List of Top 5 Best Discount Brokers in India (2022)

Anamika Mahapatra Anamika Mahapatra
Feb 1, 2022 9 min read
List of Top 5 Best Discount Brokers in India (2022)

It has recently been discovered that individuals are pumping millions into the Indian equity market. While there is a prevalent belief that equity market investing is riskier than other asset classes, the recent surge of the Indian equity market has enticed many to make share price investments. The stockholders' eagerness to put their funds in various equities has been increasing at all of India's main stock traders.

Now, if you want to buy stocks, the notable point is that you'll need a broker to function as a liaison between you and the equity markets. The stockbroker's function is crucial since he serves as your single interface for all stock-related issues. That's why all traders use the assistance of the best brokers in India. Full-Service Stockbrokers and Discount Brokers are the 2 kinds of brokers in India.

Difference Between Full-Service Stockbrokers vs Discount Brokers
Top 5 Best Discount Brokers in India
How to Choose the Right Discount Broker?
Advantages of Online Brokers
Disadvantages of Online Brokers

Difference Between Full-Service Stockbrokers vs Discount Brokers

Full-service Brokers

Let's start with full-service brokers also known as conventional brokers. The majority of these brokers have been in business for years. Angel Broking, HDFC Securities, Motilal Oswal, and others are examples. These intermediaries are unique in that they are licensed that offer both offline and internet services.

That is, you visit their workplace and have your problem resolved. They provide excellent service. You'll also get a trusted and experienced manager who is always available.

They also offer research reports, stock advice, fund management, and investment management services, among other things. They employ a large number of employees, including consultants and market analysts, to ensure that you have an enjoyable outlook and receive accurate research reports.

All of these services, however, are not free. Their brokerage is sure to be higher because their spending is more. In contrast to discount brokers, they cost a larger brokerage fee. Although they are attempting to vie with discount brokers. They cover a plethora of low-cost brokerage solutions to high-volume investors.

Discount Brokers

Discount brokers like Zerodha, Upstox, and others are popular among individual investors and traders. They are becoming incredibly common among today's youngsters as smartphone usage rises and data rates fall.

As the title suggests, these brokers provide discounted or very minimal brokerages. They have set brokerage plans in place. How much more valuable will your deal be if you must pay a set brokerage fee? Their users are largely virtual and have little substantial form.

They don't offer a whole variety of services, so they don't have to pay for a license, infrastructure, or staff. These advantages are delivered to clients in the mode of reduced brokerage fees. The majority of these dealers don't offer investment managerial services or research reports.

How do you benefit from these brokers?

Let’s say you bought 100 shares of Asian paints each valued at Rs.2000.

Total value = Rs.200000 (100*2000).

Full service brokerage = 0.4% * 200000 = Rs.800

Discount Brokerage = Flat RS.9 to Rs.20

Savings = Rs. (800-20) = Rs.780

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Top 5 Best Discount Brokers in India


Zerodha Website
Zerodha Website

With the most active clientele and a customer base of 18.85 percent, Zerodha is at the pinnacle of success. It was the first Indian company to explore the idea of stock brokerage. It is a firm with offices in several Indian cities that was established in 2010.

Its trading platform is known as Kite. It has a web-based and smartphone-based UI. For stock delivery trading, it does not impose a brokerage fee. However, it costs 0.03 percent or Rs.20 per placed order for stock intraday and stock futures, whichever is lesser. It charges a fixed fee of Rs.20 per placed order for stock options. It charges fees for creating an account, which most brokers do not.

Kite Dashboard
Kite Dashboard

For dealing in equity, futures and options, and currencies, it costs an Rs.200 account opening fee. If you want to add a commodities account to it, you'll have to pay an additional Rs.100, and the starting fee would be Rs.300. Aside from that, there is an annual account upkeep fee of Rs.300 + GST. The Coin by Zerodha portal also offers services for investing in mutual funds.

Coin by Zerodha Website
Coin by Zerodha Website

Angel One

Angel One Website
Angel One Website

Angel One was formerly named Angel Broking, and it is India's largest brokerage firm in several ways. It is a classic stockbroker that has maintained its commissions low, similar to a discount broker. For its one-of-a-kind nature, it stands out.

Dinesh Thakkar launched the company in 1987. Its offices are based in Mumbai. It's also a publicly traded firm, which implies its equity is traded on a stock market. It offers full-service brokerage solutions at a fraction of the cost of a discount broker. It costs only Rs.20 for each order and allows you to deal with any amount. It provides a multitude of services, including research and advising services.

It is one of the few discount brokers that offer study and advising services. It provides a variety of programs, including sub-brokerage, franchise, alliance, and others.

Angel One, as a full-service stockbroker at a discount brokerage firm, provides a ton of products that you won't find with other discount firms. It provides clients with ARQ Robo advice, which is among the most unique services available today.


Upstox Website
Upstox Website

With a customer base of 10.9 percent, the Mumbai-based discount brokers rank second among active clients. Ratan Tata and Tiger Global, a US venture capital, fund this brokerage ID, which was established in 2011.

Pro by Upstox is the trade system's title, and it has both web-based and smartphone-based UI. It, like Zerodha, provides free stock delivery trade brokerage. However, it charges a fee of 0.05 percent or Rs.20 per placed order for stock intraday and stock futures, whichever is lesser. It charges a fixed fee of Rs.20 per placed order for stock options.

Upstox Pro Website
Upstox Pro Website

Account setup costs are not charged. However, there is an Rs.25+GST monthly account upkeep fee. It offers services to trade in Mutual funds and digitized gold.


5Paisa Website
5Paisa Website

Originally known as India Infoline's discount brokerage arm, this inc. was established in 2016. Then they were split up and listed individually. Their sponsors are similar in both cases.

The 5Paisa app, which offers a web-based and smartphone-based UI in the equities, F&O, currencies, and commodities categories, is the title of the company's mobile app.

There are 3 kinds of brokerage plans available. One of them is a standard package that charges a fixed Rs.20 per placed order for stock delivery, intraday, equities F&O. There are no fees associated with creating an account. A monthly account upkeep fee of Rs.45+GST is charged.

Other packages comprise the Power Investor packs, which costs Rs.499 monthly, and the Ultra Trader pack, which costs Rs.999 monthly and includes a flat commission of Rs.10 as well as a variety of other benefits such as study, investment analytical techniques, free trade, and free equities delivery. It also offers mutual funds and digitized gold as investment options. In collaboration with Vested, it also offers investment options in US stocks.


Groww Website
Groww Website

Groww is a discount brokerage firm that started operating in 2016, mainly as a portal for investment in mutual funds. The firm began its brokerage operation in 2020. Groww is the title of its smartphone app. You can engage in the equity section using its web-based and smartphone-based interfaces.

They will shortly begin offering an F&O solution as well. It sets a price of 0.05 percent or Rs.20 per placed order for stock intraday and equities future, whatever is less. The commission for F&O is Rs.20 per transaction.

There are no fees for creating or maintaining an account. It also provides mutual funds and digitized gold investment services. It also gives you the chance to trade in US stocks.

How to Choose the Right Discount Broker?

Now that you've learned about certain greatest discount broker firms, you'll need to learn how to choose a reputable discount broker. Here are some things to consider while selecting a discount broker:

Brokers Fee

Verify that the broker's fee is as low as possible as if you transact frequently, it's critical to evaluate intermediaries and pick the one with the finest and least cost price.

Trading Interface

Pick a trading interface that makes things easy for you, such as order placement, analysis tools, etcetera, so that you would get the most out of it. It's also important to look at the service provided by the discount broker as this aids in making it a streamlined experience for the investors.

Margin Trading

Margin trading is an important factor to consider when choosing a discount broker because it distinguishes between two brokers.

These are the most important factors to consider when selecting a discount brokerage firm. Also keep an eye out for additional fees, broker reviews, distribution structure, electronic trading terminals, and discount broking company's financial strength when deciding on a broker.

Advantages of Online Brokers

  • In comparison to conventional full-service brokers, they offer the least brokerage fees. This enables investors to earn from a deal with a low transition point.
  • They provide an electronic trading interface that allows investors to buy and sell easily and swiftly.
  • One of the finest features about them is that they provide the same services to large and small investors alike.
  • They are fairly trustworthy as all of their transactions are visible since everyone has access to the margins estimator.
  • Several offer their users instructional video training to assist them in trading with them for a while.

Disadvantages of Online Brokers

β€’ They don't offer free consultation, while full-service brokers do.

β€’ They allow you to open both a trading and a Demat account.

β€’ They usually function remotely, so if you require branch assistance for documentation, you'll have to find another solution.

β€’ They don’t provide investment management services. A full-service broker is an ideal alternative for you if you want a portfolio manager.

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You must use a discount broker if you are tech proficient, can perform your transactions by yourself, your trades are small, you don't need further analysis or add-on services, or trading support. There are numerous discount brokers in India; however, you must select the appropriate stock broker according to your needs.


Which is the No 1 stockbroker in India

Zerodha is considered one of the best stock brokers in India. It has a client base of 5,685,723 active clients.

Which is the best discount brokerage?

Zerodha, 5paisa, Groww, Angel One, and Upstox are some of the best discount brokerages in India.

Are discount brokers safe in India?

Yes, your money is safe with discount brokers but they will not advise about the risks of the investment like a full-service brokerage.

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