TOP 10 STOCK BROKERS IN INDIA (2024)

Are you looking to know who are the Top 10 Stock Brokers in India? Here we share the complete list of them. Recently, India’s stock market has been on a roll, hitting a milestone by surpassing the $4 trillion mark for the first time. This shows that there are some great opportunities available for investors and traders in the Indian stock market. Whether you’re planning to invest for the long term, do some active trading, or explore different financial options, you’ll need to open a demat account through a reliable stockbroker.

In today’s digital age, where financial markets are more accessible to everyone, choosing the right stockbroker is important. They do more than just help you make transactions – they provide trading platforms, research tools, and customer support. So, finding the best stockbrokers in India is crucial for those starting their investment journey or looking to improve their portfolio strategies. In this blog post, we’ll explore the Top 10 Stock Brokers in India, reviewing their services, platforms, and overall value to help you make informed decisions based on your financial goals and preferences.

Before knowing about the Top 10 Stock Brokers in India, it’s essential to understand the two main types of stockbrokers operating in the country:

Full-Service Brokers:
- Offer a comprehensive range of services.
- Provide research and advisory services.
- Offer personalized investment advice.
- Manage portfolios.
- Offer a wide array of financial products.
- Preferred by investors seeking personalized assistance and guidance.
Discount Brokers:
- Operate on a no-frills, low-cost model.
- Offer basic trading services.
- Charge significantly lower commission rates.
- Provide limited research and advisory support.
- Focus on executing trades efficiently.
- Preferred by cost-conscious investors prioritizing low fees and making independent investment decisions.

Table of Contents

THERE IS THE LIST OF TOP 10 STOCK BROKERS IN INDIA

1] ZERODHA

Overview: Zerodha, founded in 2010, is a leading discount broker in India with a significant presence in the market. And Zerodha is number one in our Top 10 Stock Brokers in India list.
User Base:
- Downloads: More than 1 crore.
- Active Users: Over 63 lakhs.
Broker Type:
- Zerodha operates as a discount broker, offering cost-effective trading services to its clients.
Account Opening Charges:
- Online account opening charges: Rs 200 for the equity segment, and Rs 300 for the equity and commodity segments.
Account Maintenance Charges (AMC):
- Free AMC if holding is less than 50k.
- AMC of Rs 100 + 18% GST for holdings between 50k to 2 lakh.
- AMC of Rs 300 + 18% GST for holdings exceeding 2 lakhs.
Brokerage Charges:
- Delivery Trades: Zero brokerage.
- Intraday Trades: 0.03% or Rs 20 per transaction.
- Future and Options: Rs 20 per transaction.
- Mutual Funds Investments: Zero commission.
Pros:
- Low charges compared to other brokers.
- Advanced technology for trading.
Cons:
- Complex user interface (UI) may pose challenges for some users.

2] GROWW

Overview: Groww, established in 2016, is a prominent discount broker in India, catering to a substantial user base.
User Base:
- Downloads: Exceeding 1 crore.
- Active Users: More than 54 lakhs.
Broker Type:
- Groww operates as a discount broker, offering cost-effective trading solutions.
Account Opening:
- Account opening is free for clients, facilitating easy entry into the platform.
Account Maintenance Charges (AMC):
- Groww does not impose any account maintenance charges, enhancing affordability for users.
Brokerage Charges:
- Delivery Trades: Range from 0.05% to Rs 20 per transaction.
- Intraday Trades: Same charges as delivery trades.
- Futures and Options: Rs 20 per transaction.
- Mutual Funds: Zero commission.
Pros:
- User-friendly interface, suitable for beginners.
Cons:
- Charges, though not significantly high, may be perceived as relatively elevated by some users.

3] ANGLE ONE

Overview: ANGLE ONE, established in 1996, stands as one of the oldest and most distinguished full-service brokers in India, offering a comprehensive range of services to its extensive user base. Angle one is number three in our Top 10 Stock Brokers in India list.
User Base:
- Downloads: Surpassing 1 crore.
- Active Users: Exceeding 43 lakhs.
Broker Type:
- ANGLE ONE operates as a full-service broker, providing a wide spectrum of services to meet diverse investment needs.
Account Opening:
- Account opening is free for clients, facilitating easy access to the platform.
Account Maintenance Charges (AMC):
- No account maintenance charges for the first year.
- Subsequently, if the total holdings exceed 50k, AMC is Rs 100 + 18% GST.
Brokerage Charges:
- Delivery Trades: Zero brokerage.
- Intraday Trades: Range from 0.25% to Rs 20 per transaction.
- Futures and Options: Same charges as intraday trades.
Pros:
- Full-service brokerage offering a wide array of services, catering to diverse investment needs.
- Established as one of the oldest brokers in the market, lending authority and reliability to its services.

4] UPSTOX

Overview: UPSTOX, established in 2009, is a prominent discount broker in India, catering to a substantial user base in the financial market.
User Base:
- Downloads: Exceeding 1 crore.
- Active Users: More than 28 lakhs.
Broker Type:
- UPSTOX operates as a discount broker, offering cost-effective trading solutions to its clients.
Account Opening:
- Account opening is free of cost, facilitating easy access for new clients.
Account Maintenance Charges (AMC):
- Account maintenance charge is Rs 150 + 18% GST.
Brokerage Charges:
- Delivery Trades: Range from 2.5% to Rs 20 per transaction.
- Intraday Trades: Range from 0.05% to Rs 20 per transaction.
- Futures and Options (FnO): Rs 20 per transaction.
- Mutual Funds: Zero commission.
Pros:
- Offers cost-effective trading solutions as a discount broker.
Note:
- UPSTOX provides opportunities for investors to engage in various trading activities, with detailed information available on their platform.

5] 5 PAISA

Overview: 5 PAISA, established in 2016, is a prominent discount broker in India, offering a variety of services to cater to different types of investors.
User Base:
- Downloads: Exceeding 1 crore.
- Active Users: More than 5 lakhs.
Broker Type:
- 5 PAISA operates as a discount broker, providing cost-effective trading solutions to its clients.
Account Opening:
- Account opening is free of cost, enabling easy access for new clients.
Account Maintenance Charges (AMC):
- AMC of Rs 75 + 18% GST for every quarter if the holdings are more than 50k.
Brokerage Charges:
- Flat brokerage charges of Rs 20 on every transaction, whether it is for delivery, intraday, or FnO.
Pros:
- Offers different plans tailored for various types of investors, providing flexibility and choice.

6] PAYTM MONEY

Overview: PAYTM MONEY, established in 2017, is a well-known discount broker in India, offering convenient and beginner-friendly investment solutions.
User Base:
- Downloads: Exceeding 1 crore.
- Active Users: More than 6 lakhs.
Broker Type:
- PAYTM MONEY operates as a discount broker, focusing on providing cost-effective trading services to its users.
Account Opening:
- Account opening is free of cost, facilitating easy access for new investors.
Account Maintenance Charges (AMC):
- No account maintenance charge, but a platform fee of Rs 30 per month is applicable.
Brokerage Charges:
- Initial 30 days: No brokerage charges.
- Delivery Trades: Rs 15 per transaction.
- Intraday Trades: Rs 15 per transaction.
- FnO Trades: Rs 15 per transaction.
Pros:
- Very low brokerage charges, making it cost-effective for investors.
- User interface is beginner-friendly, simplifying the trading experience.
Cons:
- Offers fewer features compared to other brokers in the market, potentially limiting advanced trading options.

7] M STOCK

Overview: M STOCK, introduced in 2022, is a burgeoning discount broker in India, offering diverse plans to cater to the needs of different investors.
User Base:
- Downloads: Surpassing 1 crore.
- Active Users: Close to 2 lakhs.
Broker Type:
- M STOCK operates as a discount broker, providing cost-effective trading solutions to its clientele.
Account Opening:
- Two plans available:
  - Plan 1: Free account opening.
  - Plan 2: Account opening for Rs 999.
    - Under the Rs 999 plan, there are no account maintenance charges (AMC).
    - For the free account opening plan, AMC of Rs 120 per quarter is applicable.
Brokerage Charges:
- Rs 999 brokerage plan:
  - Free brokerage on all trades.
Pros:
- Availability of zero brokerage plan, ideal for professional traders seeking cost-effective solutions.
Cons:
- The brokerage and AMC plans may be relatively high for beginner traders, potentially deterring entry for some.

8] MOTILAL Oswal

Overview: MOTILAL Oswal, established in 1987, is among the pioneer full-time brokers in India, renowned for its wide range of investment services and significant authority in the market.
User Base:
- Downloads: Exceeding 50 lakhs.
- Active Users: Close to 10 lakh.
Broker Type:
- MOTILAL Oswal operates as a full-time broker, providing extensive investment services to meet diverse client needs.
Account Opening:
- Account opening is free of charge.
- Annual maintenance charge (AMC): Rs 199.
Brokerage Charges:
- Delivery Trades: 0.20%.
- Intraday and FnO Trades: Rs 20 per transaction.
Pros:
- Being one of the oldest brokers in India, MOTILAL Oswal commands significant authority and trust in the market.
- Provides a wide range of investment services as a full-time broker, catering to various investment needs.
Cons:
- Brokerage charges are relatively high compared to other full-service brokers and discount brokers, potentially impacting cost-effectiveness for clients.

9] DHAN

Overview: DHAN, established in 2021, is a burgeoning discount broker in the Indian stock market, providing accessible and cost-effective trading solutions.
User Base:
- Downloads: More than 10 lakhs.
- Active Users: Near to 4 lakhs.
Broker Type:
- DHAN operates as a discount broker, focusing on providing affordable trading services to its users.
Account Opening:
- Account opening is free of cost, ensuring easy access for new investors.
Account Maintenance Charges (AMC):
- No account maintenance charge, enhancing affordability for clients.
Brokerage Charges:
- Delivery Trades: Zero brokerage.
- Intraday and FnO Trades: Rs 20 per transaction.
Pros:
- Ideal for beginners with zero account opening charges and user-friendly services.
- Offers Trading View Premium, enhancing the trading experience for clients.
Cons:
- Relatively new to the market, resulting in a limited customer base initially, although experiencing rapid growth.

10] SHOONYA

Overview: SHOONYA, established in 2016, is a popular discount broker in the Indian stock market, offering a user-friendly platform with zero brokerage charges across all transactions.
User Base:
- Downloads: More than 5 lakhs.
- Active Users: More than 1.5 lakhs.
Broker Type:
- SHOONYA operates as a discount broker, providing cost-effective trading solutions to its users.
Account Opening:
- Account opening is free of cost, facilitating easy access for new investors.
Account Maintenance Charges (AMC):
- No account maintenance charge, ensuring affordability for clients.
Brokerage Charges:
- Zero brokerage on all transactions, including FnO and delivery trades.
Pros:
- Zero brokerage in every segment, making it attractive for traders with limited capital.
- User interface (UI) is lightweight and easy to use, enhancing the overall trading experience.
Cons:
- The web terminal may experience lags at times, potentially affecting the trading experience for some users.

Conclusion:

In conclusion, choosing among the Top 10 Stock Brokers in India is crucial for navigating the complexities of the stock market. However, it’s equally important to recognize the need for adequate knowledge and awareness of financial risks. By combining the services of reputable brokers with market understanding, investors can confidently pursue their financial goals in India’s dynamic stock market.

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