In this article, We’ll evaluate the best discount brokers in India on parameters like their Demat Account Opening charges, Brokerage charges, Demat Account Maintenance charges, brokerage Services offered, Trading platforms & Advantages.
What is a discount broker?
A discount broker provides low brokerage charges and a fast trading platform in stocks, commodities and currency derivatives. The brokerage is very less compared to traditional brokers like HDFC Securities, ICICI direct, SBI cap, etc.
A discount broker offers a flat brokerage rate for each trade their clients make which are usually between Rs.10 or Rs.20 per trade.
Full-service brokers charge a small amount of interest on the trade volume. This charge can be as high as 0.3-0.7% of the trade volume. As the volume of the transaction increases, you need to pay more brokerage.
7 Best Discount Brokers in India
Here is the list of best discount brokers in India
#1. Zerodha – Best Overall Broker for Demat Account
Zerodha was established in the year 2010 by Nitin Kamath and is the greatest discount broker in India. It has over 3 million clients and adds to over 10% of everyday retail trading volumes over the Indian Stock Market.
Its application ‘KITE’ has more than 2 million downloads on the play store.
Zerodha is at first position compared to other discount brokers by volume, number of customers and growth. It is very simple and easy to understand Zerodha Brokerage structure.
Customers who moved to zerodha gained 80% to 90% of savings in brokerage compared to all other full-service brokers. It is one of the most advanced and cheapest stock brokers in India for all kinds of investors.
Zerodha Account Opening Charges
Zerodha Account opening charges are
- For the Equity trading account, it charges Rs. 200.
- For the Commodity account, it charges Rs. 100.
- If you are willing to open both the Equity trading and Commodity account, it charges Rs. 300.
- The annual maintenance charge for a Demat account is Rs. 300.
Here is the direct link if you are looking to Open Zerodha Demat Account for free
Zerodha Brokerage charges
Zerodha charges 20 rupees or 0.03%, whichever is lower per every executed trade. For any transaction, the maximum brokerage you pay is 20 rupees. Equity Delivery investments will be free.
Services Offered By Zerodha
Zerodha provides investment and trading services in equity, mutual funds & commodities.
Zerodha Equity and Derivative Trading Account helps customers to trade-in stocks, F&O, currencies, indices, and others. Zerodha doesn’t charge any annual maintenance charges on its trading account.
Zerodha provides commodity trading account opening services that clients can use to trade-in commodity futures & options on MCX. Zerodha is the best broker for mutual funds investment as it offers a completely free mutual fund investment platform which is Zerodha coin.
Zerodha Trading platform
Zerodha Trading Platform owns an online mobile and web trading application named “KITE” which is the best trading platform in India and back-office software named “Zerodha Console”.
All trading software applications including trading terminal, website, and mobile trading are available free of charge. Zerodha also provides other products like Zerodha Coin, Zerodha Sentinel, Zerodha Pi, Zerodha Varsity.
Zerodha Margin
Below table will give you the complete features of Zerodha Margin. Due to market volatility stock brokers may change their margins.
| Zerodha Product | Margin |
|---|---|
| Equity Delivery | No Margin |
| Intraday Equity | Up to 20 times |
| Equity Futures | 40% of the normal margin |
| Equity Options | No margin |
| Currency Futures | 40% of the normal margin |
| Currency Options | No margin |
| Commodity | 40% of the normal margin |
| Brokerage Calculator | Zerodha Brokerage Calculator |
| SPAN Margin Calculator | Zerodha Margin Calculator |
Zerodha Demat Account Advantages
- User-friendly trading platform
- Brand value
- Low brokerage
#2. Upstox – Cheapest Brokerage Charges
Upstox is a discount broker started as RKSV in 2012 and rebranded to Upstox in 2015. It is supported by a group of investors will call Kalaari Capital, Ratan Tata, GVK Davis.
Upstox Account Opening Charges
To Open Upstox Demat Account, the account opening charges are as below
- If you are willing to open both the Equity and Commodity account, the charges are free but you need to pay brokerage credit while account opening.
- The annual maintenance charge for a Demat account is Rs. 150.
Here is the direct link if you are looking to Open Upstox Demat Account for free.
Upstox Brokerage Charges
Upstox charges 20 rupees or 0.05%, whichever is lower per every executed trade. For any transaction, the maximum brokerage you pay is 20 rupees. Equity Delivery investments will be free.
Services offered by Upstox
Upstox provides investment and trading services in equity, mutual funds & commodities. Upstox Equity and Derivative trading accounts help clients to trade-in stocks, F&O, currencies, indices, and others.
Upstox provides commodity trading account opening services that clients can use to trade-in commodity futures & options on MCX. Upstox also offers a free mutual fund investment platform which is Upstox MF platform.
Upstox provides trading services in equity, derivatives, currency, mutual funds & commodities.
Upstox Trading Platforms
Upstox Trading Platform owns an online mobile and web trading application named “Upstox Pro” which is the best trading platform in India and back-office software named “Back-office Upstox”.
All trading software applications including trading terminal, website, and mobile application are available free of charge. The trading platforms are
- Upstox Pro Web – It is a web-based trading platform, which provides you with the best charting tools to spot market trends and make informed decisions.
- Upstox Pro App – It is a mobile-based application, which doesn’t take up much space on your phone but at the same time gives you access to primary features such as watchlists, charting tools and indicators.
- Upstox MF – Upstox has all types of investment options for you. You can purchase the ones focused on saving taxes.
Upstox Margin
Below table will give you the complete features of Upstox Margin in all the segments.
| Upstox Product | Margin |
|---|---|
| Equity (Intraday) | 20X |
| Equity Futures | 4X |
| Equity Options | 4X |
| Currency Futures | 4X |
| Currency Options | 4X |
| Commodity Futures | 2.5X |
| Currency Options | 2.5X |
| Delivery | 1X |
| Brokerage Calculator | Upstox Brokerage Calculator |
| Margin Calculator | Upstox Margin Calculator |
Upstox Demat Account Advantages
- Fast paperless account opening
- Priority brokerage
- Free delivery trading
#3. Angel Broking – Great Customer Support
Angel Broking Pvt Ltd is one of the leading broking houses in India and has been in the business since 1987. It is dedicated to a retail stock trading model. It provides modern and useful trading platforms as well as expert advisory services to its customer base.
Angel Broking Account Opening Charges
Angel Broking Account opening charges are as below
- Angel Broking Account Opening fee is Rs 400 for equity and currency, in which you can buy/sell shares & derivatives on NSE and BSE.
- Rs 200 for commodity trading, in which you can buy and sell commodities on MCX.
Here is the direct link if you are looking to Open Angel Broking Account for free.
Angel Broking Brokerage Charges
Angel Broking charges a flat rate brokerage charge of Rs 20 per executed trade. The brokerage charge will be fixed irrespective of the trading volume. No brokerage will be charged for delivery based trades.
Services offered by Angel Broking
Angel Broking provides investment and trading services in equity, mutual funds & commodities. Angel Broking Equity and Derivative trading account offer clients to trade-in stocks, F&O, currencies, indices, and others.
Angel Broking provides commodity trading account opening services that clients can use to trade-in commodity futures & options on MCX. Angel Broking also offers a free mutual fund investment platform which is Angel BEE application.
Angel Broking Trading Platforms
The services are now available online, on mobile and desktop app. The services are provided through the various web, digital and exe platforms which are all powered by ” ARQ”. The trading platforms are
- Trade.angelbroking.com – It is a web-based trading application, which allows you to invest in the stock market.
- Angel Broking App – It is a mobile-based trading platform, which provides you with a Personalized advisory offering index-beating returns.
- Angel BEE – It is a mutual fund investment platform. The Angel BEE mutual fund app not only picks the best schemes for you but also helps you calculate the right SIP investment amount to achieve your financial goals.
- Angel SpeedPRO – SpeedPro is a trading software that provides clients with a single-window trading experience along with trade monitoring capabilities.
Angel Broking Margin
Below table will give you the complete features of angel broking Margin in all the segments.
| Angel Broking Product | Margin |
|---|---|
| Equity Delivery | Upto 3x |
| Equity Intraday | Upto 40x |
| Equity Futures | Upto 4x |
| Equity Options | Upto 3x |
| Currency Futures | Upto 2x |
| Currency Options | Upto 5x |
| Commodity Future | Upto 3x |
| Brokerage Calculator | Angel Broking Brokerage Calculator |
| Margin Calculator | Angel Broking Margin Calculator |
Angel Broking Demat Account Advantages
- Fast paperless account opening
- Decent Trading Platforms
- Free delivery trading
- Strong Offline Presence
#4. Stoxkart – Flat Brokerage with Great Customer Support
Stoxkart is a revolutionary discount broker as it provides new-age technology, Zero brokerage advantages, a user-friendly trading platform, and empowers traders and investors by providing its market expertise.
Stoxkart Account Opening Charges
Stoxkart Account opening charges are as below
- Stoxkart Account Opening fee is Rs 300 for equity and currency, in which you can buy/sell shares & derivatives on NSE and BSE.
- Rs 200 for commodity trading, in which you can buy and sell commodities on MCX.
However, Here is the direct link if you are looking to Open Stoxkart Demat Account for free.
Stoxkart global securities ltd Brokerage Charges
Stoxkart charges a flat rate brokerage charge of Rs 15 per executed trade. The brokerage charge will be fixed irrespective of the trading volume.
No brokerage will be charged for delivery based trades. For all the trades the Stoxkart offers lowest Brokerage Charges will be deducted only when you earn a profit.
Services Offered by Stoxkart Demat Account
Stoxkart provides investment and trading services in equity, mutual funds & commodities. Stoxkart Equity and Derivative trading account offer clients to trade-in stocks, F&O, currencies, indices, and others.
Stoxkart provides commodity trading account opening services that clients can use to trade-in commodity futures & options on MCX. Stoxkart also offers a free mutual fund investment platform which is StoxMF application.
Stoxkart Demat Account Trading Platform
Stoxkart Trading Platform owns an online mobile and web trading application named “Stoxkart Pro” which is the best trading platform in India.
All trading software applications including trading terminal, website, and mobile application are available free of charge. The trading platforms offered are
- Stoxkart Pro Web – Stoxkart Pro Web is a new age browser trading platform with a user-friendly UI having all the necessary market-related information with a dashboard giving a holistic view of the market and all your trades.
- Stoxkart Mobile App – It is a mobile-based trading platform, You can easily access to the price chart plotted with the event plotted is good and clear.
- StoxMF – Stoxkart assists you in making your investment portfolio complete by investing in the best Mutual Funds online that are most suitable for your financial goals. You can choose to start small and still manage to build wealth all while securing your family’s future.
Stoxkart Margin
Below table will give you the complete features of stoxkart Margin in all the segments.
| Stoxkart Product | Margin |
|---|---|
| Equity Delivery | Upto 1x |
| Equity Intraday | Upto 15x |
| Equity Future | Upto 7x |
| Equity Option | Upto 5x |
| Currency Future | Upto 5x |
| Currency Option | Upto 2x |
| Commodity Future | Upto 6x |
| Commodity Option | Upto 2x |
| Brokerage Calculator | Stoxkart Brokerage Calculator |
| Margin Calculator | Stockart Margin Calculator |
Stoxkart Demat Account Advantages
- Online mutual funds
- Research-based information
- Free delivery trading
- Advanced charting and alert features
#5. Trade Smart Online – 0 AMC for first year
Trade smart online is a discount broker that is based in Mumbai, India. It is good for investors who are looking for low brokerages, high margins, and a fast trading platform. It has over 50,000+ clients, averaging a daily turnover of over Rs. 5000 crores.
Trade Smart Online Demat Account Opening Charges
To open a Demat and trading account in trade smart online, the account opening charges are as below
- For the Equity trading and Commodity account, it charges Rs 400.
- The annual maintenance charges are Rs 300 from the Second Year.
Trade Smart Online Brokerage charges
The brokerage charges for Delivery are Rs 15 per trade for Power plan or 0.07% for value plan and the brokerage charges for Intraday Trading is Rs 15 Per trade for Power plan or 0.007% for Value Plan.
Services offered Trade Smart Online
Trade Smart Online provides investment and trading services in equity, mutual funds & commodities. Trade Smart Online Equity and Derivative trading account offer clients to trade-in stocks, F&O, currencies, indices, and others.
Trade Smart Online provides commodity trading account opening services that clients can use to trade-in commodity futures & options on MCX. Trade Smart Online also offers a free mutual fund investment platform which is Trade Smart MF application.
Trade Smart OnlineTrading Platforms
Trade Smart Online Trading Platform provides an online mobile and web trading application named “Sine” which is the best trading platform in India. It also provides a back-office application which is “BOX”
All trading software applications including trading terminal, website, and mobile application are available free of charge. The trading platforms offered are
- Sine – It is an online trading app which is available on web and mobile. It helps you trade in Cash, Futures and Options, Currency Derivatives and Commodities on NSE, BSE, MCX.
- Swing – It is a simple and minimalistic mobile application offers you a wide range of functionalities like charting, margin calculators, instant fund transfer as well as online customer support.
- TradeSmart MF – It is a user-friendly interface that allows you to invest in the Mutual Funds, review order history and view portfolio or daily NAV, with just a few clicks on your smartphone.
Tradesmart Margin
Below table will give you the complete features of Tradesmart Margin in all the segments.
| Trade Smart Product | Margin |
|---|---|
| Equity Delivery | 1x |
| Equity Intraday | 30x |
| Equity Future | 3x |
| Equity Option | 3x |
| Currency Future | 3x |
| Currency Option | 3x |
| Commodity Future | 2x |
| Brokerage Calculator | Trade Smart Brokerage Calculator |
| Margin Calculator | Trade Smart Margin Calculator |
Trade Smart Online Demat Account Advantages
- Different Brokerage Plans to choose from
- No Annual Maintenance Charge for first year
- High margin for trades
#6. 5Paisa Demat Account – Free Brokerage
5Paisa was launched in the year 2007 is a part of IIFL and offers the least valuable stock broker in India. IIFL launched 5Paisa to offer a lower brokerage for its clients and to contend with the fast-developing discount broking industry.
5Paisa Account Opening Charges
To open a Demat and trading account in 5 paisa, the account opening charges are as below
- For the Equity trading and Commodity account, it charges Rs. 500.
- The annual maintenance charges are Rs 45 per month (only for months when you trade)
5Paisa Brokerage Charges
5Paisa provides free trading in equity and flat brokerage in other segments. The brokerage charges for 5Paisa are Rs 10 per trade for Intraday Trading and delivery is free.
Services offered by 5Paisa
5 paisa provides investment and trading services in equity, mutual funds & commodities. 5 paisa Equity and Derivative trading accounts offer clients to trade-in stocks, F&O, currencies, indices, and others.
5 paisa provides commodity trading account opening services that clients can use to trade-in commodity futures & options on MCX. 5 paisa also offers a free mutual fund investment platform which is 5 Paisa MF platform.
5Paisa Trading Platform
5 paisa Trading Platform provides an online mobile and web trading application named “5 Piasa” which is the best trading platform in India.
All trading software applications including trading terminal, website, and mobile application are available free of charge. The trading platforms offered are
- 5paisa – It is a Mobile Trading App, it offers online trading using smartphone across segments and exchanges.
- Trade Station EXE – It is a Desktop Trading platform which is an online trading website of 5paisa broker. The web browser-based platform is compatible with Chrome, Firefox and Safari browsers.
- Trade Station Web – It is a Web-based trading platform which helps to Customizable watchlists to monitor your favourite stocks and contracts.
- 5 paisa MF – It allows you to analyze the stocks and invest in the mutual funds.
5 Paisa Margin
Below table will give you the complete features of 5 Paisa Margin in all the segments.
| 5 Paisa Product | Margin |
|---|---|
| Equity Delivery | Upto 5x |
| Equity Intraday | Upto 20x |
| Equity Futures | Upto 8x |
| Equity Options | Upto 12x |
| Currency Futures | Upto 6x |
| Currency Options | Upto 10x |
| Brokerage Calculator | 5 Paisa Brokerage Calculator |
| Margin Calculator | 5 Paisa Margin Calculator |
5Paisa Demat Account Advantages
- lowest brokerage compared to other brokers.
- Low maintenance charges.
- Offers Research Tips and Calls
#7. SAMCO – Free Demat Account with Rs 400 Annual Maintenance
SAMCO is a discount broker that started in 2015, in India. SAMCO offers high leverage for trading to its clients. Clients can get up to 4x Delivery Leverage in the Cash Markets, Upto 80x Leverage for Nifty, 33x leverage for stocks and 60x for commodity.
SAMCO Account Opening Charges
To open a Demat and trading account in Samco, the account opening charges are as below
- For the Equity trading and Commodity account, it charges Rs 0.
- The annual maintenance charges are Rs 400.
SAMCO Brokerage Charges
The brokerage charge for Delivery Trading is 0.20% or ₹20 per trade whichever is lower and for Intraday Trading is 0.02% or ₹20 per trade whichever is lower.
Services offered by SAMCO
Samco provides investment and trading services in equity, mutual funds & commodities. Samco Equity and Derivative trading account offer clients to trade-in stocks, F&O, currencies, indices, and others.
Samco provides commodity trading account opening services that clients can use to trade-in commodity futures & options on MCX. Samco also offers a free mutual fund investment platform which is RANKMF platform.
SAMCO Trading Platforms
Samco Trading Platform provides an online mobile and web trading application named “Samco trader” which is one of the best trading platforms in India.
All trading software applications including trading terminal, website, and mobile application are available free of charge. The trading platforms offered are
- SAMCO Trader – SAMCO Trader is a Desktop EXE application for Windows PC. It’s speed, reliability and stability are unmatched for the perfect desktop trading experience.
- StockNote – StockNote is SAMCO’s revolutionary mobile app available on iOS and Android for trading and investing in the stock market.
- RankMF – It is a One-stop solution for mutual fund investments, where you can get analysis, ratings, advisory and invest with confidence on rankmf.
SAMCO Margin
Below table will give you the complete features of SAMCO Margin in all the segments.
| SAMCO Product | Margin |
|---|---|
| Equity Delivery | 3x |
| Equity Intraday | 15x |
| Equity Futures | Upto 4x |
| Equity Options | Upto 8x |
| Currency Futures | Upto 3x |
| Currency Options | Upto 5x |
| Commodity Future | Upto 5x |
| Brokerage Calculator | SAMCO Brokerage Calculator |
| Margin Calculator | SAMCO Margin Calculator |
SAMCO Demat Account Advantages
- Good margin products available for traders
- Instant paperless account opening
- FREE Trading and Demat Account opening
FAQS
Open Demat Account
Broker | Rating | Link to Open | |
|---|---|---|---|
Zerodha No.1 Stock Broker in India | ★★★★★ |  |
|
Upstox | ★★★★ |  |
|
Angel Broking | ★★★★ |  |
|
5 Paisa | ★★★★ |  |
|
StoxKart | ★★★★ |  |
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