7 Best Broker For Option Trading In India In 2023

  • Post category:Stock Market
  • Reading time:23 mins read
  • Post author:
  • Post last modified:January 27, 2023

If you are someone who specifically looking to trade in options apart from other segments than choose from these 7 Best Broker For Option Trading In India.

You will definitely going to get surprised in this post as not only some famous name but new names are also on the list.

Options trading is a much more complicated than normal stock trading and hence require better assessment which requires best tools and resources.

The most important things while trading options are option chain table, option moneyness, option Greeks (Theta, delta, gamma, vega) , Open interest (OI), Put call ratio, Max pain, Intrinsic value etc. other than than this very often traders who do not trade with option strategies may incur huge losses, mostly because option strategies are complicated and require complex math’s.

But with latest tool available with these best option brokers it has solved this problem and made options trading with strategies a lot simpler.

Choosing the right broker for trading is one of the important steps to be taken, however many people make huge mistakes before finding the right one.

This happens due to the lack of information as well as about the wrong information available on internet, because of this one may choose the worst broker for trading rather then the best one and loose his/her hard earned money.

As there are more than 300+ stock brokers available on playstore today in India, in other words similar number of stockbrokers as per the latest available NSE Data, it is quite a possibility to be selecting the wrong one.

Even the stockbroking companies sometime makes wrong promises and even have hidden charges associated, hence it becomes very important for you to only choose the best ones.

Keep in mind that, If you want your trading and investing journey to smooth and hassle free than do choose from the below list of stockbroker’s as this comparison is only been done after experience the service instead of just plain information.

But before we I tell you the list of Best Broker For Option Trading In India I would like to tell you what exactly you should look before choose any stockbroker.

One important aspect to keep in perspective before choosing a stockbroker is not just the mobile trading app but the desktop, downloadable as well as web version should also have great technical and fundamental analysis tools and resources, it should be user friendly, intuitive with ease of placing orders.

Moreover never ever consider just one USP while you choose any stockbroker i.e. to say a best broker is one who has all the services for users such as lower brokerage and other charges, segments (Equity, FnO, Commodity, currency) in which a client trade, Investing opportunities other then stock market such as SIP’s in mutual fund, IPO, NFO, SGB, ETF, etc.

Other then this third party tool integration such as Sensibull, smallcase, Tickertape, Streak, Refinitiv or any inbuilt tools and resources are also to be kept in mind.

All in all everything which can make trading and investing experience more pleasant and worthy enough is what makes moneycontain best broker for option trading.

The list not only consist of best option trading broker but the Stockbrokers with Best Trading Platforms In India offering top notch trading and investing experience to its users with their innovation and research.

So without any further delay lets us directly move to check who makes in to list of moneycontain 7 Best Broker For Option Trading In India In 2023.

 

Best Broker For Option Trading In India In 2023:

  1. Dhan
  2. Upstox
  3. Zerodha
  4. ICICIDirect
  5. Fyers
  6. Espresso By Sharekhan
  7. 5Paisa

I will not be able to explain the features in details here as it will become a very long post to cover all of above mentioned stock brokers, but you can check the review and comparison of them by clicking above link.

Stock Broker
Account Opening Charges
Annual maintenance Charges (AMC)
Brokerage Charges
Free for Limited Time
Free for Limited Time
Rs.20 or 0.03% 
Free for Limited Time
Free for Limited Time
Rs.20 or 0.05% 
Rs.200
Rs.300 yearly
Rs.20 or 0.03% 
Free for Limited Time
Rs.25 per month
Rs.20 per order
Free for Limited Time
Free for Limited Time
Rs.20 or 0.03% 
Free for Limited Time
Rs. 400 Yearly
Rs.20 or 0.03% 
Free for Limited Time
Rs.25 per month
Rs.20 per order

 

Let us discuss all of them above mentioned stockbrokers in brief to know why I choose them at first place.

I find this new discount broker Dhan which is giving tough competition to Zerodha because apart from lower brokerages and free account opening with no AMC honestly it has one of the best web based trading platform I have personally seen and it beats even the Zerodha trading platform due to the various features available under the same page such as technical, advanced option chain data, fundamentals of company, financials etc. 

What make them different and currently at the top is they have a dedicated option trading app and web version available with custom option strategy builder inbuilt in their trading platform for users.

Dhan also gives Margin Trading Facility (MTF) for up to 4X leverage (75% funds) from Dhan for Equity Delivery trading. You can buy 950+ stocks and hold them for unlimited period of time.

Dhan also offers another feature known as WelathBasket, it is a basket of stocks/ETFs, based on a strategy, theme or idea. WealthBaskets are professionally managed and help you invest in Stock Markets in a systematic way.

Dhan have also made tie up with smallcase for making portfolio based investment moreover they do have a stock recommendation tool as well which gives long term investment ideas known as Stratzy

There are many more features which I won’t be discussing here but the crux of the matter is Zerodha’s top position from last several years had been challenged by Dhan broker for sure and after experiencing their platform I recommend it as my top broker for 2023.

Upstox as an stockbroker has made its place in the Indian stock broker industry with their fast and efficient trading platforms, sophisticated charting software’s combined with speed and reliability as well ease of opening the account online paperless.

Moreover apart from trading app Upstox in partner with other financial tech companies provide many other services which are built on these apps, such as Sensibull, Smallcase, Tickertape, Sentinel, etc.

Key Features:

  • Pre-curated option strategies in NIFTY and BANK NIFTY
  • Helpful insights – profit probability, maximum P&L, and funds required
  • Interactive pay-off graph to know ‘take-home’ amounts at different levels
  • Strategy orders grouped as one to easily track P&L of the entire strategy

Ready-made Option Strategies is available only on the new Upstox app. Upstox is the first broker to have an in-app options trading tool that provides ready-made option strategies.

The charges and brokerages are very much reasonable in comparison to other brokers.

The kind of growth Upstox has seen in past couple of year is unprecedented, believe it or not but with same speed they will snatch the no.1 position from zerodha with in a span of less than a year in terms of high active client list.

Zerodha is in the list due to it’s advanced trading platform, lower brokerage structure, transparency for clients and different third party and in house developed tools and resources integration such as sensibull, smallcase, tickertape, streak, sentinel, Refinitiv etc.

Sensibull is India’s first options trading platform, offering everything from simplified options trading for new investors to powerful trading tools for the pros. Sensibull aims to make options trading safe, accessible, and most importantly, profitable for all.

Sensibull was founded with the absurdly impossible vision of making the small guy win against the big guy in financial markets. and with zerodha account you get access to this tools as well.

Zerodha in itself is the universe, whether you are a beginner or experience trader and investor, zerodha has all resources set at one place for you.

ICICIDirect have more than 2.9 million, 29,56,887 clients as per NSE data. (the no. keeps on changing) there are many other banks in India who offers the broking services, but ICICI is at the top amongst them due the major changes they do internally time to time.

ICICI direct has a wide range of financial products and services related to investment banking, institutional broking, retail broking, private wealth management etc.

ICICI Direct has facility to invest in Equity, Derivatives, Commodity, Currency Futures, Mutual Funds, IPOs along other services like Fixed Deposits, Loans, Tax Services, New Pension Systems, Insurance etc.

ICICIDirect is a one stop solution for trading and investing in any financial instruments in India. It has everything setup at one place, if you open account with them there is no need to look for any extra service here and there.

What makes ICICI direct different from other is the strong hold and backup from ICICI Bank, India’s top private bank. Other than this there are no charges to open an account so nothing to lose.

Moreover, apart from their own trading platform which offers great analyzation for every segment it has also tied up with Sensibull, India’s first and largest Options Trading platform.

Sensibull offers easy to trade, smart and profitable pre-built Options Strategies for your prediction. All these strategies come with small losses and loss protection, so no matter where the market goes, your losses won’t go above a small fixed number.

Whereas Fyers is in the list is because they deserve. Fyers is just 5.6 years old in broking industries but the kind of advanced trading platform they have as well as all the features needed like low brokerage charges, better customer service team makes them to be in the list.

There trading platform have all inbuilt resources for you to analyse options data without any third party integration.

The account opening charges are very reasonable with no AMC. A company which is just 5.6 years old, have made itself a brand within this period. There are more than 300+ stockbrokers in India which are working from so long, but Fyers has created its own place. This a significant example of how a startup should work.

Espresso by Sharekhan has surprised everyone due to its unique brokerage structure of “No brokerage on loss-making trades” and free intraday stock recommendation to it’s users. Although they are not new in the industry at all, Sharekhan has launched a separate entity called Espresso for discount brokerage services.

Espresso offers trade execution facilities for equity cash and derivatives segments on BSE and NSE, commodities trading facilities on MCX and NCDEX as well as in currency segment.

Espresso by Sharekhan might be new in discount broking industry but as we know being a subsidiary of Sharekhan it has support as well as the experience that any new start-up requires. Moreover they have one of the best trading platform for mobile, desktop and downloadable version which gives you great trading experience for every segment.

What makes 5Paisa different from other discount broker is as an broker it has an wide range of financials products to trade and invest such as Equity (stocks), Mutual funds, Commodity, Currency, FnO, Digital Gold, IPO, ETF, SGB, NFO, FPO etc.

Apart from these they also have many other financial services like Stock recommendations, gold loan, Personal Loans, Insurance, Research Products, Robo advisory and many more.

Hence 5Paisa is not just a discount broker but can be considered as a full time stock broker.

Secondly, the kind of technological advancement in there trading platforms which have several in built software such as swing trader, Sensibull, Smart trader, streak, smallcase gives enough guidance to make better trades in options as well all other segment.

You have the option to take paid subscription plan which reduces the overall cost and provides you with stock recommendation and access to various inbuilt tools and resources for as low as Rs.249.

Now the above list is maintained on the basis of overall better option trader broker in India having said that the above brokers also have advanced trading platform, no hidden charges, lower brokerages, best customer service, highest margin, different investing options such as investment in IPO, FPO, NFO, BONDS, SGB, US markets Mutual funds etc.

From below table you can open the account with any of these stockbrokers within minutes online and get exclusive deals while opening the account through the link.

Stock Broker
Open Account Now
Dhan
Upstox
Zerodha
ICICIDirect
Fyers
Espresso
5Paisa

 

While opening account online keep your Pancard, Aadhaar Card and your signature on white piece of paper handy with you.

Also, you will need to take a selfie for the process of KYC process. Your account gets activated within 24-48 hours after submitting the required details and you can start placing trades once you receive the credentials in your email.

Now that you know the list of stockbrokers with 7 Best Broker For Option Trading In India In 2023, let us know what you can expect from them in trading and investing space apart from being best option trading platform.

Some other important technical and fundamental features are listed below which you can get with any of the above discount broker.

  1. Universal search tool to find simple and complex stocks.
  2. Access to NSE/BSE cash, Futures and Options, commodities and Currencies scrips
  3. Cutting-edge charting tools that are above industry standards
  4. Japanese Candlestick Charts of multiple intervals, types and drawing styles
  5. Apply 100+ technical indicators on real-time charts
  6. Trade directly from charts with the Trade From Charts (TFC) feature
  7. Checkout Fundamentals of company such as Balance Sheet, Profit/loss statement, RoA, RoCE , Results etc.
  8. Set unlimited number of price alerts for instant updates
  9. Option chain, Option Greek Calculator, Option Moneyness, Option Scholes Calculator etc.
  10. Create unlimited number of customized watchlists
  11. Different types of orders such as Gtt, Limit order, Market order, Stop-loss order, Basket order etc.
  12. Receive real-time market feeds to stay on top of your scrips
  13. Access predefined watch-list of Nifty 50, FINNifty and other indices
  14. Biometric (fingerprint and Face ID – iOS) 2FA for seamless logins and better security
  15. Invest in ETF’s, Gold, SIP’s in Mutual Funds, and lot more options such as third party integration smallcase, sensibull, tickertape, streak, Stratzy, Thematic Investment, Swing Trader, Sentinel, Refinitiv etc.

 

Conclusion -:

I hope the above list of 7 Best Broker For Option Trading In India have certainly helped you in choosing the right broker for you, Just like in cooking without all ingredients in balance can’t make a dish best, similarly if you are choosing a stock broker for trading and investing you have to look for all the features.

Never opt any discount broker based on just one particular USP, see what all it has apart from that.

All above mentioned stock brokers has made there place in the Indian discount broker industry with their fast and efficient trading platforms, low brokerages charges, sophisticated charting software’s combined with speed and reliability as well ease of opening the account online paperless.

So, whether you are a beginner or experienced trader and investor in stock market you should open an account with these stock brokers, now it is up to you to decide and selecting that suits your need.

Having said that Dhan, Upstox, ICICIDirect and Zerodha is any day my favorite stock brokers while comparing with others. So go ahead and open the best trading and demat account of your choice from below link and get exclusive deals.

Stock Broker
Open Account Now
Dhan
Upstox
Zerodha
ICICIDirect
Fyers
Espresso
5Paisa

 

At last if you are thinking why I did not spoke about margin or leverage with any above stockbrokers, it is because of SEBI Rules on Intraday margin every stockbroker is giving same margin in every segment throughout India, hence this does not matter anymore.

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