Indian Stock Market is the 5th largest in the world, and yeah it added almost $1 Trillion dollars in its market Cap in less than three years (source- Bloomberg).
Sounds Great right, Let’s choose your favorite broker and get your Demat Account ready to Invest.
Indian Stock Market has a lot of potential to grow, and who doesn’t want to be a part of it? How it happens is by Investing/Trading in the stocks listed here and for that you need a Stock Broker. Look, the market is volatile and fluctuations in prices of Stocks, ETFs, Derivatives, Commodities, and Currencies provide investors and traders an opportunity to grow their hard-earned money. But the most crucial step in participating in this growing market is by Selecting a Stock Broker that fits your needs and your Financial Goals.
So, Selecting a Stock Broker is important, and Nowadays there are more than 5,300 SEBI-registered Stock Brokers in India. So how are you gonna choose, because Most of them offer Free Account Opening, Zero Maintenance Charges, Very-Low and sometimes Zero Brokerage Charges, so how are you going to find the best one that suits your Financial Goals?
That’s why I am sharing my list of Top 9 Stock Brokers, you can go with for opening a Demat Account.
Let’s get into it.
Best Online Stock Brokers and Trading Platforms in India in 2024.
1. Zerodha – Discount Broker
Our Rating – 4.5 / 5
Zerodha Kite – Best Discount Broker
Opening Charges: RS. 300
Segments: Equity, Futures, Options, Commodity, Currency
Why We Pick It
Zerodha is our go-to broker for Investing and Trading. It is India’s No. 1 broker and also our First Choice. Started 12 years ago, it suddenly attracted investors’ Attention and became India’s no.1 Broker in terms of Active Client base till Groww out-logged it at the end of September 2023. It is also the most profitable brokerage firm in India with a whooping net profit of Rs. 2,907 Crores in FY23.
Zerodha Pros & Cons
Despite being completely Bootstrapped and profitable, Zerodha also has some Strengths and Weaknesses.
Pros:-
- Zero for Equity Delivery, and also very low trading charges.
- A Simple and Easy Account Opening Process.
- Being Bootstrapped and Profitable provides strength and increases customer faith.
- Not any hidden or extra charges either for opening an account or depositing/withdrawing money.
- Provides Free Access to Sensibull.
Cons:-
- Requires Money to Open an Account.
- The glitches hit Zerodha 10 times in the last 2.5 years
- NRI can only open an account through an Offline Process, which is Time-Consuming.
Overview of Zerodha
Zerodha is one of the best Discount Brokers in the market today. No matter how new you are to the Stock Market, if you ever surf online about the Stock Market you may heard about Zerodha.
Started in 2010 by Nithin Kamath, It beats the traditional method of Investing/trading, slowly attracting users’ attention, and becomes India’s no.1 Stock Broker. It is completely Bootstrapped to date, and at the same time also most profitable.
Starting Early gives an advantage to Zerodha to grow in the growing market, and Zerodha made it by giving the users what they want (A simple-to-use platform, flat fee Charges, and a variety of investment options like Stocks, Commodities, IPOs, Future and options, and Currencies).
Zerodha also made some tweaks to attract long-term Investors by not charging any fee for Equity Delivery and Direct Mutual Funds.
It also offers various other platforms for different uses, like Zerodha Kite for Investing and Trading, Coin for Mutual Funds Investment, Varsity for Education, and so on. It also partners with Sensibull to provide free access to all Sensibull features for Zerodha Users.
2. Groww – Discount Broker
Our Rating – 4.4 / 5
Groww – Best Discount Broker for Beginners
Opening Charges: RS. 0
Segments: Equity, Futures, Options, IPOs
Why We Pick It
Groww is India’s no.1 Discount Broker in terms of Active Client base(surpassed Zerodha in late Sep 2023). It is so simple to use and very user-friendly, that a newbie can easily navigate and understand it perfectly. Groww tends to attract more and more retail investors, mainly focusing on newcomers to open an account with Groww. Hence it offers Zero Account Opening charges and Zero Account Maintenance Charges, with just 0.05% brokerage for Equity delivery and Intraday.
Groww Pros & Cons
Groww made it to the top but still something missing.
Pros:-
- Zero Charges for Account Opening and Maintenance.
- A very easy-to-use and user-friendly interface.
- Customer Support quality is Good.
- Groww’s inbuilt Stock Screener is Good.
- Key Data and Fundamentals are just at your fingertip.
Cons:-
- Customer Support Response time is Slow (Approx 30 -35 mins)
- Commodity and Currency Trading is not Available.
- Advanced Orders, like GTT, Braket, and AMO orders are not accessible.
Overview of Groww
Groww is Different, It was also my first Broker when I entered the Stock Market, and still I have some holdings in it. Started in 2016 by four Co-Founders Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww has grown a lot in just 7 years to touch the milestone of 6.5 million active clients and become India’s largest Discount Broker.
Groww mainly focuses on retail Investors and keeping that in mind it launched its Web version and mobile app with an intuitive interface and simple to use that a newcomer would love to use it. The account Opening Process is also very simple and Fast Forward. I mean everything in Groww is just Simple.
You can Start Investment with Groww as soon as your KYC is completed. You will get all the essentials on its home page like IPOs, Indexes, Your Investments, Top Gainers & losers, F&O, and Screener. But it doesn’t offer Investing or trading in Commodities, and currencies.
Investing with Groww is easy but you have to do your own research, but it provides you key Data as you browse the stock like Fundamentals, Financials, Analyst’s Estimates, About the company, Shareholding pattern, and Top Mutual Funds Invested in a particular Stock.
3. Angel One – Full-Service Broker
Our Rating – 4.0 / 5
Angel One – Full Service Broker with Zero Brokerage on Equity Delivery
Opening Charges: RS. 0
Segments: Equity, Futures, Options, IPOs, Commodity, Currency
Why We Pick It
Angel is Our Top Pick in the Full-Service Broker Segment because it offers a lot of features in just a single plan. You can also open an account with Angel One for Free, and yeah it also doesn’t charge any money for Equity Delivery. Being a Full-Service Broker Angel one come a long way in competing with discount brokers by charging a flat fee for intraday and derivatives. It also provides loans against shares you have in your demat Account.
Angel One Pros & Cons
Best Full-Service Broker in my opinion but also have some issues that need to work on it.
Pros:-
- Zero Charges for Account Opening and Equity Delivery Brokerage.
- An Intuitive User Interface with Lots of Advanced Features.
- Customer Support quality is Good.
- Angel ARQ, Investment Advisory Tool is great.
- Flat Fee Brokerage Charges across all segments.
Cons:-
- You can’t raise a ticket for Support.
- It should be a 3-in-1 Account, but it isn’t.
- GTT, and GTC orders are also not accessible.
- It doesn’t allow you to trade in SME Shares.
Overview of Angel One
Angle One is a great full-service broker for both Beginners and Advanced Investors, as it offers Competitive Brokerages lining up with discount brokers. Started in 1996, Angel One has a great presence all over the country with more than 110 branches and over 11000 sub-brokers in over 1800 cities and towns.
Angel One is Popular among traders and investors due to its technology platforms as it provides Broking and portfolio management services. It doesn’t come with a 3-in-1 Account but if you are just here for investing and trading you would love using Angel One and its features.
One can Open a Demat Account for Free but needs to pay Rs.240 annually for its maintenance. It comes with an all-in-one mobile app for investing and trading at the same place with key Datas and other useful information at your fingertips.
It has one of the best in-house trading platforms I have ever Used across all devices Desktop, mobile, or Web. You can enjoy trading in any segment at just Rs. 20 per order. Its ARQ investment advisory tool is also great for investors who don’t research on their own.
4. ICICI Direct – Full-Service Broker
Our Rating – 4.2 / 5
ICICI Direct – Best of All Full-Service Brokers
Opening Charges: RS. 0
Segments: Equity, Futures, Options, IPOs, Commodity, Currency
Why We Pick It
ICICI Direct is one of the best Full-service Brokers of all offering 3-in-1 accounts with trading and investment in all Segments, whether it is Stocks, Derivatives like Furute and options, Commodities, Bonds, ETFs, Gold, Currencies, and so on. Backed by the ICICI group it offers every type of investment and serves over 50 lakh customers. With its seamless integration across all its platforms, you can also enjoy free Trade Calls, Free Research Reports, Margin funding, margin against shares, and so much more.
ICICI Direct Pros & Cons
ICICI Direct is the winner in the full-service broker segment but at the same time, its raising complaint issues are concerning.
Pros:-
- Zero Charges for Account Opening.
- 3-in-1 Account for seamless investment and Trading.
- Wide Range of Products (over 50+) to invest in.
- Free Research Reports, Technical Analysis, and Stock Tips.
- Backed by ICICI group, India’s 2nd largest Private Bank.
- Support in local ICICI Bank.
- Customer Service is Impressive.
- 7 types of plans for defined users.
Cons:-
- Charges are a bit high.
- Relatively high Maintenance Charges (except its Neo plan)
- Equity Options Brokerage is higher in the Free Plan.
- Brokerage charges reduced as you go on higher prime plans (Rs. 299 – 2,999)
- Its I-Secure Plan is a Nightmare if you only want to trade Options.
Overview of ICICI Direct
ICICI Direct is our top choice as a Full-Service Broker, it consists of a 3-in-1 account and encompasses state-of-the-art technologies and Advanced Features to provide a seamless Experience. It is Backed by the Country’s second-largest Private Sector and one of the most reputable Banks ICICI Bank. It provides a wide range of products and Broking services (more than 50) like Stocks, Loans, Commodity and Currency Trading, IPOs, FDs, RBI Bonds, Gold, and so on.
ICICI Direct is the 5th largest retail Stock Broker in terms of Active Clients (over 15 lakhs) after Groww, Zerodha, Angel One, and Upstox, serving more than 50 lakh customers combined (including home loans, FDs, and so). Its 3-in-1 account (includes, ICICI Bank Account, ICICI Demat Account, and ICICI Trading Account) provides a seamless experience that in just under 5 mins your money from Stocks gets credited into your ICICI Bank Account.
ICICI Direct offers 7 different types of Plans to choose from, I -Secure. ICICI Direct Neo, PrePaid, Prime 1, Prime 2, Prime 3, Prime 4. All the Plan comes with Zero Account Opening Charges, and Account Maintenance charges of Rs. 700 (except Neo), and as you go for higher plans (ranging from 299 – 2999) you get more features and lesser Brokerage fees.
But its Neo plan is a flat Brokerage Plan of Rs. 20 per executed order in which Equity Futures Delivery is Free and 0.55 for equity Delivery. Its maintenance charges are relatively low (rs. 300) compared to other premium plans. In Addition to other Features it also provides Stock Tips, Research and Analysts Reports for Free.
5. HDFC Securities – Full-Service Broker
Our Rating – 4.2 / 5
HDFC Securities- Best if you want more Convenience
Opening Charges: RS. 0
Segments: Equity, Futures, Options, IPOs, Commodity, Currency
Why We Pick It
HDFC Securities is a subsidiary of INdia’s largest private bank, HDBC Bank, offering 3-in-1 accounts for a seamless experience. Since its launch in 2000, it has come a long way in the Investment Market and is now crowned as one of the best full-service Brokers. With over 1,000,000+ customers, HDFC Securities offers more than 30 products including Stocks, Mutual Funds, FDs, Bonds, Golds, US stocks, etc.
HDFC Securities Pros & Cons
While HDFC Securities services and tools are quite good but its brokerage is relatively much higher compared to its peers.
Pros:-
- Zero Account Opening and Maintenance Charges.
- Offers Call and trade features for FREE.
- 3-in-1 account facility to manage all the transactions in one place
- Enables to Invest in US Stocks.
- Comes with HDFC Money, especially for Mutual Funds.
- A lot of handy and Feature-rich tools to analyze and manage your Portfolio.
Cons:-
- Brokerage is much higher than its competitors (especially in equity options, up to 1%).
- No margins at all (except in equity Intraday, 4x margin)
- SMS Alerts are chargeable (20 paise + GST per SMS)
Overview of HDFC Securities
Started Almost 2 decades ago HDFC Securities offers a variety of products a user can invest in, backed by India’s largest private Bank HDFC Bank, it serves almost 1 million customers which makes it the 6 largest retail STock Broker of India.
With its comprehensive and state-of-the-art technology, it gained popularity as one of the topmost full-service brokers in India offering a 3-in-1 account facility for seamless integration and remarkable experience. It also offers a variety of products to its customers from stocks to Sovereign Gold Bonds (IPOs, Shares, Buybacks, Mutual Funds, Loans, SIPs, and ETFs. Not only that you can also invest in US Stocks through its Global Investing Platform.
If you are a beginner top stock market then in my opinion HDFC Sec is not for you, because of its charges and fees. For instance, if you only want to trade in Equity Options then no matter which plan you choose you have to pay Rs. 100 per order (up to 1% of order value), but on the same side Account Opening and Maintenance charges are Zero.
By the way, it offers 7 different types of plan costs from Rs. 0 to Rs. 1,00,000. All the plan offers Free Call and Trade and constant Currency and Commodity trading Fees. But in Equity, it’s different, the higher the plan you choose the lower the cost you have to pay.
6. Upstox – Discount Broker
Our Rating – 3.6 / 5
Upstox – Overall A Decent Discount Broker
Opening Charges: RS. 0
Segments: Equity, Futures, Options, IPOs, Commodity, Currency
Why We Pick It
Upstox has been in the market since 2009, and become a prominent player in this segment. Backed by Mr. Ratan Tata and Tiger Global it is a trusted name in the market serving over 21 lakh Active Clients providing advanced and cutting edge technology to make investing smoother. The best part of Upstox (and almost all the discount brokers) is it charges Rs. 0 for Account Opening, Maintenance, Mutual Funds, and IPO investing and flat Rs. 20 for Equity, Currency, commodity, and F&O Trading.
Upstox Pros & Cons
If there is a good side then there must be a bad side and the same here to Upstox.
Pros:-
- Zero Account Opening and Maintenance Charges.
- Offers Call and trade features.
- Being a discount Broker it offers a 3-in-1 account for a seamless user experience in partnership with IndusInd Bank.
- Offers flat Trading Brokerage fee of Rs.20
- Comprehensive knowledge resources for both Investing and trading.
Cons:-
- Call and Trade Charges cost Rs. 50
- Charge an extra Rs. 20 for automatic settlement.
Overview of Upstox
Upstox is India’s fourth largest stock broker in terms of Active clients (more than 28 lakhs). Started back in 2009, it is a low-cost, feature-rich discount broker that allows you to trade in various instruments like Stocks, Currencies, commodities, Mutual funds, and so on. Backed by Mr. Ratan Tata and Investment firms like Tiger Global, help it provide customers competitive rates as its competitors.
It allows you to open a Demat account for Free, and also no Annual maintenance charges. It also doesn’t charge you to Invest in Mutual Funds and IPOs. But for Derivatives trading like futures and Options, it charges a flat fee of Rs. 20 per executed order. Being a Discount Broker it also provides a 3-in-1 account facility in partnership with IndusInd Bank.
Its Mobile App and Web versions both are tech-defined defined provide Technical information and key data to make investing easy. Its user interface is so pretty and clean that you would love using it. It will also help its user with free world-class learning resources for both Investing and Trading.
7. Kotak Securities – Full-Service Broker
Our Rating – 3.2 / 5
Kotak Securities- If you want Zero Brokerage Fees
Opening Charges: RS. 0 (Trade Free Youth Plan)
Segments: Equity, Futures, Options, IPOs, Commodity, Currency
Why We Pick It
Being a Subsidiary of India’s 4th largest Bank (Kotak Mahindra Bank Ltd.) it offers a 3-in-1 account (Bank + Trading + Demat) to enable investors to manage all things in one place. It allows its customers to trade and invest in various financial instruments like Stocks, Mutual funds, IPOs, Commodities, Currencies, Bonds, ETFs, Sovereign Gold Bonds, and also in U.S. stocks.
It offers Zero Brokerage fees either for Equity Delivery, Future and Options Trading, Intraday Trading, or anything else and relatively good margins compared to its peers (in Traded Free Youth Plan).
Kotak Securities Pros & Cons
A full-service broker with lots of attractive features but something worth working on.
Pros:-
- Zero Account Opening (Trade Free Youth Plan) and Rs. 99 (Trade Free plan) which is relatively lower as a full-service broker.
- Trade Free Youth Plan offers Zero Brokerage Fees.
- Offers 3-in-1 account for seamless Experience.
- Margins are as high as 40x.
- Investing in U.S Stocks Made Easy.
- Provide daily email Alerts, Stock Recommendations, Research Reports, and much more to its users.
- No Brokerage Fees for Intraday Trading in Both Plans.
Cons:-
- Maintenance Charges are relatively high in both of the plans.
- Call and trade charges cost Rs. 70 per Order (Trade Free Plan).
- Its Trade Free Youth Plan is only applicable to investors up to 30 years of age.
- Equity Delivery Brokerage Charges are relatively high(0.25%).
Overview of Kotak Securities
Started in 1994, Kotak Securities is one the top-rated retail stock brokers in India serving almost 10,00,000 customers. Backed by India’s 4th largest Bank Kotak Mahindra Bank it offers a variety of products to invest in like Stocks, Mutual Funds, currencies, commodities, ETFs, IPOs, Futures & Options, and many more.
Kotak Securities comes with lots of Advanced features and technology Advanced Trading platform provides an edge to investors to trade and Invest like its Nest Trading Terminal (for advanced Trading), Kotak Neo App, Equity Screeners (to analyze stocks), and Payoff Analyzers (to build and Analyze Option Strategies).
It comes with two types of plans, Trade Free Plan, and Trade Free Youth Plan. You can choose from your requirements like in trade free youth Plan, you don’t need to pay brokerage fees but you have to pay Rs. 499 plan Charges per annum, and on the other side in the Trade Free Plan, you will be charged a maximum of Rs. 99 as account Opening Fees but there are no Plan Charges.
One of the best things is the brokerage is fixed (in Trade Free Plan) at rs. 20 except Equity delivery which is 0.25% of the order value. But for Intraday trading, there is no charge at all in any of the plans.
You can enjoy Investing in U.S. stocks also from the same account at a very nominal fee. As an investor, you can trust Kotak Securities, working as an extended arm of Kotak Mahindra Bank, and it has over 175+ branches all over the country.
8. Motilal Oswal – Full-Service Broker
Our Rating – 3.0 / 5
Motilal Oswal –
Opening Charges: RS. 0
Segments: Equity, Futures, Options, IPOs, Commodity, Currency
Why We Pick It
Motilal Oswal is one of the reputed names in the Indian Stock Market Industry. With over 35 years of industry experience and numerous growth, it has clients from all segments, Retail, Institutional Investors, Mutual Funds, HNIs, and FIIs. It enables you to trade in Equity, Commodity, Currency, and Derivatives. Not only that it also enables you to invest in products like Mutual Funds, IPOs, U.S Stocks, FDs, Golds, and so on.
Other than Investment and Trading, Motilal Oswal also provides Research services covering 100 stocks in 45 different sectors.
Motilal Oswal Pros & Cons
From its ground-breaking Advisory services to Diversified client base everything looks fine, but still something improverable.
Pros:-
- Account Opening Charges are Zero.
- Equity Intraday Brokerage is relatively very low (0.02%).
- Call & Trade Facility is available for Free.
- Invest in U.S Stocks.
- World Class Research Reports and Market Analysis for Wealthy Investing.
- Included free Strategy builder to trade Options.
- Offers 3-in-1 account in partnership with AU Small Finance Bank.
Cons:-
- Equity delivery Charges are comparatively higher.
- Doesn’t offer complete features as either a Full-service Broker or Discount Broker.
Overview of Motilal Oswal
Started in 1987 Motilal Oswal gained a lot of traction as a Stock broker. With an Active client base of almost 8,00,000 customers, it offers a variety of products in which you can invest or trade like Stocks, Mutual funds, IPOS, FDs, U.S Stocks, and so on.
In line with advanced digital tools and premium trading platforms, it also offers other services like Wealth Management and Investment Banking. On the same side, it gained multiple awards in advisory services publishing more than 80,000 research reports covering 100 stocks in 45 different sectors.
For Investors Motilal Oswal is a very good place as it provides research and tips to their customer for investing in stocks on a regular basis with proper entry and exits backed by their solid research team. This research advisory service attracted clients including FIIs, Corporate, Institutions, Mutual Funds, high-net-worth individuals, and Retail Investors like you and me.
Its pricing and Brokerages are also simple as it offers only a single plan, with Free Account Opening and Rs. 199 for maintenance, which includes Call and Trade. Its charges are kind of confusing as it charges Rs. 20 for Equity Options Trading, and Rs. 200 for Commodity Options Trading. on the same side, its Equity Intraday and Future brokerage fees are relatively low (0.02%) but Equity delivery charges are as high as 0.20% on order value, But you get a 4x margin in every segment.
Frequently Asked Questions (FAQ’s)
What does Stock Broker mean and What does it do?
A Stock Broker is someone who Buys or sells stocks on behalf of you from the Stock Exchange and earns a commission from it (known as brokerage). A Stock Broker acts as a middleman between you and the Stock Exchanges just to make the process of Opening a Demat Account to Buying and Selling Securities Easy via its platform.
What are the Best Stock Brokers in India?
Every Stockbroker is good at their place, in fact, you have to choose which one is the best that suits you and your Goals. But if you ask me, it’s different and I have already mentioned 8 of the best stock brokers listed above.
- Groww
- Zerodha
- Angel One
- ICICI Direct
- HDFC Securities
- Upstox
- Kotak Securities
- Motilal Oswal
Which is the Cheapest Stock Broker in India?
There is no straightforward answer to this question, in fact, all the brokers offer different features and charges based on the features provided. But if you are new to this and looking to open a Demat Account with Free Opening and Maintenance Charges you need to look towards Discount Brokers like Zerodha, and Groww.
Is my Invested Money Safe in my Brokerage Account?
As I mentioned earlier that Stock Broker works as a middleman between you and the Stock Exchanges so there is no need to worry about your money which is Invested in the Stock Market either in the form of Stocks or Mutual Funds but if you have money left unused in your Brokerage Account then it’s might be at risk if your Broker fails or Shut Down. And yeah SEBI already imposes strict guidelines for all Brokers that the money that Users leave Unused in their brokerage account must be transferred to their bank account by the end of the month.
Can I Open More than One Trading account?
Why not, you can open as many accounts as you want. what matters is, what is the need for multiple brokerage accounts if you already have an account with your favorite broker because your PAN Card is attached to all the Accounts? So no matter what your intentions are, you are under the supervision of SEBI.
Can you Trust the Stock Brokers listed here?
Of course, you can trust the Stock Brokers and Investments app listed here. The Stock Brokers listed above are carefully chosen by the Experts and are very Well-renowned and SEBI-registered.
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