Are you a curious trader looking for a demat account to kickstart your trading journey in the stock market? In this extensive guide, we provide insights into the top 10 stock brokers to help you make a smart choice when selecting the best broker for trading in India and opening your demat and trading account.

1.   Groww

Leading the list of the top 10 stock brokers in India is Groww. Established in 2016 by former Flipkart employees Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, Groww has become a significant player in India’s digital discount broking sector. It 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, serving 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.
•       Transparent approach: Maximum charge of Rs 20, irrespective of trade quantity or amount.
•       Additional charges include auto square-off fees of Rs 50 and various transaction, regulatory, and Demat charges.
•       No fees for mutual fund investments or redemptions.

Pros

•       Simple pricing model with a flat Rs 20 per trade brokerage.
•       Zero account opening fee and no Demat AMC charges.
•       Direct Mutual Funds platform offering an additional 1.5% returns.
•       Trading in SME Shares available.

Cons

•       No Call and Trade services.
•       Absence of trailing stop loss orders in the Groww app.
•       Does not offer NRI Trading or SME IPOs.
•       No provision for stock tips, research reports, or recommendations.
•       Limited support for advanced order types in the Groww app.

2. Zerodha

Securing the second position among the top 10 brokers in india is Zerodha. Commencing operations in 2010, Zerodha is a pioneer in online discount broking, founded by Nithin Kamath, Nikhil Kamath, and Dr. Kailash Nadh. It had maintained memberships with NSE, BSE, MCX, and CDSL, emphasising strict adherence to regulatory standards.

Key Features

•       Renowned for safety, reliability, and trustworthiness.
•       Technological advancement, offering cutting-edge online trading tools.

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 (whichever is lower)
•       Mutual Fund: Rs 0 (Free Unlimited Direct MF)

Pros

•       Offers cutting-edge trading platforms and tools.
•       Zero brokerage fees for Equity Delivery and Mutual Funds.

Cons

•       Does not provide stock tips, research reports, or recommendations.
•       Additional charges for certain positions not squared off and for Call & Trade services.
•       BSE SME IPOs are not available.

3.     Shoonya By Finvasia

Holding the third position in the list of top 10 stock brokers in India is Shoonya By Finvasia. Introduced in 2013, it allows users to open a zero brokerage demat account and engage in commission-free trading.

Key Features

•       Zero brokerage demat account covering all trading segments.
•       Commission-free trading across various segments.
•       Free account setup with no charges for opening an account and zero annual maintenance fees.
•       Advanced trading tools for enhanced trading strategies.

Fees/Charges

•       Zero brokerage on equity intraday and delivery, futures and options, currency, commodities, mutual funds, ETFs, bonds, and IPOs.
•       Zero account opening charges, zero AMC, and zero call & trade charges.

Pros

•       Zero brokerage on all segments, ETFs, and Mutual Funds.
•       Advanced trading tools and sophisticated analytics.
•       User-friendly platform available on desktop, web, and mobile devices.
•       AI-powered insights for a trading edge.

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, Angel One (formerly Angel Broking) is a prominent financial services provider in India, tracing its roots back to 1987. It offers a user-friendly, swift, and secure trading platform with a diverse range of financial products and services.

Fees/Charges

•       Transparent pricing model with brokerage charges across various segments.
•       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 across segments.
•       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

Securing the fifth position among the top 10 stock brokers in India, Upstox commenced its journey in 2011 and is regulated by SEBI. Upstox distinguishes itself with a range of distinctive features and a user-friendly trading experience.

Fees and Charges

•       Flat Rs 20/ trade brokerage across all segments – delivery, intraday, and F&O.
•       Other charges include Rs 20 per executed order for call & trade and Rs 25 for physical contact notes.

Pros

•       Online account opening is free.
•       Upstox Bridge for AmiBroker facilitates coding and executing trading strategies.
•       Advanced order types, including AMO, CO, SL, and GTT, are available.

Cons

•       Stock delivery brokerage fee is Rs 20 per trade.
•       No provision for a 3-in-1 account.
•       Absence of NRI Trading and Demat accounts.

6.     ICICI Direct

Ranked sixth among the top 10 stock brokers in India, ICICI Direct is an integral part of the ICICI Group, serving a customer base exceeding 50 lakh. ICICI Direct specialises in online trading, providing a comprehensive range of services for equity, commodity, and currency trading.

Key Features

•       Varied brokerage plans, including the Neo Plan with flat-rate brokerage.
•       VTC Feature (Valid Till Cancelled) for placing buy or sell limit orders valid for 45 days.

Fees/Charges

•       Multiple brokerage plans to meet diverse needs.

Pros

•       3-in-1 account integration for seamless online trading.
•       VTC Feature for extended order validity.

Cons

•       Minimum brokerage charge of Rs 35 per trade under the I-Secure Plan.
•       Flat Rs 0.05 per share brokerage on stocks quoting up to Rs 10.

 

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7.     HDFC Securities Ltd

Founded in 2000, HDFC Securities operates under HDFC Bank. Ranked on number seventh among the top 10 brokers in India, it offers a range of products and services for trading and investment.

Key Features

•       Integrated 3-in-1 account for savings, trading, and a Demat account.
•       Offers over 30 products and services to 1,800,000+ clients.

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 on both BSE and NSE.

Cons

•       High and non-negotiable brokerage fees.
•       No support for commodity trading on MCX or NCDEX.

8.     Kotak Securities Ltd.

Founded in 1994, Kotak Securities provides retail investors with a 3-in-1 account. Securing eighth rank on the list of top 10 stock brokers in India, Kotak Securities offers diverse investment opportunities.

Key Features:

•       Offers free technical, fundamental, derivatives, macro-economic, and mutual fund research.
•       Provides a 3-in-1 account for a seamless trading experience.

Fees/Charges:

•       Trade Free Plan and Dealer Assisted Brokerage Plan with varying charges.

Pros:

•       3-in-1 account for seamless integration.
•       Zero brokerage plan available for investors aged up to 30 years.

Cons:

•       High brokerage charges for Equity delivery.
•       Elevated brokerage fees in the dealer-assisted brokerage plan.

9.     Motilal Oswal Financial Services Limited

Established in 1987, Motilal Oswal Financial Services Ltd. is a financial services firm offering a wide range of trading options. Based on its unique offerings and services, this broker has been ranked ninth among the list of top 10 brokers in India.

Key Features

•       Offers user-friendly online trading and investing software.
•       Allows ease of opening a trading account with no charges for account opening and maintenance 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 ranks at the tenth position among the top 10 brokers in India. It is a discount brokering firm based in Bengaluru, offering a range of financial services.

Key Features

•       Versatile product offerings, including free Equity Delivery trading and zero-commission direct mutual funds.
•       Fully digital account opening process, enabling investment in various financial instruments.

Fees/Charges:

•       Follows a fixed brokerage model, charging a flat Rs 20 or 0.05% per executed order for intraday trading.

Pros

•       Straightforward pricing model with low trading charges.
•       Mutual Fund Investment Advisory Services.

Cons

•       Equity Delivery brokerage is not free.
•       Absence of branch support.
•       No provision for advanced order types and NRI Trading.

In this article, we have explored the top 10 brokers in India, comparing and contrasting their features, fees, pros, and cons. Each broker has its own advantages and disadvantages, and the choice depends on your personal preferences, goals, and risk appetite. Whether you are looking for a zero brokerage demat account, a 3-in-1 account, a flat fee stockbroker, or a commission-free mutual fund platform, you can find a suitable option among these top 10 brokers in India.