Are you searching for the best full-service brokers in India but feeling lost among endless options and complicated fee structures? Choosing the right broker is crucial for investors who want more than just low-cost trades—they want research, advice, and a one-stop solution for all financial needs. This guide compares the top full-service brokers in India for 2025, explains what sets them apart, and highlights why Upstox is emerging as a top choice for modern investors.
Introduction
Today’s investors expect more than just a trading platform. They want expert research, portfolio management, wealth advisory, and seamless access to multiple asset classes, including equities, mutual funds, IPOs, and commodities. The best full-service brokers in India deliver these services and more, helping clients make smarter decisions and manage their wealth efficiently. In this article, we compare the leading names, share the latest 2025 data, and explain how Upstox is redefining the full-service experience for Indian investors.
Key Features of Full-Service Brokers
- Research and Advisory: Offer detailed research reports, investment recommendations, and access to dedicated relationship managers for personalized guidance.
- Diverse Investment Products: Facilitate investments in equities, derivatives, mutual funds, IPOs, bonds, insurance, and loans.
- Portfolio Management: Assist with portfolio tracking, asset allocation, and wealth management solutions.
- Integrated Accounts: Many provide 3-in-1 accounts (banking, Demat, and trading) for seamless transactions and fund transfers.
- Customer Support: Offer robust support through multiple channels, including phone, email, and chat, often available 24/7.
- Value-Added Services: Include tax planning, NRI services, margin trading facilities, and more.
Top 10 Full-Service Brokers in India 2025
Here’s a quick look at the most popular full-service brokers, based on active clients and service offerings:
| Rank | Broker | Active Clients (2025) | Key Services |
|---|---|---|---|
| 1 | Kotak Securities | 1,179,674 | Equity, MF, IPO, research, advisory |
| 2 | HDFC Securities | 1,088,561 | Equity, MF, IPO, PMS, research |
| 3 | Motilal Oswal | 874,230 | Equity, MF, PMS, research, loans |
| 4 | SBICAP Securities | 855,994 | Equity, MF, IPO, bonds, research |
| 5 | Sharekhan | 665,129 | Equity, MF, PMS, education, research |
| 6 | IIFL | 437,829 | Equity, MF, loans, research |
| 7 | Axis Direct | 357,390 | Equity, MF, IPO, bonds, advisory |
| 8 | Geojit BNP Paribas | 243,444 | Equity, MF, insurance, research |
| 9 | Edelweiss | 218,206 | Equity, MF, PMS, research |
| 10 | Choice Broking | 194,350 | Equity, MF, insurance, research |
What Makes a Broker “Full Service”?
A full-service broker offers more than just buy/sell execution. Here’s what sets them apart:
- Research & Advisory: In-depth market reports, stock recommendations, and investment strategies.
- Relationship Managers: Personalized support for portfolio management and investment queries.
- Wide Product Range: Access to equities, mutual funds, IPOs, bonds, insurance, loans, and commodities.
- Wealth Management: Portfolio management services (PMS) and financial planning.
- Advanced Trading Platforms: Web, mobile, and offline support with robust analytics.
- Branch Network: Physical presence for in-person support and documentation.
Comparison: Full-Service vs. Discount Brokers
| Feature | Full-Service Broker | Discount Broker |
|---|---|---|
| Services | Advisory, research, portfolio mgmt | Execution-only, low cost |
| Brokerage Charges | Percentage-based, higher | Flat fee, lower |
| Investment Products | Wide range | Limited (mainly equities/F&O) |
| Customer Support | Personalized, relationship mgr | Basic, online support |
| Ideal For | Investors seeking guidance | Self-directed, cost-conscious |
Top Full-Service Brokers in India: Detailed Review
1. Upstox
Upstox is traditionally known as a tech-first, low-cost broker, but in 2025, it is rapidly expanding its full-service offerings. Upstox now provides a comprehensive suite of services, including equities, commodities, currencies, mutual funds, IPOs, and advanced research tools—all accessible via a powerful mobile and web platform.
Why Choose Upstox?
- Flat ₹20 per trade: Transparent pricing across equity delivery, intraday, F&O, and commodities.
- Multi-asset platform: Trade equities, commodities, currencies, and derivatives—all in one place.
- Research & analytics: Access to market insights, advanced charting, and investment ideas.
- Strong support: 24/7 customer service via chat, phone, and email.
- Modern technology: Fast, secure, and user-friendly app and web platform.
- Commodity Broker in India (Full-Service Brokers): Upstox is a top choice for commodity trading, offering flat fees and access to MCX and NCDEX.
- Backed by industry leaders: Supported by investors like Ratan Tata and Kalaari Capital.
Key Features:
- Instant account opening, no paperwork.
- Up to 5x leverage for intraday trading.
- In-app research, smartlists, and portfolio insights.
- Free fund transfer and instant withdrawals.
- Regular webinars and educational content.
2. ICICI Direct
ICICI Direct is one of India’s largest and most trusted full-service brokers, known for its 3-in-1 account, deep research, and robust advisory.
Why Choose ICICI Direct?
- Comprehensive product range: Equities, derivatives, mutual funds, IPOs, bonds, insurance, and loans.
- Strong research: Daily reports, stock recommendations, and market outlook.
- 3-in-1 account: Seamless integration with ICICI Bank for instant fund transfer.
- Physical presence: 200+ branches across India.
Key Features:
- Brokerage: 0.27% for delivery, ₹20 per intraday trade (Neo Plan).
- Up to 5x leverage for intraday.
- Wealth management and PMS.
- Dedicated relationship managers.
3. HDFC Securities
HDFC Securities is a subsidiary of HDFC Bank and a top full-service broker with a large branch network and strong digital presence.
Why Choose HDFC Securities?
- Wide product suite: Equities, derivatives, mutual funds, IPOs, bonds, insurance, and currency.
- Robust research: Regular market updates, stock picks, and sector reports.
- Integrated 3-in-1 account: Linked with HDFC Bank for easy fund movement.
- Extensive offline support: 1,270+ branches nationwide.
Key Features:
- Affordable broking rates.
- Dynamic trading platforms (web, mobile, call & trade).
- Portfolio management and advisory.
- Over 1.8 million clients served.
4. Angel One
Angel One is one of India’s oldest brokers, now offering a blend of full-service advisory and low-cost trading.
Why Choose Angel One?
- Flat ₹20 per order: Across all segments—equity, F&O, commodity.
- Personalized advisory: Angel ARQ Prime for stock recommendations.
- Strong research: Daily, weekly, and sectoral reports.
- Wide product range: Equities, mutual funds, commodities, insurance, and loans.
- Large client base: Over 3.8 million commodity clients alone.
Key Features:
- Free account opening.
- Advanced mobile app and web platform.
- Portfolio health check and rebalancing.
5. Sharekhan
Sharekhan is a trusted name with a strong focus on research, education, and portfolio management.
Why Choose Sharekhan?
- Wide range of products: Equities, mutual funds, PMS, IPOs, and more.
- Comprehensive research: Daily reports, technical and fundamental analysis.
- Investor education: Workshops and webinars for all levels.
- User-friendly interface: Robust mobile and web platforms.
Key Features:
- Dedicated relationship managers.
- Portfolio management services.
- 600,000+ active clients.
Comparison Table: Best Full-Service Brokers in India 2025
| Broker | Delivery Brokerage | Intraday Brokerage | Mutual Funds | Commodities | Research & Advisory | 3-in-1 Account | Active Clients (2025) |
|---|---|---|---|---|---|---|---|
| Upstox | ₹20/order | ₹20/order | Yes | Yes | Yes | Yes (IndusInd) | 2.8 million+ |
| ICICI Direct | 0.27% | ₹20/order | Yes | Yes | Yes | Yes | 4 million+ |
| HDFC Securities | 0.32% | 0.032% | Yes | Yes | Yes | Yes | 1.8 million+ |
| Angel One | ₹20/order | ₹20/order | Yes | Yes | Yes | No | 3.8 million+ |
| Sharekhan | 0.50% | 0.10% | Yes | Yes | Yes | No | 665,000+ |
How to Choose the Best Full-Service Broker in India
- Check product range: Ensure the broker offers all asset classes you need—equities, commodities, mutual funds, IPOs, and insurance.
- Compare brokerage: Look for transparent, flat-fee, or low-percentage brokerage.
- Research & advisory: Evaluate the quality and frequency of research reports and investment advice.
- Platform usability: Test the mobile and web platforms for speed, reliability, and features.
- Customer support: Prefer brokers with 24/7 support and a strong branch network.
- Commodity Broker in India (Full-Service Brokers): If you want to trade commodities, ensure the broker is registered with MCX/NCDEX and offers robust commodity trading tools.
- Additional services: Wealth management, PMS, and relationship managers add value for high-net-worth investors.
Frequently Asked Questions (FAQs): Best Full-Service Brokers in India
What is a full-service broker?
A full service broker provides trading, research, advisory, wealth management, and a wide range of investment products.
Can I open a 3-in-1 account with a full-service broker?
Yes, brokers like ICICI Direct, HDFC Securities, and Upstox (with IndusInd Bank) offer 3-in-1 accounts.
What are the advantages of a full-service broker over a discount broker?
Full-service brokers offer research, advisory, wealth management, and dedicated support, which discount brokers typically do not.
Do full-service brokers offer mutual funds and IPOs?
Yes, all top full-service brokers provide mutual funds, IPOs, and other investment products.
Which full-service broker is best for commodity trading?
Upstox, Angel One, and ICICI Direct are leading Commodity Brokers in India (Full-Service Brokers), offering access to MCX/NCDEX with flat fees.
What is the brokerage for Upstox?
Upstox charges a flat ₹20 per executed order for delivery, intraday, F&O, and commodities.
Who are the top full-service brokers in India in 2025?
Kotak Securities, HDFC Securities, Motilal Oswal, ICICI Direct, Sharekhan, and Upstox are among the top, based on active clients and service range.
Conclusion
Choosing the best full-service broker in India is about more than just brokerage rates—it’s about finding a partner who offers research, advisory, and a complete suite of investment products. In 2025, Upstox stands out for its flat pricing, advanced technology, strong research, and expanding full-service offerings, making it a top choice for investors who want more from their broker. Whether you’re a beginner or a seasoned investor, Upstox and other leading names like ICICI Direct and HDFC Securities deliver the support, tools, and insights you need to grow your wealth.
Ready to experience the best in full-service broking? Open your Upstox account today and take control of your financial future!
