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Top 10 Best Discount Brokers in India 2023

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Top 10 Most Popular Discount Brokers in India 2023

Nowadays, discount brokers dominate the stock market due to their low-cost trading services, super-fast and easy-to-use trading platforms, low account opening and maintenance fees, and much more. If you are struggling to find the cheapest discount brokers, we have compiled a list of the top 10 best discount brokers in India 2023 by number of active clients.

There were times when trading on the exchange was way too expensive because of the high percentage of brokerage fees charged by full-service brokers. Later in 2010, Zerodha, the country's first discount broker, launched the cheapest Rs 20 flat brokerage plan, irrespective of the quantity you trade. The pricing model created a massive disruption in the stock brokerage industry.

Later, many new discount brokers like Upstox, 5paisa, Paytm Money, Groww, etc came into the picture offering similar pricing plans. Not only discount brokers but also full-service brokers followed the concept by providing flat brokerage trading plans to their clients.

Who is a Discount Broker?

In simple words, discount brokers are budget brokers that charge you a nominal brokerage fee for trading in various segments. Their brokerage fees are much lower than the full-service brokers. However, these brokers do not provide you with trading tips, investment advice, and research services. They also do not offer dedicated account managers and in-branch customer support.

Discount brokers have a simple and transparent business model to offer an easy, feature-rich, and secure online trading platform and charge a nominal brokerage fee. The main reason for the growing popularity of discount brokers is their flat rates.

Many discount brokers in India offer brokerage-free delivery trading (Cash N Carry, CNC), while a flat brokerage fee is charged for trading in other segments (equity, F&O, commodities, and currencies), irrespective of the trading volume. The flat brokerage pricing plan helps traders and investors save a lot of brokerage costs.

Zerodha, 5paisa, Upstox, Angel One, Groww, etc. have Rs 20 pricing plan while some stock brokers even charge low brokerage fees. ProStocks, Paytm Money, and Stoxkart, for example, charge the cheapest fixed brokerage fee of Rs 15 per traded order across all segments.

Some discount brokers also have a unique pay-as-you-earn profit pricing plan, where no brokerage fees are charged for loss-making trades. This means that you only pay brokerage fees if your trades are profitable. Espresso Sharekhan is one such broker.

Characteristics of the best discount brokers

A good discount broker is one which has the following features;

  • Competitive flat brokerage fee
  • Good reputation with a significant customer base
  • Latest technology and user-friendly trading platforms
  • Advanced charting and technical tools for technical analysis
  • Affordable account maintenance charges
  • Low customer complain ratio to active clients
  • No hidden charges

Zerodha is the country’s largest or number 1 discount broker that alone captures nearly 20% market share. Check out a list of the top 10 best or the most popular discount brokerage house in India 2023 by a total number of customers. Among all, select the right discount broker that best suited your profile requirements.

List of Top 10 Most Popular discount brokers in India 2023

Rank Broker Client Numbers Brokerage per order Review Request Callback
Prostocks*Rs 15Prostocks ReviewOpen Account
1Zerodha6324623Rs 20Zerodha ReviewOpen Account
2Groww5988584Rs 20Groww ReviewOpen Account
3Angel One4554559Rs 20Angel One ReviewOpen Account
4Upstox2145881Rs 20Upstox ReviewOpen Account
5Paytm Money660055Rs 20Paytm Money ReviewOpen Account
65paisa516236Rs 205paisa ReviewOpen Account

Zerodha Trade@20

Want to start your investment journey, join India’s number one online broker – ZERODHA – Free Delivery Trade, Maximum Rs 20 for F&O and Intraday, Free Direct Mutual Fund investment.Open Zerodha Account

7Fyers190643Rs 20Fyers ReviewOpen Account
8Nuvama Wealth188474Rs 10Nuvama Wealth ReviewOpen Account
9SAMCO77216Rs 20SAMCO ReviewOpen Account
10TradeSmart32439Rs 15TradeSmart ReviewOpen Account

Best discount brokers in India 2023 - Final Verdict

Zerodha is the granddaddy of all discount brokers and tops the rankings. Customers can instantly open an online account with Zerodha and start trading in intraday, F&O, commodities and currencies at a maximum price of Rs. 20 per order. Its all-in-one Kite platform is one of the best platforms for online trading with excellent charts, easy-to-use interface, and security.

Groww is the second best or leading discount brokerage company followed by Angel One, Upstox and 5paisa. If you are looking for alternatives to Zerodha, these brokers are recommended.


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 2nd 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.


User Reviews

2. Vinay Jain Sep 21 2022 12:01:56 PM Reply
Thanks,, I open my account with Zerodha and am happy with the service that I am getting. Account opening is very easy.