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10 Best Discount Brokers in India | Funds Multiply

10 Best Discount Brokers in India

For more than 5 decades till 2010, Indian stock broking space had been working through full-service stockbrokers that charged clients a specific percentage of the trade value as brokerage. For instance, if you traded for a value of ?1,00,000 then you’d be required to pay as high as ?500 for brokerage only for that particular trade.

Furthermore, this has nothing to do with the kinds of profits or losses you make on such trades, the brokerage is a
definite amount that needs to be given to the stockbroker. Thus, it ended up eating a major chunk of profits made by traders and investors on the stock market. 

This is where Discount broking concept was introduced in India. In 2010, Zerodha brought this concept and started charging a flat rate of ?20 per executed trade at the intraday level and ZERO brokerage for delivery trades. This was first of its kind of a solution where the stockbroker did not ask you about your trade value. Thus, whether you traded for ?10,000 or ?10,00,000 for a specific trade, the brokerage will stay at maximum ?20 for that particular trade.

Initially, the concept was met with a lot of doubts and scepticism from the traders’ community, thinking how can a stockbroker charge almost nothing in brokerage charges. But the business model was set at volume or scale level.

Gradually, the stockbroking industry in India saw an inflow of numerous such businesses that charged a flat rate or brought subscription-based pricing for unlimited trades and so on.

Today, there are more than 50 discount stock brokers in India with different pricing plans to go along with focus on Technology and customer education.

Here, in this article, we list down 10 best discount stock brokers in India that offer reasonable value to its clients, not just in pricing but in multiple facets of stock trading.

 

Best Discount Brokers

1. 5Paisa

Known for:

  • One of the cheapest stock brokers in India with ?10 brokerage per executed order
  • Child of India Infoline, one of the most prominent full-service stock broking houses in India
  • Decent performing desktop and Web-based trading platforms – 5Paisa Trade Terminal and 5Paisa Trade Station
  • Free Research and Reports provided
  • Only Discount broker that is listed on the stock market

Concerns:

  • Trading in Commodity not possible
  • Average performing mobile trading app

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2. Zerodha

Known for:

  • First discount Stock Broker in India and is certainly one of the best discount brokers in India
  • Free delivery trades with ?20 maximum brokerage in other segments
  • High tech trading platforms such as Zerodha Kite Web, Kite Mobile, Zerodha Pi etc
  • Trading education initiatives such as Varsity, Zerodha Open trade
  • Recently launched Zerodha Coin, a cheap mutual funds investment portal
  • Partnership with Smallcase for themantic investments

Concerns:

  • Investment in IPOs is cumbersome
  • Average customer service

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3. Fyers

Known for:

  • High focus on trading platforms’ performance. One of the best trading application offered in the industry
  • Free account opening and maintenance charges
  • Brokerage at 0.01% or ?20, whichever is lower
  • Technical and fundamental analysis tools available for clients

Concerns:

  • Trading in commodities not allowed
  • Investments in Insurance or IPOs not available
  • Below Average customer service

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4. ENrich Commodity

Known for:

  • Account opening Charges Rs.199/- or on online application the charges will be Rs.99/-
  • Brokerage amount will be reversed to client account on Daily Basis
  • Exposure limit will be up to 10 time (* Condition Apply)
  • Cover order feature available ( applicable Only for Non-Agri Product)
  • No hidden charges, No commitment on volumes & No software fee

Concerns:

  • No focus on in-house developed trading platforms
  • Only non-agriculture based commodities allowed
  • Average customer service

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5. Upstox (also called RKSV)

Known for:

  • Free Delivery Trades
  • Maximum ?20 brokerage in other segments
  • Decent performing trading platforms, especially Upstox Pro Web – the web-based browser trading application.
  • Free Demat account opening and maintenance

Concerns:

  • Investment in Mutual funds and IPOs relatively cumbersome
  • More or less copies Zerodha in its strategy

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6. My Value Trade

Known for:

  • Flat ?10 brokerage per executed trade
  • Unlimited trading plans available for ?1000 per month or ?10,000 per year
  • Gradually improving trading platforms

Concerns:

  • Not much exposure offered
  • Average customer service

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7. Trade Plus Online

Known for:

  • Percentage based and monthly subscription plans available for brokerage
  • AMC for 5 years and 10 years provided at nominal cost
  • Initiatives for customer service including Twitter Bots

Concerns:

  • Not much exposure offered across segments
  • Call and trade facility is a little troublesome

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8. RK Global

Known for:

  • Low account opening and annual maintenance charges
  • Plans at trade and subscription level available with brokerage as low as ?9 per executed trade
  • Even though its a discount stock broker, it offers research reports and trading calls
  • Decent customer service

Concerns:

  • No mobile app for trading available
  • Low exposure offered across segments

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9. Astha Trade

Known for:

  • Charges 0.01% at intraday level and other segments, delivery at 0.1% (yes, its a discount stock broker)
  • Variety of trading and investment products offered to clients
  • Quick customer service
  • Even though its a discount stock broker, it offers research reports and trading calls
  • High exposure of up to 40 times available in Equity Intraday segment

Concerns:

  • High account opening charges for demat and trading account
  • Low focus on trading platforms

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10. Trade Smart Online

Known for:

  • Charges 0.007% or ?20 per trade, whichever is lower
  • Quick customer service
  • Backing of an old financial house, VNS Finance – thus, a trustable name
  • Offers unlimited trading plans at a subscription level
  • No minimum balance required to open a trading account
  • Annual maintenance charges (AMC) is free for the first year

Concerns:

  • Average trading platforms
  • Relatively high transaction charges

To get a Free Callback, provide your details in the form here.