Best stock brokers in India

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Stockbrokers

• A stockbroker (broker) is a SEBI-registered professional financial market representative (individual or brokerage firm) who deals in securities (equity, debt, commodities, currency, etc.) to receive and execute buy and sell orders of market participants (investors) at the exchanges.

• Types
  • Full-time brokers (Traditional brokers)
    • Such brokers offer clients a vast area of products and services such as brokerage services (demat and trading accounts, securities trading platforms), financial and investment advice, retirement planning, investment portfolio management services, depository services, mutual fund services, tax on capital gains, etc.
    • They charge high commissions and fees for trading and maintaining the account. However, this high fee can be justified by their offered services like financial & investment guidance.
    • Ideal for regular investors who require personalized service and have large amounts of investment and are relatively inexperienced.
  • Discount brokers (Online brokers)
    • Such brokers provide online basic services such as brokerage services (demat and trading accounts, securities trading platforms), mutual fund services and passive portfolio management to clients.
    • They charge very low commissions and fees for trading and maintaining the account.
    • Ideal for investors who want to trade & invest by yourself.

• Functions
  • Opening of Demat & Trading accounts
    • Demat account with securities depository participant (DP) can be opened only through a stockbroker.
  • Securities trading & investment

• Safety of your funds and securities if a stockbroker shuts down
  • For stocks & shares
    • If your transaction is still in the settlement period (T+2) and the broker goes bust, you will probably lose your shares.
    • If stocks are already in your demat account and the broker goes bust, your stocks are completely safe in your demat account with DP (CDSL or NSDL) and you can transfer your holdings to any other stockbroker of your choice anytime.
    • If you received leverage or margin by pledging your shares, then also you will lose them.
  • For mutual funds
    • Your mutual fund investments remain in your chosen AMC. Hence, they are completely safe with your AMC.
  • For funds in trading account (wallet, brokerage account)
    • Funds in the trading account are held directly by the stockbrokers on behalf of their clients, so that they can only be used for investments and trades made by their clients. So, if the stockbroker defaults you might lose them. However, as per the SEBI circular, the safety of your funds lying with your stockbroker is guaranteed by the Investor Protection Fund (up to Rs.25 lakh). If your stockbroker defaults, you can file a claim for your compensation anytime within three years. To verify, please visit official website of SEBI.

Top stockbrokers in India

1. Zerodha

• Company : Zerodha Broking Limited
• Type : Discount broker
• DP : CDSL
• Segments : Equity, Commodity, Currency, Futures and Options
• Investment options : Mutual funds (Direct plans), IPO platform, Bonds & Debt, Exchange Traded Funds (ETFs)
• Zerodha does not provide investment option for insurances.
• Charges
  • Account opening charges : ₹ 300
    • Equity : ₹ 200
    • Commodity : ₹ 100
  • Account maintenance charges : ₹ 300 per year
  • Call & trade charges : ₹ 50 per order
• Brokerage
  • Equity brokerage
    • Equity intraday brokerage : 0.03% or Rs. 20/executed order whichever is lower
    • Equity delivery brokerage : Zero
    • Equity futures brokerage : 0.03% or Rs. 20/executed order whichever is lower
    • Equity options brokerage : ₹ 20 per executed order
  • Currency brokerage
    • Currency futures brokerage : 0.03% or Rs. 20/executed order whichever is lower
    • Currency options brokerage : 0.03% or Rs. 20/executed order whichever is lower
  • Commodity
    • Commodity futures brokerage : 0.03% or Rs. 20/executed order whichever is lower
    • Commodity options brokerage : 0.03% or Rs. 20/executed order whichever is lower
• Margins
  • Equity
    • Equity intraday margin : 5x
    • Equity delivery margin : 0x
    • Equity futures margin : 2.5x
    • Equity options margin : 2.5x
  • Currency
    • Currency futures margin : 2.5x
    • Currency options margin : 2.5x
  • Commodity
    • Commodity futures margin : 2.5x
    • Commodity options margin : 0x

• Trading platform (App, Web)
  • Equity, Commodity, Currency, Futures and Options, ETF, Bonds : Kite
  • Mutual funds : Coin
  • Educational content : Varsity

• Additional features at no extra cost
  • Available : 3 in 1 Account, SMS Alerts, Margin against share
  • Not available : Free trading calls, Free research reports, Margin funding

• Exclusive review of charges & taxes
  • For Equity
  • 
  • For Currency
  • 
  • For Commodity
  • 

• Open Demat account with Zerodha : Zerodha Demat

Groww

• Company : NextBillion Technology Private Limited
• Type : Discount broker
• DP : CDSL
• Segments : Equity, Futures and Options
• Groww does not facilitate Commodity & Currency.
• Investment options : Mutual funds (Direct plans), IPO platform, Exchange Traded Funds (ETFs)
• Groww does not provide investment option for Bonds (Except SGB), Debt, Insurances.
• Charges
  • Account opening charges : Zero
  • Account maintenance charges : Zero
  • Call & trade charges : –
• Brokerage
  • Equity brokerage
    • Equity intraday brokerage : 0.05% or Rs. 20/executed order whichever is lower
    • Equity delivery brokerage : 0.05% or Rs. 20/executed order whichever is lower
    • Equity futures brokerage : ₹ 20 per executed order
    • Equity options brokerage : ₹ 20 per executed order
• Margins
  • Equity
    • Equity intraday margin : 8x
    • Equity delivery margin : 0x
    • Equity futures margin : 0x
    • Equity options margin : 0x

• Trading platform (App, Web): Groww for all features

• Additional features at no extra cost
  • Available : SMS Alerts
  • Not available : 3 in 1 Account, Margin against share, Free trading calls, Free research reports, Margin funding

• Exclusive review of charges & taxes
  • 

• Open Demat account with Groww : Groww Demat

Upstox

• Company : RKSV Securities Private Limited
• Type : Discount broker
• DP : CDSL
• Segments : Equity, Commodity, Currency, Futures and Options
• Investment options : Mutual funds (Both Direct & Regular plans), IPO platform, Bonds & Debt, Exchange Traded Funds (ETFs), Insurance
• Charges
  • Account opening charges : Zero
  • Account maintenance charges : ₹ 249 per year
  • Call & trade charges : ₹ 20 per order
• Brokerage
  • Equity brokerage
    • Equity intraday brokerage : 0.05% or Rs. 20/executed order whichever is lower
    • Equity delivery brokerage : 2.5% or Rs. 20/executed order whichever is lower
    • Equity futures brokerage : 0.05% or Rs. 20/executed order whichever is lower
    • Equity options brokerage : ₹ 20 per executed order
  • Currency brokerage
    • Currency futures brokerage : 0.05% or Rs. 20/executed order whichever is lower
    • Currency options brokerage : ₹ 20 per executed order
  • Commodity
    • Commodity futures brokerage : 0.05% or Rs. 20/executed order whichever is lower
    • Commodity options brokerage : ₹ 20 per executed order
• Margins
  • Equity
    • Equity intraday margin : 5x
    • Equity delivery margin : 4x
    • Equity futures margin : 1x
    • Equity options margin : 1x
  • Currency
    • Currency futures margin : 1x
    • Currency options margin : 1x
  • Commodity
    • Commodity futures margin : 1x
    • Commodity options margin : 1x

• Trading platform (App, Web) : Upstox

• Additional features at no extra cost
  • Available : 3 in 1 Account, SMS Alerts, Margin against share, Margin funding
  • Not available : Free trading calls, Free research reports

• Exclusive review of charges & taxes
  • For Equity
  • 
  • For Currency
  • 
  • For Commodity
  • 

• Open Demat account with Upstox :

Angel One

• Company : Angel Broking Limited
• Type : Full-time broker
• DP : CDSL
• Segments : Equity, Commodity, Currency, Futures and Options
• Investment options : Mutual funds (Regular plans), IPO platform, Bonds & Debt, Exchange Traded Funds (ETFs), Insurances
• Charges
  • Account opening charges : Zero
  • Account maintenance charges : ₹ 240 per year
  • Call & trade charges : ₹ 20 per order
• Brokerage
  • Equity brokerage
    • Equity intraday brokerage : 0.25% or Rs. 20/executed order whichever is lower
    • Equity delivery brokerage : Zero
    • Equity futures brokerage : 0.25% or Rs. 20/executed order whichever is lower
    • Equity options brokerage : ₹ 20 per executed order
  • Currency brokerage
    • Currency futures brokerage : 0.25% or Rs. 20/executed order whichever is lower
    • Currency options brokerage : ₹ 20 per executed order
  • Commodity
    • Commodity futures brokerage : 0.25% or Rs. 20/executed order whichever is lower
    • Commodity options brokerage : ₹ 20 per executed order
• Margins
  • Equity
    • Equity intraday margin : 4x
    • Equity delivery margin : 1x
    • Equity futures margin : 4x
    • Equity options margin : 3-4x
  • Currency
    • Currency futures margin : 4x
    • Currency options margin : 3-4x
  • Commodity
    • Commodity futures margin : 4x
    • Commodity options margin : 0x

• Trading platform (App, Web)
  • Equity, Commodity, Currency, Futures and Options, ETF, Bonds : Angel Broking
  • Mutual funds : Angel BEE
  • Educational content : Angel ARQ

• Additional features at no extra cost
  • Available : SMS Alerts, Margin against share, Free trading calls, Free research reports, Margin funding
  • Not available : 3 in 1 Account

• Exclusive review of charges & taxes
  • For Equity
  • 
  • For Currency
  • 
  • For Commodity
  • 
  • Other charges
  • 

• Open Demat account with Angel One :

Paytm Money

• Company : Paytm Money Limited
• Type : Discount broker
• DP : CDSL
• Segments : Equity, Futures and Options
• Paytm Money does not facilitate Commodity & Currency.
• Investment options : Mutual funds, IPO platform, Bonds & Debt, Exchange Traded Funds (ETFs)
• Paytm Money does not provide investment option for insurances.
• Charges
  • Account opening charges : Zero
  • Account maintenance charges : ₹ 300 per year
  • Call & trade charges : ₹ 300 per order
• Brokerage
  • Equity brokerage
    • Equity intraday brokerage : 0.05% or Rs. 10/executed order whichever is lower
    • Equity delivery brokerage : Zero
    • Equity futures brokerage : ₹ 10 per executed order
    • Equity options brokerage : ₹ 10 per executed order
• Margins
  • Equity
    • Equity intraday margin : 7.5x
    • Equity delivery margin : 1x
    • Equity futures margin : 1x
    • Equity options margin : 1x

• Trading platform (App, Web) : Paytm Money

• Additional features at no extra cost
  • Available : –
  • Not available : 3 in 1 Account, SMS Alerts, Margin against share, Free trading calls, Free research reports, Margin funding

• Exclusive review of charges & taxes
  • For Equity
  • 

• Open Demat account with Paytm Money :

5paisa

• Company : 5Paisa Capital Limited
• Type : Discount broker
• DP : CDSL
• Segments : Equity, Commodity, Currency, Futures and Options
• Investment options : Mutual funds, IPO platform, Bonds & Debt, Exchange Traded Funds (ETFs), Insurances
• Charges: Depends upon plan
• Brokerage: Depends upon plan
• Margins
  • Equity
    • Equity intraday margin : 5x
    • Equity delivery margin : 5x
    • Equity futures margin : 0x
    • Equity options margin : 0x
  • Currency
    • Currency futures margin : 0x
    • Currency options margin : 0x
  • Commodity
    • Commodity futures margin : 0x
    • Commodity options margin : 0x

• Trading platform (App, Web): 5paisa, Trade station

• Additional features at no extra cost
  • Available : 3 in 1 Account, Margin against share, Free trading calls, Free research reports, Margin funding
  • Not available : SMS Alerts

• Open Demat account with 5paisa :

My personal opinion

• For active trading & direct stock investment in addition to mutual fund investments : Zerodha
• For mutual fund investment only (No active trading & direct stock investment) : Groww

To open the Demat account

• For Zerodha : Zerodha Demat
• For Groww : Groww Demat