Top Discount Brokers in India 2023

A discount broker is a financial services firm that charges lower fees than traditional full-service brokers, but still provides its customers with investment advice and access to the same markets. Discount brokers often offer free trades and other perks in exchange for lower commission rates, which can save you money if you're willing to do some research on your own before making trades.

Discount brokers are useful for common citizens because they allow investors who don't have much experience or knowledge about investing, in stocks or other securities (such as bonds), access to the same markets as more experienced investors. This means that anyone can invest in stocks without needing millions of dollars in capital!

Best Discount Brokers in India

The best discount brokers in India are:

• Zerodha
• Groww
• Angel One
• 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

Zerodha is an Indian brokerage firm that offers a range of services to investors. The company was founded in 2010 by Nithin Kamath, who was previously a trader at Goldman Sachs. Zerodha's focus is on providing its customers with the best possible execution quality, low costs and excellent customer service. 

With the account opening charge of Rs 300 only, Zerodha is one of the most chosen Discount Broker in India in 2023. Along with such low charges, there are plenty of reasons for this broker to be such a favorite. 

Key highlights of Zerodha:

• Zerodha offers three main types of accounts: Classic, Premier and Zerodha Plus (the latter two are premium plans). All three plans have access to all trading tools and platforms but differ in terms of cost structure and other features such as margin requirements or access to research reports.

• Classic accounts are the cheapest and offer access to all trading tools and platforms. Premier accounts have a higher annual fee but also come with lower margin requirements, no-charge stock research reports and 24/7 customer support. Zerodha Plus is an exclusive plan for high net worth investors who require more personalised services or have large portfolios of stocks they want to trade.

• The company also offers a portfolio management tool called ZOPT, which is available to all customers. It allows them to monitor the performance of their portfolio and make changes if needed.

• The discount broker also offers a range of products, including commodities and cryptocurrencies.

• Customers can trade through their account in real-time and also use a range of analytical tools such as charts, news, live market data and more.

2. Groww

Groww is a robo-advisor that offers a suite of investment tools, including ETFs and mutual funds. It also provides an online platform for you to manage your money. Users can create custom portfolios that can be tailored to fit their individual needs and goals, especially a portfolio for ”high return funds”.

Key highlight of Groww:

• Unlike Zerodha, Groww does not require any kind of charge for account opening. So, a legal individual can get an account with Groww with no money as admission fees.

• Groww offers two plans: Basic and Premium. The former is free and allows you to create an account with a maximum balance of $5,000. If you have more than $5,000 in your Groww account, then you'll be eligible for the Premium plan which costs $10 per month or 0.25% of the balance (whichever is greater).

• This discount broker also has a premium offering called Groww Plus, which costs $15 per month and provides access to additional tools such as robo-advice and portfolio management.

• The company offers access to a wide range of investment tools, including ETFs and mutual funds.

3. Angel One

Angel One is a discount broker that offers a wide range of investment products, including stocks and ETFs. The company was founded in 2009 by two former financial advisors who wanted to provide investors with access to professional-level investment advice without the high fees associated with traditional brokers.

Angel One offers its services through an online platform, which can be accessed from any computer or mobile device with internet access. 

Key highlight of Angel One:

• Users can sign up for free and then pay for each trade made through their account; there are no monthly fees associated with using this service.

• Angel One also includes access to market news and research reports from Morningstar, which is known for its independent analyses of stocks and ETFs.

• This discount broker offers a number of investment tools, including an investment calculator that can help you determine how much money you need to reach your financial goals.

• The company also offers a premium service, which includes access to a team of investment advisors who can provide personalized guidance. This service is available for an annual fee of $100 and comes with additional perks such as portfolio management tools and educational resources.

4. Upstox

Upstox is a discount broker that offers low-cost trading and commission-free ETFs. The company was founded in 2012, but it has been around for more than a decade, which means that it has a long track record of providing investors with great service. 

Upstox offers its services through an online platform that can be accessed from any computer or mobile device with internet access. Upstox is owned by BlackRock, which means that it benefits from the parent company’s size and expertise in the financial world.

Key highlights of Upstox:

• Users sign up for free and then pay a small fee per trade made through their account; there are no monthly fees associated with using this service.

• Upstox offers a wide range of investment vehicles for its users, including stocks, ETFs, options and mutual funds.

• This discount broker also has an extensive education center that can help investors learn more about trading and investing in general.

• This broker is ideal for investors who want access to a wide range of investment vehicles at low cost.

• This firm also has an award-winning customer service team that is available to help users with any questions or concerns they may have about investing.

5. 5paisa

5paisa is a discount broker that offers free demat account, low brokerage charges and easy to use trading platform. 5paisa is one of India's biggest discount brokers and offers a wide range of investment opportunities.

Key highlights of 5paisa:

• The company allows you to invest in mutual funds with zero brokerage charge on all transactions except for cash withdrawals from your mutual fund portfolio. 

• You can also trade stocks on this platform at low rates compared to other brokers in the market.

• You can invest in mutual funds, stocks and commodities with zero brokerage charge on all transactions except for cash withdrawals from your mutual fund portfolio.

• The company's brokerage charges are as low as Rs. 250 per trade. They also offer free demat account and no maintenance charges on your mutual fund portfolio.

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.