BSE, NSE, MCX, MSEI, and NCDEX.

SAMCO allows customers to get 4X delivery leverage in the cash market,

And 80X leverage for Nifty, 33X leverage for stocks, and 60X leverage for commodities. 

It supports calls. However, there are separate charges for trading through call.

Account opening process:

There are 3 ways to SAMCO trading account. 

  1. Paperless online account opening through eKYC and Aadhar eSign
  2. By downloading PDF forms
  3. Visit SAMCO Mumbai Office Branch 

Brokerage Charges

Charges

Brokerage

Delivery Trading

0.20% or ₹20 per trade whichever is lower

Intraday Trading

0.02% or ₹20 per trade whichever is lower

Features

  • Account Opening Charges:
  • Annual Maintenance Charges: Rs 400 (Demat account)
  • Number of Active Users: 77,000
  • Services Offered: Trading in stocks, commodities, currency, and F&O are the services provided by SAMCO.
  • Trading platforms: SAMCO Trader (Omnesys NEST Trader), SAMCO STAR, SAMCO Web Xpress, and StockNote (Mobile Trading App).
Pros
  • No Demat and Trading account opening fee 
  • Availability of high margin products for traders
  • Instant account opening
  • The maximum flat brokerage rate is INR 20 per trade
Cons
  • Online FPO and IPO options are not available 
  • No mutual fund investments
  • No offline support

9. Kotak Securities

Kotak Securities is a part of Kotak Group. It has been a traditional full-service brokerage firm.

However, it entered the discount brokerage industry in November 2020 with the Trade Free Plan.

In its Trade Free Plan, Kotak Securities announced the first zero brokerage intraday trading across segments

Which is also known as the free Intraday Trading (FIT) Plan. 

Account opening process:

To open a Kotak Securities Demagt account, one has to visit here and follow the given process.

Brokerage Charges

Charges

Brokerage

Intraday Brokerage Charges (Equity)

FREE

Delivery Brokerage Charges

0.25% of Transaction

Features

  • Account Opening Charges: No 
  • Annual Maintenance Charges: INR 50 (Per Month)
  • Number of Active Users: 12 lakh
  • Services Offered: Trading in stocks, currency derivatives, mutual funds, and investing in IPOs.
  • Trading platforms: Kotak Securities is Kotak Stock Trader - Kotak Securities Limited mobile trading app.
Pros
  • No brokerage on Intraday trading 
  • The fixed brokerage of INR 20 per order of Future & Options trades
  • Multiple trading platforms for different customer requirements
  • Stocks as margin instead of cash
  • Wide range of investment options
  • Market research reports by market experts
Cons
  • High brokerage charges on delivery trades
  • Higher account maintenance charges

10. Wisdom Capital

Incorporated in 2013, Wisdom Capital is one of the excellent discount broking platforms in India for providing several features.

It offers trading in stocks, commodities, currency, and future & options on BSE, NSE, MCX, and NCDEX.

It offers the least brokerage and high margin to clients.

Account opening process:

There are 3 ways to open an account with Wisdom Capital. 

  1. Request Online Account Opening 
  2. Request Offline Account Opening 
  3. Request a Soft copy via email

Brokerage Charges

Plans

Charges

Brokerage 


Freedom Plan

Brokerage in all segments

Zero 

Pro Plan

Delivery trading brokerage


0.005% of the transaction

Intraday trading brokerage

0.005% of the transaction

Others

INR 9 per trade

Ultimate Plan

Delivery trading brokerage

0.007% of the transaction

Intraday trading brokerage

0.007% of the transaction

Others

INR 15 per trade

Features

  • Account Opening Charges: INR 0 
  • Annual Maintenance Charges: Lifetime 999+ Taxes
  • Number of Active Users: 25,000
  • Services Offered: Equity trading, currency trading, commodity trading, and trading in future & options on BSE, NSE, NCDEX, and MCX
  • Trading platforms: NEST Trader - Trading Terminal and BSE Bolt 
Pros
  • Affordable plan options 
  • No brokerage in the Freedom plan
  • High margin in Pro and Ultimate plan
  • Flexible brokerage based on different plans
Cons
  • Wisdom Capital does not offer to invest in FPO, IPO, FDs, NCDs, and mutual funds 
  • Average customer support
  • No updated technology

11. Tradejini

Tradejini is a Bangalore-based discount broking startup that was incorporated in 2012.

It charges brokerage as low as 0.01% or INR 20 - whichever is lower per executed order.

With a single integrated platform, one can trade on BSE, NSE, MCX, and MSEI.

Account opening process:

One can open a Tradejini trading account online or by visiting its Bangalore office. 

Brokerage Charges

Trading

Brokerage

Delivery Trading

0.10% or ₹20/ trade

Intraday Trading

0.01% or ₹20/ trade

Features

  • Trading Account Opening Charges: INR 300 
  • Commodity Account Opening Charges: INR 300 
  • Annual Maintenance Charges: INR 300 (Demat AMC)
  • Number of Active Users: 7000
  • Services Offered: Trading in equity, currency, commodity, mutual funds and debt instruments.
  • Trading platforms: NEST Trading Terminal, Now mobile and Web-based trader. 
Pros
  • One platform for all segments 
  • Low brokerage
  • In-house CDSL depository participant.
Cons
  • With Tradejini, you cannot invest in IPO, FPO, NCDs, FDs, and Offer for Sale. 
  • No three-in-one account facility
  • Commodity trading can be based on non-agriculture only.
  • Tradejini does not allow GTC orders.

12. Fyers

Fyers is a word for “Focus Your Energy and Reform the Self”. The statement is to represent the core philosophy of the brand. 

Account opening process:

There are 2 ways to Fyers trading account.

  1. By requesting application forms
  2. By visiting Fyers Bangalore office

Brokerage Charges

No Delivery Trading
 
Intraday Trading: INR 20 per executed order.

Features

  • Demat and Trading Account Opening Charges: INR 0 
  • Trading Annual Maintenance Charges: INR 0
  • Demat Annual Maintenance Charges: INR 225 (First Year); INR 300 PA (Second Year Onwards)
  • Number of Active Users: 35,000
  • Services Offered: Trading in equity Cash, Currency Derivatives, and F&O at NSE.
  • Trading platforms: Fyers Markets - Mobile Application. Fyers One - Trading terminal, Fyers Web Trader, and Thematic Investments.
Pros
  • No account opening charges 
  • Advanced charts for analytics
  • Zero delivery trading charges
  • Low brokerage
  • Up to 16X margin in equity intraday segment
Cons
  • Demat account maintenance charges are higher 
  • Higher exchange transaction

Conclusion

As an investor, you need a highly trusted platform that fulfills all your trading requirements. You should go with the one that charges low brokerage, high tech facilities, and low annual maintenance.

Also, consider the number of active users in recent years to make the right decision. Apart from this, set your priorities right, and look for the trading option you believe in. 

I hope you liked our article on discount brokers India, if you have any comments or suggestions do share them in the comments below.

Frequently Asked Question

1. Which is the cheapest discount broker in India?

Paytm Money is the cheapest discount broker in India. The brokerage charges of Paytm money are as low as INR 10.

Apart from Paytm Money, a person who looks for low brokerage can opt for Zerodha, Angel One, 5Paisa, Upstox, etc.

2. Are discount brokers safe in India?

Yes. Discount brokers are safe in India. These platforms are highly regulated and keep the stocks with depositories.

With the high increase in the discount broking industry, full-service providers like Kotak Securities, Sharekhan, and ICICI Securities have also started offering discount broking services.

3. Who is the number 1 in India?

According to the current reports, Zerodha is the number 1 discount broker in India. 

Ankur Aggarwal

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About the Author

Hi all, I am Ankur Aggarwal – Digital Marketer, Entrepreneur, Traveller, Blogger, and Foodie. Have been blogging since 2010. In 2016 I scored 99.2 percentile in XAT Exam for MBA, left that to pursue my Online business dreams.
The purpose of ankuraggarwal.in is to pass on 100% accurate, genuine and FREE information on Personal Finance, Entrepreneurship, Investing, Career, and Learning Digital Marketing Online. Know more about me here: About Ankur Aggarwal

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