10 Best Discount Brokers in India

Exactly like me, you might have made up your mind to open your account with one of the Discount brokers to save on brokerage.

Out of around 50 such brokers available today, I am listing down top 10 discount brokers in India in this article.

One of the primary motive for me to switch from full service broker to a discount broker was brokerage. But initially I was afraid about their quality of service.

But soon I discovered that discount brokers are in no way lesser than premier brokers, in fact what I found that their trading platforms is superior than many established brokers.

Who are Discount Brokers?

top-10-discount-brokers-in-india

Before year 2010, all the stock brokers used to charge certain percentage of traded value as their brokerage fee usually around 0.5%. More the invested value, higher the commission you pay.

But a new type of stock brokers started around 2010 who charge fixed fee around Rs20 irrespective of traded value. This resulted in saving lot on brokerage and I also benefited from them.

But make sure that you open account with only best discount broker to avoid any kind issues in future.

Some of the characteristic of typical discount stock brokers are

  • Fixed flat fee brokerage structure
  • No research or advisory services
  • Not huge physical presence
  • Online account opening through Aadhar

Best Discount Brokers of India

1) Zerodha

zerodha-logo-1

Pros:

  • Free delivery based trades and maximum of Rs20/trade in other segments
  • First Discount broker of India and Best discount broker with highest number of customers
  • Taken initiative to educate common investors through open platform Zerodha Varsity
  • State of the art trading platforms such as Zerodha Kite
  • New direct mutual fund investment platform called Coin

Cons:

  • Not possible invest in IPOs directly
  • Call and trade is chargeble

2) Upstox (Formerly known as RKSV)

Pros:

  • Zero commission on delivery trades
  • Free Demat account opening and lower annual maintenance charges
  • Maximum Rs20 Per trade for non delivery trades
  • Superior Trading platform Upstox Pro

Cons:

  • Pricing is almost similar to Zerodha
  • Average customer care

3) Tradejini

Pros:

  • Unlimited trading across all segments for first 30 days
  • High Exposure for intraday trades
  • Maximum Rs20 Per trade for non delivery trades
  • Variety of investment products

Cons:

  • No in-house developed trading platform like Zerodha and Upstox
  • Only non-agricultural commodity trading is allowed

4) SASOnline

sas-online-logo

Pros:

  • Lowest Brokerage in discount brokerage industry (Rs 9/trade)
  • Availability of unlimited trading plans (Rs 999/month)
  • Maximum Rs9 Per trade for non delivery trades

Cons:

  • Not so good back office
  • Average Customer care

5) Trade Smart Online

tradesmartonline-logo

Pros:

  • Lowest Brokerage in discount brokerage industry (Rs 9/trade)
  • Availability of unlimited trading plans (Rs 999/month)
  • Maximum Rs9 Per trade for non delivery trades

Cons:

  • Not so good back office
  • Average Customer care

6) Trade Plus Online

trade-plus-online-logoPros:

  • Cheapest per month brokerage charges of Rs99
  • AMC charges for 5 and 10 years are available and at very low cost
  • Aadhaar based account opening is introduced

Cons:

  • Very less exposure (Margin) compared to other brokers
  • Except brokerage all other charges are high

7) MyValueTrade

my-value-trade-logo

Pros:

  • Availability of unlimited trading plans for Rs1000/month and Rs10,000/month
  • One of the very few established discount broker in North India

Cons:

  • Very less exposure (Margin) compared to other brokers
  • Average Customer support

8) RK Global

RKGlobal-logo

Pros:

  • Lower brokerage charge of Rs 9
  • Low account opening and maintenance charges
  • Constantly publishes research reports and trading recommendations

Cons:

  • No mobile app for trading
  • Lower margin compared to other brokers

9) Ashta Trade

astha-trade-logoPros:

  • High exposure of 40 times for intraday
  • Availability of different investment products
  • Decent customer service

Cons:

  • Not so great trading platforms
  • High account opening charges

10) 5paisa

5Paisa-logoPros:

  • Subsidiary of India Infoline which is one of the well known full service stock broker
  • Free research and reports
  • Good trading platforms

Cons:

  • Not so good mobile trading app
  • No provision to trade in commodities

Why Open account with Discount Brokers?

  • Biggest reason what I found is they don’t disturb me calling repeatedly to trade just to generate brokerage
  • Lower brokerage and resulting in overall profit
  • Multiple educative initiative and free to all type of modules
  • High importance to trading platform and across all devices

Conclusion about Best Discount Brokers in India

I know that the list might have missed some of the other India’s top discount brokers. What I have listed is theĀ  prominent brokers who are known for their reliability and performance. The list not about their ranking but just information about each one of them.

You can open demat account with any of the above leading brokers and if you already have account with any one of these 10 popular discount brokers, please let me know your experience through the comments.



List of My Other Posts:

Major Discount Brokers of India :

Top 10 Discount Brokers in India, Zerodha, Upstox

Major Full Service Brokers of India:

Angel Broking

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