Are you planning to kickstart your stock market journey and looking for a zero brokerage demat account? There are multiple stock brokers in India who offer varied trading opportunities across multiple assets and segments. Whether you want to trade in equity, FnO, commodity, currency, or derivatives, you need a reliable stock broker who can provide you with a seamless and secure trading platform, low brokerage charges, etc. However, choosing the right stock broker can be a tough choice.
In this comprehensive guide, we have created a list of the details of the top 10 stock brokers in India to help you choose the best broker for trading in India.
1. Groww- Nextbillion Technology Private Limited
Leading the list of the top 10 stock brokers in India is Groww. Established in 2016 by ex-Flipkart employees Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, Groww has positioned itself as a significant player in India’s digital discount broking sector. The company is registered with SEBI as a stockbroker, depository participant, and investment adviser.
Unique Features
- Minimal brokerage fee: Rs 20 per executed trade or 0.05% for Equity, Intraday, and F&O transactions.
- User-friendly trading app with 128-bit encryption, catering to over 90 lakh users.
- Zero-commission direct mutual funds.
Cost Structure
- Fixed brokerage model: Rs 20 per executed order for Equity Delivery, Intraday, and F&O trades.
- No fees for mutual fund investments or redemptions.
- Transparent approach: Maximum charge of Rs 20, regardless of trade quantity or amount.
- Additional charges: Auto square-off fees of Rs 50, along with various transaction, regulatory, and Demat charges.
Pros
- Simple pricing model with a flat Rs 20 per trade brokerage.
- Zero account opening fee.
- No Demat AMC charges.
- Direct Mutual Funds platform offering an additional 1.5% returns.
Cons
- Absence of Call and Trade services.
- No provision for stock tips, research reports, or recommendations.
- SME IPOs are not available.
- Trailing stop loss orders are not available.
2. Zerodha
Securing the second position on the list of top 10 stock brokers in India is Zerodha, an online discount broking founded in 2010 by Nithin Kamath, Nikhil Kamath, and Dr. Kailash Nadh. Zerodha leads in clientele, market volume, and new customer acquisitions.
Key Features
- Zero brokerage fees for Equity Delivery and Mutual Funds.
- Provides up to 20x leverage on intraday trading.
- Pioneer in zero-commission Direct Mutual Funds.
Brokerage Charges
- Equity Delivery: Rs 0 (Free)
- Equity Intraday, Equity Futures, Equity Options, Currency Futures, Currency Options, Commodity: Flat Rs 20 or 0.03% per executed order.
Pros
- Renowned for safety, reliability, and trustworthiness.
- Offers cutting-edge trading platforms and tools.
Open a free zero brokerage demat account with no annual charges.
Cons
- Does not provide stock tips or research reports.
- Additional charges for certain positions not squared off by the customer.
3. Shoonya By Finvasia
Introducing India’s First Zero Commission Trading Platform in 2013, Shoonya By Finvasia holds the esteemed position of the third-best broker in India. This platform revolutionises trading with a commission-free experience across various segments, including equity intraday, delivery, futures, options, currency, commodities, mutual funds, ETFs, bonds, and IPOs.
Key Features
- Zero Brokerage: Shoonya offers commission-free trading across various segments and major exchanges.
- Free Setup: Hassle-free onboarding with no account opening charges or annual maintenance fees.
- Advanced Tools: Shoonya provides TradingView charts, order slicing, bracket orders, and more.
- Accessible Support: User-friendly customer support through phone, email, live chat, and support tickets.
- User-Friendly Platform: Seamless trading on desktop, web, and mobile (Android and iOS).
- AI Insights: Gain a trading edge with AI-powered stock predictions and signals by I Know First.
Pros
- Zero brokerage on all segments.
- Benefit from robust trading tools and sophisticated analytics.
- Ai-powered signal-based analysis for up to 1,500 Indian scrips.
Cons
- No physical branches for local support.
- Does not provide Margin Funding services.
4. Angel One
Securing the fourth position on the list of top 10 brokers in India is Angel One, previously recognised as Angel Broking. Established in 1987, Angel One has evolved significantly, expanding its offerings to encompass a diverse range of financial products and services.
Key Features
- User-friendly, swift, and secure trading platform.
- Transparent pricing model with brokerage charges across various segments.
Fees/Charges
- Equity Delivery Brokerage: Flat Rs 0 (Free)
- Equity Intraday Brokerage: Flat Rs 20 or 0.25% (whichever is lower)
Pros
- A flat fee stockbroker charging Rs 20 per order.
- No charges for NEFT/fund transfers.
- Provision of free advisory/tips for stocks and mutual funds.
Cons
- No trading in SME shares.
- GTC/GTT order facility is not available.
5. Upstox
Attaining the fifth position on the list of top 10 stock brokers is Upstox, which commenced its operations in 2011. Regulated by SEBI, Upstox distinguishes itself with a range of distinctive features, offering equity, commodity, futures and options, currency, IPOs, and more.
Key Features
- User-friendly interface, advanced charting tools, and seamless trading experience.
- Upstox Bridge for AmiBroker facilitates coding and executing trading strategies.
Fees and Charges
- Equity Delivery: Rs 20 per trade or 2.5%.
- Equity F&O, Currency Futures, Commodity Futures: Rs 20 per trade or 0.05%.
Pros
- Online account opening is free.
- Advanced order types, including AMO, CO, SL, and GTT.
- Upstox Developer Console allows the building of custom trading apps.
Cons
- A stock delivery brokerage fee is Rs 20 per trade.
- No provision for a 3-in-1 account.
- No API access for automated trading.
6. ICICI Direct
Ranked sixth among the top 10 brokers in India, ICICI Direct is an integral part of the ICICI Group. Specialising in online trading, it offers a comprehensive range of services for equity, commodity, and currency trading.
Key Features
- Varied brokerage plans, including I-Secure Plan, Prime Plan, Lifetime Prepaid Brokerage Plan, and Neo Plan.
- 3-in-1 account integration seamlessly combines banking, broking, and demat accounts.
Fees/Charges
- Neo Plan: Flat Rs 20 per executed order for Equity Intraday and Options.
Pros
- 3-in-1 account integration.
- VTC Feature (Valid Till Cancelled) for placing buy or sell limit orders.
Cons
- A minimum brokerage charge of Rs 35 per trade under the standard I-Secure Plan.
- Flat Rs 0.05 per share brokerage on stocks quoting up to Rs 10.
7. HDFC Securities Ltd
Founded in 2000, HDFC Securities operates under HDFC Bank. Specialising in trading and investment, it offers a comprehensive suite of over 30 products and services to 1,800,000+ clients.
Key Features
- Integrated 3-in-1 account.
- Access to multiple assets such as IPOs, Mutual Funds, and more.
Fees/Charges
- Competitive brokerage charges with the lowest brokerage of 0.10% per trade for Equity Delivery.
Pros
- Integrated 3-in-1 account.
- Access to multiple assets from a single platform.
Cons
- High and non-negotiable brokerage fees.
- No support for commodity trading on MCX or NCDEX.
Best platform for intraday trading in 2024.
8. Kotak Securities Ltd.
Founded in 1994, Kotak Securities, ranked in 8th position on the list of top brokers in India, is a well-regarded full-service stock broker providing retail investors with a 3-in-1 account.
Key Features
- Offers a 3-in-1 account for a seamless trading experience.
- Provides free technical, fundamental, derivatives, macro-economic, and mutual fund research.
Fees/Charges
- Trade Free Plan: Free account opening, Rs 99 plan fee.
Pros
- Provides a 3-in-1 account for seamless integration.
- Zero brokerage plan available for investors for up to 30 years.
Cons
- The Zero Brokerage Plan is limited to investors for up to 30 years.
- High brokerage charges for Equity delivery.
9. Motilal Oswal Financial Services Limited
Established in 1987, Motilal Oswal Financial Services Ltd. (MOFSL) is a notable financial services firm offering a wide range of trading options. It is ranked in 9th position on the list of top 10 stock brokers in India.
Key Features
- User-friendly online trading and investing software.
- Ease of opening a trading account with no charges for a limited period.
Fees/Charges
- Charges vary, such as 0.20% for Equity Delivery and Rs 20 per lot for Equity and Currency Options.
Pros
- Lifetime free Equity Intraday Trading.
- First-month FnO Brokerage is free up to Rs 1,000.
Cons
- Comparatively high brokerage charges.
- No provision for a 3-in-1 account.
10. Paytm Money Ltd.
Established in 2017, Paytm Money, ranked in 10th position on the list of top 10 stock brokers in India, is a discount brokering firm based in Bengaluru. The company broadens its services to encompass direct mutual fund investment, equity trading, IPO investment, ETFs, and digital gold.
Key Features
- Straightforward pricing model with a maximum brokerage capped at Rs 20 per trade.
- Fully digital account opening process.
Fees/Charges
- Fixed brokerage model, Rs 20 or 0.05% per executed order for intraday trading.
Pros
- Simple pricing model with low trading charges.
- Mutual Fund Investment Advisory Services.
Cons
- Equity Delivery brokerage is not free.
- No provision for an NRI Trading Account.
Conclusion
Choosing the right share broker is crucial for your stock market journey. In this guide, we have explored the top 10 stock brokers in India, highlighting their unique features, fees, pros, and cons. Depending on your trading preferences, goals, and budget, you can compare and select the best broker for opening your demat and trading account.
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