Top Discount Brokers in India 2024

If you're someone who believes in the power of saving while investing, then this is the place for you. Discount brokers have revolutionised the way people trade in the stock market by offering cost-effective solutions that allow investors to keep more money in their pockets.

Gone are the days when traditional brokers charged hefty commissions and fees for their services. With the rise of discount brokers, investors now have access to a range of affordable options that provide the same level of service without breaking the bank.

In this blog, we will take a closer look at some of the leading discount brokers in India, highlighting their features, fees and charges, and the benefits they offer to investors. Whether you're an experienced trader or just starting out, we believe that everyone should have the opportunity to participate in the stock market without being burdened by excessive fees.

3 Best Discount Brokers in India

The best discount brokers in India are:

• Zerodha
• Groww
• Upstox

The rest of this guide will help you choose the right broker for your needs, whether it's Zerodha or one of these other options.

1. Zerodha

In 2010, Nithin, along with his brother Nikhil Kamath, founded Zerodha, a name derived from the word "zero" and the Sanskrit word "rodha," meaning "obstruction." Their mission was to eliminate the hurdles that traders faced and provide a seamless trading experience. Zerodha is now one of the largest stockbrokers in India, offering a wide range of products and services to retail and institutional investors. It is known for its low brokerage fees, user-friendly trading platforms, and focus on innovation.

Key features of Zerodha:

• It offers direct mutual fund investments with zero commission.
• It offers commodity trading on the Multi Commodity Exchange (MCX).
• It offers a Demat account to hold securities in electronic form.
• It offers a wide range of technical indicators to help traders make informed decisions.
• Zerodha also offers trading APIs for developers to build their own trading applications.

Fees and Charges

2. Groww

Groww was founded by four former Flipkart employees. In 2017, Lalit Keshre, along with three friends from Flipkart, Harsh Jain, Neeraj Singh and Ishan Bansal, started Groww as a direct mutual fund distribution platform. The company's goal is to make investing more accessible to young people in India. It is an online investment platform that allows users to invest in mutual funds, stocks, and digital gold in India. It is a SEBI-registered broker and a member of NSE and BSE. Groww is known for its simple and user-friendly interface, as well as its low fees.

Key features of Groww:

• Groww offers a wide range of mutual funds from top AMCs in India. You can invest in a lump sum or SIP.
• It offers a variety of trading options for stocks, including equity delivery, margin trading, and futures and options.
• It allows you to invest in digital gold, which is a secure and convenient way to own gold.
• You can open a Groww account in minutes without any paperwork.
• Groww's Direct Mutual Funds platform allows you to invest in mutual funds directly with the AMC, saving you on transaction charges.

Fees and Charges

3. Upstox

Upstox is a discount stockbroker based in India that provides commission-free trading services on equities, futures & options, currencies, and commodities. It was established in 2009 and is a part of RKSV Securities India Private Limited. 
Upstox is an excellent choice for investors with varying levels of experience, from beginners to advanced traders. Its low brokerage rates, wide range of features, and easy-to-use platform make it an ideal option for those seeking a cost-effective and convenient way to trade in the Indian stock market.
Key features of Upstox:

• Upstox offers a user-friendly and intuitive trading platform that is available on both web and mobile devices. The platform is designed to be easy to use, even for beginners, and it includes a variety of charting tools and technical indicators.
• It offers flat brokerage fees of ₹20 per executed order, regardless of the order value. This makes it one of the most affordable brokers in India.
• It offers a wide range of trading products, including equity, futures, and options. This allows customers to trade a variety of assets and tailor their portfolios to their individual risk tolerance and investment goals.
• It offers a variety of advanced order types, such as bracket orders, cover orders, and stop-loss orders. These order types can help customers to manage their risk and to execute trades more efficiently.
• It provides a wealth of research and market data to help customers make informed trading decisions. This includes company reports, analyst recommendations, and real-time market updates.
• It offers a variety of customer support options, including phone, email, and chat. The company's customer support team is known for its responsiveness and helpfulness.

Fees and Charges

Conclusion

If you are looking for an online platform where you can invest in stocks, mutual funds or forex trading without paying any commission charges, then using a discount broker is one way to go about it. This type of service allows traders to buy shares at a lower price than what they would normally pay if they were dealing directly with their stockbroker or fund manager because there are no commissions involved when making trades through these platforms. So, go ahead and create your Demat Account at one of these Discount Brokers from Select. 

Frequently Asked Questions

1. Which is the largest discount stock broker in India?

Zerodha is widely considered the largest discount stock broker in India. It has a significant number of active clients and a large market share.

2. Which broker is the cheapest in India?

The cheapest broker in India is Shoonya. However, it charges for its software.