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Top 10 Discount Brokers in India


Top 10 Discount Brokers in India 2022| Best discount brokers

Discount brokers are budget brokers, best known for their low-cost brokerage trading services. Unlike traditional percentage-based brokerage, they follow a different pricing model and charge a flat brokerage fee from customers on online trading in different segments. Zerodha is India’s first discount broker, founded in 2010, and a pioneer of Rs. 20 fixed pricing model. Witnessing the immense growth of Zerodha, many new discount brokers such as Upstox, 5paisa, Groww, Paytm Money, Prostocks, etc., entered into the Indian brokerage space to capture the growing market demand. If you are looking to find a broker with attractive brokerage rates, discount brokers are undoubtedly the best option. Find below the top 10 discount brokers in India by the number of active clients.

Discount Brokers

The word, "Discount" in discount brokers demonstrates low-cost or cheap brokerage. A flat or fixed brokerage pricing model is the main reason behind the immense growth of discount brokers. Most online discount brokers offer free delivery trading and charges a flat brokerage of Rs 20 per executed order in other segments regardless of the trading volume, therefore, popular among frequent traders to significantly reduce the trading cost. They further allows commission-free or zero brokerage direct mutual fund investment.

They operate on a simple business model to offer an easy, fast, and secure online trading platform (web and mobile app) and charge a nominal brokerage fee. Unlike full-service brokers, discount brokers do not offer offline services like branch support, research & advisory, and do not have a dedicated relationship manager.

Zerodha is the number 1 discount broker, which alone has an 18% market share in India, followed by Upstox, Groww, Angel One, and 5Paisa. Here, we have prepared a list of the top 10 discount brokerage firms in India 2022 by highest clientele base, competitive brokerage charges, and safe, secure & user-friendly mobile app and web-based online trading platforms.

Top 10 Discount Brokers in India 2022

Rank Broker Clients Number Brokerage
(Maximum per order)
Review Request Callback
Prostocks*Rs 15Prostocks ReviewOpen Account
1Zerodha6396714Rs 20Zerodha ReviewOpen Account
2Upstox5768842Rs 20Upstox ReviewOpen Account
3Groww4063750Rs 20Groww ReviewOpen Account
4Angel Broking3791032Rs 20Angel Broking ReviewOpen Account
55paisa1718734Rs 205paisa ReviewOpen Account
6Paytm Money434558Rs 10Paytm Money ReviewOpen Account
7Edelweiss197798Rs 10Edelweiss ReviewOpen Account
8Fyers129671Rs 20Fyers ReviewOpen Account
9SAMCO77003Rs 20SAMCO ReviewOpen Account
10SAS Online21868Rs 9 or 999 PMSAS Online ReviewOpen Account

Best discount brokers in India 2022 – Final Verdict

Zerodha is a granddaddy of all the discount brokers and ranked in the top position. Customers can open an instant Zerodha account online, start zero brokerage investment in shares, and start intraday, F&O, commodity, and currency trading at Max Rs. 20 per order. Its all-in-one Kite platform is one of the best platforms for online trading with superior charting, easy-to-use interface, and safety. In addition, its coin platform is a free direct mutual fund investment platform available in web and app versions. Besides Zerodha, Upstox ranked as the 2nd best online discount brokerage firm with Rs. 20 flat brokerages on delivery, intraday, and F&O trades. However, Prostocks is the cheapest discount broker for intraday traders that offers unlimited intraday trading at just Rs. 899 per month. The plan helps traders save a significant amount of brokerage on intraday (MIS) trading as they can place thousands of trades a month at just Rs. 899/month.

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FAQs

Zerodha is the best discount broker in India, not only on the ground of low-cost trading costs but also due to the superfast Kite trading platform, Kite mobile app, Coin MF platform, and excellent online customer support.

  • Around 6 million active clients with an 18% market share.
  • Instant paperless account opening process
  • Zero brokerage delivery trading (investment in shares)
  • Max Rs. 20 brokerage on other segments
  • Ultrafast and feature-rich Kite web and mobile app platform
  • Commission-free investment in direct mutual funds on the Coin platform
  • Varsity, a free stock market learning platform from beginners to expert level traders.
  • Low maintenance cost and no hidden charges.

 

Upstox is one of the fastest-growing discount brokers in India after Zerodha. It is a part of RKSV Securities backed by top investors like Kalaari capital, and Ratan Tata. The online stock brokerage firm has an active client base of around 5 million, ranked as 2nd largest discount broker after Zerodha. The broker offers online trading in equity, F&O, MCX, and currency segments at Rs. 20 flat brokerage irrespective of the volume of trade.

The Pro platform by Upstox is one of the top-rated apps with a range of useful features like multiple watchlists, real-time market data, stock news, charts, technical indicators, easy fund transfer, and guest login. Customers can access the Pro platform on a browser-accessible HTML website or download the Pro mobile app on the play store and app store.

 

Paytm Money is the cheapest discount brokerage house in India that charges Rs. 0 brokerage on delivery trading, and flat Rs. 10 per order on intraday and derivatives trading. Its Rs. 10 fixed pricing model is the lowest or cheapest model in India than top brokerage firms like Zerodha, Upstox, and Groww. However, the broker only provides equity and F&O trading and doesn’t offer commodity and currency trading services.

While, if you only trade in intraday, then Prostocks is the best discount broker because its monthly unlimited trading plan charges zero brokerage on per intraday trade by paying a fixed monthly fee of Rs. 899 per month.

 

Discount brokers do not offer research and advisory services to clients. However, there are a few brokers who provide such facilities, 5Paisa and Angel one are the two that provide equity research and intraday trading, tips, & recommendations to users.

 

Discount brokers are safe for online trading and investment because all brokers, whether full-service brokers or discount brokers are highly regulated. All top discount brokerage houses such as Zerodha, Upstox, 5paisa, and Groww are registered trading members of BSE, NSE, SEBI, or a depository participant with either CDSL or NSDL or both. The exchange and the SEBI market regulator oversee all transactions conducted through any discount broker. Even if any broker shuts down or bankrupts, then your investment is completely safe because you can open a new trading account with another broker with the same DP and track your transaction online.

 


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