Exploring options for a demat account to initiate your trading journey into the stock market?
In our comprehensive guide, we will share the details of the top 10 brokers in India to assist you in selecting the most suitable broker and opening your demat and trading account.
Groww
Groww is topping the list of 10 best brokers in India.
Established in 2016 by ex-Flipkart employees Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, Groww has established itself as a significant participant in India's digital discount broking sector.
The company holds registrations with SEBI as a stockbroker, depository participant, and investment adviser.
Groww's 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, catering to over 90 lakh users.
Zero-commission direct mutual funds.
Groww's 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, regardless of trade quantity or amount.
Additional charges: Auto square-off fees of Rs 50, along with 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.
No Demat AMC charges.
Direct Mutual Funds platform offering an additional 1.5% returns.
Offers trading in SME Shares.
Cons
Absence of Call and Trade services.
Trailing stop loss orders are not available in the Groww app.
Does not offer NRI Trading.
SME IPOs are not available.
No provision for stock tips, research reports, or recommendations.
Investment in shares of Small and Medium Enterprises (SMEs) listed on BSE SME and NSE Emerge platforms is not provided.
Branch support is unavailable.
The Groww app does not support advanced order types such as BO, CO, AMO, and GTT.
Zerodha
Zerodha has secured the notable position of second-ranked broker among India's top ten brokers.
Commencing its operations in 2010, Zerodha, a trailblazer in online discount broking, was founded with a bold vision by Nithin Kamath, Nikhil Kamath, and Dr. Kailash Nadh.
The company maintains memberships with NSE, BSE, MCX, and CDSL, underscoring its commitment to stringent adherence to regulatory standards.
Key Features of Zerodha
Market Leadership: Zerodha, a top stockbroker, leads in clientele, market volume, and new customer acquisitions.
Trustworthiness: Recognized for safety and reliability, Zerodha is considered one of the most trustworthy brokers.
Technological Advancement: Stands out for offering cutting-edge online trading tools and a commitment to technological advancement.
Cost Savings: Zero brokerage fees for Equity Delivery and Mutual Funds, with a maximum charge of Rs 20 per trade, ensuring significant savings compared to traditional brokers.
Leverage Options: Provides up to 20x leverage on intraday trading, catering to diverse investor profiles.
Pioneer in Direct Mutual Funds: Zerodha is a pioneer in zero-commission Direct Mutual Funds, appealing to various investor types.
Technological Platforms: Demonstrates technological prowess through platforms like Zerodha Kite, Coin, Varsity, Trading Q&A, Smallcase, Streak, Sensibull, GoldenPi, and Ditto.
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)
Account Opening Charges: Online Account Opening - Rs 200, Offline Account Opening - Rs 400, Demat Account AMC - Rs 300 per year.
Zerodha Pros
Largest stock broker in India, with a high number of active clients & daily trading volume.
Renowned for safety, reliability, and trustworthiness.
Offers cutting-edge trading platforms and tools, including Kite, Console, and Coin.
Zerodha Cons
Does not provide stock tips, research reports, or recommendations.
No monthly unlimited trading plans or lifetime free AMC demat account plans.
Additional charges of Rs 50 per executed order for certain positions not squared off by the customer and an extra fee for Call & Trade services.
BSE SME IPOs are not available, while NSE SME IPOs are offered.
Shoonya By Finvasia
Shoonya By Finvasia: India’s First Zero Commission Trading Platform
Shoonya by Finvasia, introduced in 2013, holds the esteemed position of the third-best broker in India.
It proudly claims the title of the nation's inaugural platform, allowing users to open a zero brokerage demat account and engage in trading without incurring any commission fees.
Key Features of Shoonya By Finvasia:
Zero Brokerage Demat Account: Shoonya covers all trading segments, including stocks, mutual funds, bonds, ETFs, futures and options, currency, and commodities on major exchanges like NSE, BSE, MCX, and NCDEX, with zero brokerage.
Commission-Free Trading: Revolutionizing trading with a commission-free experience across various segments, including equity intraday, delivery, futures, options, currency, commodities, mutual funds, ETFs, bonds, and IPOs.
Free Account Setup: Streamlined onboarding process with no charges for opening an account and zero annual maintenance fees.
Advanced Trading Tools: Elevate trading strategies with advanced tools such as TradingView charts, order slicing, bracket orders, basket orders, option chains, and more.
Accessible Customer Support: Prioritizing user satisfaction with accessible customer support through phone, email, live chat, and the option to create support tickets for prompt issue resolution.
User-Friendly Platform: Seamless and user-friendly trading interface available on desktop, web, and mobile devices (Android and iOS compatible).
AI-Powered Insights: Gain a trading edge with AI-stock price predictions and signals by I Know First for up to 1,500 Indian scrips, offering daily top picks across long, mid, and short caps.
Fees/Charges - Shoonya By Finvasia’s Brokerage Plans: Zero Hidden Costs
Zero brokerage on equity intraday and delivery: Invest hassle-free with no extra charges.
Zero brokerage on futures and options: Trade Futures & Options without any brokerage fees.
Zero brokerage on currency and commodities: Invest in multiple markets with no fees.
Zero brokerage on mutual funds: Invest in 3000+ Direct Commission-free Mutual Funds via SIP or lump sum.
Zero brokerage on ETFs and bonds: Maximize your portfolio with zero costs.
Zero brokerage on IPOs: Participate in new offerings with zero brokerage.
Zero account opening charges: Zero cost for opening Demat and Trading accounts.
Zero AMC (Annual Maintenance Charges): Zero cost for annual maintenance of Demat and Trading Accounts.
Zero call and trade charges: Place your trades over the phone at zero cost.
Zero hidden charges: Enjoy transparent pricing with no hidden fees.
Zero trading platform charges: Experience seamless trading with a multi-asset trading platform at zero cost.
Zero auto-squared-off charges: Pay no additional charges on auto-squared-off trades.
Zero volume commitment: Trade as much or as little as you want without any commitments.
Zero clearing charges (NSE & BSE): Trade without clearing fees on NSE & BSE.
Zero charges on APIs and Algo trading: Automate trading strategies with Shoonya Developers APIs - build, backtest, and execute for free across multiple assets.
Zero Upfront charges: No initial fees or charges to begin trading.
CHARGES Details:
Account Opening Charges: Free
Account Maintenance Charges: Zero
Plan Charges: Zero
Call & Trade Charges: Free
Pros
Zero brokerage on all segments, ETF’s, and Mutual Fund.
Benefit from robust trading tools and sophisticated analytics.
An intuitive platform designed to cater to traders across all segments.
Implement bracket orders, cover orders, and GTT (Good Till Triggered) on NSE, BSE & MCX to protect investments, secure gains, and effectively manage trading positions.
Cons
No physical branches or offices for local support.
Does not provide Margin Funding services.
Angel One
Securing the fourth position in the rankings, Angel One, previously recognized as Angel Broking, is a prominent financial services provider in India, tracing its roots back to 1987.
Throughout its history, the company has evolved significantly, expanding its offerings to encompass a diverse range of financial products and services.
Key Features
Angel One boasts a user-friendly, swift, and secure trading platform equipped with all essential features and tools for effective trading and investing. The platform caters to a wide range of financial instruments, including stocks, commodities, currencies, mutual funds, IPOs, bonds, and more.
Fees/Charges:
Adhering to a transparent pricing model, Angel One imposes brokerage charges across various segments, encompassing equity, commodity, FnO (Futures and Options), and currency trading.
Equity Delivery Brokerage: Flat Rs 0 (Free)
Equity Intraday Brokerage: Flat Rs 20 or 0.25% (whichever is lower)
Equity F&O Brokerage: Flat Rs 20 or 0.25% (whichever is lower)
Currency F&O Brokerage: Flat Rs 20 or 0.25% (whichever is lower)
Commodity F&O Brokerage: Flat Rs 20 or 0.25% (whichever is lower)
Angel One Pros
A flat fee stockbroker charging Rs 20 per order across segments and exchanges, offering brokerage-free equity delivery trades.
No charges for NEFT/fund transfers.
Intraday square-off and call & trade at a minimal charge of Rs 20.
Provision of free advisory/tips for stocks and mutual funds.
Angel One Cons
Margin funding is provided to customers without notice, leading to confusion and resulting in hefty interest charges.
No trading in SME shares.
GTC/GTT order facility is not available.
Angel One does not offer a 3-in-1 account.
Upstox
Attaining the fifth position among India's leading brokers, Upstox embarked on its journey in 2011. Regulated by SEBI, Upstox possesses licenses as a stockbroker, depository participant, and commodity broker.
Key Features
Upstox distinguishes itself in the competitive brokerage space with a range of distinctive features.
The platform offers variety of products and services, including equity, commodity, futures and options (FnO), currency, IPOs, and more, accessible through its Upstox Pro Web and Upstox Pro Mobile trading platforms.
Notably, the Upstox Pro trading platform is renowned for its user-friendly interface, advanced charting tools, and seamless trading experience.
Fees and Charges
Segment | Charge per Executed Order | Percentage (whichever is lower) |
Equity Delivery | Rs.20 | 2.5% |
Equity F&O | Rs.20 | 0.05% |
Currency Futures | Rs.20 | 0.05% |
Commodity Futures | Rs.20 | 0.05% |
Other Charges (Upstox Broker Hidden Charges/Fees)
Call & Trade: Rs 20 per executed order.
Physical contact notes: Rs 25 per contract note plus courier charges (Digital contract notes are free).
Instant Money Transfer Fee: Rs 7 per transfer.
Upstox Pros
Online account opening is free of charge.
Flat Rs 20/ trade brokerage across all segments- delivery, intraday, and F&O).
Upstox Bridge for AmiBroker facilitates coding and executing trading strategies using the AmiBroker AFL editor.
Advanced order types, including AMO, CO, SL, and GTT, are available.
Upstox Developer Console allows you to build your own trading app using languages such as Python.
Upstox Cons
Stock delivery brokerage fee is Rs 20 per trade, unlike most other brokers offering it without fees.
Margin funding is not available for delivery trades.
No provision for a 3-in-1 account.
No API access for automated trading.
Absence of NRI Trading and Demat accounts.
A call-and-trade fee is Rs 20 per executed order.
Automatic settlement charges an additional Rs 20 per executed order
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ICICI Direct
Ranked sixth among the list of top ten brokers, ICICI Direct is an integral part of the ICICI Group, catering to a customer base exceeding 50 lakh.
Specializing in online trading, it provides a comprehensive range of services for equity, commodity, and currency trading on BSE, NSE, and MCX.
The platform further extends its offerings to encompass Mutual Funds & IPOs, fixed deposits, bonds, NCD, wealth products, Home Loans, and Loans against Securities.
Key Features
ICICI Direct stands out with its varied brokerage plans like I-Secure Plan, ICICI Direct Prime Plan, Lifetime Prepaid Brokerage Plan, and Neo Plan.
The Neo Plan adopts a flat-rate brokerage approach, enabling brokerage-free equity futures trading. It charges a flat Rs 20 per executed order for Equity Intra-day and Options trading, along with a 0.55% brokerage for equity delivery.
Fees/Charges
ICICI Direct offers multiple brokerage plans to meet diverse needs. For example, the Neo Plan charges a flat Rs 20 per executed order for Equity Intraday and Options trading, with a 0.55% brokerage for equity delivery.
Account maintenance is simplified, featuring free account opening and an annual maintenance charge (AMC) of Rs 300 for the Demat Account.
Additional charges include Rs 20 per transaction for Demat Debit Transactions (Sell Orders) and Rs 50 per order for Call and trade.
ICICI Direct Pros
3-in-1 account integration seamlessly combines banking, broking, and demat accounts, all under ICICI, ensuring a well-integrated online trading experience without manual intervention.
VTC Feature (Valid Till Cancelled) enables customers to place buy or sell limit orders valid for 45 days.
ICICI Direct Cons
A minimum brokerage charge of Rs 35 per trade under the standard I-Secure Plan, which may be high for traders involved in small trades.
Flat Rs 0.05 per share brokerage on stocks quoting up to Rs 10, making trading in penny stocks challenging.
Rs 25 per call charge for call & trade after the initial 20 free calls in a month.
HDFC Securities Ltd
Founded in the year 2000, HDFC Securities stands as a leading full-service stock broker operating under HDFC Bank.
Specializing in trading and investment, the platform facilitates transactions across a diverse range of financial instruments, including shares, bonds, futures, options, mutual funds, IPOs, currency derivatives, commodities, and stock portfolios.
Registered with SEBI, HDFC Securities holds memberships in BSE, NSE, MCX, CDSL, and NSDL.
Key Features
Offers a comprehensive suite of over 30 products and services to 1,800,000+ clients.
Provides a 3-in-1 account for savings, trading, and a Demat account, ensuring a seamless investment experience.
Fees/Charges
Competitive brokerage charges with the lowest brokerage of 0.10% per trade for Equity Delivery.
Account opening fee of Rs 999 and various segment-specific brokerage rates.
Brokerage for Delivery Based Trades (Equity Segment):
Resident Indians: 0.50%/ min Rs 25/ ceiling of 2.5% on transaction value (Both Buy & Sell)
NRI's: 0.75% or min Rs 100/ ceiling of 2.5% on transaction value (Both Buy & Sell)
HDFC Securities Pros
Integrated 3-in-1 account (banking- broking- demat accounts)
Access to multiple assets such as IPOs, Mutual Funds, GOI Bonds, Insurance, and Postal Savings Schemes from a single platform on both BSE and NSE.
HDFC Securities Cons
High and non-negotiable brokerage fees.
No support for commodity trading on MCX or NCDEX.
Minimum brokerage charge of Rs 25 per trade, which is relatively high.
Flat Rs 0.05 per share brokerage on stocks quoting up to Rs 10, making trading in penny stocks challenging.
Mandatory opening of a Demat Account with HDFC Bank Ltd and a Bank Account with HDFC Bank for the 3-in-1 account.
Paytm Money Ltd.
Established in 2017, Paytm Money is a discount brokering firm based in Bengaluru and holds registration with SEBI as a stockbroker.
The company has broadened its services to encompass direct mutual fund investment, a pension scheme, equity trading, IPO investment, ETFs, and digital gold.
Key Features
Versatile product offerings, including free Equity Delivery trading, zero-commission direct mutual funds, and a maximum brokerage charge of Rs 20 per trade.
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.
The maximum brokerage chargeable per order across all segments is Rs 20.
Offers zero maintenance charges and a transparent fee structure.
Pros
Straightforward pricing model with low trading charges; maximum brokerage capped at Rs 20 per trade across all segments.
Mutual Fund Investment Advisory Services.
Cons
Equity Delivery brokerage is not free, unlike popular brokers such as Zerodha and ProStocks.
Advanced order types like GTC (Good Till Cancelled), CO, BO, and Basket Order are not offered.
No provision for an NRI Trading Account.
Unavailability of commodity and currency trading.
Kotak Securities Ltd.
Founded in 1994, Kotak Securities Ltd. is a well-regarded full-service stock broker that provides retail investors in India with a 3-in-1 account. The platform offers diverse investment opportunities encompassing equities, derivatives, commodities, currency, and mutual funds.
Key Features
Offers a 3-in-1 account for a seamless trading experience.
Stands out by providing free technical, fundamental, derivatives, macro-economic, and mutual fund research.
Fees/Charges
Kotak Securities Trade Free Plan:
Plan Details | Value |
Account Opening Fee | Free |
Plan Fee | Rs 99 (Incl. of GST) |
Validity | Lifetime |
Intraday Brokerage | Free (All segments) |
Equity Delivery | 0.25% or Rs 20 (whichever is higher) |
Carry forward (All applicable segments) | Rs 20 per order |
Interest on Margin Trading Facility | 0.049% per day |
Brokerage Cashback | NA |
Demat AMC | Rs 50 per month |
Dealer Assisted Brokerage Plan:
Plan Details | Rs 499 (One time) |
Account Opening Fee | 0.39% |
Equity Delivery | 0.039% |
Equity Intraday | 0.039% |
Equity Futures | 0.039% |
Equity Options | Rs 39 per lot |
Currency Futures | Rs 9 per lot |
Currency Options | Rs 5 per lot |
Commodity Futures | 0.039% |
Commodity Options | Rs 39 per lot |
Minimum Brokerage | Rs 21 per executed order (subject to a ceiling of 2.5% of contract value) |
Margin Trading Facility Interest rate | 0.025% per day |
Interest on stock used as margin for derivative trades | 0.042% per day |
Kotak Securities Pros
Provides a 3-in-1 account for seamless integration of banking, broking, and demat accounts.
Zero brokerage plan available for investors aged up to 30 years.
Kotak Securities Cons
The widely advertised Zero Brokerage Plan is limited to investors up to the age of 30.
High brokerage charges for Equity delivery (0.25%).
Elevated brokerage fees in the dealer-assisted brokerage plan (0.39% for delivery, Rs 30 per lot for Options).
Motilal Oswal Financial Services Limited
Established in 1987, Motilal Oswal Financial Services Ltd. (MOFSL) is a notable financial services firm that operates in compliance with regulatory standards.
The company provides a wide range of trading options, including equities, derivatives, commodities, currency, mutual funds, IPOs, US stocks, gold, insurance, fixed income products, and readymade portfolios.
Key Features
Offers a range of 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.
Account administration charges are Rs 199.
Motilal Oswal Pros (Advantages):
Lifetime free Equity Intraday Trading.
First-month FnO Brokerage is free up to Rs 1,000.
Opportunity to buy shares of unlisted companies through PMS services.
Up to 4X margin on a select range of stocks for optimised capital utilisation.
Motilal Oswal Cons (Disadvantages):
Comparatively high brokerage charges when compared to other full-service and discount brokers.
No provision for a 3-in-1 account.