5 Best Discount Broker In India Comparison And Review

Finding the best discount broker in India from more than 300+ stock brokers (as per NSE Latest data) can be a very difficult task for anyone, therefore in this list we will see the  best discount brokers in India in 2022 based on facts rather than just pure information.

You may be thinking on what basis I have chosen this list, Here it is, in terms of total active clients, lowest brokerage charges, no or minimum Trading /Demat account opening charges, best/advanced trading platform, good customer service support, and lot of other factors involved which makes them rank to Best 5 discount broker in India.

Just to let you know this list have been made after using the services of these stock brokers and is not just a random selection.

Moreover there is not one individual factor which makes them rank at 5 top stock brokers, but it is a combination of various factors which have been explained in detail below.

So, let us begin to know the 5 Best discount Broker In India and know the reason behind same.

 

Best Discount Broker In India:

  1. Zerodha Discount Broker
  2. Upstox Discount Broker
  3. 5Paisa Discount Broker
  4. Espresso Discount Broker
  5. Fyers Discount Broker

 

Best Discount Broker In India Brokerage Comparison:

Stock Broker
Account Opening Charges
Annual maintenance Charges (AMC)
Brokerage Charges
Zerodha
Rs.300
Rs.300 yearly
Rs.20 or 0.03% 
Upstox
Rs.199
Free 
Rs.20 or 0.05% 
5Paisa
Free for Limited Time
Rs.25 per month
Rs.20 per order
Espresso
Free for Limited Time
Rs. 400 Yearly
Rs.20 or 0.03% 
Fyers
Rs.300
Free for Limited Time
Rs.20 or 0.03% 

 

As you can see in the list of best discount broker in India above a new discount broker Espresso by Sharekhan has surprised everyone due to its unique brokerage structure of “No brokerage on loss-making trades”, you might have also heard of Fyers who has one of the best trading platform other then lower brokerage charges.

The account opening charges are very reasonable as well as self – explanatory and I will this up to you to decide.  Hence let us understand the brokerage and how does it work.

Suppose you bought stock xyz priced at Rs.100, quantity 100 on intraday basis,

So the total turnover would be bought 100, sold 100(100*200)=  20,000 on this amount they will charge either whichever amount is lower as 0.03% of 20000, is Rs.6 so they will charge that instead of flat Rs.20.

Let us now move on to second comparison for the best discount broker in India.

 

Best Discount Broker In India App Comparison:

The most important thing to consider when opening a Trading/Demat account is trading platform with advanced tools and resources. Out of the 5 best discount broker list we have above choosing one platform over the other is another kind of task.

However to do that one must have overall experience of all the platform these brokers give for different devices like desktop/laptop (downloadable), Web/Browser based and Mobile based trading platform.

 

Stock Broker
Trading Platform Rating
Total Active Clients
Free Delivery Trades
Zerodha
4.3/5
65,83,612
Yes
Upstox
4.5/5
54,62,001
Yes
5Paisa
4.2/5
16,54,245
Yes
Espresso
4.4/5
80,854
Yes
Fyers
4.2/5
1,15,457
Yes

 

As you can see in the image above, there may be a element of surprise for you seeing Fyers and Espresso. Even I was amazed with great tools and resources on their trading platform specially the web and downloadable version.

The user interface is so clean and up to the mark, you can easily know which icon will do what, as the moment you will hover to any it will tell you the functionality of it.

The above list of best trading platform overall rating has been done taking aggregate for all types of platform (downloadable/web/mobile).

Other then that high active clients shows the trust these discount brokers has created among it users, but one also need to know that company which got established earlier will normally have more users.

However, not in above case ICICIDirect is the one got established long back in early 2000, but they have been removed from holding first position by later founded Zerodha in 2008, and now with Upstox founded in 2016.

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.

But these only is not the criteria to select a stockbroker for your trading and investing in stock market, there are many other parameters which have been discussed later in the blog, above is just one of them.

As you can see in above the highest active client as of now is of Zerodha holding the number 1 position, the second in the list is out of surprise Upstox, recently they have outpaced ICICIdirect and drag them to 4th position.

On the other hand you might ask why 5paisa and fyers make in the list of 5 best discount broker in India in 2022.

Although, 5paisa is just behind Angel broking and HDFC securities in active client list, I am very hopeful in 2023 they will come to 4th position looking at the speed they are growing which of course tells you about the changes they have brought in terms of online trading and investing.

Whereas Fyers is in the list is not because of no. of active client they have, because they deserve. Fyers is just 4.5 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.

Last but not the least in the list of best stock brokers in India is a newcomer Espresso stockbroker, No they are not new in the industry at all, Sharekhan has launched a separate entity called Espresso for discount brokerage services.

Espresso got launched on September 22, 2020, R. Kalyanaraman is the CEO of espresso broker a subsidiary of giant full time broker Sharekhan.

What makes espresso different is not only the advance trading platform but the lowest unique brokerage structure.

So, overall if you are looking to open a trading/demat/mutual fund you can choose any one of them, the charges are very low for all of them for AMC, demat, trading, brokerage, moreover all of the above have a fantastic user interface for the trading platform and a great customer service team to deliver best support.

Having said that Zerodha & Upstox is any day my favorite stock broker while comparing with others.

 

Stock Broker
Margin Trading Facility
Trading Platform
Overall Rating
Zerodha
No
Zerodha PI/Kite Web/Kite Mobile
9.6/10
Upstox
Yes
 Upstox/PRO WEB/ Pro Mobile
9.4/10
5Paisa
Yes
5Paisa trade station EXE/Web/Mobile trading App
9.2/10
Espresso
Yes
Binge/My Espresso Web/Espresso Mobile App
9.1/10
Fyers
No
Fyers One/WEB/Markets Mobile App
9.1/10

 

The overall rating you see is done after reviewing these stock brokers separately and in comparison to one another.

Although the margin or leverage are equal for intraday trading across stockbrokers, Espresso, Upstox and 5Paisa has brought MTF (Margin Trade Fund) or ETF exchange margin funding as a new product to give higher leverages even for delivery based trades.

It is a facility which allows the Client to take positions by providing prescribed margin and the balance amount is funded by respective discount broker to meet the pay-in obligation of the Client.

Client can later take delivery either by making the necessary funds settlement or square up such positions.

Open Best Trading/Demat/Mutual Fund account online within minutes and start investing and trading in stocks, FNO, Commodity, Currency, ETF, SGB, IPO, Gold and many more Products..

The next in the list is different segment and financial products available to trade and invest. Many people in hurry have opened account with Groww without knowing that they don’t have MCX/Currency segments other than that FnO was just recently launched.

All the above discount brokers except groww allows investing and trading in NSE/BSE/MCX/Currency segments. Moreover there are different financial products such as FnO/IPO/Mutual Funds/ETF/SGB/Bonds/Gsec etc. available with them.

Hence knowing the different segment and products available to trade and invest for is an important factor to consider before opening an account with any discount broker.

Last but not the least is the third party or self developed tools and resources which adds real value to a user as it helps in doing fundamental, technical research as well as helps in testing the trades very easily.

 

Stock Broker
Third-party Integration
Open Account Now
Zerodha
Tickertape, Streak, Sentinel, Smallcase, Sensibull, Refinitiv
Upstox
Tickertape, Sentinel, Smallcase, Sensibull, Refinitiv, Ready Made Option Strategies
5Paisa
Trader Smith, Smart Investor, Sensibull, Smallcase, Tickertape
Espresso
Free Intraday Stock Recommendation
Fyers
Thematic Investing

 

It would be very difficult for me to explain different features of about above mentioned tools, but let me tell you in short about the prominent ones:

Tickertape gives you complete package of doing fundamental analysis of any stocks. You can see all the fundamental with charts and data points, this can be great if you want to invest for long term.

Streak to give you access to all the technical parts, with help of streak you can create different strategies back-test them and deploy the automatically. No need to do the manual technical analysis anymore.

Refinitiv provides the platform for Stock Reports+, it is a comprehensive stock, market, and industry research and analysis from Thomson Reuters for 3000+ Indian stocks, updated daily. You can get access to all the research related info for any stocks.

Sentinel is a tool which gives real-time market alerts for all 90,000+ stocks, bonds, commodities, F&O contracts, and currencies across exchanges on OHLC, bids, and offers, and more, in addition to the price. You can create basic alerts based on attributes such as price, trade quantity, volume, and open interest.

Smallcases are baskets of stocks & ETFs that help you build a low-cost, long term diversified portfolio. Smallcase helps investors to pick pre-build well researched portfolio so instead of doing research by themselves and looking for information here and there they can directly invest.

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.

So do not wait anymore and start your trading and investing journey with any of these best stock brokers now.

 

Stock Broker
Open Account Now
Zerodha
Upstox
5Paisa
Espresso
Fyers

 

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.

 

Conclusion:

I hope the above list of 5 best discount brokers in India have certainly helped you in choosing the brokers, Just like in cooking without all ingredients in balance can’t make a dish best, similarly if you are choosing a discount broker 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 discount 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.

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, Sentinel, Refinitiv etc.

 

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

Having said that Upstox and Zerodha is any day my favorite stock brokers while comparing with others.

Open Best Trading/Demat/Mutual Fund account online within minutes and start investing and trading in stocks, FNO, Commodity, Currency, ETF, SGB, IPO, Gold and many more Products..

If you are a beginner in trading and investing, please read this amazing guide on how share market works in India?

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Note: Please do your own research and make investment. Moneycontain will not be responsible for any of your losses at all. The point made is for educational purpose only and intended to give information. All investments are subject to risks, which should be considered prior to making any investments.

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