Best Discount Broker in India | Top 10 Discount Brokers

In the first five months of the year 2022, the Indian brokerage sector grew by 34 percent due to increased retail engagement. So, we decided to compile a list of the best discount broker in India. Let’s examine the Top 10 Discount Brokers offering a variety of services and rapidly growing their customer base.

Between April and June of 2022, 24 million new demat accounts were established, which may come as a surprise. Due to their tech-driven business structures, discount brokers captured the majority of this market share.

What is a discount broker exactly? And why are they so popular in India? Which discount broker is the finest in India? Let’s search for solutions to these intriguing questions.

What exactly is a discount broker Meaning?

As the name implies, Discount Broker is a broker that provides its clients with a discount on brokerage fees.

Zerodha, the pioneer in the discount brokerage business, began this trend in 2010, and the flat charge, regardless of deal size, attracted many traders. Traders and investors began transferring from ICICI Direct and HDFC Securities, two prominent full-service brokers. This was mostly due to the fact that full-service brokers charged a percentage of the deal size.

Therefore, the best discount broker in India prioritized offering consumers the ability to trade with little infrastructure. And because the consumer is king, it compelled many conventional brokers to adopt simple programs with a flat cost structure.

Now that you understand what a discount broker is, let’s immediately proceed to the list of leading the best discount broker in India.

How is a discount broker distinct from a conventional broker?

In various ways, discount brokers in India differ from their conventional counterparts. While trade services may be at the foundation of both of their operations, the distinction resides in:

Commissions for brokering

In India, discount brokers often charge a flat fee between Rs. 10 and Rs. 20 each executed order. However, conventional brokers may charge a commission fee equal to a percentage of the trade’s value. It might range anywhere from 0.10 percent and 0.75 percent.

Service class

The portfolio of a full-service broker may extend well beyond the provision of trading services. It may include products such as:

Market insights
Research
Tax advisory services
Investment advisory services

Registrar services

These systems are operated by teams of highly compensated analysts and consultants. It increases the administrative costs of traditional brokers and drives up the cost of their services.

In contrast, cheap brokers adhere to a “no frills” business strategy. By concentrating solely on transactional services, they reduce expenses. The advantages are passed on to you in the form of discounted prices. In addition, bargain brokers conduct business online. It adds further to lower expenses and improved accessibility.

Market inputs

If you are an experienced investor capable of completing your own research, a discount broker may be the best option for you. If, on the other hand, you are new to trading and lack the ability to watch and comprehend the markets, traditional brokers are your best option. This is because they have an in-house team of highly qualified researchers that collect the necessary data to assist you in making an informed decision.

Customer service

In addition to delivering fundamental services online, discount brokers communicate with customers primarily through web-based services such as email and chats. The best stock broker in India use chatbots linked with AI and machine learning to provide round-the-clock client care.

Traditional brokers, on the other hand, communicate with customers using a combination of online and physical services. In addition to digital channels, physical touchpoints such as relationship manager support, branch service, and door-to-door service are also utilized.

List of the Top 10 Discount Brokers-

Rank Broker Active Clients Demat AMC Brokerage

Zerodha 2220505 First Year Free, Second Year ₹400 ₹ 20 / Executed Order
Upstox 1633678 300 Rs 20 per executed order or 0.05% whichever is low
ICICI Direct 1278987 700 ₹ 20 / Executed Order
Angel Broking 1231392 450 ₹ 20 / Executed Order Or 0.25% (Whichever Is Lower
HDFC securities 735411 750 ₹ 20 / Executed Order Or 0.01% (Whichever Is Lower
Paytm Money 685610 300 ₹ 10 / Executed Order Or 0.05% (Whichever Is Lower
Sharekhan 683101 400 ₹ 50 / Lot

Here is a comprehensive list of the most popular brokerage businesses in India, the Top 10 Discount Brokers in India:

1. Zerodha – Best Discount Broker in India

Zerodha, founded by the Kamath Brothers, is the best stock broker in India, with more than 30 lakh clients accounting for 15 percent of retail transactions.

Zerodha’s trading platforms provide sophisticated charts and tools. Additionally, it may be integrated with Smallcase, Streak, and Sensibull. The Economic Times gave it the Startup of the Year award in 2020.

Zerodha Products

Kite is Zerodha’s premier trading platform for streaming market data, sophisticated charting, etc. via the Web, Android, and iOS devices.
Console: The dashboard that displays detailed portfolio reports with visualizations.
A site where Direct Mutual Funds can be purchased online commission-free. They are added to your demat account after purchase.
Kite Connect API: Kite Connect API may be used by startups to create new trading and investing platforms.
Varsity mobile is an effective learning tool that offers several stock market classes with full explanations and illustrations.
Sentinel is an excellent tool for generating real-time market notifications based on price, volume, transaction volume, or open interest.

Zerodha – Principal Attributes

You can receive equities and direct mutual funds at no cost.
Flat Rs. 20 for Intraday, Futures, and Options trades.
A combination of excellent customer service and rapid reaction time.
Advanced tools and graphics simplify technical analysis.

2. Upstox

Upstox is one of the most rapidly expanding discount brokers offering minimal commissions, user-friendly trading platforms, and high leverage. With backing from Kalaari Capital, GVK Davix, and Ratan Tata, it is the largest discount broker offering stocks, currencies, and commodities after Zerodha.

Upstox Merchandise

Pro Web is an HTML-based, highly-customizable platform developed for professionals with the greatest charting tools and more than 100 indicators.
Pro Mobile is a stripped-down version of Pro Web that does not have all of its capabilities. It operates on both iOS and Android. Key perks include instantaneous notifications and On the Go trading.
As its name implies, it is designed for developers who wish to create their app on the Upstox platform.
Algo Lab is a bridge for AmiBroker that allows you to develop AmiBroker AFL strategies and trade on Upstox.

Upstox – Principal Features

Account opening that is expedient and paperless.
Free distribution of equity.
Margin is available against shares.
Priority brokerage at Rs 30 per trade, or 0.10% (whichever is lower).

3. 5Paisa

As a member of the IIFL group, 5Paisa is one of India’s leading discount brokers with a flat fee structure. In addition to stocks, commodities, and currencies, it provides insurance, mutual funds, and personal loans.

5Paisa provides a mobile trading app, TradeStation for web, TradeStation for desktop, and Algo Trading for your trading convenience.

5Paisa Products

Swing Trader is an excellent tool for short-term trading that combines technical and fundamental research.
Gain access to fundamental analysis and reports written by a research team, which will assist you in selecting long-term investments.
Smallcase enables you to construct a long-term, low-cost, diversified portfolio as advised by industry professionals.
SensiBull is optimal for trading options with a large number of screeners, data, and technical analysis. The added benefit of free education, paper trading, loss protection, and Whatsapp notifications is substantial.

5Paisa – Key Highlights

Free distribution of equity.
Flat rate of Rs. 20 per order for intraday trades in equities, F&O, and currencies.
Free stock market advice.
Insurance and Mutual Funds are accessible via the same account.
Investing in US equities commission-free.

4. Wisdom Capital

Wisdom Capital, which was founded in 2013, offers affordable and distinctive pricing that attracts a large number of consumers. It offers equities, F&O, currencies, and commodities on NSE/BSE and MCX/NCX, respectively. Despite offering three price levels, the FREEDOM plan is the most popular owing to the absence of brokerage fees.

Services of Wisdom Capital

In addition to stock trading, derivative trading, and commodities futures, Wisdom Capital offers the following services:

Wisdom Data Feed: Data feeds and charting tools from industry leaders, including Meta Trader, Ami Broker, Ninja Trader, etc.
The Wisdom Trading School: Before entering the actual market, it is generally prudent for novice traders to acquire market information from reputable educational resources.
Financial Advisory Services: Plan the correct strategies to achieve your set objectives.
Invest in several types of mutual funds, such as Equity, Hybrid, Debt, and ELSS.
Insurance: Life insurance, auto insurance, health insurance, term plans, and ULIP plans are available.

Wisdom Capital — Principal Features

There are no Account Opening fees for any of the three available plan choices.
Demat account maintenance is a one-time fee of Rs. 999 plus applicable taxes.
Zero commissions apply to the FREEDOM plan.
Profit margins are greater with the Pro and Ultimate plans.

5. SAMCO Discount Broker

SAMCO.IN, a discount broker founded in 2015, focuses on cheap commissions and strong profitability. You may employ up to 4x margins for equities delivery (cash market sector) and 3x and 20x margins for purchasing and selling options, respectively.

SAMCO Merchandise

SAMCO Trader is a desktop trading program that may be installed on a Windows-based computer.
StockNote is a mobile application compatible with both Android and iOS.
With StockNote Web by Giga Trading Engine (SAMCO’s own engine), you may trade on the web.
The APIs for StockNote: With FREE access to StockNote APIs, you may create and implement your own algorithm-based trading strategies.
Again, a basket of stocks chosen by professionals is a suitable investment for novices.
RankMF is a mutual fund investment platform accompanied by analysis and ratings.

SAMCO Key Features

Free account registration.
Increased Margin and a flat rate of Rs. 20 each deal.

6. SAS Online

By providing brokerage rates as low as Rs. 9 per trade, SAS Online was able to compete with heavyweights by targeting millennials and others who want to save on brokerage expenses.

You may trade stocks, commodities, and currencies.

Online SAS Products

● Alpha Trader is a respectable trading software with scanning capabilities, several technical indicators, and customisable charts.
● Alpha Web: Almost the same platform, with the exception that it is available over the web.
● SAS Alpha Mobile: Trading made simple, with a notification alert function and all the fundamental tools and utilities necessary.

SAS Online – Key Features

Flat Rs. 9 per trade across all categories.
Up to 20x leverage in cash and equity.
Maximum leverage of 5x on NFO and MCX.
Margin against shares available.
There are unlimited commodity, equities, and currency trading programs available for Rs 999, Rs 999, and Rs 499 per month, respectively.

7. Tradejini

Tradejini, a Bangalore-based business founded in 2012, offers trading in equities, commodities, currencies, ETFs, and mutual funds. Single Integrated platform facilitates simple management. The brokerage costs are industry-competitive.

Tradejini Products

NEST Trader: An intuitive and user-friendly desktop software built for professional traders that supports Multi Exchange, Multi Segment, with complex order types and real-time scrip quotations.
Web-based: NSE’s innovative NEAT on the Web provides you with direct access to NSE servers, increasing your efficiency.
NEST Mobile: Trading application filled with charts, quotes, and other amenities for mobile market monitoring.

Tradejini — Principal Attributes

Reduced brokerage fees
Internal CDSL DP
Up to 10x intraday equity margin.

8. Trading Bells

Trading Bells, a franchise of IIFL Securities Ltd., is a discount broker that focuses on technology and client care in addition to cheap brokerages. In addition to stocks, commodities, and currencies, it offers mutual funds, initial public offerings, and research services.

Trading Bells – Principal Features

Free distribution of equity.
Flat Rs. 20 per trade throughout remainder other categories.
Up to 22x margin for intraday equities cover orders.

9. TradeSmart Online

TradeSmart Online, unlike the brokers listed above, is an initiative of VNS Finance, which has over 20 years of expertise in the Stock Markets. It provides equities, commodities, and currency services to more than 75,000 customers and has a turnover of more than 8,500 crores.

TradeSmart Online Merchandise

Android and iOS versions of an application that enables trading in Cash, F & O, Currencies, and Commodities on NSE, BSE, and MCX.
Swing is a simple and small mobile application that supports all order kinds and includes graphing, calculators, and analytic tools.
Swing API allows you to develop your own trading application to meet your own trading requirements.
Box: Easily access your account information, portfolio, and reports from your mobile device.
TradeSmart MF is a user-friendly interface for managing all of your mutual funds with real-time information and summaries.
TradeSmart also sells products from other parties, including Dartstock, Fox Trader, and Nest Trader.

TradeSmart Online: Key Features

Reduced Brokerage fees.
Higher margins of up to 30x on intraday equities cover transactions.
Margin relative to shares.
There is no minimum balance requirement.

10. TradePlus Online

TradePlus, the brokerage arm of Navia Markets Ltd., is a bargain broker with a solid reputation. This bargain broker allows you to invest in stocks, derivatives, IPOs, mutual funds, and bonds.

TradePlus Merchandise

Infini Trading Solutions (ITS): An intuitive, user-friendly, and feature-rich desktop, online, and mobile trading platform.
Rocket Trading Solutions has excellent charting capabilities, a clear user interface, and is housed securely on BSE’s cloud solutions.
TradeSenze is a MetaTrader 4 analytical platform that facilitates profitable trading.
Infini MF: With Infini MF, you may invest in Direct Mutual Funds without incurring any fees or transaction costs.

TradePlus – Key Features

Differentiated Pricing for both active and passive traders.
Annual Maintenance Fees are inexpensive when paid for five or ten years in advance.
No AMC fees for the first year.

Therefore, who is the finest bargain broker? After determining your requirements, priorities, and trading style, only then will you be able to extract the accurate answer. Of course, you will take into account all elements, such as commissions, AMC fees, tools and utilities, customer service, and clear pricing.

With the increasing number of dealers and investors in a major market like India, this business has a great deal of development potential. Choose the full-service or bargain broker carefully, and also consider referral programs, promotions, and cashbacks that brokers give for new customers.