List of Top 10 Best Discount Broker in India 2021

What are the details about the Best Discount Broker in India?

The Best Discount brokers India was established in 2010 and a More reliable business model in India as online penetration has grown over their ideas. As a result, we decided to Compilation of a huge set-list of the top discount brokers in India. 

Best Discount broker in India | Top 10 Discount Brokers in India

The  Best discount broker in India is mostly focused on the number of trades completed and they became able to draw a larger number of buyers than the more costly conventional brokers. Following this revolution, numerous Full- Service Stockbrokers and companies began to imitate the trend and sell similar lower-cost schemes.

Discount brokers have increased in popularity in recent years, almost a decade after they first came on public notice. Many of these discount brokers are well defined and can dominate large traditional businesses. In this article, I will write about the best discount broker in India are being discussed.

This section evaluates major Top 10 discount brokers in India, including their, pros and cons, and more. By the end of this post, you will have a greater understanding of the different discount brokers in India, allowing you to choose the right fit for you. Let’s get this for you

Top 10 Best Discount Broker in India (Review & Comparision):

Here, is the list of Top 10 discount brokers in India:

Sl.noBroker name Discount Broker Ratings
1Zerodha9.47/10
2Upstox9.37/10
35Paisa9.18/10
4Angel Broking9.12/10
5SAS online9.15/10
6Samco9.01/10
7Wisdom Capital8.98/10
8Trade Smart8.76/10
9Groww8.23/10
10Trade Jini8.16/10

#1. Zerodha Discount Broker:

ZERODHA | India's best discount broker
Zerodha Discount Broker Logo

Zerodha is India’s biggest discount broker, with over 1.3 million customers, and the first to use fixed brokerage rates. Zerodha charges a fixed intraday brokerage of Rs. 20 per transaction and no shipping brokerage.

Because of its sophisticated charts and instruments, Zerodha is the first preference of most traders. You can link your Zerodha account to other services such as Sensible, Streak, and Small Case.

You should expect excellent customer service from the moment you open your account and during your business journey. Customer service can be impossible to reach, as with most discount brokers.

Zerodha is also on the top list of High leverage brokers in India.

Zerodha customer Rating:

CriteriaRatings
Product & Services9.2 / 10
Research & Advisory9.1 / 10
Trading Platform9.0 / 10
Brokerage Charges & Fees9.4 / 10
Broking Experience9.6/ 10
Overall Rating9.4/10
Customer Rating★★★★★

The Benefits and Drawbacks of Zerodha:

Pros:

  • There is 0 brokerage on Equity delivery.
  • The maximum brokerage per transaction is Rs 20.
  • Trading platform that is both advanced and user-friendly
  • Customer service and brand recognition are extremely important.
  • Direct Mutual Fund Investing Using the Same Demat And Trading Account

Cons:

  • In comparison to other brokerage firms, the margin offered is modest.
  • It is not possible to invest in an IPO by Zerodha.

#2. Upstox Discount Broker:

Upstox logo| Top Discount Broker In India
Upstox Discount Broker logo

For traders looking for cheap brokerage, high margins, and strong trading sites, Upstox is one of the best discount brokers in India.

For higher profits, you can trade with low trading fees of Rs 20 per trade and high margins of up to 28X. For value investing, the stock distribution is free.

Upstox’s high-tech and sophisticated trading tools are what I like most about it. Upstox recently surpassed 10 lakh subscribers, making it the second-largest discount broker after Zerodha.

Upstox customer Rating:

CriteriaRatings
Product & Services9.25 / 10
Research & Advisory9.1 / 10
Trading Platform9.23 / 10
Brokerage Charges & Fees9.51 / 10
Broking Experience9.0/ 10
Overall Rating9.37/10
Customer Rating★★★★★

The Benefits and Drawbacks of upstox:

Pros:

  • Excellent trading platforms
  • There are no delivery brokerage fees.
  • Regardless of exchange volume, fix and low brokerage
  • Upstox has a comprehensive online account opening process.

Cons:

  • Upstox does not allow you to invest in FPOs or IPOs.

#3. 5Paisa Discount Broker:

5Paisa Third largest Discount Broker In India
5Paisa Discount Broker Logo

5Paisa is India’s lowest brokerage charges best discount brokers, with a flat trading rate of Rs. 10 per transaction on the platinum and titanium plans.

5Paisa is ideal for traders who need an easy-to-use trading platform and for large traders looking to save cash on brokerage fees. 5paisa mobile trading app is the best trading app for smartphones currently available.

The fastest and most convenient aspect of 5Paisa is its paper-free account opening method. I was able to finish all of the paperwork in 10 minutes.

5paisa Customer Rating:

CriteriaRatings
Product & Services9.05 / 10
Research & Advisory9.2 / 10
Trading Platform9.3 / 10
Brokerage Charges & Fees9.1 / 10
Broking Experience9.6/ 10
Overall Rating9.16/10
Customer Rating★★★★★

The benefits & Drawback of 5paisa :

Pros:

  • Excellent customer service
  • Excellent trading platform
  • Account opening is a paper-free and fast operation.
  • Reduced and fixed brokerage fees (no complexity)
  • 5Paisa has a comprehensive online account opening method.

 Cons:

  • Trading over the network is very expensive
  • Around peak trading hours, some traders experienced server problems.

#4. Angel Broking Discount Broker:

Angel Broking Best Discount Broker In India
Angel Broking Discount Broker logo

angel broking, Before 2019, they used a full-service brokerage model. However, due to demand, they have reduced their brokerage costs, & Angel Broking launch and rebranded as a discount broker in 2019 after following the discount brokerage concept.

They are possibly India’s oldest discount broker, having been established in 1987. Aside from investing, they provide a broad range of options such as mutual shares, stocks, insurance policies, and Portfolio Management Services (PMS).

Angel broking customer Rating:

CriteriaRatings
Product & Services9.05 / 10
Research & Advisory9.2 / 10
Trading Platform9.3 / 10
Brokerage Charges & Fees9.1 / 10
Broking Experience9.6/ 10
Overall Rating9.12/10
Customer Rating★★★★★

The benefits and drawback of angel broking:

Pros:

  • One of India’s most trusted brands.
  • A large network of sub-brokers and franchises is available.
  • Artificial Intelligence-based investment fund (ARQ).
  • Excellent trading platform.
  • A good team of research analysts who provide research analyses and advice.

Cons:

  • Set monthly brokerage options are not available.
  • The guidelines are primarily robotic, ideal is the ideal solely dependent on their algorithms.
  • The cost of a call and trade is Rs20.

#5. SAS Online Discount broker:

SAS online list of Top Discount Broker In India
SAS Online Discount broker logo

If your primary aim is to save money on brokerage, this is one of the biggest and cheapest discount brokers in India. Though not as well-known as the previous on the list, they are making a name for themselves, especially in northern India.

Their brokerage fees start at Rs 9 per executed order. They also offer monthly unrestricted plans for equities at Rs 999 and currencies at Rs 499.

SAS online customer Rating:

CriteriaRatings
Product & Services9.04 / 10
Research & Advisory9.0 / 10
Trading Platform8.0 / 10
Brokerage Charges & Fees8.1 / 10
Broking Experience8.6/ 10
Overall Rating9.15/10
Customer Rating★★★★★

The benefits & drawback of SAS online :

Pros:

  • Brokerage is the lowest in the discount brokerage company (Rs 9/trade).
  • Unlimited trade plans (Rs 999/month) are available.
  • Non-delivery transactions are limited to a maximum of Rs9 per trade.

Cons:

  • There is no support for NRI trading.
  • There is no support for initial public offerings (IPOs) or mutual funds.

#6. Samco Discount Broker:

Samco | Best Discount Broker In India
Samco Discount Broker Logo

Samco is well-known for its low commission fees and high visibility, margin products, and free trade products. Samco has a special aspect in that you can borrow against stocks and other financial goods.

Samco is a member of the BSE, NSE, MCX, MCX-SX, and NCDEX as well as permits anyone to trade on these exchanges Equity, Currency, Commodity with ETFs that invest in bonds.

Samco customer Rating:

CriteriaRatings
Product & Services9.0 / 10
Research & Advisory8.6 / 10
Trading Platform8.10 / 10
Brokerage Charges & Fees8.3 / 10
Broking Experience8.1/ 10
Overall Rating9.0/10
Customer Rating★★★★★

The benefits & drawback of Samco:

Pros:

  • Low brokerage fees
  • Large profit margins
  • There are no account opening fees.
  • Customer support is good.

Cons:

  • The trading website with poor performance.
  • Investment in initial public offerings (IPOs) and mutual funds is not encouraged.

#7. Wisdom Capital Discount Broker:

 Wisdom Capital Best Discount Broker
Wisdom capital discount broker

Wisdom Capital is the best discount broker in India and one of the leading stock broking companies in the world. Wisdom Capital and Ashlar Securities formed a joint venture in 2013 to form the firm. In terms of stockbroking and dealing, the company provides a wide range of goods and services to its clients. Wisdom Capital operates intending to deliver the best offers and profits to its clients while maintaining product and service efficiency. Wisdom Capital Advisors Pvt. Ltd. is based in the Uttar Pradesh technology hub of Noida.

Wisdom Capital is a group of industry professionals who work tirelessly to expand the discount broking market and provide support to its clients at all times. Wisdom Capital has three distinct brokerage plans, each with exclusive features and fees. Along with this, numerous facilities, such as Wisdom Capital brokerage calculators, make it simple for its customers to gain insight into stock changes in the market.

Wisdom capital Customer Rating:

CriteriaRatings
Product & Services8.7 / 10
Research & Advisory9.6 / 10
Trading Platform8.9 / 10
Brokerage Charges & Fees8.8 / 10
Broking Experience8.2/ 10
Overall Rating8.98/10
Customer Rating★★★★

The benefits & drawback of wisdom capital:

Pros

  • Multiple brokerage plans 
  • low brokerage and high exposure broker
  • Average Trading Platform

Cons 

  • You are not permitted to trade in IPOs, FPOs, Mutual Funds, FDs, NCDs, or Offers for Sale (OFS)

#8. Trade Smart Discount Broker:

Trade Smart Best Discount Broker in India
Trade Smart Discount Broker logo

Trade smart is the best discount broker headquartered in Mumbai, India, ideal for investors and traders looking for low brokerage and high margins and a Best Trading Platform. Trade smart online, unlike other discount brokers, is not a new business. It is a subsidiary of the +25-year-old VNS Finance & Capital Limited, a conventional broker in India. It has over 55,000 satisfied customers and a regular turnover of more than Rs. 5100 crores.

Trade smart online provides brokerage services in the stock, futures & options, commodity, and currency trading categories.

Trade smart Customer Rating:

CriteriaRatings
Product & Services8.5 / 10
Research & Advisory8.6 / 10
Trading Platform8.0 / 10
Brokerage Charges & Fees7.9 / 10
Broking Experience8.4/ 10
Overall Rating8.76/10
Customer Rating★★★★★

The benefits & drawback of trade smart:

Pros:

  • Brokerage Plans with Low and Distinctive Fees,
  • Increased trading margins,
  • There are no extra program fees.
  • For the first year, there is no Demat Account Manageme Charges fee.

Cons:

  • There is no three-in-one account open.
  • There will be no direct IPO investment.

#9.Groww:

Groww Online Discount Broker In India
Groww Discount broker logo

Groww is one of India’s fastest-rising investment sites. Groww is a brand of Nextbillion Technology Private Limited, a SEBI-registered stockbroker and NSE and BSE affiliate. Grove, a Bangalore-based startup, was established in 2016 as a forum for direct mutual fund investment. The company has provided share trading to satisfy the increasing need for stock trading in the aftermath of the outbreak.

The aim of developing the Groww App was to build a strong and simple-to-use app for trading from anywhere. As a result, the app’s ideology is that “investing should be as easy as online shopping.” Mutual Funds, Demat Services, Trading Services, Intraday Services, IPO Services, and Trading Exposure are now available from the group.

Grow Customer Rating:

CriteriaRatings
Product & Services8.52/ 10
Broking Experience8.63 / 10
Trading Platform8.01 / 10
Research & Advisory8.04 / 10
Brokerage Charges & Fees8.02/ 10
Overall Rating8.23/10
Customer Rating★★★★★

The benefit and drawback of grow:

Pros:

  • The user interface is simple and easy to use.
  • Stocks, mutual funds, gold, and US stocks will all be invested in through a single network.
  • There is an investment facility for US stocks open.

Cons:

  • Futures and options (derivatives), currency, and commodity trading are not yet open.
  • As a recent entrant, the trading platform has yet to be reviewed to ensure that it operates seamlessly on busy trading days.

#10. Trade Jini:

Trade Jini online discount Broker In India
Trade Jini Discount broker logo

TradeJini Financial Services Ltd. is a discount broker headquartered in Bengaluru with a maximum brokerage of Rs. 20 per executed order.

You will exchange on the NSE, BSE, MCX, and MSEI via the brokerage. Aside from stocks and derivatives, one can trade/invest in debt securities, mutual funds, and exchange-traded funds (ETFs).

Trader jini customer Rating:

CriteriaRatings
Product & Services8.02/ 10
Broking Experience8.33 / 10
Trading Platform8.06 / 10
Research & Advisory8.09 / 10
Brokerage Charges & Fees8.12/ 10
Overall Rating8.16/10
Customer Rating★★★★★

The benefit and drawback of Trader jini:

Pros:

  • Allows for the purchase of mutual shares, stocks, and exchange-traded funds (ETFs)
  • Flash platform for curated financial and business news

Cons:

  • Account opening form must be couriered
  • RMS team charges Rs. 20 for intraday (MIS) places squared

What is a Discount Broker?

A discount broker is a stockbroker who handles buy and sell orders at a very low or flat fee, as opposed to conventional brokers who charge a portion of the purchase value. Discount brokers can offer comparable or superior offerings in some situations because they use technology, do not invest in offices, and use new tools to meet client demands, passing on all savings to the customer in the form of lower brokerage commissions.

This broker is also defined as online discount brokers because they handover full ownership and control of the customer’s account to the customer himself by envisioning and designing advanced, effective, and simple-to-use digital solutions that exclude all middlemen, resulting in lower costs for the broker and higher savings for the customer.

They are referred to as discount brokers because their trading fees are minimal or discounted. Since investors may perform their investing activities electronically through digital channels, they are often referred to as online discount brokers. 

How did the concept of discount broking emerge?

On May 1, 1975, the Securities and Exchange Commission (SEC) in the United States allowed free market commission prices for stock trading transactions. Enter Charles Schwab, which adapted its operations to the new rules and went on to become one of the world’s largest discount brokerage companies.

how are they different from traditional full-service brokers?

The decision between a discount broker and a full-service broker is influenced by the investor’s trading skills, business background, financial priorities, and current financial situation. Since charges usually eat up a sizable portion of investing and trade returns, some people choose to use products sold by discount brokers rather.

.Full-service brokers are a great choice for investors who need competent financial advice or assistance in staying on top of their financial plans outside of investing. Discount brokers are particularly beneficial to buyers and traders who buy and sell shares regularly. Discount traders charge smaller fees to investors who deal more. Discount brokers are often preferable for investors who may not need counsel, have limited assets, or just want their trades performed.

What are the service differences between discount brokers & full-service brokers?

When compared to full-service brokers, discount brokers often offer a lower rate and offer access to traders with less money to trade with.

Full-service brokers do more than only conduct buy and sell orders for their clients; they also provide reports on trending topics, sectoral and stock research, and tax preparation, among other things.

The majority of traders at discount brokerages are self-directed and very involved. As a result, the programs are often focused on assisting those investors is constantly monitoring movements.

 Because full-service brokerages have been around for a long time, conventional traders may find the trading experience to be much superior to that of discount brokerages. However, for young traders, the situation can be the inverse.

Benefits of discount brokerage services:

Pros:

  • The key benefit of dealing with discount brokers is that they charge lower brokerage rates, resulting in lower costs for the customer.
  • Discount brokers are most beneficial to independent, self-directed investors, especially those who already work with a financial advisor. Discount brokers are a cost-effective way for a confident trader to make transactions without investing a lot of money in a full-service broker.

Cons:

  • The only disadvantage is that using a discount broker is essentially a do-it-yourself project. If a customer is new and needs financial advice, a discount broker cannot have it.
  • Furthermore, not all discount brokers are made together. There are sometimes major differences in the terms of fees and services provided. Discount brokers have a variety of items, account sizes, and services. Until agreeing to a discount broker, prospective clients should do their investigation.

What are the best discount brokers for beginners?

We understand that as we deal with the global recession, we are all living in a highly turbulent period, and stock markets have already undergone unprecedented transition, affecting all investors. Our goal has always been to assist people in making the best decisions possible on how, where, and where to spend. With the recent market fluctuations and developments in the online trading sector, we are more dedicated than ever to providing our readers with impartial and professional recommendations on the best investment tools for beginners.

In compiling our list of the best discount brokers for beginners, we concentrated on features that assist potential investors in learning when they embark on their investment journey. Brokers were chosen based on their excellent training opportunities, simple navigation, straightforward commission and pricing systems, portfolio creation tools, and exceptional customer support. Any brokers have had a low brokerage account and practice accounts.

Here, List of Top 10 Best discount brokers for beginners:

S.NO.BrokerDemat AMCBrokerage (Delivery)
1ZerodhaRs 300Rs 0 (Free)
2Angel BrokingRs 450Rs 0 (Free)
3UpstoxRs 300Rs 0 (Free)
4Alice BlueRs 400Rs 0 (Free)
5IIFL SecuritiesRs 250 (Free for first year)Rs 0 (Free)
6Paytm MoneyRs 0 (Free)Rs 0 (Free)
7Master TrustRs 300Rs 0 (Free)
8Dhani StocksRs 300Rs 0 (Free)
9FyersRs 300Rs 0 (Free)
10TradeplusRs 0Rs 0 (Free)

Why you should choose a Discount broker for opening a Demat account?

I’ve already mentioned certain distinctions between full-service brokers and discount brokers. Many who do not trust others and want to make their own financial choices should consider a discount brokerage account. It also lets you eliminate the possibility of accepting biassed reports, and it gradually increases your interest in stock trading.

Zerodha has a fantastic user experience and useful research tools among discount brokerage accounts. It has a kite network that is very easy to trade and takes very little time. They still have various types of analytics such as time analytics, holding analytics, and so on.

Are Discount Brokers safe in India?

No-frills stock brokerage accounts are available from discount brokers. They only have the minimum required trading facilities at the lowest brokerage charges. They can be thought of as low-cost flyers. Discount brokers are a relatively new phenomenon in India. Investors’ capital is still protected with them because brokerage is a heavily regulated industry.

Discount brokers Charge much less than full-service brokers. Upstox, Zerodha, 5paisa, and Groww, etc, and the term used to refer to some of the leading discount brokers in India.

Who is the No 1 stockbroker in India?

In the current market scenario, Zerodha is trending as the top stock broker in India, Because they are-provide a variety of services according to investor needs and lowest brokerage charges and more

Which is the safest broker in India?

Almost every broker is safe. You can select any broker if you are an investor who makes no more than 3–4 deals each day. Discount brokers are included in this category. Allow me to recommend the finest security and risk options for you. Any discount broker will be the best. Zerodha is my favorite. Why?? Because there’s not a risk of an auction.

Conclusion on the best discount broker in India:

Remember the days when I had to pay as much as Rs 385 just to buy Rs 1.5 lakh worth of shares in the form of brokerage. Because of some of these top discount brokers, Indian traders and investors like me will consider adopting a lucrative trading strategy.

Options traders, in my view, profit the most from discount dealers. Initially, they charged per lot, and no trading tactic worked.

Finally, handpicking the best discount broker in India from all these brokers is extremely difficult. To test them, we must take into account a variety of rating and ranking criteria. However, based on my background and input, I’ve narrowed down my choices.

If I were to choose a winner from my experience so far, it would be Zerodha. They are India’s No. 1 discount broker for a reason.

I like the KITE trading platform because it is simple and clutter-free, allowing me to concentrate on my trade and what is currently needed. I’ve been trading for them since 2015 and have been very pleased.

As I said earlier, please let me know through your comments if you have experience with any other business that you think can be called one of India’s best discount brokers.

For More Details Article Please Visit Learn Trading Blog.

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