Top 10 low-cost stock brokers in India 2024
Top 10 low-cost stock brokers in India
Lowest Brokerage trading app in India – lowest Brokerage charge in India 2024: With the rise of Zerodha, the first discount broker which was founded in 2010, the Indian broking industry saw a massive disruption. As these discount brokers were offering a cheaper brokerage plan, they were able to attract a lot of customers compared to the expensive traditional and bank brokers.
After this disruption, many of the existing older brokers and firms started copying the concept and offering similar cheaper plans. After around a decade since these brokers started getting attention, discount brokers are becoming more and more popular in recent years.
Best Discount Brokers in India – Stockbrokers List 2024
1. Zerodha.
Zerodha, founded in 2010 by Nitin Kamath, is the biggest discount in India that offers free equity and mutual fund investments and flat brokerage on Intraday & all other traders.
It has over +7.5 million clients and contributes to over 15% of daily retail trading volumes across the Indian Stock Market. Its mobile app ‘KITE’ has got over +5,000,000 downloads on the play store.
Zerodha brokerage charges
– Free equity delivery: All your equity delivery investments (NSE, BSE), absolutely free — ₹0 brokerage.
– ₹20 intraday equity and F&O trades: ₹20 or 0.03% (whichever is lower) per executed order on intraday trades across equity, currency, and commodity.
2. Angel Broking
Incorporated in 1987, Angel One is a big brand having +30 Years of experience in the broking world and +5 million happy customers. They have a presence in over 1800+ cities in India. Angel Broking offers the trading facility in Equity, F&O, Commodities, and currency across BSE, NSE, NCDEX & MCX.
Although Angel Broking worked as a full-service broker and offered a percentage brokerage charge to its clients for over two decades. However, they recently changed their business model (Nov 2019) from percentage brokerage to flat rates to compete with rapidly growing discount brokers like Zerodha, 5Paisa, Upstox, etc.
Angel Broking Brokerage Charge:
Delivery charges: Rs 0
Intraday Trading: Flat ₹20 Per Trade
Equity F&O: Flat ₹20 Per Trade
Currency F&O: Flat ₹20 Per Trade
Commodity F&O: Flat ₹20 Per Trade
Account Opening Charges with Angel Broking:
- Account opening charge: Rs 0 (Currently Waived)
- Annual Maintenance Charge: Rs 240 (Rs 20 Per Month)
- Trading Platform: Angel iTrade, Angel Broking Mobile App, Angel BEE.
3. Upstock.
Upstox is a fast-growing discount broker, backed by a group of leading investors including Kalaari Capital, Ratan Tata, GVK Davix, etc. It is also known as RKSV. Upstox started as RKSV in 2012 and rebranded to Upstox in 2015. As of Dec 2021, Upstox has the second-highest number of active clients on NSE after Zerodha. The startup also became a unicorn in 2021 with a valuation of over $3 Billion.
Services offered: Upstox offers trading services in equity, currency, and commodity
Upstox Brokerage charges
While trading with Upstox, equity delivery trades are free of cost. For intraday trading on BSE, NSE and MCX, and F&O it is 0.05% or up to Rs. 20 per order traded. Irrespective of the order size, the brokerage cost is only Rs. 20 per order traded.
- Delivery Charges: Rs 0
- Intraday Trading: Rs 20 per executed trade or 0.05% whichever lower
- Futures Trading Charges: Rs 20 or 0.05% (whichever is lower) per order
- Options Trading Charges: Rs 20 per trade
- Upstox Demat And Trading account opening Charges:
Account opening charges: Rs 299
Annual Maintenance charges: Rs 300
Trading Platform: Upstox Pro Web Trading Platform, Bridge for AmiBroker, Developer Console, Option Chain Tool, Upstox MF Platform.
4. 5paisa.
5Paisa is a part of IIFL (India Infoline) and offers the cheapest stock brokerage in India. IIFL launched 5Paisa to offer a lower brokerage platform for its clients and to compete with the fast-growing discount broking industry. Along with a fast trading platform, 5Paisa also offers advisory reports and recommendations.
Services offered: Apart from trading in equity, currency, and commodities, 5Paisa also offers its services in mutual funds, Insurance, and Personal loans.
5Paisa Brokerage charges
5Paisa offers free trading in equity and flat brokerage in other segments. Here are the brokerage charges offered by 5Paisa:
— Delivery Trading: Rs 20 per trade
— Intraday Trading: Rs 20 per trade
— Equity Futures: Rs 20 per trade
— Equity Options: Rs 20 per trade
— Currency Futures: Rs 20 per trade
— Currency Options: Rs 20 per trade
5Paisa Demat And Trading account opening Charges:
— Account opening charges: FREE (Rs 650 Waived)
— Annual Maintenance charges: Rs 45 per month (only for months when you trade)
Trading Platform: Investor terminal web platform, trader terminal, 5Paisa share trading mobile app.
5. Kotak Securities,
Kotak Securities, being a part of the Kotak group is one such broker. Traditionally a full-service broker, Kotak Securities entered the discount brokerage model in November 2020 with its Trade FREE Plan. Here, they announced zero brokerage for intraday training across segments, the first-of-its-kind plan in India. It is also known as the Free Intraday Trading (FIT) plan.
In its TRADE FREE PLAN, KSL is offering zero brokerage on intraday trades and Rs. 20 per order for all other future & options (F&O) trades including equity, commodity, and currency. Here are a few of the key points on the Kotak Securities Trade FREE Plan to note:
— Zero Brokerage on Intraday Trades
— All other F&O Trades at Rs 20 per order
— FREE Demat Account (Rs 499 Opening Charges Waived Currently)
— Full Broker Services at Discount brokerage rate offering a wide range of investment options and research reports.
The following table sheds light on the rates applicable:
- Account Opening Charges: Rs 0
- Annual Maintenance Charges: Rs 50 Per Month
- Intraday Brokerage Charges (Equity): FREE
- Delivery Brokerage Charges: 0.25% of Transaction.
6. Groww.
Groww is one of the fastest-growing investment platforms in India. Groww is the brand name for Nextbillion Technology Private Limited – a SEBI-registered stockbroker and a member of NSE and BSE. Initially, Groww a Bangalore-based startup was set up in 2016 as a platform to directly invest in mutual funds. Keeping up with the increase in demand for equity trading in the midst of the pandemic the company also offered equity trading.
The vision behind the Groww App was to set up was to create a powerful yet simplest-to-use app for trading from anywhere. With this, the app came up with the philosophy of making “Investing should be as simple as online shopping”. Today the company offers Mutual Funds, Demat Services, Trading Services, Intraday Services, IPO Services, and Trading Exposure.
The following table sheds light on the rates applicable:
Account Opening Charges: Rs 0
Annual Maintenance Charges: Rs 0
Brokerage Charges: Rs 20 or 0.05% per executed trade (Whichever is lower)
Pros of Groww Demat & Trading Account:
Simple and intuitive user interface
One platform to invest in stocks, mutual funds, gold and US stocks.
Investing facility for US Stocks available
Cons of Groww Demat & Trading Account:
Currency and Commodity trading facility not available yet.
As a newer entrant, the trading platform yet to be tested to work smoothly on high trading days.
7. Paytm money.
Paytm received approval from the SEBI in 2019 in order to enter the discount stockbroking segment. Paytm over the years has tried to establish itself as the one-stop platform for anything money-related in the recent past. After gaining traction post demonetization the online payments platform offered banking services, mutual fund, SIP, pension products.
Paytm’s plans to enter stock broking couldn’t have come to fruition at a better time. 4.9 Million new demat accounts were opened in the last financial year. The lockdown imposed due to the COVID-19 pandemic has forced the work from home model to be adopted. This has led to an increase in the first-time investors flocking to the stock markets with the added disposable income, as as they are forced to spend less on leisure due to the pandemic.
Here are the charges for Paytm Money Demat and Trading Account:
Account Opening Charges: Rs. 200 – One-time Digital KYC
Depository AMC: Zero Annual Maintenance Charges for your demat account.
Delivery Charges: Rs 0
Intraday Charges: Rs 10 per trade
Futures and Options Charges: Rs 10 per trade
Note: ₹1 per day as platform charges (billed annually for days exchange is open) (Source: Paytm Money)
8. Trade Smart.
Trade smart is a Mumbai, India-based discount broker good for traders and investors looking for low brokerages, high margins, and a fast trading platform. Unlike most discount brokers, Trade smart online is not a recent setup. It is a part +25 years old VNS Finance & Capital Limited, which is a traditional broker in India. It has over 100,000+ happy customers, averaging a daily turnover of over Rs. 5000 crores
Services offered: Trade smart online offers brokerage services in stock, futures & options, commodity, and currency trading segments.
Trade Smart Online Brokerage charges:
This discount broker offers a flat brokerage of Rs 15 per trade irrespective of the trading volume in its ‘Value’ trading plan.
Further, it also proposes a ‘Power’ trading plan with a brokerage of 0.007% on the transaction, which is suitable for the small volume traders. Here are the brokerage charges for delivery and intraday trading:
— Delivery: Rs 15 per trade (Power plan) or 0.07% (value plan)
— Intraday Trading: Rs 15 Per trade (Power plan) or 0.007% (Value Plan)
Trade Smart Online Demat And Trading account opening Charges:
— Account opening charges: Rs 400
— Annual Maintenance charges: Rs 300 (Second year onwards)
Right now, Trade Smart Online is offering a flat 100% off on the Account Opening Charges for the Trade Brains’ readers. You can open your FREE Trade Smart Online account by clicking this link.
Trading Platform: NEST Trader, SINE(Mobile App), SineWeb.
9. Samco.
Incorporated in 2015, SAMCO is another low brokerage cost discount broker in India. However, SAMCO differs from other discount brokers by offering higher leverage for trading to its clients. Here, customers 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 Brokerage charges:
Here are the brokerage charges offered by SAMCO:
— Delivery Trading: 0.20% or ₹20 per trade whichever is lower
— Intraday Trading: 0.02% or ₹20 per trade whichever is lower
SAMCO Demat And Trading account opening Charges:
— Account Opening Charges: Rs 0
— Annual maintenance charges: Rs 400 (Demat account)
Services offered: Samco offers trade facilities for stocks, F&Os, Commodities, and Currency in its dashboard.
Trading platform: SAMCO Trader (Omnesys NEST Trader), StockNote (Mobile Trading App), SAMCO Web Xpress (Website), SAMCO STAR.
10. Fyers.
Incorporated in 2015, Fyers is Bangalore based fast-evolving online discount stock broker founded by young entrepreneurs with broad experience in trading and the stockbroking industry. Apparently, FYERS word is an acronym of “Focus Your Energy & Reform the Self”, which represents the core philosophy of the company.
Services offered: Fyers offer services in equity Cash, F&O and Currency Derivatives segments at NSE.
Fyers Brokerage charges:
— Delivery Trading: Rs 0
— Intraday Trading: Flat brokerage fee of maximum ₹20 per executed order.
Fyers demat and trading account opening charges:
— Account Opening Charges: Rs 0
— Annual maintenance charges: Rs 0 (Demat AMC Waived)
Trading tools: Fyers One (Trading Terminal), Fyers Markets (Mobile Trading App), Fyers Web Trader, Thematic investments
Pros of Fyers:
- Free online account opening
- Free delivery trading and low brokerage
- Advanced charts, real-time screeners and analytics
- Thematic investment platforms for investing in the latest themes
- Moderately high exposures- Offers up to 16 times margin in equity intraday segment
Cons of Fyers:
- Higher demat account maintenance charges
- Slightly higher exchange transactions compared to other discount brokers