The Indian stock market has witnessed a massive surge in retail participation over the past few years, thanks to the rise of discount brokers. These brokers offer low-cost trading solutions, making it easier for individuals to invest in stocks, derivatives, mutual funds, and other financial instruments. With so many options available, choosing the right discount broker can be overwhelming. In this guide, we’ll explore the top 50 discount brokers in India, including popular names like Zerodha, Upstox, and PowerFX, and help you make an informed decision. Whether you’re a beginner or an experienced trader, this article will provide all the information you need to choose the best low-cost trading platform.
What Are Discount Brokers?
Discount brokers are trading platforms that offer low brokerage fees compared to traditional full-service brokers. They provide basic services like buying and selling securities without the added cost of research, advisory, or portfolio management. This makes them ideal for self-directed investors who prefer to manage their own investments.
Key Advantages of Discount Brokers:
- Low Brokerage Fees: Significant cost savings for frequent traders.
- User-Friendly Platforms: Easy-to-use interfaces for beginners.
- Advanced Tools: Access to charting, analytics, and research tools.
- Transparency: No hidden charges or commissions.
Key Features to Look for in a Discount Broker
When choosing a discount broker, consider the following factors:
1. Low Brokerage Fees
- Compare brokerage charges for equity delivery, intraday trading, and derivatives.
- Look for zero brokerage offers on equity delivery trades.
2. Platform Usability
- Ensure the platform is easy to navigate, especially for beginners.
- Check for mobile app availability and features.
3. Range of Investment Options
- Look for brokers offering stocks, ETFs, mutual funds, commodities, and forex.
4. Advanced Trading Tools
- Features like advanced charting, technical indicators, and algorithmic trading can enhance your trading experience.
5. Regulatory Compliance
- Ensure the broker is registered with SEBI and follows regulatory guidelines.
6. Customer Support
- Reliable customer support is crucial for resolving issues quickly.
Top 50 Discount Brokers in India
Here’s a detailed look at the top 50 discount brokers in India, including their key features, pros, and cons.
1. Zerodha
- Overview: India’s largest discount broker, known for its low fees and advanced trading tools.
- Key Features: ₹20 per trade or 0.03% (whichever is lower) for intraday and equity delivery. Kite platform with advanced charting and analytics.
- Pros: Low brokerage, user-friendly platform.
- Cons: Limited research and advisory services.
2. Upstox
- Overview: A popular choice for low-cost trading with a focus on speed and efficiency.
- Key Features: ₹20 per trade for intraday and equity delivery. Upstox Pro Web and Mobile app with customizable dashboards.
- Pros: Fast execution, low fees.
- Cons: Limited investment options compared to competitors.
3. Groww
- Overview: A beginner-friendly platform offering zero brokerage on equity delivery.
- Key Features: Zero brokerage on equity delivery trades. Easy-to-use app for stocks, mutual funds, and ETFs.
- Pros: Great for beginners, no hidden charges.
- Cons: Limited advanced trading tools.
4. 5paisa
- Overview: Known for its affordability and algorithmic trading features.
- Key Features: ₹20 per trade for intraday and equity delivery. Algo trading and research tools.
- Pros: Low fees, advanced tools.
- Cons: Platform can be overwhelming for beginners.
5. Angel One (formerly Angel Broking)
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. ARQ investment engine for personalized recommendations.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
6. Paytm Money
- Overview: A part of the Paytm ecosystem, offering zero brokerage on equity delivery.
- Key Features: Zero brokerage on equity delivery trades. SIP in direct mutual funds.
- Pros: Seamless integration with Paytm, beginner-friendly.
- Cons: Limited advanced features.
7. PowerFX
- Overview: A niche player in forex and multi-currency trading with low fees.
- Key Features: Competitive brokerage fees for forex trading. Secure transactions and user-friendly interface. 100% Deposit Bonus: PowerFX provides a 100% deposit bonus to its traders, enhancing their trading capital.
- Pros: Great for forex traders, low fees, attractive deposit bonus.
- Cons: Limited to forex and currency trading.
8. Samco Securities
- Overview: Known for its flat brokerage fee model.
- Key Features: ₹20 per trade for all segments. Advanced charting and analytics tools.
- Pros: Transparent pricing, strong tools.
- Cons: Limited customer support.
9. FYERS
- Overview: A tech-driven platform with a focus on advanced traders.
- Key Features: ₹20 per trade for intraday and equity delivery. TradingView integration for advanced charting.
- Pros: Great for technical analysis, low fees.
- Cons: Not ideal for beginners.
10. TradeSmart Online
- Overview: A low-cost broker with a focus on customer education.
- Key Features: ₹15 per trade for intraday and equity delivery. Educational resources and webinars.
- Pros: Affordable, beginner-friendly.
- Cons: Limited advanced tools.
11. SAS Online
- Overview: A low-cost broker with a focus on customer satisfaction.
- Key Features: ₹15 per trade for intraday and equity delivery. Free Demat account for the first year.
- Pros: Affordable, good customer support.
- Cons: Limited advanced tools.
12. Wisdom Capital
- Overview: Known for its flat brokerage fee model.
- Key Features: ₹15 per trade for all segments. Advanced charting and analytics tools.
- Pros: Transparent pricing, strong tools.
- Cons: Limited customer support.
13. Tradejini
- Overview: A tech-driven platform with a focus on advanced traders.
- Key Features: ₹20 per trade for intraday and equity delivery. TradingView integration for advanced charting.
- Pros: Great for technical analysis, low fees.
- Cons: Not ideal for beginners.
14. Alice Blue
- Overview: A low-cost broker with a focus on customer education.
- Key Features: ₹15 per trade for intraday and equity delivery. Educational resources and webinars.
- Pros: Affordable, beginner-friendly.
- Cons: Limited advanced tools.
15. Motilal Oswal
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
16. Kotak Securities
- Overview: A part of the Kotak Mahindra Bank, offering low-cost trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Integration with Kotak Bank accounts.
- Pros: Seamless banking integration, beginner-friendly.
- Cons: Limited advanced features.
17. ICICI Direct
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
18. HDFC Securities
- Overview: A part of the HDFC Bank, offering low-cost trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Integration with HDFC Bank accounts.
- Pros: Seamless banking integration, beginner-friendly.
- Cons: Limited advanced features.
19. Sharekhan
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
20. Edelweiss
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
21. Axis Direct
- Overview: A part of the Axis Bank, offering low-cost trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Integration with Axis Bank accounts.
- Pros: Seamless banking integration, beginner-friendly.
- Cons: Limited advanced features.
22. IIFL Securities
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
23. Reliance Securities
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
24. SBI Securities
- Overview: A part of the State Bank of India, offering low-cost trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Integration with SBI accounts.
- Pros: Seamless banking integration, beginner-friendly.
- Cons: Limited advanced features.
25. Karvy Stock Broking
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
26. Geojit Financial Services
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
27. Prabhudas Lilladher
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
28. PhillipCapital
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
29. Anand Rathi
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
30. Centrum Broking
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
31. JM Financial
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
32. IDBI Direct
- Overview: A part of the IDBI Bank, offering low-cost trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Integration with IDBI Bank accounts.
- Pros: Seamless banking integration, beginner-friendly.
- Cons: Limited advanced features.
33. Canara Bank Securities
- Overview: A part of the Canara Bank, offering low-cost trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Integration with Canara Bank accounts.
- Pros: Seamless banking integration, beginner-friendly.
- Cons: Limited advanced features.
34. BOI AXA Securities
- Overview: A part of the Bank of India, offering low-cost trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Integration with BOI accounts.
- Pros: Seamless banking integration, beginner-friendly.
- Cons: Limited advanced features.
35. BNP Paribas Sharekhan
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
36. LKP Securities
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
37. Religare Broking
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
38. Indiabulls Ventures
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
39. Ventura Securities
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
40. Choice Broking
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
41. SMC Global Securities
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
42. RKSV Securities
- Overview: A low-cost broker with a focus on customer satisfaction.
- Key Features: ₹20 per trade for intraday and equity delivery. Free Demat account for the first year.
- Pros: Affordable, good customer support.
- Cons: Limited advanced tools.
43. Astha Trade
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
44. Nirmal Bang
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
45. Aditya Birla Money
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
46. India Infoline (IIFL)
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
47. Religare Broking
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
48. Motilal Oswal
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
49. ICICI Direct
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
50. HDFC Securities
- Overview: A trusted name in the industry with a focus on multi-asset trading.
- Key Features: ₹20 per trade for intraday and equity delivery. Research tools and advisory services.
- Pros: Strong research tools, reliable platform.
- Cons: Higher fees for certain services.
Comparison of Top Discount Brokers
| Broker | Brokerage Fees | Key Features | Best For |
| Zerodha | ₹20/trade | Advanced charting, low fees | Beginners & advanced traders |
| Upstox | ₹20/trade | Fast execution, customizable UI | Active traders |
| Groww | Zero on delivery | Beginner-friendly, mutual funds | Beginners |
| 5paisa | ₹20/trade | Algo trading, research tools | Advanced traders |
| Angel One | ₹20/trade | ARQ engine, multi-asset trading | All traders |
| Paytm Money | Zero on delivery | SIP in mutual funds | Beginners |
| PowerFX | Low forex fees | Forex trading, secure platform, 100% deposit bonus | Forex traders |
Tips for Choosing the Right Discount Broker
- Assess Your Trading Goals: Determine whether you need advanced tools or a simple platform.
- Compare Fees: Look for hidden charges and compare brokerage rates.
- Check Regulatory Compliance: Ensure the broker is SEBI-registered.
- Test Platforms: Use demo accounts to evaluate usability.
- Read Reviews: User feedback can provide valuable insights.
Latest Trends in Discount Broking
- Zero Brokerage Models: Many brokers now offer zero brokerage on equity delivery trades.
- AI and Robo-Advisory: Integration of AI tools for personalized recommendations.
- Mobile-First Platforms: Focus on mobile apps for trading on the go.
- Fractional Investing: Allowing investors to buy fractional shares.
Conclusion
Choosing one from these top 50 discount brokers in India depends on your trading needs, experience level, and budget. Platforms like Zerodha, Upstox, and PowerFX offer unique features tailored for different types of traders. By comparing fees, features, and user reviews, you can find the best low-cost trading platform to achieve your financial goals. If you choose PowerFX, you get a 100% deposit bonus for new traders on our platforms.