The first step to entering the stock market is to open an account with a good stockbroker. The major mistake that a stock market newbie does is not choosing the correct stockbroker. The broker should be competitive enough to give you the best rate and they should provide you with optimum service so that you can trade with ease. That is why selecting a good stockbroker is very important. While choosing the right one does not take suggestions from some random person, just because he is asking you to open an account with a certain broker won’t help you understand the market better. So it is important to gather knowledge before opening an account in that stockbroker farm. So here I collate a list of 2023’s top 5 stock brokers in India.
Frequently Asked Questions about Top Stock Brokers in India
A stockbroker firm serves as a middleman between a stock market dealer and the stock exchange. A trader or investor cannot directly bid on a stock from the Exchange; therefore, the corporation acts as a middleman. The company encourages traders to invest in the stock market and earns a standard brokerage on each trade made by a trader or client.
Zerodha, Upstox, Angel Broking, 5paisa, and Fyers are some of the best brokerage firms to my knowledge.
Paytm Money is India’s cheapest discount brokerage, with a brokerage fee of just Rs 10 per trade, the lowest in the intraday market. Other popular discount brokers in India, such as Zerodha, Upstox, and Angel Broking, charge a flat fee of Rs 20 for every order.
As of 2023, the no.1 stockbroker house in India currently is a Zerodha brokerage company.
Top 5 Stock Brokers in India
In the following, we shall discuss the top 5 Stock Brokers in India.
1. Zerodha:
Zerodha started its operation on the 15th of August 2010 and in the last six years, they have become India’s topmost discount stockbroker. Due to the robust technological advance of Zerodha, 5% of NSE’s trading volume now happens in Zerodha terminals and they are my first choice in the list of top stock brokers in India. This booking company charges only Rs. 20 OR 1 paisa brokerage whichever is lower. They offer two trading terminals: Zerodha Pi terminal and Zerodha Kite. Full charting support is available now only in Kite. Even a stock market newbie can trade in Zerodha Kite using the built-in BUY / SELL signals.
Why Zerodha is among the Best Stock Brokers in India?
Zerodha is known as the best broker house in India. After it had started its journey, it was not easy for them to be the best in the very first place. But keep up their good work and earn 1st place now in India. So in the following, we shall see what are the reason that Zerodha is able to gain its 1st place among so many stock brokers in India.
- Zerodha has created a huge customer base that is also in very little time. Not only that active client number is also increasing day by day. Their market volume is also quite notable.
- This stock broker farm is used by many people because they find it safe and trustworthy to do trading through it.
- As a client, you get so many advance level tools that will help you to do trading. Not only that they also care about their newbies which is why they have designed the interface in such a way that a newbie, as well as a professional user, can use it.
- Zerodha takes no charges on mutual funds and Equity delivery trading.
- Their brokerage fee is very low according to any other brokerage company. If you are doing intraday that is within 90k then you will pay 0.03% of brokerage charges per trade.
- But if you are doing any trade above 90k then you have to pay the maximum charge of 20 rupees per trade. That is for any unlimited amount which is above 90k.
- Zerodha as a brokerage farm is doing so well for its good service providing skill and low brokerage charges as well. If you take a look at the charges and compare them to other stock brokers in India, you will find that Zerodha asks for 60 to 90% fewer charges from them.
Charges of Zerodha
Basic brokerage charges of Zerodha the renowned stock broker in India.
| Trading Segment | Brokerage Charges |
| Equity Delivery | Free |
| Equity Intraday | Minimum: 0.03% charges for up to 90k Maximum: 20 rupees afterwords 90k (Per order execution) |
| Equity Future | Minimum: 0.03% charges for up to 90k Maximum: 20 rupees afterwords 90k (Per order execution) |
| Equity Options | 20 rupees per execution of the order (on Turnover) |
| Currency Futures | Minimum: 0.03% charges for up to 90k Maximum: 20 rupees afterwords 90k (Per order execution) |
| Currency Options | Minimum:0.03% charges for up to 90k Maximum: 20 rupees afterwords 90k (Per order execution) |
| Commodity | Minimum: 0.03% charges for up to 90k Maximum: 20 rupees afterwords 90k (Per order execution) |
| Mutual Fund | Free for an unlimited direct mutual fund or mutual funds |
2. Angel Broking:
Angel Broking is also operating for a long time. They offer the Odin Diet platform for trading with clients. The Angel trading terminal is called Angel One. Angel Broking also offers good research and mobile Android platform and dedicated RM support.
- Angel Broking trading platform is accessible in both version means in IOS and Android as well. You just need a smartphone to trade in commodities as well as the equity market.
- Expert provides daily, weekly, and specialized research reports that help to earn more from the market.
- Equity trading, F&O, Commodities, PMS, Mutual Funds, and Insurance are just a few of the investment alternatives available.
- Hundreds of cities across India are represented.
Charges in Angel Broking
In the following, the charges for different kinds of segment is presented
| Segment | Brokerage |
| Equity Delivery | Free |
| Equity Intraday | Rs 20 or 0.25% (whichever is lower) |
| Equity F&O | Rs 20 or 0.25% (whichever is lower) |
| Currency F&O | Rs 20 or 0.25% (whichever is lower) |
| Commodity F&O | Rs 20 or 0.25% (whichever is lower) |
3. Sharekhan:
I have had a ShareKhan account since 2003. Sharekhan is the pioneer in creating a user-friendly trading terminal called Trade Tiger and they are my second choice due to TradeTiger and ShareKhan stock picks and dedicated Relationship Manager (RM) support.
4. India Infoline:
IIFL is on my list mainly due to its research team. The company offers robust research with a customized trading platform called TTAdvance. They are also worth considering. India Infoline is a full-service broker with brokerage on the higher side.
5. ICICI Direct:
My first broker house is ICICI Direct and they are on my list of best stock brokers in India due to their solid research. Though ICICI Direct’s brokerage charge is on the higher side, they are worth considering due to their daily, weekly, and monthly calls. A stock market newbie should follow their calls.
Some Recommended Stock Brokers in India
1) Upstox:
The very first stockbroker that I am suggesting here is the Upstox brokerage house. They are quite famous for their unique features. A customer base of more than 8 million is also a notable thing. This year this brokerage house also turn into a unicorn company.
If you open an account then the AMC charges become free for a lifetime. Easy to understand and the easy-to-use interface helps traders to use the website without any hesitation. They also provide trading-related information which will help you to earn profits. The offers for referral benefits change from time to time.
- Account opening charges in Upstox are very minimal that is 299 rupees.
- The monthly maintenance charge that the company asks for is rupees 25. If we calculate that as per the annual maintenance charge that would be (25*12)=300 rupees in total.
- Upstox asks for no brokerage on a stock delivery. As well as their trading charges are very low only 20 rupees per trade or 0.05%.
- You can also customize your account number according to your preferences.
2) AliceBlue:
From 2007 to 2008, the sub-brokerage house began its journey. From the start, Aliceblue was not a discount broker. They begin their company by becoming members of various exchanges, such as the BSE and NSE. Finally, in 2015, they were recognized as a discount broker after obtaining CDSL membership.
Aliceblue provides a trading School feature so that the client could learn about fundamental and technical trading information.
- Currently, they are providing 500 rupee cashback.
- The annual maintenance charges will be free for one year if you refer any of your friends and family member. As we all know in the share market the new year starts in April month and March is considered the year-end. So the AMC work according to that period.
- You will also get 10% brokerage sharing from the person’s monthly brokerage amount, which is also for a lifetime.
- As a full-service broker with a high margin and over 20 years of experience, you can rely on us.
- ANT is the company’s premier trading platform, designed for both analysis and trading.
- Brokerage plan at a discount Freedom 15 is a straightforward, low-cost brokerage plan with a flat fee.
- Brokerage for Equity Delivery is completely free. For cash and carry trades, there is no broker fee.
- For all other categories on the BSE, NSE, and MCX commodity, pay 0.01 percent or Rs 15 less brokerage, whichever is less.
- All of its customers receive free trading software.
- ANT Meta and ANT Scanner, as well as other 3rd party tools, are their advanced trading tools.
- Trade School is a free online resource for learning about investing and trading.
But the offer varies from time to time.
3) 5paisa:
5paisa is one of the trusted stock brokers in India. Hence, They have ranked among the best broker house of 2022. Currently have 10 million+ users. Refer your family member or friends and get up to 40% brokerage sharing. The account opening charges vary and on a special occasions, it also provides free account opening.
- 5paisa charges a fixed fee of Rs 20 for each order that is completed. With our value add bundles, this charge drops to Rs 10, the lowest in the market.
- 5paisa is the only bargain broker that offers in-depth research and recommendations on over 4,000 firms. We offer short- and long-term calls, as well as derivative and portfolio-based investment ideas.
- This broker farm offers customers the option of margin trade finance, which allows them to pay only a portion of the delivery price in the cash segment. 5paisa also funds the balance at a nominal rate of 0.06 percent every day.
- 5paisa is a one-stop-shop for all investment products which include gold, peer-to-peer lending, insurance, mutual funds, and US investments also.
- They provide the stock analyzing service of MarketSmith India free in their terminal.
4) Fyers:
Fyers is a trustworthy stockbroker. The firm was created by a group of young entrepreneurs that believe in being open and transparent while providing technology-driven stockbroking services. Fyers follows all of the rules and regulations that come with being a stockbroker, and no major violations have been reported till now. It considers the fastest-growing brokerage house. In intraday trading, the equity share charges 20 rupees after order execution or 0.03%.
- Opening an account online is completely free.
- Equity delivery is free of cost as well as cash and carry trading is also brokerage free.
- Brokerage fees are quite inexpensive with this discount stock broker. Fyers charge a fixed Rs 20 maximum brokerage per trade across all trading segments and regardless of the size of the trade.
- There are no hidden fees. The fees and charges are very clear.
- The ability to quickly introduce new features/services are provided by an in-house trading platform.
- All of the trading software is available for free.
- An account with a single margin.
- They provide various kinds of software for trading purposes which are free of cost as well.
- You can also get 20% of the brokerage by referring your friend. That is also for a lifetime.
5) Paytm:
This website is a trustworthy and reputable online discount broker. It provides shares, mutual funds, and other financial instruments for you to invest in and grow your money. Paytm Money has a maximum charge of Rs 10 per transaction. Every account opening costs 200 rupees on the Internet.
- Trading platforms that are both simple and reliable.
- Simple pricing approach with cheap trading fees and no equity delivery fees, as well as no maintenance fees.
- Opening a digital account is quick and easy.
One of the benefits of Paytm is that there are no additional transaction fees when you are moving money from a bank account to a digital wallet or from a digital wallet to a bank account, it allows us to keep a steady flow of funds between the two without having to worry about collection demands.
It is not essential to visit any public service offices with Paytm because the digital payment system allows you to cancel any invoices instantaneously in just a few clicks, saving you time and allowing you to keep your accounts up to date and without limits.
Conclusion
I hope you had a clear view of which brokerage house is good for you. That is why we are not only suggested the best one but also mentioned some of our recommended ones. We have also mentioned the whereabouts of the recommended broker house. So that it would be easy for you to take discussion that which broker house is most suitable for you. That is why I have also mentioned some of the broker houses which provide free offers for account opening so that if you are looking for a free account opening opportunity then you will find it here too.