Best Brokers for Intraday Trading

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Best brokers for intraday trading are limited in number. Even if you go through the whole compiled list of over 300 stockbrokers in India, you will find a very few who actually provide value for money services when it comes to intraday trading.

In this detailed review, let’s have a quick review at 5 of those Best brokers for intraday trading in India that has been successful in providing consistent value to their clients in this excruciating form of trading.

Best Brokers for Intraday Trading in India

Yes, this is really crucial to know some of the most appropriate and suitable stockbrokers for Intraday trading. After all, Intraday trading is rapid and you need to be on your toes all day in order to make consistent and quick profits out of your trades.

But before we jump into the point of best brokers for intraday trading, let’s spend some time understanding the very concept of Intraday trading and see what aspects you, as a trader, need to be aware of.

This is useful to know especially for beginners who have just started testing the waters or are almost looking to do that.

What is Intraday Trading?

Basically, Intraday trading is that style of trading where you buy and sell the stock within the same trading day. For instance, if you bought 50 shares of Infosys Technologies on 6th October, then you are supposed to sell all 50 of those before the market closes on the same day.

Similarly, if you have gone short for 80 stocks of ICICI Bank on 3rd September, then you are supposed to buy all those 80 stocks on the same day.

However, if you don’t or are not able to square off your trades (or exit from your position) within the same day, then the broker will automatically square you off from those holdings. Therefore, it becomes kind of mandatory for you to understand and know the Intraday Square off timings as well.

At the same time, you always have the option to change the order type from intraday to delivery in your “buy” trades (however, that cannot be done in “sell” trades) before the market closes. In fact, the trading platforms you use for trading provide you with such provisions.

Intraday trading – Things to be considered

Let’s say there are 2 friends – Victor and Roger.

Roger is a risk avert person and plays safe in different aspects of his life. He does a regular 10 to 7 job (although he wanted to become a photographer), has a family and been investing his money in mutual fund SIPs from the last 5 years.

On the other hand, Victor has taken his share of risks in his life at different levels; dropped out of college to start his own business and has been able to take it to a reputable level in few years.

However, he has not been able to invest his money anywhere. But now, he is looking for a secondary income avenue since he has some time that he can use.

They decided to meet one day and the stock market, somehow, marked its presence in the discussion:

Roger: So, the Indian stock market is on a high these days, consistently!

Victor: True, seems an apt time to get started. Something we have not done all our lives, don’t know why.

Roger: Well, isn’t it risky at the same time? I heard MF SIP returns are pretty decent too.

Victor: Yea, they are. But, trading on the stock market “demands” relatively higher risk appetite. I am thinking of trying my hand in intraday trading for a few days. I have been analyzing the market for a couple of months now.

Roger: Intraday? That’s too much to ask. Way too much risk.

Victor: Honestly, it’s not that risky. Yes, you may lose but what I have heard from some of the traders is that one needs to be very objective, cut the emotional bias and at least test it before ruling it out.

Roger: Yea, agree. But I will start at a delivery level, hopefully, increase my risk appetite and then jump into the intraday space.

Victor: Makes sense. Nonetheless, I have just opened a demat and trading account, its one of the best demat accounts; will jump the wagon in a few days.

Roger: Already? How did you choose your stockbroker? What shall I be looking at before making a choice?

Victor: Well, I had some requirements and used a callback service from A Digital Blogger. They guided me to a broker that is suitable for intraday trading. It offers:

  • Low brokerage
  • Decent exposure
  • Quick customer service
  • High-performance trading platforms

The point here is not that anybody who is doing a job and is playing safe cannot do intraday trading, but if you are looking to trade in that segment, then yes, you would need a relatively higher risk appetite like in case of Victor.

In the example above, we can conclude that Victor:

  • understands the risks and challenges of Intraday trading and is not playing blindly
  • has done research at a basic level, talked to few traders to get a first-hand idea and has, in fact, opened a trading account
  • has some time at his disposal on a regular level so that it can be consumed for intraday trading
  • is open to taking some risks

Thus, if you are looking to be an intraday trader yourself, you must have most of the attributes mentioned above.

Best Brokers for Intraday Trading List

Now, let’s move ahead and talk about some of the best brokers for Intraday trading in India. Specifically, we will be talking about 5 such stockbrokers who offer different values to you in your day trades. Then, you may make a choice for yourself based on which aspect matters to you the most.

1. Reliance Securities

Reliance Securities is a full-service stockbroker with a presence in 1700 cities and towns of India to go along with 1,20,264 active clients for 2019.

For Intraday trading, you get the following advantages from Reliance Securities:

  • a well designed and decent performance-based mobile app – Reliance Tick Pro
  • quick customer support with a reasonable turnaround time
  • provides regular research and recommendations
  • 10 times the exposure for Equity intraday trades

At the same time, there are a couple of concerns you should be aware of:

  • Trading in commodity segment is not allowed by Reliance Securities
  • Account opening is a bit expensive and the brokerage may sound high too (check this Reliance Securities Brokerage Calculator for more reference).

Go for this broker if you are looking for local branch reach, reasonable trading platforms and quick support with market tips.

 

2. 5Paisa

5Paisa is a discount trading arm from IIFL, a prominent name in the full-service stockbroking space. The broker has been established a few years back and offers a wide range of trading products. Some of its top attributes include:

At the same time, here are a couple of issues as well:

  • average exposure values offered
  • Customer support can be improved

Go for this broker if you are looking for low brokerage, reasonable trading platforms and free intraday trading tips.

 

3. Angel Broking

Angel Broking is one of the oldest names in the Indian stock broking industry with its launch in 1987. Although we are talking about intraday trading in this article, for long-term investors, it has recently come up with an automatic recommendations engine called ARQ.

This is just to give you an idea of the kind of focus the broker has on technology enablement and innovation in this, otherwise technology lagging industry.

With 4,27,366 active clients in 2019-20, Angel broking offers the following merits when it comes to intraday trading:

Angel Broking, at the same time, lags in these areas:

  • Customer service is a bit sluggish, even though it’s a full-service stockbroker
  • The fund transfer process is a bit cumbersome

Go for this broker if you are looking for high-tech trading platforms, a high margin on trades, free tips and of course low brokerage charges with a wide offline presence.

 

4. Zerodha

Zerodha is one of the most known stock brokers, especially among discount brokers of India. In almost 9-10 years itself, the broker has been able to capture a decent market share. In fact, Zerodha clocked 9,80,684 active clients within 2019 and the year has not ended yet.

If you are looking to trade at an intraday level, you will be able to avail of the following advantages:

You also need to understand some of the issues with the broker as well:

  • Average exposure values offered for intraday trading (check Zerodha Intraday margin for more info).
  • Customer service can be improved

Go for this broker if you are looking for reasonable trading platforms at low brokerage charges and free stock market education.

 

5. Prostocks

Prostocks is relatively a recently established discount stockbroker with reasonable offerings across different aspects. Yes, you might not get high-performance trading platforms as mentioned above or a wide range of trading products, but the broker offers fixed monthly brokerage plans.

Although from the client size perspective, this is definitely one of the smallest stockbrokers and does not stand much against the rest of the brokers in this list. However, it is trying hard to position itself well among the best stockbrokers for intraday trading.

Currently, prostocks has an active client base of around 20,000.

With this, you can place an unlimited number of trades throughout the whole month without much of a worry about brokerage. Check this detailed review on Zero brokerage unlimited trading plans.

Here are some of the advantages of using Prostocks for intraday trading:

  • ₹899 monthly and ₹8999 yearly fixed price brokerage plans (for more information, you can check this detailed Prostocks Brokerage Calculator as well).
  • free account opening and maintenance charges
  • Low stamp duty charges
  • Easy funds transfer process
  • Exposure of 7 times on MIS Orders and up to 10 times on CO Orders

However, as mentioned above, there are clearly a few visible issues with Prostocks as well:

  • average performing trading platforms
  • okayish customer support quality

Go for this broker if you are looking for a flat brokerage or unlimited trading plan in your intraday trades.

You can check this review in Hindi as well.

What-not-to-do in your Intraday trades?

Among other things, there are a few aspects, that you must take care of while you start your intraday trading in the Indian stock market.

Here are those listed:

  • Start small with an amount that you may risk to lose in your trades
  • Always stay objective and set a clear target and stop-loss price while entering into a stock purchase. Also, make sure you stick with those price commitments without including any emotional biases
  • Trade within a small range of stocks and don’t overwhelm yourself
  • Keep greed at bay, i.e. it’s okay to be a little greedy but that can actually bring in subjective biases which are very dangerous for intraday trading
  • Perform appropriate research and don’t get carried away with what others have to say

Conclusion

Thus, to be very sure you need to prioritize your requirements from the brokerage houses and based on that, take an objective decision. A lot of users get swayed by fancy advertisements thrown out by different stockbrokers and that is the very idea of those expensive advertisements on TV channels and social media.

You may also use the form below to get recommendations for a suitable stockbroker for intraday trading. We can set up a callback for you and if you like, you may choose to open the trading account with the corresponding stockbroker:

Open Free Demat Account
Enter basic details here and a Callback will be arranged for You!

 

Read More:

If you wish to learn more about Intraday Trading concepts, here are a few references for you:

 

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