Discount Brokers in India

Discount broker in India: Explore the key factors here!

Before 2010, there were only traditional brokers active in Indian stock market. Soon, the discount brokers in India emerged under the range of stock market. Regardless of the fact that some full-service brokers being the part of financial institution have heavy client base, the services didn’t get that much appreciation. As that were not as time efficient as that of services offered by any discount broker in India. Subsequently, the traditional brokers charge high brokerages as compared to discount brokers in India.

We have given the brief introduction of Top online brokers in discount broking category. So, being prevalent as an online brokers, they are preferred over full-service brokers because of quick trading process and user-friendly trading platform. With any discount broker in India, the financial advisory service is not available. But, all other facilities are reliable enough to consider them as the quality broker. They can be the good choice for the beginners in the Indian share market.

Nowadays, you can find numerous online discount brokers in India, but the catch is to get the right broker serving the main purpose of discount broking. The best discount broker in India, offers the minimal brokerage in the entire stock broking industry. Yes, some discount brokers are really executing such low brokerage plans. Among them, you just need to opt the lowest brokerage provider with all other top quality services.

Here, we are presenting the list of some leading discount brokers in India. They are skimmed off from the huge range of already prevailing stock brokers. The purpose is to let you find the best discount broker in India, as per your trade requirements. The distinctive features that the top discount broker holds separates it out from the list of best discount brokers in India. Check out the list shown below:

Have a quick glance at the Best Discount brokers in India

 Discount Broker in IndiaBrokerage chargedTrading Account Opening FeeDemat Maintenance ChargesTrading PlatformRanking
Wisdom Capital0.00% in all segmentsNILRs 999 +GST(1 time only)NSE NOW, NEST, Fox Trader1
SAS Online9 per tradeRs.200Rs.200 per yearNEST, Alpha Trader2
5 Paisa10 per tradeRs.650Rs.400 per year5 Paisa Trade Station3
Trade Smart Online15 per tradeRs.200Rs.300(2nd year onwards)NEST4
Zerodha20 per tradeRs.300Rs.300 per yearZerodha PI5
SAMCO20 per tradeNILNILSAMCO Web Express6
Upstox20 per tradeRs.150Rs.150 per yearUpstox Pro7

 Top discount brokers in India: Brief Description

Your search to get the best discount broker in India is incomplete until you go through the range of services available with different brokers. You need to find out the best broker that suits all your trading requirements. The leading discount brokers in India with some prime factors are discussed here:

Wisdom Capital

Wisdom Capital is the trending discount broker in India. The brokerage plans of this discount stock broker include freedom plan, which supports zero brokerage trading i.e. free trading in all the market segments. Being the best discount broker in India,  the free investment zone covers trading in equities, Futures and options, currency, commodity etc. The online discount broker provides margin up to 60 times in equities for intraday trading. It is quite popular among numerous online discount stock brokers across the country. It gives free access to NEST trading terminal and also presented Fox Trader to give traders the intelligent trading path. The brokerage and margin plans of the discount broker are discussed here:

Brokerage

BrokerageFreedom PlanPro PlanUltimate Plan
Equities0.00%0.005% Intraday & Delivery0.007% intraday & Delivery
Futures0.00%Rs 9/ tradeFuture: 0.005%
Options0.00%Rs 9/ tradeOptions: Rs 15/lot
Commodity0.00%Rs 9/ trade0.005%  for futures

Margin

SegmentsFreedom PlanPro PlanUltimate Plan
 EquityUpto 5 times for Intraday & 1 time for Delivery tradingUpto 40 times for Intraday & 4 time as for DeliveryUpto 60 times for Intraday & 5 times for Delivery
 Equity FuturesUpto 2 times for IntradayUpto 6 times for IntradayUpto 10 times for Intraday
 Equity OptionsNo Leverage buying, Shorting Intraday upto 2 timesNo Leverage buying, Shorting Intraday upto 6 timesNo Leverage buying, Shorting Intraday upto 10 times
 Currency FuturesUpto 2 times for IntradayUpto 6 times for IntradayUpto 10 times for Intraday
 Currency OptionsNo Leverage buying, Shorting Intraday upto 2 timesNo Leverage buying, Shorting Intraday upto 6 timesNo Leverage buying, Shorting Intraday upto 10 times
CommodityUpto 2 times for IntradayUpto 6 times for IntradayUpto 10 times for Intraday

 SAS Online

In many prevailing discount brokers in India, this broker has also proved its existence in market as a noticeable one. Being incorporated earlier, the broker started offering discount brokerage services in 2013. The defined scheme for brokerage is represented in the table. The share broker is active for few years now and offers lesser brokerage than Zerodha. NEST Trader and Alpha Trader are trading platforms granted by the broker. Savings on several operational costs made it produce the discount brokerage layout as displayed below:

Brokerage

Brokerage PlanRs.9 /trade for all segmentsMCX(Rs. 999/trade)Equity(Rs.999/trade)Currency(Rs.499/trade)
Equity Delivery BrokerageRs.9Rs.999Rs.999Rs.499
Equity Delivery BrokerageRs.9000
Equity Delivery BrokerageRs.9000
Equity Delivery BrokerageRs.9000
Fixed Charges Rs. 9 000
Equity Delivery BrokerageRs.9000
Equity Intraday BrokerageRs.9000

Margin

EquityUpto 5 to 9 Times for Intraday & 5 Times for Delivery(Interest charged)
Equity FuturesUpto 2 Times for Intraday
Equity OptionsUpto 2 Times for selling
Currency FuturesUpto 2 Times for selling
Currency OptionsUpto 2 Times for selling
CommoditiesUpto 2 Times for selling

 

5 Paisa

5 Paisa is also emerged in the best share broker catalogue. The subsidiary of India Infoline (IIFL), has redefined the brokerage part for online trading in India. The discount broker has a membership of NSE and BSE based on your investment objectives. The broker allows trading in IPO, Mutual Funds, equities, commodities etc. It has also dispensed the Trade Station, a web based application to its clients. Here, you also get the Auto investor which helps in building a portfolio of mutual funds by suggesting right ones as per your investment goal. The trading account opening fee applicable is Rs 650.

Brokerage

Equity10 Rs Per executed order
 Equity Options10 Rs Per executed order
 Equity Futures10 Rs Per executed order
 Currency Options10 Rs Per executed order
 Currency Futures10 Rs Per executed order
 CommodityNA

Margin

EquityUpto 15 Times for Intraday & 5 Times for Delivery(Interest charged)
Equity OptionsUpto 2 Times for Intraday
Equity FuturesUpto 2 Times for Intraday
Currency OptionsUpto 2 Times for Intraday
Currency FuturesUpto 2 Times for Intraday
CommodityNA

 

Trade Smart Online

It is a Mumbai based discount broker in India. That allows trading in equities, commodities, currency, FNO through stock exchanges like BSE, NSE, MCX, MCX-SX and NCDEX. Similar to some other discount brokers, the broker also presents flat fee brokerage plan that supports Trade at Rs 15 per executed order, irrespective to the size/segment. This power plan is good for traders with less frequency but bigger trade size. Trading and Demat account opening Charges are Rs 200 each while Demat AMC- Rs 300. Its customer support service is better than that of Share Khan.

Brokerage

EquityRs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
 Equity OptionsRs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
 Equity FuturesRs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
 Currency OptionsRs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
 Currency FuturesRs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
 CommodityNA
 Margin
EquityUpto 5 times for intraday, 0 for delivery
Equity OptionsNo Margin
Equity FuturesUpto 2 times for intraday
Currency OptionsNo Margin
Currency FuturesUpto 2 Times for Intraday
CommodityNA

Zerodha

Zerodha has been emerged as an introducer of flat fee concept. This discount broker in India has put forward the brokerage rate of Rs 20 per trade. The low brokerage rate was appreciated by numerous traders earlier. Soon, the trade commission was even more discounted at much lower prices than Zerodha itself. The trading platform presented by Zerodha is named as Zerodha Pi. You can check our the brokerage set up of the discount broker for different market entities here:

Brokerage

Equity Delivery0.10% of turnover or Rs. 20 per trade whichever is lower
Equity Intraday0.01% of turnover or Rs. 20 per trade whichever is lower
Equity Future0.01% of turnover or Rs. 20 per trade whichever is lower
Equity Options0.01% of turnover or Rs. 20 per trade whichever is lower
Currency Futures0.01% of turnover or Rs. 20 per trade whichever is lower
Currency Options0.01% of turnover or Rs. 20 per trade whichever is lower
Commodity0.01% of turnover or Rs. 20 per trade whichever is lower

Margin

Equity4 to 10 times for intraday
Equity Futures40% of exchange prescribed margin
Equity Options40% of exchange prescribed margin for selling & no margin for buying
Currency Futures100% of exchange prescribed margin
Currency Options100% of exchange prescribed margin
Commodities50% of exchange prescribed margin

 

SAMCO

Among the several discount stock brokers, SAMCO has also found the resonance in Top discount brokers List. The stock broker has established its discount brokerage firm in 2008. The areas where you may invest includes stocks/shares, ETFs, IPO, commodities market of India etc. So, this online discount broker can also be considered while you choose for best discount broker in India. It also provides analytical mobile trading app namely StockNote. You can explore the brokerage rate and margin offered by the online discount broker here:

Brokerage

Equity Rs 20/executed order or 0.02%(intraday) or 0.2%(delivery) whichever is lower
Equity Options0.5% (negotiable)
Equity Futures0.1% on first leg, 0.02% on second leg if squared off on same day and 0.1%  on any other day
Currency Futures0.10%
Currency Options2.5% on premium or Rs 30/ lot (whichever is higher)
Commodity0.10%

Margin

EquityUpto 15 times for Intraday, No leverage for delivery
Equity OptionsBuying no leverage, Shorting upto 2.5 times for intraday
Equity FuturesUpto 2.5 times for intraday
Currency OptionsBuying no leverage, Shorting upto 2.5 times for intraday
Currency FuturesUpto 2.5 times for intraday
CommodityUpto 2 times for intraday

 

UPSTOX

Upstox/RKSV is other active discount broker in India, with the broker you can trade in various financial intruments like equities, currency, Mutual Funds, FNO and commodity market of India. Upstox brokerage is similar to that of  Zerodha. It’s trading platform Upstox Pro is available in both mobile and desktop versions. GTC/GTD orders are available in commodity trading but not in equity segment. Upstox is also a competitor among the renowned discount brokers in India.

Brokerage

Equity Delivery BrokerageRs 0
Equity Intraday BrokerageRs 20
Equity Futures BrokerageRs 20
Equity Options BrokerageRs 20
Currency Futures Trading BrokerageRs 20
Currency Options Trading BrokerageRs 20
Commodity Trading Brokerage Rs.20

Margin

EquityUpto 20 times for intraday
Equity FuturesUpto 4 times for intraday
Equity OptionsUpto 4 times for intraday
Currency FuturesUpto 4 times for intraday
Currency OptionsUpto 4 times for intraday
CommoditiesUpto 3 times for intraday