Top 18 Stock Brokers in India 2024 - List of Best Stock Brokers! (2024)

Top 18 Stock Brokers in India: Are you looking to open your demat and trading account, but confused about which stockbroker to choose? We have got you covered in this post. Today, we are going to discuss the Top 18 Stock Brokers in India 2024 to open your demat and trading account.

This list of the Top 18 Stock Brokers in India in 2024 will provide you with a brief overview of the leading full-service and discount stockbrokers in India. All these stockbrokers offer the best Demat account and trading account services. Let’s get started.

Top 18 Stock Brokers in India

1. ICICI Direct

The ICICI Direct which is a part of ICICI Securities ranks number one in the full-service stockbrokers’ list. It is armed by the leading private financial services provider ICICI Group which is in existence since 1994. The high-quality and customized services along with the 3-in-1 account facility are what the company counts on to be able to capture such a vast number of active clients.

ICICI Direct have been number one in terms of active customers until 2019 when the top discount broking firm Zerodha toppled them with a client base of more than 2 million. However, ICICI Direct is the most visited trading platform in India.

The reason why a lot of investors and traders would want to trade through this company is that they not only provide the general stockbroking products and services but also a huge range of insurance products, financial distribution products, investment banking, institutional trading, wealth management services, Home Loans, Bonds, Fixed Deposits, IPO services, NCDs and loan against shares. ICICI Direct is also one of the Top 18 Stock Brokers in India

Here are a few key points and features to know about ICICI Direct:

ICICI Direct offers different types of brokerage plans like I-Secure, I-Saver & Prepaid to choose from. However, recently they also entered the discount brokerage model with ICICI Direct Prime brokerage plan. Here are the details:

• Delivery Brokerage charges: 0.15% – 0.25%
• Intraday Brokerage Charges: Rs 15 per trade
• Futures/Options/Currency/Commodity Charges: Rs 20 per trade
• Margin Funding: 8.9% pa
• Services: Equities, Derivatives, Currency, Mutual Fund, IPOs, FD, Bonds, NCDs, ETFs

Know more about brokerage and other charges by ICICI Direct here!

Trading Platform and other Key points

ICICI Direct offers a high-speed and technology-driven web-based trading platform, which was one of the first best online trading platforms that started online trading in India in 2000. They have charting, analytics, and fundamental statistics reports feature enabled on this platform for any investor or trader to understand the performance of their portfolios. Other key trading platforms by ICICI Direct are Trade Racer and its mobile trading app.

A few of the pros of ICICI Direct stockbroker are 3-in-1 Account, facility to invest in US Stocks, Brand Value, and multiple brokerage plans – ICICI Direct Prime, ICICI Direct NEO, I-Secure, I-Saver, Prepaid plan etc to choose from. On the other hand, a few cons of ICICI Direct are High charges, Poor Mobile App performance, and a little complicated Brokerage Plan.

2. Angel Broking

Incorporated in 1987, Angel broking is a big brand having +30 Years of experience in the broking world and +1 million happy customers. They have a presence in over 1800+ cities in India. Angel Broking offers the trading facility in Equity, F&O, Commodities, and currency across BSE, NSE, NCDEX & MCX.

Although Angel Broking worked as a full-service broker and offered a percentage brokerage charge to its clients for over two decades. However, they recently changed their business model (Nov 2019) from percentage brokerage to flat rates to compete with rapidly growing discount brokers like Zerodha, 5Paisa, Upstox, etc.

Angel Broking now offers a flat rate brokerage plan, named ‘Angel iTrade PRIME’. Here, the delivery trading is FREE of cost. And for all other segments i.e. Intraday, F&O, Currencies & Commodities, they charge a fixed rate of ₹20 per. The same simple rate is applicable across exchanges and segments.

One of the key advantages of trading with Angel Broking is that they provide guidance/recommendations for investing in the stock market along with research reports on companies and many other value-adding tools and services. Angel Broking is also one of the Top 18 stock brokers in India.

Services Offered: Angel Broking offers its services in Equity, Commodity, Currency, PMS, Life Insurance, ETFs, IPOs & Mutual Funds.

Angel Broking Brokerage Charge:

• Delivery charges: Rs 0
• Intraday Trading: Flat ₹20 Per Trade
• Equity F&O: Flat ₹20 Per Trade
• Currency F&O: Flat ₹20 Per Trade
• Commodity F&O: Flat ₹20 Per Trade

Account Opening Charges with Angel Broking:

• Account opening charge: Rs 0 (Currently Waived)
• Annual Maintenance Charge: Rs 450 (Second year onwards)

Trading Platform: Angel iTrade, Angel Broking Mobile App, Angel BEE

Pros of Angel Broking:

• Cheapest full-service broker
• Fast account opening process
• Flat brokerage charges,
• Expert Research Reports & market advisory

Cons of Angel Broking:

• No 3-in-1 account
• Call & Trade are charged extra

Quick link to open your FREE account with Angel Broking

3. Alice Blue

Alice Blue was established in December 2006 in Erode, Tamil Nadu, with only five employees and an MCX membership. Alice Blue commenced operations in 2007 as a discount broker, with all activities running from Chennai. In 2017, the company’s headquarters were relocated to Bangalore.

Alice Blue grew from a team of 5 to a staff of around 400 employees, 12000 partners, and about 5 lakh clients with a Pan-India presence in 20 major cities.

Alice Blue is a long-standing member of several exchanges, including the MCX, NSE, NCDEX, MCX-SX, BSE, and CDSL.

The Freedom 15 Brokerage Plan by Alice Blue was designed to create a competitive pricing structure in the Indian Stock Broking Industry. Alice Blue charges ₹15 for Intraday and F&O Trading along with FREE Equity, IPO, and Mutual Funds Investments. They also don’t levy clearing member charges. Alice Blue is also one of the Top 18 stock brokers in India.

You can save more than ₹13200 annually with Alice Blue’s Freedom 15 Brokerage Plan.

Key Features of Alice Blue:

• Zero Hassles: No account opening charges. Zero brokerage on equity delivery & mutual funds. Free IPO investment.
• Affordable Trading: Just ₹15/order across NSE, BSE & MCX. Save more than ₹ 13200 every year.
• Advanced Tools: Free API.
• Nationwide Support: Pan India multilingual branch support.
• Versatile Trading: Trade in any segment with a single margin.
• Share Pledge: Pledge shares without POA for a seamless experience.
• Maximize Your Profits: Benefit from 4x margin on CNC orders & 5x on intraday orders

Alice Blue Trading Platforms: ANT Mobi 2.0 (Mobile App), ANT Web (Web Trading Platform)

ANT Mobi 2.0 Features:

• Personalized Dashboard: Customize to fit your preferences.
• Advanced Analytics: Stock and options screeners to help you make informed decisions.
• Deeper Market Insights: Dive deep into market depth & get more insights.
• Effortless Investing: Introducing Basket Orders & sector-wise predefined baskets.
• Simplified Options Search: Find contracts in seconds.
• Technical Analysis: Boosted with 100+ indicators.
• Stay Updated: In-app news keeps you informed.
• Speedy Transactions: Superfast funds payin & payout.
• Secure Access: Fingerprint login for enhanced security.
• Strategic Insights: Predefined support & resistance levels for any stock.
• Trade On-The-Go: Direct trading from option chain & inbuilt stock fundamentals.

ANT Web Features:

• Trade From Charts: Save every second! Execute trades directly from charts for efficient trading.
• Position Analytics: Get in-depth analysis of potential profits and losses for Every FNO Trade.
• Futures & Options Strategy Builder: Pre-built, Customizable Futures & Options Strategy Builder Completely Free!
• Multiple Charts: View and analyze multiple stocks simultaneously with the convenience of multi-chart display.
• Multi-Functional Option Chain: Option Greeks, Trade from Option Chain, Option vs OI – ALL IN ONE PLACE

4. blinkX By JM Financial Services

blinkX is a cutting-edge investment platform brought to you by JM Financial Services. blinkX prioritizes customer satisfaction through seamless stockbroking services. This user-friendly trading app equips traders with advanced tools and real-time data for making well-informed investment decisions.

JM Financial Services, part of the esteemed JM Financial Group with a rich legacy of 50 years, specializes in Investment Advisory and Wealth Management. Boasting a customer base exceeding 10 lakhs and assets under management surpassing ₹88,000 crores, JM Financial continues to thrive.

blinkX is committed to providing an elevated trading experience through hyper-personalization and aspires to be India’s first glitch-free app. blinkx is also one of the Top 18 stock brokers in India.

Key Features:

Diverse Trading Segments: Equities, Currency, Options, Futures, Stock SIP,

User-friendly Interface: Available on Android and iOS.

Hi-tech trading app:

• The Watchlists display stock trends based on technical indicators.
• The Heat Map view provides a visual representation of the watchlist’s performance, allowing filtering by ‘Alphabetically,’ ‘Absolute Value,’ and ‘Daily Performance.’
• The ‘Options Watchlist’ automatically updates the spot price and presents three closest ITM and OTM strikes for both Call and Puts.
• The watchlist includes an alert feature, highlighting stocks subject to news or events.
• To trade, users can simply swipe right to buy or left to sell on a stock in the watchlist. This action directs them to the order details, where necessary changes can be made before swiping to execute the trade.

Competitive Brokerage Plans: ₹999 ₹799 subscription for unlimited brokerage free trading in various segments for 6 months. These segments include Intraday, Delivery, NSE F&O

Annual Maintenance Charges: ₹0 for the first year and ₹300 every year from the second year onwards.

Research Ideas: Ideas are intelligently categorized based on instrument type (equity/derivative/currency) and time duration (short-term/long-term).

Subscription plan benefits:

Other Features:

Order Types: CNC, MIS, NRML, AMO, MTF, Market, Limit, Stoploss.

Seamless Fund Transfer: UPI or Net banking.

Other Services: SIPs, IPOs, Research Calls, Scanners, Live Chat during market hours & 50+ reports on WhatsApp.

Account Opening:

Quick, user-friendly, and paperless online process.

AI ML-based system for instant document feedback.

Click Here to Open an account with blinkX

5. Shoonya

Shoonya by Finvasia has revolutionised the Indian stock market by becoming one of the best zero-commission discount brokers in the nation. This innovative platform defies the norms of traditional brokers, offering commission-free trading across all segments and exchanges within India.

Shoonya’s commitment to cost transparency eliminates hidden fees, offering an exciting option for both traders and investors. Its debut in 2013 marked a key moment in the Indian financial environment as it undertook a mission to simplify investing, making it accessible and affordable for all. Shoonya is also one of the Top 18 stock brokers in India.

Key Features of Shoonya

• Zero Brokerage on All Segments: Shoonya offers commission-free trading on equity intraday, delivery, futures, options, currency, commodities, mutual funds, ETFs, bonds, and IPOs.
• Free Account Setup: Enjoy a hassle-free experience with no account opening charges and zero annual maintenance fees.
• Advanced Trading Tools: Access TradingView charts, order slicing, bracket orders, basket orders, option chains and more for precise trading strategies.
• Accessible Customer Support: Contact via phone, email, or live chat, with an option to create a support ticket.
• User-Friendly Platform: Experience seamless trading on the intuitive Shoonya trading platform, available on desktop, web, and mobile (accessible on both Android and iOS).

Services Offered

Shoonya by Finvasia is a trusted trading platform registered with NSE, BSE, MCX, and NCDEX. It also serves as a Depository Participant with CDSL and an NBFC. The platform offers:

• Trade a wide range of assets, including stocks, derivatives, currencies, commodities, direct mutual funds, bonds, and ETFs.
• Multiple charts for efficient analysis.
• Historical data
• Option Chain for managing expirations.
• Pledging and Unpledging facility to avail margin benefits.
• Advanced analytics with over 100 technical indicators.
• AI-powered stock trading predictions and signals with I Know First.

Pros of Trading with Shoonya

• Zero commission, clearing, and platform charges.
• Access to a diversified portfolio of assets.
• Powerful trading tools and advanced analytics.
• User-friendly platform for all segments of the traders.
• Utilise bracket orders, cover orders and GTT (Good Till Triggered) in NSE, BSE & MCX to safeguard your investments, secure your gains, and efficiently manage your trading positions.

Open a free DEMAT account today and start trading at zero brokerage!

Account Charges

Brokerage Plans

Margin

6. Zerodha

Zerodha is the biggest and the best stockbroker in Indian with over 4 million clients that make up the +15% of daily retail trading volumes on Indian stock exchanges.

Started in 2010, Zerodha popularized the concept of the discount brokerage in the Indian equity market with a no brokerage model for investors and a flat Rs 20 per trade brokerage charges for the intraday and other trades. Competing with big players like HDFC and ICICI is indeed a difficult task but Zerodha has managed to remain the Number One discount broker of the country. There are other competitors too in discount broking, however Zerodha, being the largest discount broking firm in India, enjoys a massive customer base in India.

Here are a few key points and features to know about Zerodha stock broker:

• Long term investment/Delivery Brokerage Charges: Rs 0
• Mutual fund investments: ZERO Brokerage
• Intraday Charges: 0.01% or Rs 20 per executed trade (whichever is less)
• Account opening charge: Rs 200
• Annual Maintenance Charge: Rs 300
• Services: Equity, Derivatives, Currency, Mutual Funds & Commodities

Zerodha Trading Platform and Other Key Points:

Zerodha offers a universe of trading platforms and products to help their clients from education to trading tools. Their trading platform consists of Kite 3.0 trading platform, Kite Mobile, Console, Pi, Sentinel, Coin

A few of the pros of Zerodha stockbroking are Free Equity Delivery trading, Innovative & User Friendly trading platform, Max brokerage per trade is Rs 20, FREE partner platforms for their clients, etc. However, the biggest cons of Zerodha is that they do not provide research reports or advisory.

Quick Link to open an account with Zerodha

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7. HDFC Securities

HDFC Securities Limited is a subsidiary of the largest private sector bank HDFC with a huge online and offline presence and has been in existence for the last two decades. The company is named as one of the topmost full-service stockbrokers of India and has its headquarter in Mumbai with more than 270 offices and branches across the country.

Known for its comprehensive services to a variety of clients and professional traders with online as well as offline trading services, HDFC Securities Limited offers a wide range of stockbroking services along with the distribution of financial products. The customers of this broking house can trade through stocks, mutual funds, commodities, fds, bonds etc, and have the benefit of trading and investing with an award-winning broking house.HDFC Securities is also one of the Top 18 stock brokers in India.

Here are a few key points and features to know about ICICI Direct:

• Delivery charges: 0.07%-0.32%on transaction value
• Intraday Charges: 0.40%- 0.15% on transaction value
• Account opening charge: Rs 999
• Annual Maintenance Charge: Rs 750 (Second year onwards)
• Services: Equities, Derivatives, Currency, Mutual Fund, IPOs, ETFs, Bonds, FDs, Insurance

(Source: HDFC Securites)

Trading Platform and other Key Points:

HDFC Securities offers web trading platforms, Blink, ProTerminal, and Mobile App to their clients to trade and invest in stocks.A few of the best pros of HDFC securities are 3-in-11 Account (Demat+Trading+Savings), facility to invest in US stocks, Umbrella platform for different investment instruments, Research Reports, Equity Recommendation to Clients, and NRI Section. On the other hand, like every other big full-service broker, the cons of HDFC securities are High brokerage charges and no commodity trading facility.

8. 5Paisa

5Paisa is a part of IIFL (India Infoline) and offers the cheapest stock brokerage in India. IIFL launched 5Paisa to offer a lower brokerage platform for its clients and to compete with the fast-growing discount broking industry.

Services offered: Apart from trading in equity, currency, commodity, 5Paisa also offers its services in mutual funds, Insurances, Personal loans. 5Paisa is also one of the Top 18 stock brokers in India.

5Paisa Brokerage charges

5Paisa offers free trading in equity and flat brokerage in other segments. Here are the brokerage charges offered by 5Paisa:

• Delivery Trading: Rs 20 per trade
• Intraday Trading: Rs 20 per trade
• Equity Futures: Rs 20 per trade
• Equity Options: Rs 20 per trade
• Currency Futures: Rs 20 per trade
• Currency Options: Rs 20 per trade

5Paisa Demat And Trading account opening Charges:

• Account opening charges: FREE (Rs 650 Waived)
• Annual Maintenance charges: Rs 45 per month (only for months when you trade)

Trading Platform: Investor terminal web platform, trader terminal, 5Paisa share trading mobile app

Pros of 5Paisa:

• Free delivery trading
• A low brokerage of flat Rs 10 per trade
• 100% paperless account investing
• Investment in stocks, mutual funds & insurance from the same account
• Lower maintenance charges
• Research reports and advisory (for higher plans)

Cons of 5Paisa:

• No 3-in-1 account
• Higher exchange transaction charges
• No commodity trading facility

Quick link to open your account with 5Paisa

9. Upstox

Upstox is a fast-growing discount broker, backed by a group of leading investors including Kalaari Capital, Ratan Tata, GVK Davix, etc. It is also known as RKSV. Upstox started as RKSV in 2012 and rebranded to Upstox in 2015. As of 2024, Upstox has the second-highest number of active clients on NSE after Zerodha. Upstox is also one of the Top 18 stock brokers in India.

Services offered: Upstox offers trading services in equity, currency, and commodity

Upstox Brokerage charges

While trading with Upstox, equity delivery trades are free of cost. For intraday trading on BSE, NSE and MCX, and F&O it is 0.05% or up to Rs. 20 per order traded. Irrespective of the order size, the brokerage cost is only Rs. 20 per order traded.

• Delivery Charges: Rs 0
• Intraday Trading: Rs 20 per executed trade or 0.05% whichever lower
• Futures Trading Charges: Rs 20 or 0.05% (whichever is lower) per order
• Options Trading Charges: Rs 20 per trade

Upstox Demat And Trading account opening Charges:

• Account opening charges: Rs 300 (Currently Waived)
• Annual Maintenance charges: Rs 150

Trading Platform: Upstox Pro Web Trading Platform, Bridge for AmiBroker, Developer Console, Option Chain Tool, Upstox MF Platform

Pros of Upstox:

• Free delivery trading,
• Fast paperless demat and trading account opening,
• Margin against share is available,
• 3-in-1 Account available (Partnership with IndusInd Bank)

Cons of Upstox:

• Good Till Cancelled (GTC) and Good Till Date/Time (GTD) Orders are not available
• Margin Funding not available on delivery trades
• Small technical glitches on app reported by customers

10. Sharekhan

With over 2 million customer base, Sharekhan has been one of the top three stock brokers in India. The journey of Sharekhan from being part of the SSKI Group to a BNP Paribas subsidiary had been enticing for not only the investors but also the traders. It is the first stockbroker in India to introduce an online trading website sharekhan.com.

The finest investment platform provides a wide range of products and services namely stock quotes, news alerts on the share market, fundamental and analytical research reports on equity, mutual fund investments, IPOs and so on. The customer-centric account types enable investors and traders to select the best plan for their needs. Sharekhan is also one of the Top 18 stock brokers in India.

• Intraday Brokerage Charges: 0.1% on the buy side and 0.1% on the sell side
• Delivery Brokerage Charges: 0.5% on the buy side and 0.5% on the sell side
• Futures Brokerage Charges: 0.10% on the first leg, 0.02% on the second leg if it is squared on the same day
• Options Brokerage Charges: Rs 50 per lot or 2.5% on the premium
• Account opening charge: Classic Account: 750, Trade Tiger Account: 1000
• Annual Maintenance Charge: Rs 400 (Second year onward)

Quick Note: Sharekhan recently launched a discount broking platform named “espresso”. It offers Flat Rs 20 per order for Intraday trades across all segments (Equity, F&O, Commodity, and Currency). You can read more about it here.

Services: Equities, Derivatives, Currency, Mutual Funds, Commodities, PMS, IPOs

Trading Platform: Trade Tiger, Sharekhan web, Sharekhan mobile app, ComMobile Pro, InstaMf App

Pros of Sharekhan:

• Big Brand value,
• Huge online and offline presence,
• Multiple Brokerage charges depending on the requirement,
• Offers offline training, workshops, etc

Cons of Sharekhan:

• No 3-in-1 A/c facility
• Higher brokerage charge

11. Motilal Oswal

With over 20+ years of experience in trading and investment, spread over 500+ cities and comprising 2,200+ Business Locations, it is one of the most reputable stock brokers in India.

From sub-brokers to pioneering entrepreneurs of a business in financial services, Mr Motilal Oswal and Mr Ramdeo Agrawal are the two big names in the Indian stock market who have focused on providing high-quality research based stock recommendations to clients and today they are big players in the stock market and are one of the largest stock-broking firms in this industry.

They just not stuck into the broking business but also entered many new avenues eventually such as private equity, investment banking, mutual funds, portfolio management service, wealth management and all of that a typical financial service company would provide.

Motilal Oswal Securities Limited is a subsidiary firm of Motilal Oswal Financial Service Limited. Today, this diversified financial service firm holds diversity in the clients too as they have retail customers, foreign institutional investors, High Net Worth Individuals, financial institutions and small and large corporates. Motilal Oswal is also one of the Top 18 stock brokers in India.

• Delivery charges: 0.50% on transaction value
• Intraday Charges: 0.05% on on transaction value (Both side)
• Account opening charge: Rs 0
• Annual Maintenance Charge: Rs 400 (From 2nd Year onlwards)

Services: Equity, Derivatives, Commodities, Currency, IPOs, Mutual Funds

Trading Platform: Motilal Oswal Trade, Desktop trading platform, web trading platform, Mobile App

Pros of Motilal Oswal:

• Award-winning research services,
• Wide investment choices,
• Personal advisor/advisory,
• Multiple brokerage plans depending on requirements

Cons of Motilal Oswal:

• High brokerage compared to discount brokers,
• Doesn’t offer a 3-in-1 account,
• Additional hidden charges

12. Kotak Securities

Founded in 1994, Kotak Securities Ltd is a subsidiary of Kotak Mahindra Bank with a presence in 360+ cities. Ranked among the top five full-service brokers and one of the very few stockbrokers who provide a 3-in-1 account facility, Kotak Securities Limited is acclaimed to be unconventional when it comes to delivering unique services to their clients.

As a part of the well known financial service provider The Kotak Mahindra Group, Kotak Securities along with its group offer various multi-asset class investment and trading product and services, distribution services, insurance products, investment banking and a lot more to their wide range of clients spread across India as well as the globe.

The company has been the first broker all over the country to introduce Margin Finance for online trading, IPO and Mutual Fund Investments over the phone, SMS alerts right before the execution of the depository transaction, Autoinvest and Margin against securities using shares in the Demat account. This is the reason why it is renowned for its innovations and using advanced technologies to make investment and trading experience smoother for their clients. Kotak Securities is also one of the Top 18 stock brokers in India.

To get started, here is Quick Link to Open FREE Demat Account in Kotak Securities.

Recently Kotak securities launched Trade FREE plan with a discount broking model. Here are the details:

• Delivery charges: Rs 0
• Intraday Charges: Rs 0
• Futures Charges: Rs 20 per trade
• Options Charges: Rs 20 per trade
• MIS & Super Multiple (Cover Order): Rs.20per order

You can find more information on Kotak securities’ FREE trade plan here.

Services: Equity, Derivatives, Mutual Funds, IPOs, ETFs, Currency, bonds, ETFs

Trading Platform: XTRALITE (web), KEAT PRO X (terminal application), Fastlane, Stock Trader(mobile app)

Pros of Kotak Securities:

• Flat brokerage charges full-service broker
• Wide investment options,
• Fast and high-performance platforms,
• 3-in-1 account available,
• Offers multiple brokerage plans- FREE trade, Fixed, Dynamic & FIT

Cons of Kotak Securites:

• High brokerage on other plans
• Average Trading Platform

13. India Infoline (IIFL)

Incorporated in 1995, India Infoline (IIFL) has a wide network of over 4,000+ branches spread over 900+ cities across India. It is also the parent company of 5Paisa securities (discount broker). IIFL is a well-trusted financial service provider in India which offers fast online trading along with research-based advisory services. It offers services to invest and trade in Stocks, Derivatives, Commodities, Insurance, FDs, Loans, IPO and Bonds, etc.

• Account Opening Charges: Rs 250 (Currently waived off)
• Demat AMC: Rs 250 (Free for the first year)

IIFL offers multiple brokerage plans like Investor Plan (Online Plus), Premium Plan (Dedicated RM) and Super Trader Plan (Pro Traders).

• Delivery charges: 0.10% – 0.25%
• Intraday Charges: 0.025% – 0.05% (0n both sides)
• Futures Charges: 0.025% – 0.05% (0n both sides)
• Options Charges: Rs 10-50 per lot

Services: Stocks, Derivatives, Commodities, Insurance, FD’s, Loans, Bonds

Trading Platform: IIFT Trader Terminal, Investor Terminal (IT), IIFL Trader Terminal App

Pros of India Infoline (IIFL):

• High Performing trader terminal platforms,
• Multiple brokerage plans depending on the client’s requirements
• A wide network of branches across India

Cons of India Infoline (IIFL):

• High Brokerage Plans,
• Average customer service

14. SBI Cap Securities (SSL)

SBICAP Securities Limited (SSL) is one of the popular names in the stockbroking industry who are listed amongst the few large full-service stockbrokers that offer 3-in-1 account facilities. It is the stockbroking arm of the SBI Group which is the leading group of the financial services provider with their presence for many decades.

Due to its vast presence across the country and the globe, they have developed their customer-base quite well and that is the reason they have many customers availing financial services as well as the trading facilities with them. The SBI Group provides all facilities related to banking, insurance, mutual fund, and other stockbroking services to its customers.

The SBICAP Securities review article from Trade Brains is exclusively made available to you that will serve as your complete manual and will enable you to study the full-service stockbroking company from its beginning, the brokerage they charge.

• Account opening charge: Rs 850
• Annual Maintenance Charge: Rs 500
• Delivery charges: Higher of 0.50% or 5 Paisa per share
• Intraday Charges: Higher of 0.15% of 5 Paise per share

Services: Equities, Derivatives, Currency, Mutual Fund, IPOs, ETFs, Bonds, FDs, Insurance

Trading Platform: SBI Smart web trading platform, eZ-Trade@sbi

Pros of SBI Securities Ltd (SSL):

• 3-in-1 account,
• Umbrella platform to invest in stocks, bonds, mf, fds etc,
• Large offline presence

Cons of SBI Securities Ltd (SSL):

• High brokerage charges
• Doesn’t offers Commodity trading.
• Brokerage charges are high if compared
• Poor customer care service

15. Choice

Choice is a registered member of NSE, BSE, MCX-SX, MCX, NCDEX and a depository participant with CDSL in 2010. Choice is a full service broker in India and has a presence across PAN India through their 48 branches and sub broker’s network. Choice launched its online trading platform – Jiffy in 2018.

Services offered – Choice offers trading on the equity, commodity, currency and derivatives segments at lowest brokerage. It also has the option to invest in mutual funds through its application named Jiffy.

Choice Brokerage Charges – Choice offers free Demat account with lowest dp charges and free first year AMC. Below is the list of brokerage charges charged by Choice.

• Intraday Trading: 0.02%
• Delivery Trading: 0.20%
• Equity Futures: 0.02%
• Equity Options: Rs 25 per lot
• Currency Futures: Rs 20 per lot
• Currency Options: 0.02%

Choice Demat And Trading account opening charges:

• Account opening charges: Free
• Annual Maintenance charges: First Year Free AMC Charges and thereafter,
  ₹200+GST

Trading Platform – Jiffy Trading App & Jiffy Web

Pros of Choice:

• Expert Research Advisory
• Zero Account opening charges
• Lowest DP charges
• Advance Trading Platform
• Free Portfolio Analyser
• Free Strategy Builder with Backtesting
• Free Call and Trade Facility

Cons of Choice:

• No 3 in 1 account
• No flat brokerage plans
  Quick link to Open your FREE Demat account with Choice

16. Trade Smart

Trade Smart is a Mumbai, India-based discount broker good for traders and investors looking for low brokerages, high margins, and a fast trading platform. Unlike most discount brokers, Trade smart online is not a recent setup. It is a part of +25 years old VNS Finance & Capital Limited, which is a traditional broker in India. It has over 50,000+ happy customers, averaging a daily turnover of over Rs. 5000 crores

Services offered: Trade smart online offers brokerage services in stock, futures & options, commodity, and currency trading segments.

Trade Smart Online Brokerage charges:

This discount broker offers a flat brokerage of Rs 15 per trade irrespective of the trading volume in its ‘Value’ trading plan.

Further, it also proposes a ‘Power’ trading plan with a brokerage of 0.007% on the transaction, which is suitable for small-volume traders. Here are the brokerage charges for delivery and intraday trading:

• Delivery Charges: Rs 15 per trade (Power plan) or 0.07% (value plan)
• Intraday Trading Charges: Rs 15 Per trade (Power plan) or 0.007% (Value Plan)

Trade Smart Online Demat And Trading account opening Charges:

• Account opening charges: Rs 400 (Currently Waived)
• Annual Maintenance charges: Rs 300 (Second year onwards)

Right now, Trade Smart Online is offering a flat 100% off on the Account Opening Charges for the Trade Brains’ readers. You can open your FREE Trade Smart Online account by clicking this link.

Trading Platform: NEST Trader, SINE(Mobile App), SineWeb

Pros of Trade Smart:

• Low and Unique Brokerage Plans,
• Zero additional software charges,
• Zero Demat AMC charge for the first year

Cons of Trade Smart:

• 3-in-1 not available,
• No direct IPO Investment,
• Call and trade at Rs 20 per executed trade (plus brokerage)

Quick link to open your FREE account with Trade Smart Online

Newer Stockbrokers with Best Services

17. Paytm Money

Paytm received approval from the SEBI in 2019 in order to enter the discount stockbroking segment. Paytm over the years has tried to establish itself as the one-stop platform for anything money-related in the recent past. After gaining traction post demonetization the online payments platform offered banking services, mutual fund, SIP, pension products.

Paytm’s plans to enter stock broking couldn’t have come to fruition at a better time. In the months of April and May,NDSL and CDSL saw an addition of 2 lac and 12 lac new Demat accounts respectively. The lockdown imposed due to the COVID-19 pandemic has forced the work from home model to be adopted. This has led to an increase in the first time investors flocking to the stock markets with the added disposable income, as as they are forced to spend less on leisure due to the pandemic.

Here are the charges for Paytm Money Demat and Trading Account:

• Account Opening Charges: Rs. 200 – One-time Digital KYC + Rs 300 Account Opening Charges

• Depository AMC: Zero Annual Maintenance Charges for your demat account.

• Delivery Charges: Rs 0
• Intraday Charges: Rs 10 per trade
• Futures and Options Charges: Rs 10 per trade

Note: ₹1 per day as platform charges (billed annually for days exchange is open) (Source: Paytm Money)

— Paytm Money Delivery Charges

— Paytm Money Intraday Charges

Pros of Paytm Money:

1. Big Brand with multiple investment options in the same platform
2. Lowest on Intraday – ₹10 per trade
3. Fast online account opening within minutes

Cons of Paytm Money:

1. Zero AMC but ₹1 per day as platform charges
2. As a newer entrant, the trading platform is yet to be tested to work smoothly on high trading days.
3. Currency and Commodity trading facility not available yet.

Quick link to open your account at Paytm Money

18. Groww

Groww is one of the fastest-growing investment platforms in India. Groww is the brand name for Nextbillion Technology Private Limited – a SEBI-registered stockbroker and a member of NSE and BSE. Initially, Groww a Bangalore-based startup was set up in 2016 as a platform to directly invest in mutual funds. Keeping up with the increase in demand for equity trading in the midst of the pandemic the company also offered equity trading.

The vision behind the Groww App was to set up was to create a powerful yet simplest to use App for trading from anywhere. With this, the app came up with the philosophy of making “Investing should be as simple as online shopping”. Today the company offers Mutual Funds, Demat Services, Trading Services, Intraday Services, IPO Services, and Trading Exposure.

The following table sheds light on the rates applicable:

• Account Opening Charges: Rs 0
• Annual Maintenance Charges: Rs 0
• Brokerage Charges: Rs 20 or 0.05% per executed trade (Whichever is lower)

Pros of Groww Demat & Trading Account:

1. Simple and intuitive user interface
2. One platform to invest in stocks, mutual funds, gold, and US stocks.
3. Investing facility for US Stocks available

Cons of Groww Demat & Trading Account:

1. Futures & Options (Derivatives), Currency, and Commodity trading facility not available yet.
2. As a newer entrant, the trading platform is yet to be tested to work smoothly on high trading days.

Quick Link to open your account at GROWW

That’s all for this post on the list of Top 18 Stock Brokers in India in 2024. Comment your favourite stock broker below. Happy Investing and Trading!

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