Through this page you will get a good knowledge about the best discount brokers in India. A discount Broker is the stock Broker that provides the essential trading services at a reduced commission rate. This enables the online transaction for buying and selling of shares. Some of the brokers also provide the necessary information for trading. The other related services which aren’t in the relationship with investment, market analysis isn’t provided by them.
In short, the Discount Brokers will execute the trading for the users but won’t provide the analytics and advice for trading.
What Makes Discount Brokers different from the Traditional Ones?
Trading is core for both the discount broker and traditional broker. The differences lie in the services that they provide. For example the brokerage charges and the services, the customer care execution, market analytics, and many more…
1.The Charges for Brokerage
The discount broker will charge a small amount of money according to the executed orders. Whereas the traditional brokers fix commission fees. The fees depend on the trade value which can be as low as 0.10% and can increase accordingly. So the charges remain constant for the Discount brokers while the traditional broker may increase and decrease according to the percent of share they have set.
2. Customer Care Services
Most of the customer care services are via the web which means the client can connect through the mail and chat with the service provider. The services usually are 24/7 which is a plus point for the clients who face issues as they can be resolved easily. This is the plus point for discount brokers on the other hand the traditional brokers do lack this.
3. Marketing Input (Discount Broker Vs Traditional Broker)
If you are well versed with the trading pattern and how the stock market works you can go for discount brokers. Knowledge in the field of the stock market is important to understand the gains and losses which is not provided much by the discount broker. For this, you can go for the traditional ones. The knowledge and the backdrop are explained by them clearly and also they help you maintain your trades and suggest different things about them.
Best Discount Brokers in India
Company Zerodha was founded by Nitin Kamath in the year 2010. It is one of the best discount broker in India. They provide free equity and also mutual funds investment. Till now they have around 3+ million users and are almost contributing 15% of daily rental trading. The company has the mobile app name ‘KITE’. They provide free equity delivery investment (NSE, BSE).
The company charges Rupees 20 for the Intraday equity. The amount can vary from Rupees 20 or 0.03% whichever is feasible and lower per executed trade. For opening a Demat account they do charge some amount. For equity trading, they charge around Rupees 200, and for commodity accounts, they charge Rupees 100.
The services provided by the company are trading, investment in equity, currency, mutual funds, derivatives.
2. 5 Paisa
5 Paisa is the part of Indian Infoline (IIFL). It provides the cheapest stock brokerage in India. They have launched their website to provide the lowest brokerage and also compete in the market of discount Brokers.
5 Paisa provides free trading equity. For delivery trading they charge around Rupees 20 per trade, the charges remain the same for currency future option, equity future, and everything is charged per trade.
The opening amount for the Demat and Trading account is Rupees 650 which is currently waived by the company, in short account opening is free. The maintenance charges are Rupees 400 per year. The amount will be charged for the time you will be actively participating in the trading. The company has its website www.5Paisa.com. Also, they have their mobile app named 5 Paisa which is available on both the Apple App Store and Google Play Store.
The services provided by them are trading in equity, currency, commodity. They also offer mutual fund services. Insurance and personal loans are also offered by the company.
Upstox is backed by groups of leading investors like Kalaari Capitals, Ryan Tata, and many more.It is one of the fast-growing discount brokers in India Upstox was started in the year 2012 and rebranded in the year 2015. It is the second-highest company followed up with active users after Zerodha.
The company charges Rupees 0 for the delivery. The Intraday trading costs around Rupees 20 or 0.05% per trade whichever is lower. For future trading and options trading and options trading the company charges around Rupees 20 per trade.
The account opening amount in Upstox is around Rupees 300 and the Annual Maintenance Charges (AMC) costs around Rupees 150. The trading platform for the company is Upstox Pro Web, Developer console, option chain tool. The other services provided by the company are trading in equity, currency, and commodity.
Groww is another fastest-growing investment platform. The brand is registered for Next Billion Technology Private Limited. Groww is a Bangalore-based startup that was set in the year 2016. The company offered equity trading for its client. The main idea of the startup was to provide an easy-to-use, user-friendly application that comes with the idea of ‘investing should be as online shopping’.
The equity delivery trading charges are Rupees 20 per trade executed or 0.05% of the order value whichever seems feasible. The prices for Equity Intraday trading are the same as delivery trading.
The account opening charge for the site is Rupees zero which means it is free of cost. The annual maintenance (AMC) is also zero. Brokerage charges are around Rupees 20 or 0.05% per trade executed depending on which one is lower. The trading is done on the application provided by the company named Groww. The application is user-friendly.
The services provided by Groww are mutual funds, Demat services, IPO services, Trading Exposure, Intraday services, and trading services.
5. Paytm Money
Paytm has introduced itself in the market as the one-stop for every money-related service. The company started with the transactions money after the demonetization and after that introduced many other offers like mutual funds, SIP, Pension products, and other banking services. The Paytm Money was approved by SEBI in the year 2019 this made them capable of competing in the stockbroking market. Paytm has been receiving fresh new investors after the lockdown hit. The company started growing due to the fresh investors in the lockdown.
The company offers mutual funds, Demat services, Equity delivery. The company doesn’t provide currency and commodity trading. The delivery charge by the company is Rupees Zero. The intraday charges are around Rupees 10 per order executed. Future and option trade charges are around Rupees 10 per trade.
The account opening charges in Paytm Money are around Rupees 200 for one-time digital KYC and account opening it is Rupees 300. There is no annual maintenance amount (AMC) in Paytm is free of cost. Paytm charges Rupees 1 per day for platform use that is calculated annually.
6. Trade Plus
Trade Plus is the mix of traditional and the discount broker/ the company is the online brand of Navia markets ltd. Navia market has been serving the market since 1983 and has been a member of NSE since 1995. The company relaunched itself in the online market in the year 2015. Trade Plus offers a versatile market for investors as it includes installable trading terminals (EXE). The company has its website and a mobile app too for its users. They also provide the NSE NOW platform for the users. Trade Plus is well known for its zero brokerage trading plans.
It offers Demat services with Low AMC charges, IPO, Bonds, G Sec, commodity, equity, options, and currency derivatives. The account opening charge for Trade Plus is Rupees 199 which is a one-time payment. Demat account opening charges are zero. The Annual Maintenance Charges for the Demat account is Rupees 90 per year which is payable initially.
Trade Plus offers two Brokerage plans Infinity Trading Pack and General Brokerage plan. Infinity Trading Pack charges Zero Equity delivery, 0.01% equity Intraday, equity future for Rupees 799 per month, equity option, currency future, currency option, currency future, commodity opinion each for rupees 99 per month.
General Brokerage Plan charges zero equity, 0.01% equity Intraday, Equity Future at 0.01%, Equity Option for Rupees 60 per trade, currency future for rupees 20 per trade.
7. Angel Broking
Angel Broking has been in the market for more than 30 years. They have around 1+ million clients. Initially, the company was charging percentage brokerage in the year 2019 they changed their business plans and started charging a fixed amount. The company offers a plan named Angel iTrade Prime. The delivery trading is free for the plan. The other services like Intraday, F&O, currencies, and commodities charges are around Rupees 20 per trade. The company guides investing in the stocks.
The services provided by the company are Equity, Commodity, PMS, Currency, Life Insurance, Mutual Funds, IPO, and ETF. The delivery charges are zero, Intraday Trading charges are Rupees 20 per trade, currency F&O, Equity F&O, Commodity F&O each are for Rupees 20 per trade. The account opening charges are rupees zero which means it is free of cost. The annual maintenance charges (AMC) are around Rupees 450 which has to be paid from the second year onwards.
8. Master Trust
Master Trust is another discount brokerage company that was incorporated in the year 1985. It is part of a leading financial company in India. The company began to work as a discount brewer in the year 2014. They offer flat fees per trade and a standard trading plan. They currently have 2.5 lakh+ users. They have single trading and back-office software that includes Equity, Currency, Commodity, a single login for trading, and back office.
The company has its mobile application names as Master Mobile, a Website with which you can easily trade. There are two different account plans: one is pre-order executed and the other is a standard brokerage plan. Pre-order executed in which have trading plans charges for Rupees 20 per trade. This plan doesn’t charge brokerage or equity. The standard brokerage charges are percentage-based. It charges 0.30% as equity and 0.03% as equity Intraday. Equity and commodity charges are around Rupees 75 per trade. Currency trading is charged as rupees 10 per trade.
9. Trade Smart
Trade Smart is a Mumbai-based discount broker. They have lower Brokerage and high margins and a fast trading platform. The company was part of VNS Finance & Capital LTD. which is a 25+ years old company. They offer brokerage services in stock, future, and also in option. Also, they offer commodity and currency trading.
The company offers the brokerage at rupees 15 per trade, they also have power trading plans with a brokerage of 0.007%. The account opening charges are around Rupees 400 and the Annual Maintenance Charges are Rupees 300 which will be paid from the second year.
The company was incorporated in the year 2015 and is based in Bangalore. Fyers offers different services like trading equity Cash, F&O currency, derivatives segment at NSE. The company is among the cheapest stock brokers online. They offer trading around the segment for rupees 20 per trade.
The account Opening for Fyers charges rupees zero but the Annual Maintenance Charge is 300 rupees per year.