Comparison of Top Stock Brokers in India-2024

Created on 29 Feb 2024

Wraps up in 12 Min

Read by 43.3k people

Updated on 01 Sep 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

For Investors

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:

For Investors:

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:

For Investors,

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:

For Investors: 

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:

For Investors:

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:

For Investors:

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

For Investors

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:

For Investors:

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:

For Investors:

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:

For Investors:

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.