Top 10 Discount Brokers in India

Zerodha is the best discount broker in India, not only on the ground of low-cost trading costs but also due to the superfast Kite trading platform, Kite mobile app, Coin MF platform, and excellent online customer support.

• Around 6 million active clients with an 18% market share.
• Instant paperless account opening process
• Zero brokerage delivery trading (investment in shares)
• Max Rs. 20 brokerage on other segments
• Ultrafast and feature-rich Kite web and mobile app platform
• Commission-free investment in direct mutual funds on the Coin platform
• Varsity, a free stock market learning platform from beginners to expert level traders.
• Low maintenance cost and no hidden charges.

Upstox is one of the fastest-growing discount brokers in India after Zerodha. It is a part of RKSV Securities backed by top investors like Kalaari capital, and Ratan Tata. The online stock brokerage firm has an active client base of around 5 million, ranked as 2^nd largest discount broker after Zerodha. The broker offers online trading in equity, F&O, MCX, and currency segments at Rs. 20 flat brokerage irrespective of the volume of trade.

The Pro platform by Upstox is one of the top-rated apps with a range of useful features like multiple watchlists, real-time market data, stock news, charts, technical indicators, easy fund transfer, and guest login. Customers can access the Pro platform on a browser-accessible HTML website or download the Pro mobile app on the play store and app store.

Paytm Money is the cheapest discount brokerage house in India that charges Rs. 0 brokerage on delivery trading, and flat Rs. 10 per order on intraday and derivatives trading. Its Rs. 10 fixed pricing model is the lowest or cheapest model in India than top brokerage firms like Zerodha, Upstox, and Groww. However, the broker only provides equity and F&O trading and doesn’t offer commodity and currency trading services.

While, if you only trade in intraday, then Prostocks is the best discount broker because its monthly unlimited trading plan charges zero brokerage on per intraday trade by paying a fixed monthly fee of Rs. 899 per month.

Discount brokers do not offer research and advisory services to clients. However, there are a few brokers who provide such facilities, 5Paisa and Angel one are the two that provide equity research and intraday trading, tips, & recommendations to users.

Discount brokers are safe for online trading and investment because all brokers, whether full-service brokers or discount brokers are highly regulated. All top discount brokerage houses such as Zerodha, Upstox, 5paisa, and Groww are registered trading members of BSE, NSE, SEBI, or a depository participant with either CDSL or NSDL or both. The exchange and the SEBI market regulator oversee all transactions conducted through any discount broker. Even if any broker shuts down or bankrupts, then your investment is completely safe because you can open a new trading account with another broker with the same DP and track your transaction online.