Comparison of Top Stock Brokers in India-2024

The Indian stock market has been growing rapidly over the years, yet only 3% of the Indian population invests in it, which is much lower compared to other countries, such as China at 13% and the US at 55%. While the reasons for this low investment percentage could be varied, one of the major reasons could be the lack of knowledge and awareness of stockbrokers and their features available in India. 

This is where Select comes into play. In this article, our goal is to provide you with an overview of the best stockbrokers in India so that you can make the right decision to invest in the stock market and grow your wealth.

Top 10 Stock Brokers in India

1. Groww
2. Zerodha
3. Angel One
4. Upstox
5. Kotak Securities
6. Paytm Money
7. FYERS
8. Shoonya
9. m.Stock
10. HDFC Securities

Let's know them in detail! ⤵

1. Groww

Armed with a vision to democratise investing and make it accessible and user-friendly, the four ambitious minds at Flipkart - Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh started Groww in 2017. And, in just seven years, Groww became India's number one stock broker with the highest number of active investors. It caters to both investors and traders, offering different features for each group.

For Traders

• Discounted brokerage fees: While not commission-free, Groww offers competitive brokerage fees for intraday, delivery, and other trading segments.
• Advanced charting tools and technical indicators: These help traders analyse markets and make informed trading decisions.
• News and research: Groww provides market news, company analysis, and expert insights to help traders stay informed.
• Multiple order types: Limit orders, stop-loss orders, GTT and target orders for loss protection.

For Investors

• Zero commission on direct mutual funds: This was their initial USP and remains a major attraction, especially for first-time investors or those who are cost-conscious.
• Simple and user-friendly platform: Groww focuses on making investing accessible with a clean interface and easy navigation.
• Educational resources and tools: It offers articles, webinars, and calculators to help investors learn and make informed decisions.

2. Zerodha

Zerodha, the first discount broker in India, was founded in 2010 by brothers Nithin and Nikhil Kamath. Starting with a shoestring budget, it has disrupted the broking industry by introducing a flat-fee brokerage model, free delivery trades, and a tech-driven platform. Their vision of making investing accessible and affordable has empowered millions of people to participate in the financial markets. The features offered are:

For Traders:

• Low-cost brokerage: It boasts zero brokerage for equity delivery trades and direct mutual fund investments. For intraday and F&O trades, they charge a flat fee of ₹20 per executed order, significantly lower than traditional brokers.
• Advanced trading platforms: Multiple trading platforms like Kite, Console, and Kite Web, which are user-friendly and accessible on desktop and mobile devices.
• Basket orders: Execute multiple buy/sell orders simultaneously for efficient portfolio management.
• Good Till Triggered (GTT) orders: Set automated orders to be triggered at specific price points.
• API access: Develop custom trading strategies and applications using Zerodha's API.

For Investors:

• Direct mutual funds: Invest in commission-free direct mutual funds, potentially earning higher returns than regular plans.
• Thematic investing: Explore curated baskets of stocks based on specific themes or sectors.
• Educational resources: Zerodha's Varsity platform offers free courses, articles, and webinars to help investors learn and make informed decisions.

3. Angel One

Angel One is an Indian investment platform that allows users to trade stocks, mutual funds, and other financial products. Established in 1996 as a traditional broker, it transformed into a tech-driven market leader in 2019 with a user-friendly mobile app. It's now the top full-service broker in India for active clients and caters to both traders and investors with a range of features to help achieve financial goals.

For Traders:

• Trading Platforms: Access multiple platforms, including Angel One Super App (mobile app) and Angel One Trade, for seamless trading on the go or from your computer.
• Advanced Charting Tools: Analyse market trends with real-time charting powered by technical indicators and advanced studies.
• Margin Trading: Leverage margin financing to amplify your buying power and potential returns.
• Expert Research and Recommendations: Get insights from experienced analysts and access ready-to-invest portfolios curated by experts.
• 24/7 Customer Support: Receive assistance anytime with dedicated customer support channels.

For Investors,

• Free Equity delivery brokerage for stocks.
• Research reports for informed decision-making.
• Separate knowledge centre for investor education.
• ARQ: Angel One's AI-based investment advisory software for stock and mutual fund recommendations for index-beating returns.

4. Upstox

Upstox is a leading online discount broker in India, catering to both active traders and long-term investors. Their core offerings revolve around convenience, affordability, and powerful tools, making it a popular choice for individuals navigating the Indian stock market.

For Traders:

• Powerful charting: Utilise TradingView charts with eight simultaneous windows, 100+ indicators, and 80+ drawing tools for in-depth analysis.
• Market discovery: Analyse Open Interest (OI), option chains with Greeks, FII & DII data, and F&O smart lists to identify trading opportunities.
• Advanced order execution: Utilise features like Good Till Triggered (GTT) orders, basket orders with up to 10 entries, and double margin via pledging on select stocks for strategic trading.

For Investors: 

• Investment ideas: Curated lists of top-rated mutual funds, best stocks for beginners, and actively traded options to guide your decisions.
• News & insights: Stay informed with market news, analyst ratings, and investment checklists to make informed choices.
• Order placement: Invest 24/7 through a user-friendly interface, supporting UPI payments and SIP (Systematic Investment Plan) options for both stocks and mutual funds.

5. Kotak Securities

Kotak Securities is a wealth management and full-service stockbroking firm that operates in India. It provides a broad spectrum of investment products and services that cater to the diverse needs of numerous investor segments. With a history spanning over 25 years, it has become one of the most reputable and trustworthy brokerage houses in the country, renowned for its innovative strategies, research proficiency, and excellent customer service.

For Traders:

• Trading Account: Access various trading platforms, including
  • Kotak Neo: User-friendly mobile app for beginners and active traders.
  • Web Trader: Web-based platform offering advanced charting and analytical tools.
  • Kotak Screener: Powerful desktop application for in-depth market analysis.
• Advanced Order Types: Place sophisticated orders like Bracket Orders, Cover Orders, and Stop-Loss orders.
• Margin Trading: Borrow funds to amplify your buying power with interest.
• Basket Orders: Execute multiple buy or sell orders simultaneously for efficient trading.
• Option Chain Analysis: Analyse option contracts to make informed decisions about options trading.
• Real-time Market Data: Get live market updates, quotes, charts, and news to stay ahead of the curve.

For Investors:

• Multiple access points: Manage your account online, through a mobile app, or on your laptop.
• Speedy transfers: Transfer shares easily between Demat accounts.
• Freeze option: Temporarily restrict activity on your account for added security.
• Trinity Account: Combine your savings account, Demat account, and trading account into one for seamless investment management.
• Mutual Fund Investment: Invest in a diverse range of mutual funds directly through Kotak's platform.
• IPO Investment: Participate in Initial Public Offerings (IPOs) through the ASBA facility.
• Research and Analysis: Access free research reports, market updates, and expert recommendations to guide your investment decisions.

6. Paytm Money

Paytm Money is an online platform that facilitates investment and trading in various financial instruments such as stocks, mutual funds, fractional shares, IPOs, and National Pension System (NPS). The platform serves both traders who actively buy and sell securities for short-term gains and investors who hold securities for longer periods with the goal of wealth creation.

For Traders:

• Margin Trading: Leverage your holdings to amplify potential gains and losses.
• Advanced Charts: Technical analysis tools and indicators for informed decisions.
• Trigger Orders: Set buy/sell orders at specific prices for automated execution.
• Live Market Data: Track real-time prices, depth, and market movements.

For Investors:

• SIP (Systematic Investment Plan): Invest regularly in mutual funds through automated instalments.
• Direct Mutual Funds: Access a wide range of mutual funds with no commission fees.
• IPO Investments: Apply for public offerings of new companies.

7. FYERS

FYERS, established in 2015, embarked on a mission to revolutionise the Indian brokerage landscape by offering a user-friendly and tech-driven platform for trading and investing. Their core aim is to empower individuals with powerful tools and intuitive interfaces, regardless of their experience level. They empower individuals to participate in the markets with confidence, making investing and trading more accessible and engaging.

For Traders

• Advanced charting platforms: TradingView and GoCharting offer extensive technical analysis tools for active traders.
• Fast order placement: FYERS platforms are known for their speed and efficiency, allowing traders to execute trades quickly.
• Option trading tools: Insta Options platform provides features like strategy builder and option chain analysis specifically designed for options traders.
• Margin pledging: FYERS Pledge helps traders access additional margins by pledging their existing holdings.
• Real-time market updates and alerts: Stay informed about market movements and react to opportunities with real-time data and alerts.

For Investors

• Free account opening and equity delivery trading: Suitable for investors who buy and hold stocks for the long term.
• Discount brokerage with low fees: Helps investors save money on trading costs.
• User-friendly platforms: FYERS Web, FYERS App, and FYERS One offer a seamless experience for managing investments.
• Market data access: Get comprehensive data on equities, commodities, currencies, and ADRs to make informed investment decisions.
• Educational resources: FYERS Insights provides educational content and market analysis to help investors learn and grow their knowledge.

8. Shoonya

Shoonya, offered by Finvasia, is a trading platform that caters to both traders and investors. It stands out for its commission-free structure across various segments, making it an attractive option for cost-conscious individuals. Here's a glimpse into the features Shoonya offers:

For Traders:

• Zero brokerage across all segments (intraday & delivery) for cost-effective trading.
• Advanced charting tools (TradingView & ChartIQ) for in-depth technical analysis.
• Over 100 technical indicators and studies to identify trading opportunities.
• Multiple timeframe analysis to understand short-term and long-term market trends.
• Option chain analysis for informed options trading decisions.

For Investors:

• Commission-free investing in direct mutual funds and various other instruments.
• SIP (Systematic Investment Plan) facility for disciplined and long-term investment.
• Access to historical data to analyse past performance and make informed investment decisions.
• Multiple asset classes like equities, bonds, and ETFs to diversify your portfolio.
• Mobile app for convenient access to your investments and market movements.

9. m.Stock

m.Stock is a mobile trading platform and a Demat account provider in India that aims to simplify investing for everyone. It offers a one-stop-shop for various financial instruments such as stocks, futures & options, currencies, mutual funds, and even IPOs. The platform is known for its unique selling point - zero brokerage for life, which is accessible with a one-time fee. Additionally, its user-friendly interface and features like real-time data and analysis tools make it a popular choice for both beginners and frequent traders.

For Traders:

• Zero brokerage: m.Stock offers zero brokerage on all products, including equities, futures & options, and currency markets.
• Real-time market data: Get live market updates and quotes for informed trading decisions.
• Advanced order options: Place various order types like market orders, limit orders, stop-loss orders, cover orders, and Good Till Canceled (GTC) orders.
• One-click order placement: Execute trades quickly and efficiently with a single click.
• Advanced charting tools: Analyse market trends with technical indicators and advanced charting features.
• Option chain analysis: Gain insights into options contracts with a detailed analysis of strike prices and open interest data.
• Margin trading facility: Access leverage to amplify potential gains (and losses).
• Multiple watchlists: Create and manage up to 7 watchlists with 50 stocks each to track your desired instruments.
• Price alerts: Set personalised alerts to be notified when a stock reaches a specific price point.

For Investors:

• Direct mutual funds: Invest in direct mutual funds and potentially earn up to 1% extra return compared to regular plans.
• IPO investments: Participate in upcoming public offerings with a seamless and secure process.
• One-view portfolio: Track your entire investment portfolio, including holdings, performance, and profit/loss, on a single page.
• Easy and convenient investment options: Invest in various assets with a user-friendly interface and simple order placement process.

10. HDFC Securities

HDFC Securities is a leading Indian stockbroker and investment services provider, serving over 10 lakh active clients as of January 2024. They offer a wide range of investment products, including equities, derivatives, mutual funds, and currencies. Their platform allows you to trade and track stocks on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) through various channels, including their online platform, mobile app, and call & trade service.

Recently, HDFC Securities launched their new mobile app, HDFC Sky, which aims to provide a user-friendly and comprehensive experience for investors. The app offers features like real-time market data, portfolio tracking, investment research, and order placement, all in one place.

For Traders:

• Multiple Trading Platforms: HDFC Securities provides various platforms to suit individual preferences, including web-based platforms and mobile applications. This allows traders to access their accounts and execute trades from anywhere, anytime.
• 24x7 Customer Support: Traders can seek assistance through phone, email, or chat 24/7, ensuring prompt resolution of any queries or issues.
• Margin Trading Facility: This feature enables traders to leverage their existing holdings to amplify potential returns, but it also carries increased risk.
• Variety of Brokerage Plans: HDFC Securities offers diverse brokerage plans to cater to different trading styles and volumes, allowing traders to choose a cost-effective option.

For Investors:

• One-Stop Shop for Investments: HDFC Securities facilitates investment in various financial instruments, including equities, mutual funds, bonds, derivatives, IPOs, and more, eliminating the need for multiple accounts.
• 3-in-1 Account: This unique feature combines a broking account, a Demat account, and a bank account, simplifying investment management and fund transfers.
• Detailed Portfolio Tracking: Investors can access comprehensive reports on their holdings, including current market value, buy price, profit/loss, and sector-wise diversification, enabling informed investment decisions.
• Investment Research and Tools: HDFC Securities provides access to research reports, market analysis, and investment tools to aid investors in making informed choices.

Broker	Active Clients as of July 2024	Product Basket	Account Opening	Account Maintenance
Groww	1,14,61,063	✅Equity ✅Futures ✅Options ✅Mutual Funds ✅IPO	Zero	Zero
Zerodha	77,95,025	✅Equity ✅Futures ✅Options ✅Commodities ✅Mutual Funds ✅IPO	Online: ₹300 Offline: ₹500	₹300
Angel One	69,65,461	✅Equity ✅Futures ✅Options ✅Mutual Funds ✅Commodities ✅Currencies ✅US Stocks ✅IPO	Zero	₹240
Upstox	27,34,211	✅Equity ✅Futures ✅Options ✅Mutual Funds ✅Commodities ✅Currencies	Zero	Zero
HDFC Securities	11,94,380	✅Equity ✅Futures  ✅Options ✅Mutual Funds ✅Commodities ✅Currencies	Zero	Zero
Kotak Securities	13,49,717	✅Equity ✅Futures ✅Options ✅Mutual Funds ✅Commodities ✅Currencies ✅US Stocks ✅IPO	Trade Free Youth: Zero Trade Free Plan: ₹99 Trade Free Pro: Zero Dealer Assisted Plan: Zero	Trade Free Youth: ₹299 for 1st year and ₹499 for the 2nd year Trade Free Plan: Free Trade Free Pro: ₹249+ GST monthly Dealer Assisted Plan: ₹499 + GST (one time) Note: All the above charges are Subscription Charges.
Paytm Money	7,53,279	✅Equity ✅Futures ✅Options ✅Mutual Funds ✅IPO	Zero	Zero
m.Stock	4,83,858	✅Equity ✅Futures  ✅Options ✅Mutual Funds ✅Currencies ✅IPO	Plan 1: ₹999 Plan 2: Zero	Plan 1: Zero Plan 2: ₹120 every quarter
FYERS	2,42,035	✅Equity ✅Futures  ✅Options ✅Mutual Funds ✅Commodities ✅Currencies ✅IPO	Zero	Zero
Shoonya	1,44,834	✅Equity ✅Futures ✅Options ✅Currencies ✅Commodities ✅Mutual Funds	Zero	Zero

Conclusion

Choosing the right stock broker is a personal decision that hinges on factors like brokerage fees, platform usability, customer service, and the availability of research and educational tools. It's crucial to assess your individual needs, investment goals, and level of expertise before making a decision. Remember, the right broker can significantly enhance your trading experience and help you achieve your financial goals more efficiently.

We hope this comparison has provided you with valuable insights to help you make an informed decision about which stock broker to go with. Investing is a journey, and selecting the right partner for this journey can make all the difference. Happy investing!

Frequently Asked Questions

1. Which is the biggest stock broker in India?

Groww surpassed Zerodha to become the largest stockbroker in India in terms of active clients.

However, it's important to note that the brokerage landscape is dynamic, and rankings can change over time. Both Groww and Zerodha have been leading the market in terms of customer acquisition and growth.

Key factors to consider when choosing a stockbroker:

1. Fees: Compare brokerage charges, annual maintenance charges, and other fees.
2. Platform: Evaluate the user interface, trading tools, and research resources offered.
3. Customer service: Consider the quality and responsiveness of their customer support.
4. Investment options: Check the range of products and services they offer, such as equities, derivatives, mutual funds, and more.

2. Which stock broker is best in India?

Determining the "best" stockbroker in India is subjective and depends on your specific needs and preferences. Factors such as fees, platform features, customer service, and investment options play a crucial role.

Here are some of the leading stockbrokers in India that are often considered among the best:

1. Groww: Known for its user-friendly interface and focus on new investors.
2. Zerodha: A pioneer in discount broking with a wide range of products and services.
3. Upstox: Offers a platform with advanced features and competitive pricing.
4. Angel One: Provides a comprehensive suite of trading and investment tools.
5. 5paisa: Known for its low-cost brokerage plans and focus on simplicity.

3. Which is the No. 1 Demat broker in India?

Zerodha is generally considered the number one demat broker in India. It's known for its low-cost brokerage fees, user-friendly platform, and extensive range of investment options.

However, the "best" broker can vary depending on individual needs and preferences. Factors like trading style, investment goals, and level of experience can influence your choice. It's always recommended to compare different brokers and their offerings before making a decision.