Discount brokers are stockbrokers providing stock brokerage services at the discounted rates. They offer shares and commodities trading services to the customers. A concept of discount brokers was started in 2010. Prior to discount broking, only full-service stockbrokers were instrumental in Indian stock market. Full-service stock brokers provide full services like stock trading, mutual fund investment, commodity trading and lot more. Full-service stockbroker charges a specific percentage of the trade value as a brokerage. Whereas discount broker charges a flat fee for every trade. The rate is as low as Rs.20 per trade. The discount broker is also popular as a flat fee broker or a budget broker.
A discount broker is popular and widely accepted all over India. Many trader and investors are already using discount broking services. If you are planning to start trading in the stock market or looking for good discount brokers, here is a list of Top 7 Best Discount Brokers in India along with fees and other details.
Also Read – 5 Best Demat Account in India for New Investors
Top 7 Best Discount Brokers in India
Zerodha is a pioneer of discount broking in India. Zerodha is one of the Best Discount Brokers in India. Key features of Zerodha are given below –
Zerodha Key Features
- Offering trade at a flat fee as low as Rs.20.
- Advance Trading platforms such as Zerodha Kite, Kite Mobile and Zerodha Pi
- Mutual Fund trading via Zerodha Coin platform
- Education initiative such as Zerodha Open Trade
Account opening charges – Rs.200
Maintenance charges – Rs.300
Equity Delivery – Zero Brokerage
Equity Intraday or Future – Rs.20 flat or 0.01% whichever is lower
5Paisa is one of the best discount brokers in India. 5Paisa is backed by IIFL. 5Paisa offers multiple other services apart from trading like car, health, life insurance and many more. Key features and fees charged by 5Paisa are given below.
5Paisa Key Features
- Cheapest stock brokers in India with Rs.10 brokerage per executed order
- Desktop and Web-based trading platform
- Free Research reports
- The only discounted broker that is listed on the stock market
Account opening charges – Rs.650
Maintenance charges – Rs.400
Equity Trade & Delivery – Rs.10 per executed order
Samco is a popular online discount stock broker in India. Samco offers multiple products at a discounted price. Samco offers trading facility from a desktop as well as from mobile. Key Features and fees charged by Samco are given below.
Samco Key Features
- No charges of account opening
- Trading support at BSE,NSE,MCX and MSEI
- Desktop, mobile and web-based trading platform
- Trading fees as low as Rs.20 per trade
Maintenance Charges – Rs.400
Equity Intraday – Rs.20 flat or 0.01% whichever is lower
- Upstox (RKSV)
Upstox (RKSV) is one of the best discount brokers in India. Upstox is completely paperless platform. Apart from stock market Upstox also provide mutual fund trading platform.
Upstox Key Features
- Free delivery trades. Maximum Rs.20 per trade charges in other segments
- Trading platforms such as Pro Web and Pro Mobile
- Multiple online tools and calculators
- Mutual Fund Trading Platform available
Equity Intraday – Rs.20 flat, no charges for delivery
- SAS online
SAS is an online discount broker in India. SAS offers high-speed trading experience. It is a very good platform for the traders. The key features of SAS online are given below.
SAS online Key Features
- Trade at Rs.9/trade or enjoy unlimited trading at Rs.999/month
- High-speed trading platform called as Alpha
- Mutual Fund Investment facility
- Portfolio tracker facility on a mobile
SAS online Fees
Equity, Intraday, and delivery – Rs.9 per trade
- Trade Jini
Trade Jini is next in the list of best discount brokers. Trade Jini focus more on the technology and provide multiple trading platforms. The key features of Trade Jini are given below.
Trade Jini Key Features
- Maximum Rs.20 brokerage across segments
- Multiple trading platforms web-based and mobile based
- No monthly commitment or hidden fees
- Fyers Securities
Fyers is also known as a free investment zone. Fyers empowers end-user with multiple platforms. The key features of Fyers Securities are given below.
- Focus on trading platform performance
- Advance screener and real-time data analytics
- Support in terms of trading material and learning
- Free Investment across segment if you win 30 days challenge
Also Read – Best Online Trading Demat Account in India
Best Discount Brokers Final Comparison –
|Name of Discount Broker||Account Opening Fee||Maintenance Charges||Brokerage in all Segments|
|Zerodha||Rs.200||Rs.300||Rs 20/trade or 0.01% whichever is lower|
|5Paisa||Rs.650||Rs.400||Rs.10 per Executed Order|
|Samco||Zero||Rs.400||Rs 20/trade or 0.01% whichever is lower|
|Trade Jini||Rs.300||Rs.300||Rs.20 per Executed Order|
|Fyers Securities||Zero||Rs.400||Rs.20 per Executed Order|
Why you should go for Discount Brokers?
The reasons of selecting discount brokers are given below.
- Low brokerage cost
- Fast trading platform and facility of trading at multiple devices.
- Do yourself concept No push by support team for selection of stocks.
- Education content available online.
- Refer and earn facility by most of the brokers.
Discount brokers may provide attractive trading facility at low cost but you should consider various factors before making selection of brokers. These factors are availability of brokerage facility across segments, cost of trading, customer support, trading platform, account opening and maintenance charges.
At the end I would like to say that, I have tried to include most popular and promising discount brokers as Best Discount Brokers in India. If you think I have missed any name feel free to write me back.
Do share valuable feedback and experience with above discount brokers.