Best Discount Brokers in India: Usage of the internet has increased immensely and along with it has increased discount broking. As its name suggests, they give immensely cheap brokerage on trading. They do not propose stock market trade service, unlike a full-service broker. They render a trading platform for investors where they can get an excellent platform for investing and trading.
Discount brokers are an excellent choice for investors and traders who trade persistently as they charge the most economical brokerage. The best thing about them is that their sole focus is on offering just one service that is stock trading. One of the reasons behind a massive disruption in Indian Broking industry were discount brokers as because of their cheap brokerage plans; they were able to attract various customers as compared to the expensive traditional brokers.
Discount brokers have become really popular as many existing firms began to copy this concept and provide similar economic plans.
Table of Content
- 10 Best Discount Brokers in India (2020)
- 1. Zerodha
- 2. 5Paisa Discount Broker
- 3. Upstox Demat Account
- 4. Trade Smart Online
- 5. Wisdom Capital
- 6. SAMCO
- 7. SAS online
- 8. Tradejini
- 9. Trading Bells
- 10. Trade Plus Review
- How to select the best discount broker?
- Advantages of discount brokers in trading
- Disadvantages of Discount Brokers
10 Best Discount Brokers in India (2020)
Keeping the benefits of discount brokers in mind, we have prepared a list of discount brokers in India which has immensely altered the landscape of brokerage models. These top discount brokers have risen around 90% from FY 2014-2015. They have also occupied a good range over NSE’s total number of clients in a matter of just a couple of years.
You can save a lot of money brokerage expenses by choosing the right discount broker from the list below-
They were one of the first discount broker companies that brought a revolution in the trading industry. It was founded in the year 2010 by Nitin Kamath and is said to be the most significant discount broker in India. They are the ones who brought this concept in India, and since then, there is no looking back.
It has more than 1.5 million clients and is known for lower brokerage charges. They charge around Rs.20 for every trade irrespective of the trade volume. Undoubtedly, now there is a significant change in how the brokerage was being charged.
It gives over 15% of daily retail trading amounts across the Indian stock market. You can open an account with them by just paying a small amount of Rs.300, and its maintenance charges are Rs.300 for a year. Zerodha is quite flexible when it comes to services and features provided by them.
They also have a mobile app by the name of KITE which has more than 1,000,000 downloads on play store. It is also a member of NSE, BSE, MCX, and MCX-SX. It enables you to trade on stocks, government securities, mutual funds, sovereign gold bonds, and Futures & options.
They made the delivery trades free so that the investors can get an entry in the market without any hindrances. Because of its newness and approach, Zerodha has been able to rival all the big players like ICICI direct, HDFC securities, Sharekhan, etc. You can also read our detailed review of Zerodha here.
- Equity Delivery: Zero Brokerage
- Equity Intraday or Futures:01% or Rs.20 per executed trade whichever is lower
- Equity Options: INR 20 Flat
|Trading & Demat Account Opening Charges||Rs.200 (One time) for Online Account Opening|
|Trading Account Maintenance Charges (AMC)||Free|
|Demat Account Maintenance Charges (AMC)||Rs.300|
Trading Platforms: Kite 3.0, Kite Mobile, Console, Pi, Sentinel, Coin
|Stock Market Segment||Margin|
|Equity Delivery||No Margin|
|Intraday Equity||Up to 20 times|
|Equity Futures||40% of the normal margin (NRML)|
|Equity Options||No margin|
|Currency Futures||40% of the normal margin (NRML)|
|Currency Options||No margin|
|Commodity||40% of the normal margin (NRML)|
- Zero brokerage for delivery
- Bing brand value and customer support
- In-house trading platforms
- Innovate and user-friendly trading platform
- Cannot invest in IPO through Zerodha
- No research report
2. 5Paisa Discount Broker
When it comes to brokerage, 5Paisa always comes in our mind. They are backed by the financial monster India Infoline (IIFL). IIFL brings the stability of being a public limited company. 5Paisa provides more than just stock trading; they offer car, health and term insurance, personal loans, and mutual funds as well.
With them, you can save an enormous amount of money if you regularly trade as they just charge a flat fee of Rs.10 per trade. They enable you to buy and sell on BSE, NSE, MCX, and MCX-SX exchanges. They are pretty fast and also have a paperless account opening process.
It is ideal for people who want an accessible platform for trading and want to save money on brokerage charges. They also have an app that is very user-friendly and provides you with regular updates related to the market.
— 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
|Trading Account Opening Charges||Rs.650 (One time)|
|Trading Account Maintenance Charges||Free|
|Demat account opening charges||Free|
|Demat Account Maintenance Charges||Rs.400|
|Segment||5 Paisa Optimum Plan||5 Paisa Platinum Plan||5 Paisa Titanium Plan|
|Equity Delivery Trading||Up to 4 times||Up to 4 times||Up to 4 times|
|Equity Intraday Trading||Up to 3.5 times||Up to 5 times||Up to 5 times|
|Equity Futures||Up to 3.5X||5X||5X|
|Equity Option Writing||2.5X||5X on normal and 10X on expiry||5X on normal and 10X on expiry|
|Currency Futures||1 time||1 time||1 time|
- Good customer care support
- 100% paperless account investing
- Lower maintenance charges
- Great trading platform
- No3-in-1 account
- Trading by calling them over the phone is costly- Rs.100 per call.
3. Upstox Demat Account
They are one of the most distinguished discount brokers in India and are for traders who look for low brokerage, huge margins, and a secure trading platform. They become even more famous after being backed by kalaari capital and Ratan Tata.
The trading terminal that it offers to some of its clients Upstocks pro that is a high-speed and reliable source for seamless trading. They were initially known as RKSV as they began their company by this name in 2012 and changed it to Upstox in 2015.
The good part about them is that they have high tech and advanced trading platforms, which makes trading easy. Upstox has created a completely paperless Demat opening and trading platform. You can also read our detailed review of Upstox here.
They have a set brokerage of Rs.20 for every trade irrespective of the trade amount.
|Equity Futures||They charge under Rs. 20 per completed order or 0.01%|
|Equity Intraday||They charge under Rs. 20 per completed order or 0.01%|
|Equity Options||Rs. 20 per completed order|
|Commodity F&O||Under Rs. 20 per executed order or 0.01%|
|Currency Futures & Options||Under Rs. 20 per executed order or 0.01%|
Upstox Demat and Trading account opening Charges:
— Account opening charges: Rs 300
— Annual Maintenance charges: Rs 150
|Index Option Sell||3X||4X|
|Stock Option Sell||3X||3X|
|NSE Option Buy||1.33X||2X|
- Free delivery trading
- Great trading platforms
- Priority brokerage
- Provide online account opening process
- Cannot make direct trades in IPO & FPO, NCDs
Also Read: 12 Best Stock Market Trading Apps In India
4. Trade Smart Online
They have a set record in offering transparent and reliable broking services. It is a venture of VNS finance and has become a significant player in the discount trading business which is also known for offering low brokerage and a fast trading platform in India.
They also have various plans for low and high volume traders. They provide two programs, one is a value trading plan for less volume traders and the second is a power trading plan for large-volume traders. One can choose any plan as per their requirements.
They charge one of the lowest brokerages in India, i.e. 7 paise for most of the volumes if you trade less volume. For traders with less frequency, they charge Rs.15 per trade irrespective of the executed rate.
It is not a new set up; it was established more than 25 years ago. It has over 50,000 customers and has an average daily turnover of Rs.5000 crores.
|Trading Segment||Brokerage for Value Trading Plan||Brokerage for Power Trading Plan|
|Equity delivery||0.07%||Rs. 15 per finished order|
|Equity Futures||0.007%||Rs. 15 per finished order|
|Equity Intraday||0.007%||Rs. 15 per finished order|
|Options||Rs. 7 per lot||Rs. 15 per finished order|
|Commodities||0.007%||Rs. 15 per finished order|
|Currency||0.007%||Rs. 15 per finished order|
Trade Smart Online Demat and Trading account opening Charges:
— Account opening charges: Rs 400
— Annual Maintenance charges: Rs 300 (Second year onwards)
Trade Smart Margin
|Trading Segment||MIS Intraday||CO Intraday||BO Intraday|
|NSE Cash||Up to 10X||30X||30X|
|BSE Cash||Up to 10X||NA||NA|
|Equity/Index Options writing (selling)||3X||7X||7X|
|Equity/Index Options buying||1X||1X||1X|
|Currency Options writing||3X||NA||NA|
|Currency Options buying||1X||NA||NA|
- Zero additional software charges
- Value trading and power trading plans
- The higher margin for trades
- Up to 30 times margin for equity intraday BO/CO orders on NSE
- 400 account opening charges
- No direct IPO investment
5. Wisdom Capital
It was incorporated in the year 2013; it is an online brokerage firm that offers services in stocks, futures, commodity trading on MCX & NCDEX, and options on NSE and BSE.
Wisdom Capital is said to be one of the excellent discount stockbrokers because of its various features like least brokerage, vast margin, and most exceptional trading platform.
Its online platform is straightforward to use, which attracts even more people to use it and trade through them. They provide their clients with three plans freedom plan, pro plan, and ultimate plan to the investors. Their plans are different as they take different brokerage charges and margins.
- Freedom plan- There is zero brokerage in this in all segments, but the margin is not that great.
- Pro plan- It is for professional traders; in this, they charge in NSE equities 0.005% intraday and delivery. For the rest of the things, they charge Rs.9 per trade.
- Ultimate plan- This plan is for high-frequency trade people, delivery, and an intraday charge is 0.007% of each transaction. The brokerage is 0.005% NSE futures currency and commodity trading at MCX and Rs.15 per lot in options.
|Brokerage Plan||Freedom Plan||Pro Plan||Ultimate Plan|
|Equities||Rs.0||0.005% Intraday & Delivery||0.007% Intraday & Delivery|
|Commodity||Rs.0||Rs. 9 per trade||0.005%|
|Options||Rs.0||Rs. 9 per trade||Rs. 15/Lot|
|Future||Rs.0||Rs. 9 per trade||0.005%|
Demat and Trading account opening charges:
— Account Opening Charges: Rs.0
— Annual maintenance charges: Lifetime 999 (excluding tax)
The best part is that their annual maintenance charge for all accounts is the same.
Wisdom Capital Margin
|Brokerage Plan||Freedom Plan||Pro Plan||Ultimate Plan|
|NSE Cash||Up to 5X||Up to 40X||Up to 60X|
|NSE Futures (MIS)||1X||6X||15X|
|NSE Futures (Cover Order)||1X||Up to 20X||Up to 20X|
|NSE Options||1X||1X Buy &
|1X Buy &
Up to 15X Sell
|MCX (MIS)||1X||6X||Up to 10X|
|MCX (Cover Order)||1X||Up to 20X||Up to 20X|
|Deliver in NSE Cash||1X||Up to 4X||Up to 5X|
- Zero brokerage in freedom plan
- High margin
- Flexible brokerage plans depending on client’s requirement
- Average Customer Support
- Poor technology
This is another discount brokerage company that has made its mark in the market by offering free account opening service and free maintenance. It was established in the year 2015 and became another sensational brokerage cost discount broker in India because of its low brokerage.
They offer a complete suite of products at a discounted price with excellent quality, which makes it different from others. With Samco, customers can get up to 4X delivery leverage in cash markers, 33X leverage for stocks, up to 80X leverage for Nifty, and 60X for commodity.
They support trading on NSE, BSE, MSEI, NCDEX, and MCX. As it is an online platform, you can easily trade from desktop and from your phone. They also support calls, but there is a different charge for trading through calls. Its trading platform is known as SAMCO web Xpress as it is reliable and works at high speed.
|Equity Delivery||Lower of 0.2% or Rs. 20 per order|
|Equity Intraday||Lower of 0.2% or Rs. 20 per order|
|Equity Futures||Lower of 0.2% or Rs. 20 per order|
|Equity Options||Lower of 0.2% or Rs. 20 per order|
|Currency Futures||Lower of 0.2% or Rs. 20 per order|
|Currency Options||Lower of 0.2% or Rs. 20 per order|
SAMCO Demat and Trading account opening Charges:
— Account Opening Charges: Rs 0
— Annual maintenance charges: Rs 400 (Demat account)
|Equity MIS||Up to 3 to 10 times on MIS|
|Equity Cover Order||Up to 50 times|
|Futures||Up to 50% of NRML* Margin|
|Currency Futures||Up to 60% of the NRML margin|
|Currency options||50% of the NRML margin|
|Commodity||40% of the NRML margin|
- No account opening charges
- Flat max rate brokerage plan Rs.20 per trade
- High margin
- Aadhar based paperless account opening
- Mutual Fund investment is not available
- Low performing trading platform
7. SAS online
This discount brokerage company was started by 2 young entrepreneurs and is a newbie in this industry. Their USP is that they are charging Rs.9 per trade for all segments. They support equity commodity and currency trading. With them, you can trade in Stocks, Intraday, Currency F&O, Equity F&O, and commodity futures.
There are numerous elements that put them in the top 10 list. Some of its great features are low account opening charges, and Demat account maintenance charges are just Rs.200 per year. They provide you with the choice of operating through your desktop, mobile, and web versions to make it easy for its clients.
They have an average daily turnover of Rs.10,000 crores. They process more than 1 lakh orders every day and have their clients spread in more than 750 cities.
They offer the most competitive brokerage and charge Rs.9 for every trade in all the segments. You can also opt for their lump sum plans if you trade frequently.
They have plans for Rs.499 or Rs.999 a month in which you make unlimited trade without being charged anything extra.
|Unlimited trading in commodities – MCX Plan||Rs 999|
|Trade unlimited across NSE Cash, BSE Cash and NSE F&O||Rs 999|
|Unlimited trading in currency derivatives||Rs 499|
SAS Online Registration & Annual Charge
- Account Opening (Trading & Demat): Rs.200
- Commodity Trading Account : Rs200
- Annual Maintenance Charges for Trading Account: Rs.0
- AMC for Demat Account: Rs.200
SAS Online Margin
|Stock Market Segment||Margins/ Leverage|
|Equity Delivery||No margin|
|Equity Intraday (MIS)||Up to 5 times on F&O stocks and Up to 3 times on Non-F&O stocks|
|Equity Intraday (CO & BO)||Up to 10 times on F&O stocks & Up to 5 times on Non-F&O stocks|
|Equity Futures (MIS)||2 times limit is provided in all the future and option selling contracts|
|Equity Futures (CO & BO)||5 times limit is provided in Index futures contracts
3 times limit is provided in Stock futures contracts
|Equity Options (MIS)||2 times limit is provided for option selling.
100% premium required for option buying
|Currency Futures (MIS)||2 times limit is offered in all the Currency futures contracts|
|Currency Futures (CO & BO)||3 times limit is offered in all Currency futures contracts|
|Currency Options (MIS)||2 times limit is provided for option selling.
100% premium required for option buying
|Currency Options||3 times limit is offered for option selling.
50 % premium needed for option buying
|Commodity Future (MIS)||2 times limit is given in all the futures Contracts|
|Commodity Future (CO & BO)||3 times limit is given in all futures contracts|
- Monthly Unlimited plans
- Low cost for trading in all segments
- Margin available against shares
- Charge of Rs.200 for opening the account
This discount broker company is taking an edge over its competitors because of the fantastic online support that it provides. It was incorporated in 2012 and is a Bengaluru based company. They charge a maximum brokerage of Rs.20 per completed order.
People prefer choosing Tradejini because of its fast and convenient trading platform. They let you trade in NSE, BSE, MCX, and MSEI. They provide a single integrated platform for Debt instruments, Equities, commodities, mutual funds, and currency trading.
They employ the NEST trader as its trading terminal. They offer various trading platforms to its clients based on their preferences and needs.
|Equity Intraday||Rs. 20/completed order or 0.1% of turnover whichever is lower|
|Futures (Equity/ Currency/ Commodity)||Rs. 20/completed order or 0.01% of turnover whichever is less|
|Equity Delivery||Rs. 20/completed order or 0.01% of turnover whichever is less|
|Options (Equity/ Currency)||Rs. 20/completed order|
TradeJini Demat & Trading Account Opening Charges:
— Account Opening Charges: Rs 300 (Trading), Rs 300 (Commodity)
— Annual maintenance charges: Rs 300 (Demat AMC)
|Trading Segments||Margins Provided|
|Equity Intraday||up to 10 times|
|Equity Futures||40% (2.5 times) of the margin prescribed by the exchange|
|Equity Options (writing)||40% (2.5 times) of the margin specified by the exchange|
|Currency Futures and writing Currency options (NSE CDS)||50% (2 times) of the margin prescribed by the exchange|
|Commodity futures||50% (2 times) of the margin prescribed by the exchange|
- In house CDSL depository participant
- Enables investment in mutual funds, bonds and ETF’s
- Low brokerage charges
- Flash platform which gets curated financial and market news
- Need to courier account opening form
- Does not allow GTC offers
- Does not offer 3-in-1 account
9. Trading Bells
This one is another significant entrant in the discount brokerage market. Their USP is that they are a new generation discount broking firm. They enable you to trade in Equity, commodities, and currencies on the platform.
It is a brand of Swastika Investment Ltd. They have around 80 branches and more than 600 franchises all over India. They provide you with a desktop trading tool, a web trading application, and also a mobile trading application which makes trading pretty easy for the investors.
Opening account with them is elementary and can be done in just a couple of minutes. You just need an Aadhar card and can open the account online without any trouble of visiting the office. They also provide a premium brokerage plan, which is for the clients who trade frequently or do heavy trading.
|Trading Segment||Standard Plan||Premium Plan|
|Equity Futures||0.01% or Rs. 20/finished order whichever is lower||0.30%|
|Equity Intraday||0.01% or Rs. 20/ finished order whichever is less||0.30%|
|Currency Options||Flat Rs. 20/finished order||Rs. 30 per lot|
|Currency Futures||0.01% or Rs. 20/finished order whichever is lower||0.03%|
|Equity Options||Flat Rs. 20/finished order||Rs. 30 per lot|
|Commodity Futures||0.01% or Rs. 20/finished order whichever is less||0.03%|
|Commodity Options||Flat Rs. 20/finished order||Rs. 30 per lot|
TradingBells Registration & Annual Charges:
|Equity (trading + demat) and commodity account:||Rs. 750|
|Annual account maintenance charges||NIL|
Trading Bells Margin-
|Equity Intraday||Up to 10X depending on the stock|
|Equity Futures||Up to 3X|
|Equity Options (buy/ sell)||1X|
|Commodity||Up to 3X|
|Currency||Up to 3X|
- No AMC charges
- No delivery charges in the standard plan
- 22x leverage for equity intraday cover orders
- Auto square off on 80% margin erosion
10. Trade Plus Review
It is an online brand of Navia Markets Ltd. that has an experience of over 2 decades of broking business. They trade not only in Equity and derivates but also in mutual funds, IPO, Bonds, and ETF’s.
It is a big brand that has numerous happy customers and a presence in various cities across the country.
|Trading Segment||Flat Zero brokerage Scheme||Flexi Brokerage Scheme|
|Equity Intraday||N.A.||Under Rs. 9 per traded order or 0.01%|
|Equity Futures||Rs. 799 a month||Rs. 9 for one traded order|
|Equity Options||Rs. 99 a month||Rs. 9 for one traded order|
|Currency Futures & Options||Rs. 99 a month||Rs. 9 for one traded order|
|Commodity Future & Options||Rs. 99 a month||Rs. 9 for one traded order|
Trade plus Registration & Annual Charges
- Trading account opening fees: Rs.200
- Demat account opening fees: Rs.0
- Annual Maintenance charges: For the first year there are no charges, the second year you have to pay Rs.200 for one year
- Infini Trading Solutions trading platform fees: Rs. 499 for a month or Rs. 2,999 yearly
Trade Plus Margin
|Trading Segment||MIS Intraday Margin||CO/BO Margins|
|Equity Intraday||Leverage of 10x is offered for all stocks trading in the futures segment where (VAR+ELM) <=20%.||Between 20X – 30X on all F&O stocks|
|Equity Futures/ Option selling||50% SPAN +50% Additional margin||5% of the Contract value & Stop Loss 3% Compulsory|
|Currency Derivatives||50% SPAN +50% Additional margin||N/A|
|Commodity Futures/ option selling||50% SPAN +50% Additional margin||20% SPAN or SPAN / 5 for commodity futures and NA for Commodity options|
|Equity / Commodities options BUY||100% of Premium Value for Equity and Commodity NA||N/A|
- No delivery charges
- Flexible AMC plans
- Analysis tools available for intraday trading
- Low Demat AMC or ₹90 per month
- Charge an extra monthly fee for trading software
- 75 charges for call and trade facility
These were the top 10 best discount brokers in India which can help increase your profits and reduce the expense plus they also provide you with excellent advice which can help you in multiplying your money.
How to select the best discount broker?
As you know about some of the best discount broker companies, it is also essential for you to understand that how can you select a good discount broker. Here are a few points to keep in mind while choosing a discount broker-
- Brokerage- Ensure that the charge of the broker should be minimum as if you trade a lot then it is a paramount thing to compare with others and choose the one with the best and economical pricing
- Trading Platform- Before opting for any trading platform always choose the one which is user-friendly and should make things simple for you like order placing, research tools, etc. so that you can get the maximum benefits
- Customer Support- It is substantial for you to even check about the customer support offered by the discount brokerage firm as it helps in maintaining smooth and seamless trading.
- Leverage- Margin trading should never be ignored while selecting a discount broker as it is a significant aspect that differentiates between two brokers.
These are some of the essential aspects to check on before opting for a discount brokerage firm also always watch out for the hidden charges, broker review, branch network, online trading terminal, and discount broker financial strength before choosing any broker.
Advantages of discount brokers in trading
- Low cost: They provide the lowest brokerage charges as compared to the traditional full-service brokers. This helps the traders to convert ant trade in profit with a low break-even point
- Online platform for trading: Discount broker offers an online trading platform which allows the investors in doing trade smoothly and quickly
- Unbiased offer: One of the best things about them is that whether you are a prominent investor or small, discount brokers offers you the same
- Transparency index: They are pretty much reliable as all their deals are transparent because the margin calculator is known to everyone
- Client education: Numerous discount brokers provide an educational video tutorial for their clients so that it can help them in trade with them for a longer span
- Quick account opening: Just with the help of Aadhar card they provide you with an option of paperless account opening in just a couple of minutes
- Transactional Cost: They charge you with the minimum transactional cost irrespective of the volume of trade
Disadvantages of Discount Brokers
- No advisory: They do not provide with advisory service whereas full-service brokers offer it without any charge
- No 3-in-1 account: Discount brokers provide you with an option to open trading and Demat account. They do not offer you the feature of opening a bank account
- No branch support: Usually the discount brokers work centrally, hence if you need branch support for paperwork then you need to choose another option for yourself
- PMS service: Discount brokers do not offer portfolio management service to their clients. If you want a fund manager, then a full-service broker would be the best option for you.
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This was about the discount brokers and how they can benefit you while trading. All the above-mentioned discount brokerage platforms are great and really moving the trading community a step forward. There might be some small differences amongst them, so choose the one as per your requirements.