Best Discount Brokers in India [2019]

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Top 10 discount brokers in India

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A discount broker is a stockbroking firm, which provides its customers with a facility to buy and sell the stocks at lower brokerage when compared to that charged by full-service brokers. 

These discount brokers allow investors to open an account through which they can execute selling and buying orders. 

Whereas, the Full-Service Broker, is a licensed stockbroking firm, that not only facilitates execution of various orders like buying or selling of stock but also provides its customers a variety of services like investment advice, portfolio management service, research reports, retirement planning wealth management service, and much more.

However, the investors have to pay higher brokerage charges to the full-service broker, to be able to avail all the facilities. 

There are several discount brokers in India, however, there are some discount brokers, which are better than the rest of them. 


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The best discount brokers in India are listed below, 


Discount BrokerRating
1Zerodha8/10
2Upstox6.4/10
3SAS Online6/10
4ProStocks6/10
55 Paisa6/10
6Wisdom Capital5.8/10
7R K Global5.8/10
8Trade Smart Online5.8/10
9Tradejini5.6/10
10My Value Trade5.4/10

In this article, we have discussed in detail about these top 10 Discount Brokers in India. 

Read: Top 10 Stock Brokers in India

Top 10 Discount Brokers In India 

Zerodha

Zerodha, India’s first discount broker was incorporated in the year 2010. 

It facilitates free trading in equity delivery at low brokerage charge of Rs 20 or .01% whichever is lower. Furthermore, it also offers NRI Trading facility at brokerage charge of INR 200 or 0.1% per order whichever are lower for equity delivery and Rs 100 per order for equity F&O.

 Zerodha has its trading application called ‘Zerodha kite’ and also back-office software for customer support called ‘Console’. All these trading terminals and software are available to its customers free of cost. 

Other than this it also offers educational facility through ‘Varsity’, trading Q&A and YouTube channel. 

Zerodha is the first broker in India to provide Direct Mutual Fund investment facility to its customers for free, through an online platform called ’ Coin’. This discount broker has also partnered with Thomson Reuters to provide research reports to investors.

Service/ProductRating(out of 10)
Customer Service8
Web Trading Platform8
Mobile Platform9
Educational Material7
Brokerage8

Therefore, Zerodha is one of the most technologically advanced stockbrokers of India. 

Unlike other discount brokers, Zerodha has an offline presence through its 22 branch offices, 94 partner offices, and 6 support offices. 

Zerodha is a leading discount broker in India with almost 8.5 lakh customers and contributes almost 10 % of daily retail trading in NSE, BSE, and MCX. 

Upstox

Upstox, previously known as RKSV Securities., was founded in the year 2012 by Raghu Kumar, Ravi Kumar, and Shriniwas Vishwanath. 

Upstox facilitates trading in various segments such as currency, futures, options, commodities, and equities through its trading platforms namely Upstox Pro Web and Upstox Pro Mobile.

Service/ProductRating(out of 10)
Customer Service5
Web Trading Platform7
Mobile Platform6
Educational Material6
Brokerage8

This discount broker is funded by a group of investors which includes Ratan Tata, Kalaari Capital, and GVK Davix.

Other than all this Upstox also offers it’s 2 lakh customers ’trade academy’ through which it organizes offline seminars to educate the investors.

SAS Online

SAS Online is one of the more experienced discount brokers in India. Incorporated in 2013 as the discount broking arm of South Asian Stock Limited, SAS Online has grown at a rapid pace acquiring new customers at a fast speed.

They are a depository participant with NSDL and allows its customers to trade in Equity cash, Intraday, futures and options, currency and commodities on NSE, BSE, and MCX. 

Service/ProductRating(out of 10)
Customer Service6
Web Trading Platform6
Mobile Platform5
Educational Material5
Brokerage8

The company originally started as a team of 3 people and gradually went on to grow in terms of clients and working professionals. They have a centralized office in Delhi and don’t have any branches thereby leveraging technology and saving costs on real estate, HR and other operational costs.

ProStocks

ProStocks is a discount broking subsidiary of Sunlight Broking venture. It has a corporate office in Mumbai and was founded in the year 2016. 

This discount broker is well known for its unlimited trading plans flat which are the cheapest unlimited trading plans. 

Furthermore, ProStocks charges flat INR 15 per executed order irrespective of the size of the order. 

Service/ProductRating(out of 10)
Customer Service5
Web Trading Platform5
Mobile Platform5
Educational Material6
Brokerage8

ProStocks also offers its customers custom built trading platform through an easily installable trading terminal, website and mobile app free of cost. 

In addition to all this, ProStocks also offers 2 in 1 account opening facility together with free call & trade facility to its 2500 active customers. 

5 Paisa

IIFL launched 5 Paisa as it’s discount broking subsidiary in the year 2007. Currently, 5 Paisa is the second-largest discount broker in India.

 The brokerage charges that are charged by 5 Paisa is very low that is only INR 10 per transaction. 

It facilitates customers to invest in a variety of financial assets like mutual funds and insurance. 

Service/ProductRating(out of 10)
Customer Service5
Web Trading Platform6
Mobile Platform6
Educational Material6
Brokerage7

5 Paisa offers its customers quite decent desktop and web-based platforms and also gives automated recommendations for mutual fund investments. Moreover, it has also collaborated with Marketsmith Online to offer it’s 1,22,500 customers high-quality research reports. This discount broker has separated from its parent company and is now functioning as a separate entity. It is the only discount broker, which is listed on the stock markets.

Wisdom Capital

Wisdom Capital is a discount brokerage subsidiary of Ashler group of companies and was incorporated in the year 2013. It offers financial services like futures, options, currencies, commodities, and stocks. 

Wisdom Capital Group offers broker-assisted trade execution through its 250 offline franchisees as well as automated online investing on all the stocks in BSE and NSE to its 5200 clients. 

Service/ProductRating(out of 10)
Customer Service5
Web Trading Platform5
Mobile Platform5
Educational Material6
Brokerage8

Other than that, they also provide tools like live data, charting, live, etc. either free of cost or at a minimal fee. 

Wisdom Capital offers precious metal futures though it’s trading platforms. It facilitates seamless investment in agricultural, non- agricultural and metal commodities. 

R K Global

R K Global is India based fastest growing Share and Commodity Broking Company, which was established in the year 1995. 

Today R K Global has Pan India presence with a corporate office in Mumbai, and presence across India in 150 cities. It provides top-notch online trading services through its web browser-based and desktop application based trading platforms. It also offers free research and recommendations to its clients

Service/ProductRating(out of 10)
Customer Service7
Web Trading Platform5
Mobile Platform5
Educational Material5
Brokerage7

R K Global offers specialized brokerage plans ‘India [email protected]’ and ‘Super 9’ along with the standard brokerage services. 

Trade Smart Online

Trade Smart Online is a discount broker based out of Mumbai offering their services in stock, currency and commodity trading segments.

Trade Smart is the discount broking arm of the VNS Finance who itself can be considered a full-service broker with over 20 years of experience in this field.

The broker is known to offer trading in Equity, currency derivatives, commodity and depository service segments to its customers. It has a client base of around 21,000 and claims to do a daily turnover of Rs. 2500 crore.

Service/ProductRating(out of 10)
Customer Service5
Web Trading Platform5
Mobile Platform5
Educational Material6
Brokerage8

Currently, they don’t provide any proprietary technology in the form of trading platforms which are of really good quality, nor is there customer service team one of the best in India.

Hence in order to be one of the big players, it is important to provide better products on top of the low brokerages and high margin plans being offered by them which has become a theme among most discount brokers.

Tradejini

Tradejini is a Bangalore based discount broker which was established in the year 2012. Just like other discount brokers it also offers retail Trading Services across equities, currencies, commodities and also ‘Mutual Funds’. Tradejini is a member of the major stock exchanges of India. 

Service/ProductRating(out of 10)
Customer Service5
Web Trading Platform5
Mobile Platform5
Educational Material6
Brokerage7

Tradejini is well known for low brokerage high exposure services which differentiate it from other discount brokers of India. 

Tradejini charges a brokerage of 0.01% or ₹20 per executed order, irrespective of the transaction value. 

My Value Trade

My value trade is a discount broking subsidiary of Master Trust. The My value Trade offers lower brokerage rates at INR 10 per executed order but it is mainly known for its fixed brokerage plans.

Moreover, this is the only discount broker that offers unlimited trading plans. Other than facilitating the buying and selling of the stocks, 

Service/ProductRating(out of 10)
Customer Service4
Web Trading Platform5
Mobile Platform5
Educational Material5
Brokerage8

My Value trade also makes provision for convenient investment in mutual funds.

This discount broker provides single trading and back-office software for all segments including Equity, Currency and Commodity They also offer flexible balance feature wherein the balance across different segments i.e. equity, commodities, derivatives, and currency can be used as one single balance.

Conclusion

Discount Broking is a highly competitive space with many new brokers fighting to get more customers onboard which is causing an increased push for better products and services.

As a result, the customers are benefitting from this change from the conventional full-service brokers as they have to pay lower brokerage, with better quality of trading platforms and added features to help them trade.

Some discount brokers are even providing their clients with educational material which is helping them to learn more about trading and investing and being more successful as a result.
If you are looking to open an account with the Best Discount Brokers in India, kindly fill this form.

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