Do you know what is the step to start investing or trading? If not, let us answer this question for you.
The first and foremost step is to open a demat through a stockbroker. But, how would you know which broker is good for you, and which is not?
Before you start thinking about how you will find the best stockbroker, you should know that there are not one, two, or three factors that you need to consider before choosing a stockbroker. A stockbroker should be chosen based on a bunch of factors, like brokerage fees, trading tools, account opening and maintenance charges, product baskets, etc.
We, that now you must be wondering that this seems to be a daunting task. But, you need not worry, we have got you covered. We have already done the research for you, so you don’t have to. In this blog, we will tell you about the best 5 Indian stock brokers.
But before we dive into the details, let us first understand the types of brokers available in India.
Types of Brokers in India
There are mainly two types of brokers in India: full-service brokers and discount brokers.
1. Full-service brokers
Full-service brokers offer a wide range of services to their clients, such as stock trading, research and advisory, portfolio management, margin funding, IPOs, mutual funds, commodities, currencies, bonds, etc. They also have physical branches and customer support staff across the country. Some of the well-known full-service brokers in India are Motilal Oswal, ICICI Direct, HDFC Securities, Sharekhan, etc.
2. Discount brokers
Discount brokers are online brokers who specialize only in stock and commodity trading services. They offer low-cost and fast execution of orders through their web or mobile platforms. They do not provide any research or advisory services or any other value-added services. Discount brokers charge a flat fee per order or a fixed monthly fee for unlimited trades. Some of the leading discount brokers in India are Zerodha, Angel One, Groww, Upstox, etc.
Now that we have understood the types of brokers, let us compare and review the five brokers that we have selected for this post.
5 Best Indian Stock Brokers in India
Zerodha is the largest and most popular discount broker in India, with over 5 million customers. It was founded in 2010 by Nithin Kamath and Nikhil Kamath with the vision of making stock market investing accessible and affordable to everyone. Zerodha offers a simple and transparent pricing model: zero brokerage on equity delivery trades and flat ₹20 per order for intraday and F&O trades. It also offers direct mutual funds with zero commission.
Zerodha's trading platform, Kite, has a sleek and intuitive user interface with advanced features such as TradingView charts, over 100 indicators, 30 drawing tools, basket orders, GTT orders, etc.
Zerodha also provides various educational and research tools for its customers, such as Varsity, which is an online learning portal, and Coin, which is a direct mutual fund investment platform.
2. Angel One
Angel One (formerly known as Angel Broking) is one of the oldest and largest full-service brokers in India, with over 44 lakh customers.
Angel One offers a hybrid model of brokerage plans: zero brokerage on equity delivery trades and flat ₹20 per order for intraday and F&O trades. It also offers various other services such as mutual funds, IPOs, insurance, loans, etc.
Angel One offers a variety of tools to give a broad overview of the markets and trades. Angel One also provides various educational and research tools for its customers.
Four available tools are Speed Pro, Trade, App, and Prime. Each serves a particular function for different traders and investors. It charges a flat brokerage fee of just ₹20 across segments.
Angle One all-n-all offers a user-friendly design that provides a smooth and seamless experience.
Groww is one of the fastest-growing and most innovative discount brokers in India, with over 56l akhcustomers. It was founded in 2017 by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal with the mission of making investing simple and accessible to everyone.
Groww offers zero brokerage on equity delivery trades and flat ₹20 per order for intraday and F&O trades. It also offers direct mutual funds, digital gold, US stocks, and IPOs.
Groww's trading platform is a mobile app that allows users to trade and invest in stocks, derivatives, mutual funds, gold, etc. Groww app has a simple and elegant user interface with features such as live market data, smart charts, watchlists, alerts, SIP calculator, portfolio analysis, etc. The best part is that Groww provides commission-free investment for customers on Mutual Funds.
Upstox is another leading and fast-growing discount broker in India with over 4 million customers. It was founded in 2009 by Ravi Kumar, Kavitha Subramanian, Raghu Kumar and Shrini Viswanath with the backing of Ratan Tata and Tiger Global.
Upstox also offers mutual funds, digital gold, IPOs, and US stocks.
Also, the Upstox early morning newsletter is impressively well-written, providing readers with insightful market recaps to kickstart their trading day. Furthermore, Upstox offers the option to leverage your shares as collateral, enabling you to borrow money for trading, a valuable feature for traders seeking to optimize their strategies.
This platform goes the extra mile by offering free delivery transactions and maintaining consistently low trading costs, making it a cost-effective choice. In addition to these financial advantages, Upstox equips its users with a wealth of technical and fundamental investing knowledge resources, empowering them to make informed decisions. Notably, Upstox stands out by charging zero commission and zero account maintenance fees, setting a competitive standard in the brokerage industry. Moreover, their pricing for calls and trades is notably lower than that of other brokers, making it a financially prudent option. Finally, Upstox sweetens the deal with free equity delivery, reinforcing its appeal as a smart investment platform
5. Motilal Oswal
Motilal Oswal is one of the most reputed and respected full-service brokers in India with over 7 lakh customers. It was founded in 1987 by Motilal Oswal and Raamdeo Agrawal. Motilal Oswal is a full-service broker that offers a range of services and products to its clients, such as stock trading, research and advisory, portfolio management, wealth management, mutual funds, IPOs, insurance, loans, etc.
Motilal Oswal's app is called MO Investor, which allows users to trade and invest in stocks, derivatives, mutual funds, IPOs, etc. MO Investor has a comprehensive and user-friendly interface with features such as live market data, advanced charts, scanners, screeners, news and alerts, portfolio tracker, etc. Other than this, there is also a MO Trader App, which is an AI-based platform that provides advanced trading tools and services and live data on trades and execution.
Also, Motilal Oswal provides free in-depth analysis and stock recommendations, allowing users to make well-informed investment decisions. Secondly, their commitment to customer support shines through, as they offer assistance via emails and calls to promptly address any queries or concerns. Additionally, the platform provides thorough research reports and conducts market and sector analysis, aiding in efficient investing strategies. For traders, there's a strategy builder feature that enables the implementation of multi-leg option strategies, enhancing precision in trading decisions.
So, these were the best 5 Indian stock brokers. We hope you got your ideal stockbroker to start your investing or trading journey in the stock market.
However, if you are still confused or want to explore more options, we have a solution for you. Visit Select by Finology today, where you can find, compare and open the demat account with the broker that suits you. It is a platform that helps you to select the best broker based on your preferences such as brokerage charges, trading platform features, customer service quality, etc. You can also read reviews from other investors who have used the brokers before.
So what are you waiting for? Visit Select by Finology today and start your investing journey with the best broker for you. Happy investing!