Are you now seeking a new stock broker? Or are you a novice investor seeking the finest online brokerage available? The best stock broker in India allow you to invest in the assets you choose at the lowest possible cost. Others are dedicated to do-it-yourself (DIY) investors, while some offer automated and aided investment. To assist you in selecting the finest stock brokers in India for your specific investment needs and objectives, we analyzed the most popular brokerage firms to help you home in on the perfect investment business for 2023 and beyond.
There are hundreds of brokerage businesses in India, and it would be quite simple to choose the wrong one without the proper knowledge. Choosing online stock brokers in India is providing them with your hard-earned money and entrusting them to invest it in the best areas and in the best methods to make it grow. The best stock brokers in India are Zerodha, ICICI Direct, HDFC Securities, Upstox, Sharekhan, Angel one, Kotak Securities, Axis Direct, and 5Paisa. These are well-known companies that help people buy and sell stocks in the Indian stock market.
In order to assist you to make the proper choice, we have compiled a list of the 10 greatest and most importantly, legitimate stockbrokers in the country:
1. Sharekhan
Sharekhan is one of the oldest stock brokerages companies in India, with a minimum of 16 years of expertise. Having established itself in around 675 locations across the nation, it has made many trading platforms available to all of its customers.
sharekhan.com, one of the best investment portals, is a website that allows its visitors to acquire insight on share market news, investment alternatives, stock quotations, research papers, as well as basic and statistical information on mutual funds, equities, IPOs, etc. Retail investors have access to one of the best trading terminals with Sharekhan TradeTiger. ShareMobile is a smartphone application that provides its users with an on-the-go trading platform. Various accounts, such as Sharekhan Tiger Trade Account, Sharekhan Classic Account, Sharekhan First Step Account, and so on, are accessible on these platforms to accommodate the diverse needs of customers.
2. IIFL Securities
What term best describes a business with over 2.1 million clients? Well, we’ve got one: “Reliable”
IIFL Securities was founded in 1995 and is presently headquartered in Mumbai. From a quantitative standpoint, the broker is unquestionably one of the top stock brokerage firms in India. The brokerage firm is one of the few organizations in its field to be listed on the country’s leading stock markets, including NSE, BSE, MCX, and NCDEX. IIFL Securities provides a variety of services, including margin trading, customer assistance, brokerage plans, offline presence, and trading applications, among others. Regarding physical presence, the broker has more than 4,500 locations around the country.
The Demat account offered by IIFL Securities is a one-stop shop for all of your trading needs. If you desire to trade in any of the financial market divisions, you must first create a Demat account. IIFL Securities is a participating depository with NSDL and CDSL. The brokerage provides its clients with the ability to create a Demat and Trading account in a single transaction. They provide both online and offline Demat account opening services if you like to open an account with them.
3. ICICIDirect
ICICIDirect is provided by ICICI Securities, a division of ICICI Group, which is regarded as one of the most reputable and reliable stockbrokers in the nation. ICICI Securities provides online investing and trading services to over 20 million clients via ICICIDirect, making it India’s largest retail brokerage business.
ICICIDirect.com, the main website of ICICI Bank, offers its consumers a variety of investment products, such as Mutual Funds and IPO, Bonds, Fixed Deposits, Home Loans, Online Equity Trading, etc. The 3-in-1 account, which combines an ICICI Bank Account, a Trading Account, and a Demat Account, is the company’s most important offering for retail stock market participants in India.
Customers can visit one of more than 1,500 ICICI Bank branches or ICICIDirect offices to receive assistance or information on their numerous financial products. ICICI Bank and ICICIDirect offer a straightforward and highly effective approach to engage in the market and other financial instruments.
Regarding their ICICIDirect brokerage fees, a one-time payment of Rs. 975 is required for Trading Account opening fees, and Rs. 100 is required for Agreement Stamp Paper if you create a Demat Account. As part of a 3-in-1 account, there are no Annual Maintenance Fees for the Trading Account and for the first year of the Demat Account. A Demat Account requires an annual maintenance fee of Rs. 500 beginning in the second year.
Other Brokerage Fees: ICICIDirect charges a minimum of Rs 35 per trade or 2.5% of the trade amount, whichever is smaller, as brokerage fees. In addition, they impose a fixed brokerage fee of 5 paisa per share (or Rs 0.05) for equities valued at less than Rs 10 per share.
4. Upstox
Upstox is a best stock broker platform in india with more than 2 million active clients as of September 2023, it ranks as India’s fourth-largest discount broker that facilitates seamless trading in stocks, commodities, and derivatives. Known for its user-friendly interface and low-cost structure, Upstox has gained popularity among investors and traders in India.
The platform offers advanced charting tools, real-time market data, and quick order execution, empowering users to make informed decisions. With a focus on technology and innovation, Upstox provides a reliable and efficient trading experience. Additionally, it offers a range of educational resources to help users enhance their trading skills. Upstox continues to be a preferred choice for those seeking a modern and cost-effective trading solution.
5. HDFC Securities
HDFC Securities, sometimes known as HDFCsec, is the Equity Trading Company of the HDFC Bank. The 3-in-1 account they provide their clients, which combines their HDFCsec Trading Account with their current Savings Account and Demat Account at HDFC Bank, is the company’s most distinctive feature. The efficiency, swiftness, and security of transactions must provide HDFC Securities its due popularity.
HDFC Securities is a brokerage firm in India that is best known for providing realistic information based on the current and forthcoming stock market trends. The company has more than 15 years of market expertise and around 200 locations across the country.
6. Zerodha
Zerodha was founded in 2009, and it is not only regarded as one of the most reputable stockbrokers in the country, but also as one of the forerunners in terms of trading technology in India. They have always had the foresight to overcome every obstacle that so many investors, dealers, and other potential moneymakers confront in India’s present economic climate. This brokerage firm has endeavored to maintain its promise over the past six years and has expanded by leaps and bounds. We view Zerodha as one of the leading participants on the NSE, BSE, MCX, and MCX-SX, with average daily turnovers exceeding Rs. 5000 crores.
Zerodha is officially acknowledged as India’s first and most famous discount broker as of 2009. Nithin Kamath, who had worked as a stock trader before to establishing his own brokerage firm, launched the company. In addition to introducing a low pricing plan that makes it the first of its type, Zerodha is recognized as a pioneer in trading technology in India.
On every trade order, Zerodha charges a fixed commission cost of 0.01 percent. However, the commission per order should not exceed Rs. 20. Therefore, one might claim that they charge their clients a brokerage fee of Rs. 20 or 0.01 percent of the transacted value, whichever is greater.
Brokerage Plans: These are the additional statutory costs that accompany the basic brokerage charges under Zerodha’s plans.
7. 5Paisa
5Paisa, a Mumbai-based brokerage business with more than a decade of expertise in the industry, is among the most well-known in India. Despite the fact that it only has a physical presence in Mumbai at the moment, it mostly assists consumers via phone conversations and ensures that they are satisfied with the services. 5Paisa’s future objectives include initiating commodity trading, giving its clients personal loans, and selling fund products such as NCDs, IPOs, etc.
The discount broker has reported a daily turnover of Rs. 1200 crores, the majority of which is derived from equities trading, while a little portion, perhaps one percent, appears to be devoted to currency trading. The majority of its consumers, around 60 percent, are from Tier II and Tier III cities, and their whole customer base has grown by 100 percent quarter over quarter.
8. Angel One
Angel Group was founded in 1987 and has since become one of the most reputable stock brokers and leading retail brokerage firms in the nation.
Angel One has created a name for itself in more than 900 Indian locations with services like e-Broking, Portfolio Management, Commodities Trading, Investment Advisory, and Wealth Management. Although they do not provide a 3-in-1 Account like many other brokerages, their single access to MCX, NCDEX, BSE, NSE, and all other market sectors has played a significant part in making them such a popular choice.
9. AxisDirect
Axis Bank Ltd. established its subsidiary Axis Securities in 2005 in order to provide brokerage services and sell financial products to retail consumers in India. Customers may invest in Mutual Funds, IPOs, Equities, Bonds, Derivatives, NCDs, Company Fixed Deposits, ETFs, and SIPs with Axis Securities, in addition to obtaining Home Loans, Loans against Property, Auto Loans, Loans against Shares, and Personal Loans, among other financial products. AXISDirect, a flagship brand of Axis Securities Ltd., has successfully placed itself among the best stock brokers in India, with over 1.5 lakh active clients as of 2016.
By providing 3-in-1 Accounts (Trading, Savings, and Demat Accounts), AXISDirect has made it incredibly simple for novice and experienced investors alike to engage in smooth stock market operations.
10. Kotak Securities
Kotak Securities Ltd. was created in 1994 as a subsidiary of Kotak Mahindra Bank. They distribute financial goods and provide stockbroking services across the country. They have firmly established itself as one of the largest brokerage businesses in India, with 1209 branches, satellite offices, and franchisees serving more than 11 lakh consumers across the country.
They permit their investors to create a Trading, Savings, and Demat Account, either concurrently as part of a 3-in-1 Account, or individually, depending on the investor’s preference. Customers can trade in IPOs, stocks, mutual funds, tax-free bonds, ETFs, gold ETFs, and currency derivatives through their Kotak Securities account.
Fixed Brokerage Agreement
This strategy is tailored specifically to the demands of traders who are new to the idea or have little expertise.
Plan for Dynamic Brokerage
This scheme was developed by Kotak Securities with regular traders seeking a discount on their commissions in mind.
Free Intraday Investing Strategy
Also known as the Unlimited Trading plan, it allows Kotak Securities to give its customers unlimited intraday equities trading for free across a range of categories, including Equity Futures, Equity Options, and Equity Cash, for an annual subscription of Rs. 999. For this reason, it is also often known as the Rs.999 Plan. It should be noted that this plan is exclusive to Equity Intraday Trades.
11. Motilal Oswal
Motilal Oswal, one of the most recognizable best stock brokers in India, offers a range of products and services, including Investment Banking, Private Wealth Management, Commodity Brokering, Retail Broking and Distribution, Asset Management, Home Finance, Institutional Broking, Private Equity, and Currency Broking. This brokerage firm’s clientele consists of regular investors, overseas institutional investors, mutual fund investors, and other business and financial clients.
It’s hardly surprising that Motilal Oswal boasts a client base of around 8.5 lakh individuals, given that more than 2000 personnel have labored to create a network that spans over 550 Indian cities and towns and includes thousands of company locations and business partners.
12. SBICAP Securities SSL
SBICAP Securities SSL, also known as SBICAP Securities Ltd., is a wholly-owned subsidiary of SBI Capital Markets Ltd. Retail Equity, Derivatives, e-Broking, Brokering, Institution Equity, Depository Participant services, etc. are among their most popular services. They are also well-known for offering online trading tools to both traders and investors.
It is one of the most prestigious stockbrokers in India, allowing both resident and non-resident Indians to invest in IPOs, Mutual Funds, Equity, and Derivatives through the internet channel. SSL’s digital trading platform is successfully powered by a strong trading engine.
Among the most well-known features is a 3-in-1 trading experience, with Trading, Demat, and Savings Account all accessible to a single client. With its low-bandwidth option and back-office access available 24 hours a day, seven days a week, it is accessible at all times and from anywhere. In addition, their Instant Fund and Share Transfer feature is a plus!
In the event of Intraday Trades, Trading Brokerage fees are either 5 paise per share or 0.15 percent on both sides, whichever is greater. For Delivery-based Trades, the commission is either 5 paise per share or 0.5%, whichever is greater. Futures commissions are 0.05 percent for Intraday and 0.09 percent for carrying Forward, or 5 paise per share, whichever is greater.
How Were These Stock Brokers Chosen?
In picking these investment instruments, we have the following criteria in mind:
- Increase your investment returns
- Reduce your costs
- Optimize your asset allocation
We’ve produced the list below as a shortcut for your investment requirements, but that doesn’t mean we haven’t thoroughly evaluated these services. With the majority of brokerage accounts offered, we have conducted an in-depth analysis. When looking for the best stock advisor in India, it’s crucial to consider platforms that not only provide robust trading capabilities but also offer reliable advisory services. A trustworthy stock advisor can be instrumental in guiding your investment decisions.
How to Select the Best Website for Stock Trading
- Choosing the best stock broker for you relies on your trading style and objectives. So we’ve developed the following criteria to assist you to decide:
- Cost Per Transaction – Be certain to examine all fees. Do not be lured by the lowest trade commission. When investing in ETFs or mutual funds, consider the fund costs, as well as any hidden expenses, such as those for aided transactions.
- Minimum Initial Investment Required – Select an best stock broker with no minimum initial investment requirement or one that requires only a few hundred dollars to begin investing.
- Types of Retirement Accounts Offered – Before signing up, confirm the account types offered. Do they provide IRAs, rollover IRAs, or are standard taxable accounts the only option?
- Find a broker who provides asset allocation for a nominal fee. For instance, if you pick a Robo-advisor, you should examine how their portfolios are invested to see if they are sufficiently diversified for your needs.
- User-Friendly Website – Ensure that the platform is user-friendly and that all fees are clearly outlined. Read our post on the best investment apps for beginners to learn about some of our top selections.
- Direct Financial Advice – Choose a provider that offers a comprehensive investment advisory service.
- Access to Investment Research – Identify a bargain broker who provides free research papers.
Is Trading Stocks Safe?
Generally speaking, internet stock trading is safe. However, this does not imply that you will never be affected by dangers. Stock Advisors are making every effort to mitigate these risks. However, as a responsible online merchant, you must also execute your security precautions. Examine your broker’s security measures, establish your own, and trade with common sense, and you should emerge uninjured.
What Dangers Do Online Trading Platforms Pose?
Unfortunately, there are a number of hazards associated with online stock trading, as there are with any internet-related activity. Some of the more prevalent examples include:
- Identity theft is a serious crime. What is often overlooked is the extent to which identity theft is an inside job. It makes total sense. People within a company have access to your information. It is possible for an insider to compromise one of your most important asset accounts when you trade stocks online.
- Computer malware and viruses. Viruses and malware are frequently designed to install spyware on your machine. This allows thieves access to your passcodes and other sensitive information. One method they accomplish this is by installing malware that permits keylogging. This enables criminals to monitor your keystrokes and get access to sensitive information.
- Data compromises. In 2021, there were a record 1,862 data breaches. This implies a 68 percent increase over 2020. In addition, large financial institutions are a treasure trove of valuable information, making them a cybercriminal’s gold mine.
- Phishing schemes. Thieves have gotten competent at forging official-appearing documents from various financial organizations. In fact, they are capable of copying a webpage or email with exactitude. You may receive an email that appears to be from your online broker. However, it is only a copy directing you to check into your account via a link. The URL, however, does not lead to your online broker. It navigates to a replica webpage meant to create passwords. Your actual account is then instantly compromised.
How Brokers Ensure Your Safety During the Trading Process
Virtually all stock brokers maintain stringent security measures to safeguard your account access. In addition, businesses and security professionals routinely monitor the internet environment for emerging dangers. Your broker’s security procedures will prevent the majority of attacks, old and new.
These are typical broker security measures:
- SSL (Secure Sockets Layer) encryption: Typically, this involves employing a 128-bit key to encrypt and decode data files. Generally speaking, 128-bit encryption is considered unbreakable. It would involve an enormous calculation that may take thousands of years to crack.
- Protected servers: Encrypted data is stored in highly protected facilities behind secure, monitored firewalls.
- Dual-factor authentication: This function is an additional authentication step in addition to your passcodes. It would be ideal if you utilized this step.
- Automatic logout: Your account is configured to log you out of your secure session automatically after a period of inactivity. For instance, after 10 minutes of inactivity, the platform may prompt you to confirm your want to continue. If you do not answer, your account is immediately deactivated.
- System surveillance: The financial institution analyzes its whole system on a regular basis for potential security breaches and other dangers such as malware, fraudulent apps, and phishing attempts.
How You Can Safeguard Yourself
Even with the finest security precautions used by your broker, your account cannot be totally secure without your participation. You should take the essential actions to safeguard yourself:
- Install anti-malware and anti-virus software on your PC. This is the finest security you can have against viruses, malware, spyware, and other internet hazards. Additionally, it is essential to ensure that your security programs are frequently updated.
- Use strong passcodes. Most individuals generate user-friendly passcodes. There is a significant preference for readily memorized passcodes. Many people utilize the same passwords across many financial websites. Instead of employing passcodes that are simple to remember, design ones that make no sense.
- None of the words or digits in a strong passcode should be easily associated with you. This indicates that you should not use family names, street locations, or common numbers such as your phone number or date of birth. Use a combination of capital and small characters, numbers, and symbols. It will be less convenient for you, but it will be a lot more difficult for hackers.
- Participate in authentication using two factors. This adds an additional layer to your passcodes. Numerous banking organizations provide two-factor authentication. It would be optimal if you always utilized it. After inputting your passcodes, a verification code must be entered. You enter the code sent to you by your trading app by email or text message in order to access your online account.
- Protect your account details. Be mindful of your surroundings while you log into your account. While signed in, you should never leave your computer alone. Sign out of your account immediately upon completion. And never leave account paperwork where it may be seen by others.
The Conclusion
Your best stock broker in India is your entry point into investing, thus choosing one should not be taken lightly. When selecting a brokerage, it is crucial to analyze your specific investing needs and compare expenses, available investment opportunities, account types, and the broker’s compatibility with your investment strategy. These stock brokers in India may be a good fit for your investment and trading objectives.