Looking for a Demat account to kickstart your stock market investment journey but still trying to decide the best broker for yourself? Today, we will discuss the top 10 brokers in India in detail to help you choose one and open your demat and trading account.
Topping the list of 10 best brokers in India is Groww.
Groww, launched in 2016 by former Flipkart employees Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, has emerged as a prominent player in India’s online discount broking environment. The founders had a vision of creating a platform that makes investing easy and accessible to everyone, regardless of their financial knowledge.
Groww is registered with SEBI as a stockbroker, depository participant, and investment adviser. It holds memberships with NSE, BSE, MCX, and CDSL, ensuring regulatory compliance and credibility.
Groww stands out with its unique offerings, including a low brokerage charge of Rs 20 per executed trade, or 0.05%, for Equity, Intraday, and F&O trades.
- The platform features a user-friendly trading app with 128-bit encryption, catering to the diverse investment needs of over 90 lakh users.
- Notably, Groww provides zero-commission direct mutual funds, instant online account opening, and abundant educational resources, including free eBooks and informative blogs.
Groww follows a fixed brokerage model, charging a flat Rs 20/ executed order for Equity Delivery, Intraday, and F&O trades.
- This transparent approach ensures that customers pay a maximum of Rs 20 irrespective of the trade quantity or amount.
- Additional charges include auto square-off charges of Rs 50 and other transaction, regulatory, and Demat charges.
- The platform does not charge for investing or redeeming mutual funds.
User Reviews and Ratings
With a 4.5+ rating on both Google Play Store and App Store, users appreciate Groww’s seamless trading experience, security features, and easy access to educational content.
Reasons to Choose Groww
- Groww’s flat fee of Rs 20 per trade is a cost-effective option for investors.
- Groww prioritises investor education with free eBooks, blogs, and videos, empowering users to make informed decisions.
- The straightforward fee structure ensures customers know exactly what they pay for each trade.
- With 128-bit encryption, Groww’s trading app provides a secure environment for investors to transact.
In comparison to other brokers, like Zerodha, Groww stands out for its simplicity, transparency, and commitment to empowering investors through education.
2. Zerodha (Kite)
Zerodha holds the impressive position of being the second-ranked broker among the top ten brokers in India.
Zerodha, a pioneer in online discount broking, started in 2010 with a bold vision from founders Nithin Kamath, Nikhil Kamath, and Dr. Kailash Nadh. Born as a self-funded initiative, Zerodha aimed to break down obstacles in the Indian broking space.
Zerodha is registered with SEBI as a stockbroker, depository participant, and investment adviser. It holds memberships with NSE, BSE, MCX, and CDSL, ensuring strict adherence to regulatory standards.
- Zerodha, the leading stockbroker, boasts the largest clientele, market volume, and new customer acquisitions.
- Recognised for its safety and reliability, Zerodha is considered one of the most trustworthy brokers in the market.
- Offering cutting-edge online trading tools, Zerodha stands out for its commitment to technological advancement.
- Zero brokerage fees for Equity Delivery and Mutual Funds, with a maximum charge of Rs 20 per trade, ensuring significant savings compared to traditional brokers.
- Providing up to 20x leverage on intraday trading, Zerodha caters to diverse investor profiles, from beginners to active and algo traders.
- Pioneer in zero-commission Direct Mutual Funds, making it an attractive choice for various investor types.
- Zerodha’s technological prowess is evident through its multiple platforms like Zerodha Kite, Coin, Varsity, Trading Q&A, Smallcase, Streak, Sensibull, GoldenPi, and Ditto.
Brokerage and User Reviews and Ratings
Zerodha, one of India’s leading stockbrokers, stands out for its transparent and cost-effective brokerage services. Here’s a concise overview of Zerodha’s fees and brokerage, along with user reviews:
1. Brokerage Charges:
- Equity Delivery: Rs 0 (Free)
- Equity Intraday: Flat Rs 20 or 0.03% per executed order (whichever is lower)
- Equity Futures: Flat Rs 20 or 0.03% per executed order (whichever is lower)
- Equity Options: Flat Rs 20 per executed order
- Currency Futures: Flat Rs 20 or 0.03% per executed order (whichever is lower)
- Currency Options: Flat Rs 20 or 0.03% per executed order
- Commodity: Flat Rs 20 or 0.03% per executed order
- Mutual Fund: Rs 0 (Free Unlimited Direct MF)
2. Account Opening Charges:
- Online Account Opening: Rs 200
- Offline Account Opening: Rs 400
- Demat Account AMC: Rs 300 per year
Zerodha is highly praised for its:
- Transparent fee structure and low brokerage costs.
- Robust and user-friendly trading platforms like Kite 3.0.
- Zero brokerage for equity delivery and direct mutual funds.
- Safety measures, being a zero-debt company with no margin funding.
- Technological advancements and a range of trading tools.
Reasons to Choose Zerodha
Zerodha emerges as a preferred choice for traders and investors for several reasons:
- Zerodha’s user-friendly interface caters to both beginners and experienced investors.
- Zerodha’s transparent fee structure and diverse investment options contribute to its popularity.
3. Shoonya By Finvasia: India’s First Zero Commission Trading Platform
Shoonya by Finvasia, launched in 2013, proudly stands as the third-best broker in India, being the country’s first platform where you can open a zero brokerage demat account and trade without paying any commissions.
Created by the well-known Finvasia Group, a global financial services firm established in 2009 by Sarvjeet Singh and Tajinder Singh (former Wall Street banker), Shoonya embodies their dream of ushering in a fresh era of financial accessibility and innovation in the Indian market.
This platform enables commission-free trading in various segments such as stocks, mutual funds, bonds, ETFs, futures and options, currency, and commodities on exchanges like NSE, BSE, MCX, and NCDEX.
Notable Achievements and Milestones
- Shoonya proudly claims the title of India’s first and only commission-free trading platform, offering zero brokerage, account opening and maintenance fees, call and trade fees, and clearing fees.
- The platform has been adorned with prestigious awards, including the Best Discount Broker Award by Business Today in 2019, the Best Fintech Startup Award by ET Now in 2020, and the Best Brokerage Platform Award by Moneycontrol in 2021.
Providing a zero brokerage demat account, Shoonya covers all trading segments, such as stocks, mutual funds, bonds, ETFs, futures and options, currency, and commodities on major exchanges, including NSE, BSE, MCX, and NCDEX, at zero brokerage.
- Zero Brokerage on All Segments: Shoonya revolutionises trading by providing a commission-free experience across various segments, including equity intraday, delivery, futures, options, currency, commodities, mutual funds, ETFs, bonds, and IPOs.
- Free Account Setup: Shoonya ensures a streamlined onboarding process with no charges for opening an account and zero annual maintenance fees, offering users a hassle-free initiation into the trading journey.
- Advanced Trading Tools: Elevate your trading strategies with Shoonya’s advanced tools, encompassing TradingView charts, order slicing, bracket orders, basket orders, option chains, and more.
- Accessible Customer Support: Shoonya prioritises user satisfaction by providing accessible customer support through various channels, including phone, email, and live chat. Users also have the option to create support tickets for prompt issue resolution.
- User-Friendly Platform: Experience a seamless and user-friendly trading interface on Shoonya’s platform, available across desktop, web, and mobile devices (compatible with both Android and iOS).
- AI-Powered Insights: Gain an edge in your trading experiences with AI-stock price prediction and signals provided by I Know First for up to 1,500 Indian scrips with daily top picks across long, mid and short caps.
Shoonya By Finvasia’s Brokerage Plans- Zero Hidden Costs
- Invest hassle-free with no extra charges.
2. Zero brokerage on futures and options.
- Trade Futures & Options without any brokerage fees.
3. Zero brokerage on currency and commodities.
- Invest in multiple markets with no fees.
4. Zero brokerage on mutual funds.
- Invest in 3000+ Direct Commission-free Mutual Funds via SIP or lump sum.
5. Zero brokerage on ETFs and bonds.
- Maximise your portfolio with zero costs.
6. Zero brokerage on IPOs.
- Participate in new offerings with zero brokerage.
7. Zero account opening charges.
- Zero cost for opening Demat and Trading accounts.
8. Zero AMC (Annual Maintenance Charges).
- Zero cost for annual maintenance of Demat and Trading Accounts.
9. Zero call and trade charges.
- Place your trades over the phone at zero cost.
10. Zero hidden charges.
- Enjoy transparent pricing with no hidden fees.
11. Zero trading platform charges.
- Experience seamless trading with a multi-asset trading platform at zero cost.
12. Zero auto-squared-off charges.
- Pay no additional charges on auto-squared-off trades.
13. Zero volume commitment.
- Trade as much or as little as you want without any commitments.
14. Zero clearing charges (NSE & BSE).
- Trade without clearing fees on NSE & BSE.
15. Zero charges on APIs and Algo trading.
- Automate trading strategies with Shoonya Developers APIs – build, backtest, and execute for free across multiple assets.
16. Zero Upfront charges.
- No initial fees or charges to begin trading.
|Account Opening Charges||Free|
|Account Maintenance Charges||Zero|
|Call & Trade Charges||Free|
|Equity Delivery Brokerage||Zero|
|Equity Intraday Brokerage||Zero|
|Equity Futures Brokerage||Zero|
|Equity Options Brokerage||Zero|
|Currency Futures Brokerage||Zero|
|Currency Options Brokerage||Zero|
|Commodity Futures Brokerage||Zero|
|Commodity Options Brokerage||Zero|
|Equity Delivery Margin||1x|
|Equity Intraday Margin||Upto 5x|
|Equity Futures Margin||1x|
|Equity Options Margin||1x|
|Currency Futures Margin||1x|
|Currency Options Margin||1x|
|Commodity Futures Margin||1x|
|Commodity Options Margin||1x|
Reasons to Choose Shoonya
- Multi-Platform Accessibility: Shoonya is available across various platforms, including desktop, web, and mobile. This ensures optimal performance, flexibility, and speed, allowing users to trade seamlessly on their preferred devices.
- Personalised Client Portal: Enjoy a customised client portal on Shoonya that streamlines investment analysis and query resolution. Responses are typically provided within 24 hours, offering a hassle-free experience for users.
- AI-Powered Market Predictions: Leverage the power of “I Know First,” an AI-driven tool on Shoonya that delivers daily data-driven predictions and signals for the stock market.
- Risk Management Tools: Shoonya provides essential risk management tools like bracket orders and cover orders. These features are designed to safeguard investments, secure profits, and effectively manage positions, enhancing overall risk control.
- Investor-Friendly Offerings: Shoonya caters to investors with a range of user-friendly offerings, including zero account opening charges, lifetime zero brokerage across all segments, SIP options for stocks and ETFs, and the convenience of eDIS for seamless share selling.
User Reviews and Ratings
Shoonya garners predominantly positive reviews across various platforms, with users praising:
- The platform’s simple and user-friendly interface.
- A quick, hassle-free, and paperless account opening process.
- Diverse investment options.
- 0 Brokerage without any hidden charges.
- Free demat account.
4. Angel One
Angel One secures the fourth position on the list.
Angel One, formerly called as Angel Broking, is a prominent financial services provider in India. Established in 1987, the company has a rich history in the brokerage industry, evolving to offer variety of financial products and services.
Angel One is registered with SEBI, the regulatory authority for securities and commodity markets in India. It is a member of major stock exchanges, including NSE, BSE, MCX, and NCDEX.
- Angel One offers a user-friendly, fast, and secure trading platform equipped with all the essential features and tools necessary for effective trading and investing.
- The platform provides stocks, commodities, currencies, mutual funds, IPOs, bonds, etc.
Angel One follows a transparent pricing model with brokerage charges for various segments, including equity, commodity, FnO (Futures and Options), and currency trading.
- The brokerage charges a maximum of Rs 20 per order, with the lowest brokerage set at 0.25% of the transaction value for Equity Intraday, Futures & Options, Currency, and Commodity trades.
- In addition to brokerage, investors are required to cover various transaction and regulatory charges, along with Demat charges, on top of the brokerage.
Angel One Charges
|Equity Delivery||Flat Rs 0 (Free)|
|Equity Intraday||Flat Rs 20/ 0.25% (whichever is lower)|
|Equity F&O||Flat Rs 20/ 0.25% (whichever is lower)|
|Currency F&O||Flat Rs 20/ 0.25% (whichever is lower)|
|Commodity F&O||Flat Rs 20/ 0.25% (whichever is lower)|
- No minimum margin is required for this plan.
- It’s an online trading plan. Call & Trade is charged at an additional Rs 20 per trade.
User Reviews and Ratings
- User feedback on various platforms generally highlights the user-friendly nature of Angel One’s trading platform.
- While positive reviews acknowledge the platform’s features and reliability, some users have also expressed concerns or suggestions about customer support.
Reasons to Choose Angel One
Angel One stands out for its user-friendly trading platform, providing a seamless experience for beginners and experienced traders. However, there are other better options when it comes to trading at zero brokerage and saving some extra pennies.
Upstox, standing in fifth place among the top brokers in India, started its journey in 2011. It aimed to make trading in the Indian stock market easy and affordable. Upstox operates under the regulation of SEBI and holds licenses as a stockbroker, depository participant, and commodity broker.
Upstox stands out in the crowded brokerage space through its array of distinctive features.
The platform offers a comprehensive suite of products and services covering equity, commodity, futures and options (FnO), currency, IPOs, and more available on its Upstox Pro Web and Upstox Pro Mobile trading platforms.
One of its unique offerings is the Upstox Pro trading platform, renowned for its user-friendly interface, advanced charting tools, and seamless order execution.
FEES and Charges
Rs 20 per executed order/ 2.5% (whichever is lower)
Equity F&O Charges
Rs 20 per executed order/ 0.05% (whichever is lower)
Rs 20 per executed order/ 0.05% (whichever is lower)
Rs 20 per executed order/ 0.05% (whichever is lower)
Other Charges (Upstox Broker Hidden Charges / Fees)
- Call & Trade: Rs 20 per executed order.
- Physical contact notes: Rs 25 per contract note plus courier charges. (Digital contract notes are free.)
- Instant Money Transfer Fee: Rs 7 per transfer.
Reasons to Choose Upstox
Upstox emerges as a preferred choice for traders and investors in India due to several compelling reasons:
- The Upstox Pro trading platform, equipped with advanced features, reflects the broker’s commitment to providing a technologically superior and user-friendly experience.
- Upstox offers a wide array of financial products and services, enabling users to diversify their investment portfolios according to their preferences and risk tolerance.
6. ICICI Direct
ICICI Direct secures the sixth position on the list. Under the ICICI Group, ICICI Direct serves over 50 lakh customers
Under the ICICI Group, ICICI Direct serves over 50 lakh customers. Established with a dedication to online trading, the platform provides services for equity, commodity, and currency trading at BSE, NSE, and MCX. Noteworthy services encompass Mutual Funds & IPOs, Fixed deposits, bonds, NCD, wealth products, Home Loans, and Loans against Securities.
ICICI Direct distinguishes itself through diverse brokerage plans such as the I-Secure Plan, ICICI Direct Prime Plan, Lifetime Prepaid Brokerage Plan, and Neo Plan.
The Neo Plan, for instance, introduces a flat-rate brokerage approach, providing brokerage-free equity futures trading.
It charges a flat Rs 20 per executed order for Equity Intra-day and Options trading, along with 0.55% brokerage for equity delivery.
ICICI Direct implements multiple brokerage plans to cater to varying needs.
For instance, the Neo Plan charges a flat Rs 20/ executed order for Equity Intraday and Options trading, with a 0.55% brokerage for equity delivery.
Account maintenance is streamlined, with free account opening and an AMC- annual maintenance charge of Rs 300 for the Demat Account. Additional charges include Rs 20 per transaction for Demat Debit Transactions (Sell Orders) and Rs 50 per order for Call and trade.
User Reviews and Rating
User feedback emphasises the popularity of ICICI Direct’s 3-in-1 account, combining the ICICI Bank Account, ICICI Trading Account, and ICICI Demat Account for a seamless trading experience.
Reasons to Choose ICICI Direct
Investors and traders prefer this company because it offers a comprehensive range of financial services, including stockbroking, insurance, investment banking, wealth management, and various other products like home loans, bonds, fixed deposits, IPO services, NCDs, and loans against shares.
For trading, customers can choose between the ICICIDirect.com Website, Trade Racer (Trading Terminal), and the ICICIDirect Mobile App, each tailored to meet different trading requirements.
7. HDFC Securities Ltd.
Founded in 2000, HDFC Securities stands as a prominent full-service stock broker in India, operating as a subsidiary of HDFC Bank. It facilitates trading and investment in a diverse range of financial instruments, including shares, bonds, futures, options, buybacks, mutual funds, IPOs, currency derivatives, commodities, and stock portfolios. The company, registered with SEBI, holds membership in BSE, NSE, MCX, CDSL, and NSDL.
HDFC Securities offers a comprehensive suite of over 30 products and services to its 1,800,000+ clients. Providing a 3-in-1 account that combines savings, trading, and a Demat account, HDFC Securities ensures a seamless investment experience.
HDFC Securities implements competitive brokerage charges, offering the lowest brokerage of 0.10% per trade for Equity Delivery and Rs 20 per transaction for derivatives trading.
Noteworthy charges include an account opening fee of Rs 999 and various segment-specific brokerage rates.
Brokerage for Delivery Based Trades (Equity Segment):
- Resident Indians: 0.50%/ min Rs 25/ ceiling of 2.5% on transaction value (Both Buy & Sell)
- NRI’s: 0.75% or min Rs 100/ ceiling of 2.5% on transaction value (Both Buy & Sell)
- Square-Off Trades (Cash & Carry Scrips): 0.10%/ min Rs 25/ ceiling of 2.5% on transaction value for both Buy & Sell
- Square-Off Trades (Margin Scrips): 0.05%/ min Rs 25/ ceiling of 2.5% on transaction value for both Buy & Sell.
User Reviews and Ratings
User feedback commends HDFC Securities for its instant online, paperless account opening, making it a one-stop shop for diverse investments. The platform’s portfolio tracking, 24/7 assistance, Call and trade service, and enCash Facility for same-day payouts up to Rs 5 lakhs contribute to positive reviews.
Reasons to Choose HDFC Securities
HDFC Securities distinguishes itself with an array of features, including instant online account opening, diverse investment options, multiple trading platforms, and a competitive brokerage structure.
For those interested in a special offer, HDFC Securities presents a brokerage-free equity delivery trade and mutual funds, making it an attractive choice for cost-conscious investors.
8. Kotak Securities Ltd.
Established in 1994, Kotak Securities Ltd. is a distinguished full-service stock broker offering a 3-in-1 account (Bank + Trading + Demat Account) to retail investors in India. It provides investment opportunities in equities, derivatives (equities, commodities, currency), and mutual funds, as well as services like Research SMS, margin trading, depository services, and third-party products like insurance.
Providing a 3-in-1 account, the company ensures a seamless and hassle-free trading experience, coupled with a physical presence in 393 cities.
Kotak Securities stands out by offering free technical, fundamental, derivatives, macro-economic, and mutual fund research.
User Reviews and Ratings
Feedback from users highlights Kotak Securities’ extensive experience, the convenience of the 3-in-1 account, and the valuable free research offerings.
Kotak Securities provides a variety of brokerage plans, including the Trade Free Plan, Trade Free Youth Plan, and a Dealer Assisted Brokerage Plan.
Kotak Securities Trade Free Plan:
- Account Opening Fee: Free
- Plan Fee: Rs 99 (Incl. of GST)
- Validity: Lifetime
- Intraday Brokerage: Free (All segments)
- Equity Delivery: 0.25% or Rs 20 (whichever is higher)
- Carry forward (All applicable segments): Rs 20 per order
- Interest on Margin Trading Facility: 0.049% per day
- Brokerage Cashback: NA
- Demat AMC: Rs 50 per month
Dealer Assisted Brokerage Plan:
- Account Opening Fee: Rs 499 (One time)
- Equity Delivery: 0.39%
- Equity Intraday: 0.039%
- Equity Futures: 0.039%
- Equity Options: Rs 39 per lot
- Currency Futures: Rs 9 per lot
- Currency Options: Rs 5 per lot
- Commodity Futures: 0.039%
- Commodity Options: Rs 39 per lot
- Minimum Brokerage: Rs 21 per executed order (subject to a ceiling of 2.5% of contract value)
- Margin Trading Facility Interest rate: 0.025% per day
- Interest on stock used as margin for derivative trades: 0.042% per day
Reasons to Choose Kotak Securities Ltd.
- Kotak Securities offers a seamless 3-in-1 account (Bank + Trading + Demat Account), streamlining the trading and investment process.
- This integrated account allows users to trade/invest in IPOs, bonds, ETFs, ESOPs, derivatives, and equity from a single platform.
9. Motilal Oswal Financial Services Limited
Founded in 1987, Motilal Oswal Financial Services Ltd. (MOFSL) has emerged as a prominent financial services firm that operates in compliance with regulatory standards and holds licenses for trading services in Equity, Commodity, Currency, and Derivatives.
It offers trading in Equities, Derivatives, Commodities, and Currency. Additionally, the firm offers Mutual Funds, IPOs, US Stocks, Gold, Insurance, Fixed Income products, and readymade portfolios such as Stock Baskets and Intelligent Advisory Portfolios.
The broker charges 0.20% for Equity Delivery, 0.02% for Intraday Futures, and Rs 20 per lot for Equity and Currency Options. Commodity brokerage charges are 0.02% for Futures and Rs 200 per lot for Options. The introduction of free equity intraday trading for a lifetime is a noteworthy feature. The account administration charges are Rs 199.
Reasons to Choose Motilal Oswal
- Motilal Oswal provides a range of user-friendly online trading and investing software, including the MO Investor App, MO Trader App, and desktop applications.
- Enjoy the ease of opening a trading account with no associated charges for account opening and maintenance for a limited period.
10. Paytm Money Ltd.
Paytm Money Limited, founded in 2017, stands as a Bengaluru-based discount brokering firm, a SEBI registered stockbroker and an Investment Advisor. With depository participant membership of CDSL and affiliation with NSE and BSE, the firm operates within the framework of regulatory standards, ensuring a secure and compliant trading environment.
While Paytm Money started as a direct mutual fund investment platform, it has since diversified its offerings to include a pension scheme, Equity trading, IPO investment, ETFs, and digital gold.
Paytm Money is recognized for its versatile product offerings, including free Equity Delivery trading, zero-commission direct mutual funds, and a maximum brokerage charge of Rs 20 per trade. With a fully digital account opening process, Paytm Money enables investment in Digital gold, ETFs, IPOs, F&O, and NPS retirement funds.
Paytm Money follows a fixed brokerage model, charging a flat Rs 20 or 0.05% (whichever is lower) per executed order for intraday trading.
The maximum brokerage chargeable per order across all segments is Rs 20.
It offers zero maintenance charges and allows investors to benefit from a transparent fee structure.
Other charges include platform fees, physical statement and document charges, payment gateway charges, auto square-off charges, and delayed payment charges.
Reasons to Choose Paytm Money
Paytm Money provides a broad spectrum of investment options, including Equity, Digital gold, IPOs, mutual funds, NPS, F&O, and ETFs.
Paytm Money introduces innovative features like the switch from external regular mutual funds to direct mutual funds, creating a seamless and user-friendly experience.