Discount Brokers In India – Reviews, Comparisons, Brokerage

Discount broking is a recent concept in Indian Stock Broking space. With the advent of digitization, Discount brokers targets the user space that is tech savvy and prefers communications or interactions in non-offline methods. With initiatives such as ‘Digital India’, coverage and prominence of Digitization is only going to increase year on year in India.

The best part of Discount brokers is that they charge very low commission as compared to the conventional full service brokers, simply because they have lower costs of maintaining their business.

What Discount brokers provide?

  • Full service brokers traditionally charge commissions based on a specific percentage over the trading transaction value. This is where the biggest advantage of Discount brokers comes into picture since they charge a flat fee per trade (irrespective of the trade value) or a periodic (monthly, quarterly or yearly) subscription fees for unlimited trading (irrespective of the number of trades or the value of trades).
  • High tech advanced trading platforms with continuous innovation and adaption across devices.
  • Discount brokers generally do not charge annual maintenance charges (AMCs) either, thus, making them pretty attractive as far as the overall cost bore by the client is concerned.
  • Since there is no research or advisory service provided by Discount brokers, they do not push clients to buy or sell a particular stock to make commission out of it for themselves.
  • Since discount brokers target relatively younger audience, they provide different trading related educational content and material for free.

What Discount brokers DO NOT provide?

  • With no frills, discount brokers provide no research reports, intra-day tips or market advisory to its clients, something what full-service brokers provides to its clients on a regular basis. So with discount brokers, you may not be able to fulfill any professional advice in case you need.
  • Discount brokers are majorly online in nature, thus, they do not have any branches or franchises across the country. So in case, if you need an offline help every now and then, discount brokers might not be ideal for you.
  • Their customer service is majorly to handle administration related tasks and less of solving any trading related issue as most of the trading happens through online trading platforms (yes, they do have call and trade facility but it is used less as compared to online trading).
  • Discount brokers generally have lesser number of trading or investment segments as compared to full service brokers. This limits your trading options and probably impacts your overall returns in the long run.
  • At times, discount brokers charge hidden fees and charges that are not explicitly told to you. So you to been very careful when you ask for a specific service that you might have seen full service brokers providing for free.

All said and done, make sure you understand the specific requirements or expectations you have from your broker. If you have been able to narrow down that list, then it becomes much easier to choose the type of broker you like to go ahead with. At the same time it will also help to decide which exact broker works the best for you within that particular broker type.

In the last 6-7 years, India has seen an array of discount brokers with different USPs (Unique Selling Points) around brokerage, plans, customer service, trading platforms and so on. We have compiled a list of all top discount brokers in India with the aspects that make them a good choice for you.


Top Discount Brokers in India

Discount Brokers Zerodha

Zerodha is one of the early pioneers of Discount broking in India with its inception in 2010. It boosts of 130,000 clients across the country and handles a daily turnover of ₹10,000-12,000 Crore. It offers free customer education through Varisty, an online trading education platform and at the same time provides high tech trading platforms such as Kite Web, Kite Mobile app and Pi. As far as the brokerage is concerned, Zerodha charges ₹20 or 0.01% (whichever is lower) for equity Intraday and is Free for Delivery based transactions.

Read Zerodha complete review here. Check out the review in Hindi here.


Discount Brokers SAS Online

SAS Online is one of the recent additions in the cohort of discount brokers in India. SAS Online although started in 2013 but already claims of have 10,000 clients across 700+ cities of the country. One of the differentiation of SAS Online is its brokerage and brokerage plans. It charges ₹9 or 0.001% (whichever is lower) and at the same time offers monthly unlimited trading plans across trading segments (although charges relatively higher transaction charges).

Read SAS Online complete review here.


Discount Brokers RKSV

RKSV (now Upstox) was a brain child of three co-founders that was launched in 2012. RKSV offers Upstox, an ultra-edge trading platform for desktop and laptop along with Upstox Pro, a trading mobile app. These trading platforms are one of the finest platforms in terms of speed and performance. RKSV charges a fixed flat fee of ₹20 per transaction across trading segments.

Read RKSV complete review here. Check out the review in Hindi here.


Discount Brokers Tradejini

TradeJini was launched in the year 2012 by couple of stock broking Industry veterans. TradeJini charges brokerage similar to Zerodha at ₹20 or 0.01% (whichever is lower). TradeJini is known for exceptional customer service across different aspects and at the same time offers first 50 trades for free to all new registrations. This hanging fruit is optimal for the users who are looking to test discount broking as a concept in itself before promising themselves to it.

Read TradeJini complete review here.


Discount Brokers FYERS

FYERS is probably the youngest of the discount brokers lot with its launch as recent as 2015. FYERS entered the market with its own trading platforms across devices namely FYERS One, FYERS Markets and FYERS Trader. These platforms carry few unique and highly usable features such as Stock screeners that helps to analyze and find trading opportunities across indices and sectors within a single screen, Heatmaps that take away the effort of analyzing data to find what is working and what is not through its color coding based designs. Brokerage charges are comparatively high (₹100 or 0.01%) at  but still worth a go just because of its innovations in trading technology.

Read FYERS complete review here


 

Discount Brokers Trade Smart Online

Trade Smart Online is more of a hybrid stock broker because of the kind of plans it offers to its clients based on their preferences. With a customer base of 17,000 across 1000 cities of India and a daily turnover of ₹2500 Crore, Trade Smart Online charges 0.007% or ₹15 per executed order depending on the kind of plan the client has opted for. This broker also offers a fixed price monthly plan with unlimited trades across different segments.

Read Trade Smart Online complete review here.


Samco is one of the leading discount brokers in India with membership of BSE, NSE, MCX-SX, MCX and NCDEX. It is known to be a suitable stock broker for beginners since it provides an exhaustive repository of basic and intermediate tutorials on trading and investing. At the same time, with low brokerage charges at ₹20 or 0.02, Samco leaves a low chance of risk for beginners as compared to other stock brokers.

Read Samco complete review here.


Discount Brokers F6 Online

F6 Online is also a recently launched discount broker backed by F6 Finserve Private Limited and F6 Commodities Private Limited. It is known for its Free demat and trading accounts with no annual maintenance charges either. At the same time, its brokerage plan are fixed at ₹666 per month or ₹6666 per year across any trading segments. There are no brokerage plans at trade level which could be concerning for fresh entrants into the trading space, although it makes complete sense who is a heavy trader and is looking to transfer to a discount broker.

Read F6 Online complete review here.


Composite Edge is a prominent discount stock broker with its establishment going as back as 1994 as part of Composite Investments Pvt. Ltd.(CIPL). It allows instant fund transfers from ICICI, Kotak, HDFC and Axis banks with a transaction charges of ₹15, thus, making the funds transfer process a knot easier as compared to other non-banking stock brokers that might take a day or so to transfer funds. Compratively, it charges lower brokerage charges at 18 or 0.06% – giving clients another low brokerage option.

Read Composite Edge complete review here.


Trading Bells is an Indore based discount broking firm that has backing of the prominent full service broker – Swastika Investmart Ltd. It recently was funded by Swastika in a ₹2 Crore seed round in December 2016. Founded as recent as 2016 by duo of an IIT Engineer, Parth Nyati and a chartered accountant turned Investment banker, Amit Gupta – Trading Bells already has presence in 16 states and 80 cities of the country.

Like Zerodha, Trading Bells also provides Free Delivery and charges ₹20 or 0.01% which ever is lower as brokerage for rest of the segments.

Read Trading Bells complete review here.


Discount Brokers Trade Plus Online

Trade Plus Online comes from the house of stock brokers that has seen broking as an industry growing in front of them. Trade Plus Online boosts of more than 20,000 clients in the country and offers unlimited trading for as low as ₹99 for trading in Currency, Options and Commodity segments. They are also known for unique twitter based customer service and Paytm integration for fund transfers bringing convenience and easy of use to its clients for multiple tedious looking operations.

Read Trade Plus Online complete review here.


Discount Brokers 5paisa

5Paisa comes from the house of the prominent financial services provider India Infoline or IIFL. It was launched recently in 2015 and offers unique and highly secure trading platforms across devices to its clients. All the applications including desktop, web and the mobile app are known for its high usability and seamless user experience. It charges a fixed brokerage of ₹10 per executed order but charges relatively high account opening and maintenance charges.

Read 5Paisa complete review here.


Discount Brokers My Value Trade

My Value trade comes from a history of stock brokers as early as 1985 but the discount broking arm was launched in the recent years. With its fixed brokerage plan placed at ₹10 per executed order and fixed monthly plan at ₹1000 for unlimited trades across segments,  My Value trade is known to be one of the most economical discount brokers in India. It runs a daily turnover of ₹4500 Crore and has a client base of more than 7,25,000.

Read My Value Trade complete review here.


Discount Brokers Zeroshulk

Zeroshulk has gone through different swings in the stock broking space before finally moving to discount broking. It has different fixed price brokerage plans depending on client’s trading frequency. Starting from ₹15 per executed order to ₹999 per month per trading segment to ₹2499 per month across all trading segments, Zeroshulk has got it all figured out when it comes to pricing models. At the same time, it still is looking forward to the much needed trust factor when it comes to its trading platforms.

Read Zeroshulk complete review here.


Prostocks in one of the most recent entrants in the stock broking ecosytem. Founded in February 2016, Prostocks has its corporate office in Mumbai. Prostocks is an online broker in literal sense as it opens account of its clients in a completely way without any physical meet or courier of forms involved. It charges ₹15 per executed order as brokerage charges across financial segments offered.

Read Prostocks complete review here.


Discount Brokers Achiievers Equities

Achiievers Equities is one of its own kind of a discount broker providing different brokerage plans at discount level and at the same time offering research and advisory services to its clients. Launched in 2012, Achiievers Equities even provides a 3-in-1 trading account to its clients along with the provision of NRI trading. In this high-tech age, Achiievers Equities still does not provide a mobile app to its clients though.

Same as prostocks, Achiievers Equities also charges ₹15 per executed order as brokerage charges across financial segments offered.

Read Achiievers Equities complete review here

 


Finvasia is a recent kid on the discount broking block. Their proposition is simple – Zero brokerage across segments, pay for the trading platforms on a fixed basis (more on that later in the detailed review). Launched in 2013, Finvasia is based out Chandigarh (Punjab) and allows its clients to trade in Equities, Derivatives and Commodities.

Read Finvasia complete review here


Incoporated recently in the year 2013, Wisdom Capital is a discount stock broking company in India. A subsidiary of Ashlar Group of Companies, Wisdom Capital has memberships with NSE, BSE, MCX – SX, MCX and USE and has an offline franchise coverage in 250 locations across the country.

One of the cheaper discount brokers, Wisdom Capital charges ₹9 or 0.01% per executed order as brokerage charges across financial segments offered.

Read Wisdom Capital complete review here. Check out the review in Hindi here.


DPL Online Discount Brokers

DPL Online is a discount broker and is the trading arm of Divya Portfolio private limited. Based out of Faridabad, Haryana – DPL Online was  launched in 2005 by three co-founders. It is known for its various charting tools that can help clients to perform technical analysis vastly. It also allows to integrate trading platforms with 3rd party platforms such as – Ami Broker, Ninja Trader and Meta Trader.

Read detailed review of DPL Online here.


Let us know your comments or feedback on this article in the comments section below. Happy Trading!

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