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10 Best Discount Brokers in India 2024 (Comparison & Reviews)

Investing in the Indian stock market can be a lucrative opportunity for anyone who wants to grow their wealth. However, navigating the complex world of trading can be challenging, especially for beginners. One of the most important decisions you’ll make as a trader is selecting the right discount broker. In this article, we’ll take a closer look at the best discount brokers in India for 2024, and help you find the right partner to start trading.

Find the Best Discount Stock Broker For You!

Our Top Pick Stockbroker in India 2024

5/5

Upstox

Best for Beginners, Free Account Opening, & Saves from high brokerage fees.

4.5/5

ZERODHA

Best for Quick, easy, and cost-effective equity trading.

What is a Discount Broker?

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

A discount broker is a type of stockbroker that offers trading services at a lower cost compared to traditional brokers. Discount brokers typically do not provide investment advice or other value-added services that come with full-service brokers, which is why they can afford to offer lower fees. Instead, discount brokers focus on providing a platform for clients to execute trades quickly and efficiently.

Why Choose a Discount Broker?

Discount brokers are a popular choice for many traders for several reasons. Here are a few advantages of using a discount broker:

  1. Lower Fees: One of the most significant advantages of using a discount broker is lower fees. Since discount brokers do not provide investment advice or other value-added services, they can offer trading services at a lower cost compared to traditional brokers.
  2. Speed and Efficiency: Discount brokers focus on providing a platform for clients to execute trades quickly and efficiently. They offer advanced trading tools and technology that enable clients to place orders in real-time and track their investments easily.
  3. Flexibility: Discount brokers offer greater flexibility in terms of trading. They typically offer a wide range of investment options, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs), giving clients more options to diversify their portfolios.
  4. Accessibility: Discount brokers are accessible to a wider range of traders. Many discount brokers have lower minimum account balances, making it easier for beginners to get started in trading.

Now that we’ve covered the advantages of using a discount broker, let’s take a closer look at the best discount brokers in India for 2024.

List of Top 10 Discount Brokers in India 2024

Broker Name

Over all Ratings 

Account Opening Charge

Account Maintenance Charge

Equity Delivery Brokerage

Equity Intraday Brokerage

1. Zerodha

4.5/5

Rs 200 (Equity)

Rs 100 (Commodity)

Rs 300 Per Annum

Zero

0.03% on order value, Upto 20

2. Upstox

4.5/5

FREE

Rs 150 per annum

2.5% on order value, upto 20

0.05% on order value, Upto 20

3. 5Paisa 

4.5/5

FREE

Rs 300 Per Annum

10 Per Order

10 Per Order

4. Angel One 

4/5

FREE

Rs 240 Per Annum

ZERO

0.25% on order value, Upto 20

5. SAS online

4/5

 Rs 200 for Equity & Rs 200 for Commodity

Rs 200 Per Annum

0.01% On Order Value

9 Per Order

6. Samco

4/5

FREE

Rs 400 Per Annum

0.2% On Order Value, Upto 20

0.2% On Order Value, Upto 20

7. Wisdom Capital

4/5

Rs. 999 for a lifetime

Free

0.05% On Order Value

0.01% On Order Value

8. Trade Smart

3.5/5

Rs 200

Rs 300

0.07% On Order Value, Upto 15

15 Per Order

9. Groww

4.5/5

Free

Free

Zero

0.05% On Order Value, Upto 20 

10. TradeJini

4/5

Free

Rs 300

0.1% On Order Value, Upto 20

0.05% On Order Value, Upto 20

Top 10 Best Discount Broker In India 2024 (Review & Comparison)

1. Zerodha:

ZERODHA | India's best discount broker

Zerodha is one of the most popular discount brokers in India, known for its low fees and advanced trading tools. It was founded in 2010 and has since grown to become the largest discount broker in India, with over 4 million clients.

One of the most significant advantages of using Zerodha is its low fees. It offers zero brokerage on equity delivery trades, and a flat fee of Rs. 20 for intraday, F&O, currency, and commodity trades. Zerodha also offers advanced trading tools, including its proprietary trading platform, Kite, which is available on desktop and mobile.

Zerodha Pros & Cons:

10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Pros

  • Low brokerage fees: Zerodha offers low brokerage fees compared to traditional brokers. They charge zero brokerage fees on equity delivery trades and a flat fee of Rs. 20 per trade on other segments.
  • Advanced trading platforms: Zerodha offers advanced trading platforms like Kite and Pi that are designed to provide a seamless trading experience to their clients.
  • Easy account opening process: Zerodha has a quick and easy account opening process that can be completed online in a few simple steps.
  • Multiple investment options: Zerodha offers a wide range of investment options, including stocks, futures and options, commodities, and currencies.
  • Educational resources: Zerodha provides educational resources like webinars, video tutorials, and blogs to help their clients learn about trading and investing.
10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Cons

  • Call and trade charges: Zerodha charges Rs. (50+ 18% Gst) per call for placing orders through their call and trade facility, which can add up to significant costs if you frequently use this service.
  • Margin funding not available: Zerodha does not offer margin funding, which may be a disadvantage for traders who require leverage for their trades.
  • No investor protection.
  • Only the Indian market is covered.
  • Slow account opening process.
  • Not offer 3-in-1 account.

2. Upstox:

Upstox logo| Top Discount Broker In India

Upstox is another popular discount broker in India, known for its low fees and user-friendly trading platform. It was founded in 2012 and has since grown to become one of the fastest-growing discount brokers in India, with over 1.5 million clients.

Upstox offers zero brokerage on equity delivery trades and a flat fee of Rs. 20 for intraday, F&O, currency, and commodity trades. It also offers a user-friendly trading platform, Upstox Pro, which is available on desktop and mobile.

Upstox Pros & Cons:

10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Pros

  • Low brokerage fees: Upstox offers low brokerage fees compared to traditional brokers. They charge zero brokerage fees on equity delivery trades and a flat fee of Rs. 20 per trade on other segments.
  • Advanced trading platforms: Upstox offers advanced trading platforms like Upstox Pro Web and Upstox Pro Mobile that are designed to provide a seamless trading experience to their clients.
  • Easy account opening process: Upstox has a quick and easy account opening process that can be completed online in a few simple steps.
  • Multiple investment options: Upstox offers a wide range of investment options, including stocks, futures and options, commodities, and currencies.
  • Educational resources: Upstox provides educational resources like webinars, video tutorials, and blogs to help their clients learn about trading and investing.
10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Cons

  • Limited branch network: Upstox has a limited branch network compared to some of its competitors, which may be a disadvantage for clients who prefer to have face-to-face interactions with their brokers.
  • Does not offers 3-in-1 accounts.
  • Doesn’t offer 24/7 customer support.
  • Doesn’t offer API access for automated trading.

3. 5Paisa:

5Paisa Third largest Discount Broker In India

5paisa is a popular discount broker in India that offers a flat fee of Rs. 20 per trade across all segments. The broker is known for its advanced trading platforms, easy-to-use mobile app, and comprehensive research and analysis tools. 5paisa also offers a range of investment options, including stocks, mutual funds, and commodities.

5paisa Pros & Cons:

10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Pros

  • A flat fee of Rs. 20 for all types of trades. Offers a user-friendly trading platform and a wide range of investment options.
  • Account opening is a paper-free and fast operation.
  • Reduced and fixed brokerage fees (no complexity).
  • 5Paisa has a comprehensive online account opening method.
10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Cons

  • High charges for call and trade: 5Paisa charges Rs. 100 per call for placing orders through their call and trade facility. This can add up to significant costs if you frequently use this service.
  • Limited customer support options: 5paisa offers limited customer support options, with no live chat or email support available. This means that you will have to rely on their phone support or knowledge base for assistance.
  • Margin funding not available: 5paisa does not offer margin funding, which may be a disadvantage for traders who require leverage for their trades.

4. Angel One:

Angel Broking Best Discount Broker In India

Angel One is a well-established online broker in India, known for its wide range of investment options and advanced trading tools. It was founded in 1987 and has since grown to become one of the largest discount brokers in India, with over 2 million clients.

Angel One offers a flat fee of Rs. 20 for all types of trades, including equity delivery, intraday, F&O, currency, and commodity trades. It also offers a wide range

Angel One Pros & Cons:

10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

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.
10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

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 Rs (20+ GST).

5. SAS Online:

SAS online list of Top Discount Broker In India

SAS Online is a discount broker that offers a flat fee of Rs. 9 per trade. The broker is known for its user-friendly trading platform, SAS NEST Trader, and advanced trading tools. SAS Online also offers a range of investment options, including stocks, commodities, and derivatives.

SAS Online Pros Cons:

10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

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 Rs 9 per trade
10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Cons

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

6. Samco:

Samco | Best Discount Broker In India

SAMCO is a popular discount broker that offers a flat fee of Rs. 20 per trade across all segments. The broker is known for its user-friendly trading platform, StockNote, and advanced trading tools, including its proprietary trading algorithms. SAMCO also offers a range of investment options, including stocks, commodities, and derivatives.

Samco Pros & Cons:

10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Pros

  • Low brokerage fees.
  • Large profit margins.
  • There are no account opening fees.
  • Customer support is good.
10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Cons

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

7. Wisdom Capital:

 Wisdom Capital Best Discount Broker

Wisdom Capital is a discount broker that offers a flat fee of Rs. 9 per trade. The broker is known for its advanced trading tools and platforms, including its proprietary trading platform, NEST. Wisdom Capital also offers a range of investment options, including stocks, commodities, and derivatives.

Wisdom Capital Pros & Cons:

10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Pros

  • Multiple brokerage plans.
  • low brokerage and high exposure broker.
  • Average Trading Platform.
10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Cons

  • You are not permitted to trade in IPOs, FPOs, Mutual Funds, FDs, NCDs, or Offers for Sale (OFS).
  • Not offer 3-in-1 account.

8. Trade Smart:

Trade Smart Best Discount Broker in India

Trade Smart Online is a discount broker that offers a flat fee of Rs. 15 per trade. The broker is known for its advanced trading tools and platforms, including its proprietary trading platform, Justrade. Trade Smart Online offers a range of investment options, including stocks, commodities, and mutual funds.

Trade Smart Pros & Cons:

10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

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.
10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

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 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.

Groww charges zero brokerage fees for equity delivery trades and a flat fee of Rs. 20 per trade for other segments such as intraday, futures, options, and commodities. They also charge Rs. 300 per year for demat account maintenance and Rs. 20 per call for call and trade. Groww does not charge any hidden fees or minimum balance requirements.

Groww Pros & Cons:

10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Pros

  • The user interface is simple and easy to use.
  • Stocks, mutual funds, gold, and US stocks will all be invested through a single network.
  • There is an investment facility for US stocks open.
10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

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. TradeJini:

Trade Jini online discount Broker In India

Tradejini is an online discount brokerage firm that provides trading services in equities, commodities, currencies, and derivatives on major exchanges in India. The platform offers a range of trading tools and research resources to help traders make informed investment decisions. Founded in 2012, Tradejini is headquartered in Bangalore, India, and is regulated by the Securities and Exchange Board of India (SEBI). The firm prides itself on providing a hassle-free trading experience with low brokerage fees and no hidden charges.

Offers a flat fee of Rs. 20 for all types of trades. Advanced trading tools and multiple investment options.

TradeJini Pros & Cons:

10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Pros

  • Allows for the purchase of mutual shares, stocks, and exchange-traded funds (ETFs).
  • A flash platform for curated financial and business news.
10 Best Discount Brokers in India 2024 (Comparison & Reviews) : The Share Brokers

Cons

  • Account opening form must be couriered.
  • RMS team charges Rs. 20 for intraday (MIS) places squared.
  • No facility to invest in IPOs.

What are the best discount brokers for beginners?

Here are some of the best discount brokers for beginners in India:

  1. Zerodha – offers a user-friendly online trading platform, low brokerage fees, and educational resources for beginners. charges a flat fee of Rs. 20 per executed order for equity delivery trades, and Rs. 20 or 0.03% (whichever is lower) per executed order for all other trades.
  2. Upstox – provides a simple and intuitive trading platform, low brokerage fees, and a range of educational resources for beginners. charges zero brokerage fees for equity delivery trades and Rs. 20 or 0.05% (whichever is lower) per executed order for all other trades.
  3. 5paisa – offers a user-friendly trading platform, low brokerage fees, and educational resources for beginners. charges a flat fee of Rs. 20 per executed order for all trades.
  4. Angel Broking – provides a beginner-friendly trading platform, low brokerage fees, and educational resources for beginners. charges a flat fee of Rs. 20 per executed order for all trades.
  5. Trade Smart Online – offers a simple and easy-to-use trading platform, low brokerage fees, and educational resources for beginners. charges a flat fee of Rs. 15 per executed order for all trades.

These brokers offer low brokerage fees, user-friendly trading platforms, and a range of educational resources, making them ideal for beginners who are just starting their investment journey. However, it is important to consider factors such as reliability, customer support, and security when choosing a broker.

Conclusion on the best discount broker in India:

In conclusion, it is essential to consider factors such as brokerage fees, trading platforms, research and analysis tools, and customer support when choosing a discount broker. Research and compare different brokers based on your trading needs and preferences before making a decision.

FAQs on Best Demat Account In India:

Are Discount Brokers Safe in India?

Yes, discount brokers are safe in India as long as they are registered with and regulated by the Securities and Exchange Board of India (SEBI).

Who is the No 1 stockbroker in India?

It is difficult to name one specific stockbroker as the No.1 in India, as there are many reputable and popular stockbrokers in the country, each with their own strengths and specialties. Some of the top stockbrokers in India include Zerodha, Upstox, ICICI Direct, HDFC Securities, Sharekhan, and Angel Broking, among others. Ultimately, the best stockbroker for an individual will depend on their specific needs and preferences.

Which is the safest broker in India?

There is no one-size-fits-all answer to this question as the safety of a broker depends on various factors such as regulations, security measures, and past performance. However, in general, brokers who are registered with SEBI (Securities and Exchange Board of India) and have a good track record of customer service and security measures can be considered safer. Some of the popular and reputed brokers in India that are known for their safety and reliability include Zerodha, Upstox, ICICI Direct, HDFC Securities, Kotak Securities, and More, among others. It is important for investors to do their research and choose a broker that meets their specific needs and preferences.

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

There are several reasons why an investor may choose a discount broker for opening a Demat account:

1. Low Brokerage Fees: Discount brokers typically offer lower brokerage fees compared to traditional full-service brokers. This can result in significant cost savings for investors, especially for those who trade frequently or have a large portfolio.

2. User-friendly platforms: Discount brokers usually provide online trading platforms that are user-friendly and easy to navigate. These platforms often offer various features such as real-time market data, advanced charting tools, and research reports, which can help investors make informed investment decisions.

3. Transparency: Discount brokers generally have a transparent fee structure, which means that investors can easily understand the charges and fees associated with their trading accounts. This can help investors avoid any unexpected charges or hidden fees.

4. Flexibility: Discount brokers offer more flexibility to investors as they do not require any minimum investment or account balance. This means that investors can start with a small investment and gradually increase their portfolio size over time.

Overall, choosing a discount broker for opening a Demat account can be a good option for investors who are looking for low-cost trading, user-friendly platforms, transparency, and flexibility. However, investors should also consider other factors such as customer service, reliability, and security before choosing a broker.

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

The main differences between discount brokers and full-service brokers are:

1. Cost: Discount brokers charge lower brokerage fees compared to full-service brokers. Full-service brokers provide additional services such as personalized investment advice, research reports, and portfolio management services, which come at a higher cost.

2. Service: Full-service brokers provide personalized investment advice and research reports to their clients, while discount brokers offer limited investment advice and research tools.

3. Technology: Discount brokers often have user-friendly online trading platforms, while full-service brokers may offer more advanced technology solutions such as mobile trading apps and algorithmic trading.

4. Investment Products: Full-service brokers offer a wider range of investment products such as IPOs, mutual funds, and fixed-income securities, while discount brokers may offer a more limited selection of investment products.

5. Customer Support: Full-service brokers generally provide more comprehensive customer support services, such as dedicated account managers and phone support, while discount brokers may offer only online support.

Overall, the key difference between discount brokers and full-service brokers is the level of service and cost. Discount brokers are a good option for investors who are comfortable making their own investment decisions and are looking for low-cost trading, while full-service brokers are better suited for investors who need personalized investment advice and are willing to pay a higher fee for additional services.

How did the concept of discount broking emerge?

The concept of discount broking emerged in India in the early 2010s with the entry of new-age technology-driven broking firms. Discount brokers leveraged technology to offer online trading platforms, which reduced operational costs and enabled them to pass on cost savings to clients in the form of lower brokerage fees. This was driven by technological advancements, increased internet penetration, and growing demand from retail investors for low-cost trading services. Today, several discount brokers operate in India, offering low-cost trading services, user-friendly online trading platforms, and greater transparency.

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