Top Stock Brokers in India: Best Options for Your Investments
With the numerous stockbrokers available in India, a new investor might get confused about choosing the best one. New investors and traders need to consider various factors to make an informed decision. You should consider the fees of the stockbroker, brokerage charges, services provided, etc. Read on to learn more about stock market brokers in India and to discover how to choose the best one for you.
Types of stock broker-
Discount brokers: Discount brokers are those brokers who provide advanced trading tools and have low brokerage charges.
Full-service brokers: Full-service brokers provide personalized advice and services. Brokerage charges are comparatively higher for full-service brokers.
Factors to consider while choosing the best stock broker:
You must consider the following factors while choosing a stockbroker:
Credibility
Checking the broker’s background, performance, and reputation is crucial before trusting them with your money.
Minimum balance
Choosing a broker who has a low minimum balance will be beneficial. Check if the particular broker provides the service of easy deposit and withdrawal of funds.
Technological expertise
Check the level of technological expertise of the broker. Brokers who use the latest technology should be your first preference. Check the user interface and overall functioning of the brokerage platform.
Availability
Availability during market hours matters the most. Therefore, choose the broker who is available and has a reliable trading platform.
Transparency and capability
Check if all the charges are mentioned clearly. Choose a broker who has a strong business policy to maintain quality.
Best stockbrokers in India
Zerodha
Zerodha Zerodha is a low-cost broker founded by Nithin Kamath in 2010. It is based in Bangalore, India, and offers advanced trading systems and resources. It is one of the top stock market brokers in India.
Pros
- Low broker fees
- Advanced trading tools
- Various products and services
- Reliable customer support
Cons
- No stock tips or research reports
- Limited customer support
Why choose this broker?
Zerodha has the lowest brokerage charges in the market and the most sophisticated trading platforms available.
Service offered:
- Equities, derivatives, currency, commodities
- Mutual funds, IPOs
Trading platform
- Kite, Zerodha Pi, Console
Charges
- Delivery: NA
- Intraday, Futures, Options: 0.03% or ₹20, whichever is less per order
- Account opening: ₹200
ICICI direct
ICICI Direct ICICI Direct is a platform by ICICI Securities, a top broker in India. It offers various financial products and financial services.
Pros
- 3-in-1 account
- Quick funds
- Various options
- NSE and BSE access
Cons
- High fees
- Minimum charge
- Extra fees for penny stocks and call trade
Why choose this broker?
ICICI Direct is a one-stop solution for your financial needs. It can make your journey easier and smoother.
Service offered:
- Equities, derivatives, currency
- Mutual funds, IPOs, FDs, bonds, NCDs, ETFs
- Loan against shares
Trading platform
- Trade Racer
- ICICI Direct Mobile App
Charges
- Delivery: 0.55%
- Intraday, Futures, Options: ₹20 per order
- Account opening: zero
5 Paisa
5paisa 5paisa is a discount broker in India that started in 2007. It is one of the top stockbrokers in India and offers low-cost and varied services. It is good for tech-savvy investors who want to save money.
Pros
- Flat ₹20 per order
- All-in-one account
- Fast digital account opening
- Free mutual fund account
Cons
- Margin funding issues
- High demat account debit charges
- High exchange transaction charges
Why choose this broker?
5paisa is a great option for budget-conscious investors and traders who want to pay a flat fee per order.
Service offered:
- Equities, currency, commodities, mutual funds, IPOs
Trading platform
- Investor terminal web
- Trader terminal
- 5Paisa mobile app
Charges
- Delivery, intraday, futures, options: ₹20 per order
- Account opening: zero
Angel One
Angel One Angel One is a full-service broker that was formerly Angel Broking. It is one of the best stock market brokers in India with over 30 years of experience and reputation.
Pros
- Low-cost full-service
- Beginner training
- Margin trading with collateral
Cons
- Surprise margin financing
- No trading in SMEs’ shares
- RM and sales team cross-sell
- No GTC/GTT orders
Why choose this broker?
Angel One is a great choice for investors who want a comprehensive and reputable broker that offers various financial services, research support, and user-friendly platforms.
Service Offered:
- Equity, derivatives, commodity, currency, mutual funds, IPOs, US stocks
Trading Platform
- Angel iTrade
- Angel SpeedPro
- Angel BEE
- Angel Broking App
Charges
- Delivery: Free
- Intraday, futures, and options: 0.25% or ₹20/order whichever is lower
- Account opening charges: Zero
Upstox
Upstox is one of the top stock market brokers in India. It provides trading on different segments such as equity, commodity, currency, futures, and options. It offers many trading features including trading analysis and charting tools.
Pros
- No fees
- Fast and easy account opening
- Shareholdings for margin trading
- Low brokerage charges
- User-friendly trading platform
- Exceptional customer service
Cons
- No GTC/GTT orders
- No margin funding for delivery trades
- Occasional technical issues with apps
Why choose Upstox?
Upstox provides a user-friendly trading platform. It is best for you if you are looking for an economical broker. It is also good for beginners who can learn from its educational materials.
Service offered:
- Equity, commodity, currency, mutual fund, ETF, derivatives
Trading platform
- Upstox Pro Web
- Bridge for AmiBroker
- Developer Console
- Option Chain Tool
- Upstox MF
Charges
- Delivery: 2.5% or ₹20, whichever is lower per order
- Intraday, futures, options: 0.05% or ₹20, whichever is lower per order
- Account opening: zero
Conclusion
Choosing the best stock market broker in India is not an easy task, as there are many factors to consider and many options to choose from. Follow the above steps and consider all the factors mentioned. In this way, you will be able to make informed decisions according to your preferences.
Frequently asked questions
- Which are the two main types of stockbrokers in India?
The two main types of stockbrokers in India are discount brokers and full-service brokers.
- Which is the cheapest stockbroker in India?
Zerodha is known as the cheapest stock broker in India. Zerodha also provides advanced trading tools.
- Which stockbroker would be the best choice for budget-conscious investors who want to pay a flat fee per order?
5paisa is suitable for budget-conscious investors who prefer a flat fee per order.
- I am a tech-savvy investor, which broker should I choose?
If you are a tech-savvy broker, you should go for 5paisa. It provides advanced technical tools for tech-savvy investors.
