Whether traders or investors make money or not in the stock market, stock brokers always make money. Stock brokers make money in both rising or falling markets.
In recent years, discount brokers have changed the stock broker landscape for the better. Discount brokers charge a fixed brokerage per trade irrespective of the trade volume which helps you to save decent money on your brokerage charges.
You might not feel the pinch of paying brokerage to a full-service broker in a single transaction. But if you look at the aggregate amount you pay to the broker over a number of transactions you will realize that you are probably paying a bomb.
If you are a frequent trader, you must choose a discount broker rather than a full-service broker.
Best discount brokers should be
- Trustworthy and reputed
- Charge low brokerage fee
- Offer decent customer service
- Provide advance charts and tools for technical analysis
- Provide the latest technology and superior trading platform for fast trade execution
Our top 2 picked best discount brokers in India
Here is the list of best discount brokers in India 2025
- Zerodha – Best for every trader
- Upstox – Best alternative to Zerodha
- 5paisa – Best for only traders with no security holdings
- Wisdom Capital – Best for lifetime free account
- Groww – Most used platform for stock and mutual fund investment
- TradeSmart Online – Best for lowest percentage based brokerage
11 Best Discount Broker in India 2025
#1. Zerodha Demat Account (Top Discount Broker)
- Fix Rs. 20 per trade on intraday trades
- Zero brokerage on the stock delivery
- Good customer support
- Best charts and tools for technical analysis
Zerodha is the biggest discount broker in India having over 1 Crore customer base and the first broker to introduce fixed brokerage charges. Zerodha charges a fixed brokerage of Rs. 20 per trade for intraday and zero brokerage on delivery.
Zerodha is the first choice of most traders because of its trading platform- Kite, which is equipped with advanced charts and tools. You can integrate your Zerodha account with other tools like Sensibull, Streak and Smallcase.
You can expect great customer support from Zerodha starting from account opening and throughout your trading journey. With other discount brokers, you may face difficulty with their customer support.
Zerodha Brokerage Charges
| Type | Brokerage |
| Equity Delivery | Rs. 0 |
| Equity Intraday | Lower of Rs. 20 per executed order or 0.03% |
| Equity Futures | Lower of Rs. 20 per executed order or 0.03% |
| Equity Options | Rs. 20 per executed order |
| Currency Futures & Options | Lower of Rs. 20 per executed order or 0.03% |
| Commodity F&O | Lower of Rs. 20 per executed order or 0.03% |
Zerodha Account Opening & Annual Charges
- Demat & trading account opening charges – Rs. 0
- Commodity account opening charges – Rs. 0
- Annual maintenance charges – Rs 300 per annum
Zerodha Margin
| Stock Market Segment | Margin |
| Equity Delivery | No Margin |
| Intraday Equity | Up to 5 times |
| Equity Futures | 20% of the normal margin (NRML) |
| Equity Options | No margin |
| Currency Futures | 20% of the normal margin (NRML) |
| Currency Options | No margin |
| Commodity | 20% of the normal margin (NRML) |
What I Liked
- Zero brokerage for delivery
- Low & fix brokerage irrespective of trade volume
- No minimum balance required to open the account.
- In-House trading platforms
What I Didn’t Like
- Frequent delays and service down during trading hours
#2. Upstox Demat Account (Fastest Discount Broker)
- Free account opening & Zero AMC
- Fix Rs. 20 per trade
- Fast account opening process
Upstox is one of the best discount brokers in India for traders who look for low brokerage, and good trading platforms.
You can trade with low brokerage charges of Rs 20 per trade.
What I like the most about Upstox, is its high-tech and advanced trading platforms. Upstox recently hit 1 Crore+ users and became the second-biggest discount broker after Zerodha.
Upstox Brokerage Charges
Upstox offers 0% brokerage on stock delivery
| Type | Brokerage |
| Equity Delivery | Rs. 20 per executed order |
| Equity Intraday | Lower of Rs. 20 per executed order or 0.05% |
| Equity Futures | Lower of Rs. 20 per executed order or 0.05% |
| Equity Options | Rs. 20 per executed order |
| Currency Futures & Options | Lower of Rs. 20 per executed order or 0.05% |
| Commodity F&O | Lower of Rs. 20 per executed order or 0.05% |
Upstox Account Opening & Charges
- Upstox account opening – Free (limited time offer)
- Upstox AMC – Zero (limited time offer)
What I Liked
- Great trading platforms
- Fix & low brokerage irrespective of trade volume
- Upstox offers complete online account opening process
What I Didn’t Like
- Rs. 20 charge for Equity delivery trade
#3. 5Paisa Discount Broker
- Zero charges on account opening
- Fastest account opening process
- Offers the best trading app that is easy to use
5Paisa charges a flat brokerage fee of Rs. 20 per trade. You can place a single trade worth a Crore paying brokerage of Rs. 20.
5Paisa is best for traders who need access to an easy platform for trading or high-volume traders who want to save money on brokerage charges. 5paisa mobile trading app is the best mobile trading app so for.
The best thing about 5Paisa is its extremely fast and paperless account opening process. I was able to complete all the documentation within 15 minutes.
5Paisa Brokerage Charges Details
| Transaction | Charges |
| Stock Delivery | Rs. 20 per order |
| Stock Intraday Trading | Rs. 20 per order |
| Stock Futures | Rs. 20 per order |
| Stock Options | Rs. 20 per order |
| Currency F&O Trades | Rs. 20 per order |
| Commodities F&O Trades | Rs. 20 per order |
5Paisa Registration & Annual Charges
- Demat & Trading account open – No charges
- AMC Charges – Rs. 25 per month if holding value is above Rs. 10 Lacs
What I Liked
- Paperless & fast account opening process
- Good customer care support
- Cheaper & fixed brokerage charges (no complexity)
- Great trading platform
- 5Paisa offers complete online account opening process
What I Didn’t Like
- Some traders faced server issues in peak hours of trading
#4. Wisdom Capital Review (Cheapest Discount Broker)
Wisdom Capital discount broker offers 2 different plans freedom plan and ultimate plan to stock traders. The plans are different on the basis of brokerage charges.
The freedom plan offers zero brokerage charges across all the segments but you have to pay a fixed amount of Rs 999 per month.
Whereas, in the Ultimate plan, Wisdom Capital charges 0.01% in Equity and Rs. 9 per executed order in F&O trades.
The annual maintenance charges for both accounts are the same – Lifetime free on paying a time charge of Rs. 999.
Wisdom Capital Registration & Annual Charges
- Trading account opening charges – 0
- Demat account opening charges – 0
- Demat account AMC – Rs. 999 (one-time charge)
Wisdom Capital Brokerage Charges
| Segment | Freedom Plan* | Ultimate Plan |
| Equities | Zero | 0.01% Intraday & Delivery |
| Future | Zero | Rs. 9 per executed order |
| Options | Zero | Rs. 9 per executed order |
| Currency F&O | Zero | Rs. 9 per executed order |
| Commodity F&O | Zero | Rs. 9 per executed order |
Wisdom Capital Margin
| Segment | Freedom Plan |
| NSE Cash | Up to 5X |
| NSE Futures (MIS) | 1X |
| NSE Futures (Cover Order) | 1X |
| NSE Options | 1X |
| MCX (MIS) | 1X |
| MCX (Cover Order) | 1X |
| Deliver in NSE Cash | 1X |
What I Liked
- Simple brokerage plans
- Lowest brokerage on F&O trades
What I Didn’t Liked
- Poor technology
- You cannot invest in IPO, FPO, and Mutual Funds
- Higher AMC charges as compared to other discount brokers
#5. Samco Broker Review
Samco discount broker is known for low brokerage charges and free trading products like –
- Free daily stock recommendations
- Free Rs. 12,000 worth of advance trading features as welcome bonus
One unique feature of Samco is that you can take a loan against stocks and other financial products.
Samco is a member of BSE, NSE, MCX, and allows you to trade in Equity, Currency, Commodity, Bonds and ETFs.
Samco Brokerage Charges
| Segment | Brokerage |
| Equity Delivery | Lower of 0.5% or Rs. 20 per executed order |
| Equity Intraday | Lower of 0.05% or Rs. 20 per executed order |
| Equity Futures | Rs. 20 per executed order |
| Equity Options | Rs. 20 per executed order |
| Currency F&O | Lower of 0.05% or Rs. 20 per executed order |
| Commodity F&O | Lower of 0.05% or Rs. 20 per executed order |
Samco Registration & Annual Charges
- Trading account opening charges – 0
- Demat account opening charges – 0
- Demat account AMC – Rs. 400 p.a (First year free)
What I Liked
- Rs. 12,000 worth of free advance trading products
- No account opening charges
What I Didn’t Like
- Low-performing trading platform
- Average customer service
#6. SAS Online Discount Broker Review
The USP of SAS Online discount broker is the low brokerage of Rs. 12.99 per trade (executed order) for all segments. You can trade in Stocks (delivery), Intraday, Equity F&O, Currency F&O and Commodity futures.
SAS Online brokerage has a daily average turnover of Rs. 1 Lac+ crores from 55,000+ active traders.
SAS Online Brokerage Charges
SAS Online offers 2 types of trading plans. First, where they charge a flat brokerage fee of Rs. 12.99 per executed order irrespective of order size, for all segments.
Unlimited Monthly Plans
Apart from that, SAS Online has unlimited monthly plans as under:
| Segment | Monthly Charges |
| Unlimited trading in Equity Cash, Futures and Option Of which the first 99 trades are free | Rs 1299 per month |
| Trades after that will cost | Rs 2.99 per order (upto Rs. 1299) Post Rs. 1299 – NO brokerages will be charged for the rest of the month. |
SAS Online Registration & Annual Charge
| Particulars | Charges |
| Account Opening (Trading & Demat) | Rs 200 |
| Commodity Trading Account | Rs 200 |
| AMC for Demat Account | Rs. 200 (First year free) |
What I Liked
- Rs. 12.99 per executed order for all segments
- Rs. 1299 Monthly Unlimited Plan
What I Didn’t Like
- Additional, call & trade charges of Rs. 20 per executed order
- Rs. 200 charges for account opening
#7. Groww Discount Broker
You should open Groww account if you are looking only for trading in equity and for mutual fund investment.
Groww does not have an option to trade in Currency & Commodity segments.
1 Crore + users trust Groww for investments in stocks, mutual fund investments, IPOs, NFO and ETFs investment. It is one of the most used investment app in India.
Groww app also allows bill payment and small credits for 3 months to 5 years.
Groww Brokerage Charges
| Trading Segments | Brokerage Charges |
| Equity Delivery | Lower of Rs. 20 or 0.1% per executed order |
| Equity Intraday | Lower of Rs. 20 or 0.1% per executed order |
| Equity Futures | Rs. 20 per executed order |
| Equity Options | Rs. 20 per executed order |
Groww does not provide “Call & Trade” facility.
Groww Registration & Annual Charges
| Particulars | Fees/ Charges |
| Trading & Demat Account Opening | Rs. 0 |
| Annual Maintenance Charges | Rs. 0 per annum |
What I Liked
- Allows investment in mutual funds, bill payments and small credits directly from the app
- Zero AMC charges
- Rs. 0 Account opening charges
What I Didn’t Like
- No facility for Currency & Commodity trading
- No call & trade facility
#8. Dhan Broker Review
Dhan is a DP and stock broking brand of Moneylicious Securities Pvt Ltd. based out of Mumbai. It is a new player with 7 Lacs+ active user base.
You can invest in stock using Dhan and trade in equity and commodity segments. But can’t trade in currency F&O. They are yet to offer currency trading.
Dhan Brokerage Charges
| Trading Segment | Brokerage Charges |
| Equity Delivery | Zero |
| Equity Intraday | Lower of Rs. 20 per executed order or 0.03% of trade value |
| Equity Futures | Lower of Rs. 20 per executed order or 0.03% of trade value |
| Equity Options | Rs. 20 per executed order |
| Commodity Futures | Lower of Rs. 20 per executed order or 0.03% of trade value |
| Commodity Options | Rs. 20 per executed order |
Call & Trade to cost Rs. 50 per order. RMS square-off trades are charged at Rs. 20 per executed order.
Dhan Account Opening & Annual Charges
| Particulars | Fees |
| Equity (trading + demat) and commodity account | Rs. 0 charges |
| Annual maintenance charges | Rs. 0 AMC |
What I Liked
- Rs. 0 delivery charges
- Rs. 0 AMC charges
- Access to Option trader app & Trading view tools
What I Didn’t Like
- No Currency F&O trading
#9. TradeSmart Online Discount Broker Review
TradeSmart Online charges one of the lowest brokerages of 7 paise for most of the segments if you trade less volumes.
TradeSmart Online is a discount broking venture of VNS Finance & Capital Services Ltd with over 20 years of business presence.
VNS itself is a full-service broking company.
TradeSmart Online Brokerage Charges
TradeSmart offers two brokerage plans:
- Value trading plan suited for less-volume traders
- Power trading plan for big volume traders
You can choose anyone based on your trading preferences. The brokerage charges under both plans are below:
| Trading Segment | Brokerage for Value Trading Plan | Brokerage for Power Trading Plan |
| Equity delivery | 0.07% | Rs. 15 per executed order |
| Equity Intraday | 0.007% | Rs. 15 per executed order |
| Equity Futures | 0.007% | Rs. 15 per executed order |
| Options | Rs. 7 per lot | Rs. 15 per executed order |
| Currency | 0.007% | Rs. 15 per executed order |
| Commodities | 0.007% | Rs. 15 per executed order |
The “Call and Trade” is charged at Rs 20 per executed order. TradeSmart charges Rs. 20 for MIS, CO, BO auto square off.
TradeSmart Online Registration & Annual Charges
| Particulars | Fees |
| Account Opening charges | Rs. 0 |
| Annual Maintenance charges | Rs. 300 (first year free) |
My Opinion About TradeSmart Online
What I Liked
- Value trading and Power trading plans
- Low 7 paise brokerage for equity delivery
What I Didn’t Like
- 0.07% charges for delivery trades
#10. Alice Blue Review
Alice Blue Financial Services P Ltd. (Alice Blue) is a 15-year-old SEBI-registered Bengaluru-based discount broker.
They initially started commodity broking with MCX membership and later rolled into equities and the F&O segment.
5 Lacs+ customers spread across 20 major cities use Alice Blue platforms.
Apart from trading in equity and derivatives, you can invest in Mutual Funds, IPO and avail investment advisory services.
Alice Blue Brokerage Charges
| Trading Segment | Flat Zero brokerage Scheme |
| Equity Delivery | Lower of Rs. 20 per executed order or 2.5% |
| Equity Intraday | Lower of Rs. 20 per executed order or 0.05% |
| Equity Futures | Lower of Rs. 20 per executed order or 0.05% |
| Equity Options | Lower of Rs. 20 per executed order |
| Currency & Commodity Futures | Lower of Rs. 20 per executed order or 0.05% |
| Currency & Commodity Options | Lower of Rs. 20 per executed order |
The “Call & trade” are very high at a flat rate of Rs. 50 per trade.
Alice Blue Account Opening & Annual Charges
| Particulars | Fees |
| Trading Account Opening Fees | Rs. 0 |
| Demat Account Opening Fees | Rs. 0 |
| Annual maintenance charges | Rs. 0 |
What I Liked
- Rs. 0 AMC charges for lifetime
- Investment advisory services along with stock trading
What I Didn’t Like
- Rs. 20 equity delivery trade charges
- Rs. 50 call & trade charges
#11. BlinkX Online Trading Review
BlinkX is a SEBI Registered discount broking brand of JM Financial Services Ltd.
JM Financial has launched BlinkX as an innovative digital platform loaded with AI for trading strategies, fast order placement and seamless trading. At present, it has 3+ Lacs clients with an average daily trading volume of 60,000+ crore.
BlinkX also has a Non-Subscription brokerage plan that is similar to a full-service stockbroking company.
BlinkX Brokerage Charges
BlinkX offers two plans:
- Subscription plan – suited for beginner traders
- Non Subscription plan – suited for option traders
| Trading Segment | Subscription plan – Rs. 199 | Non Subscription Plan |
| Equity Delivery | Free | 0.25% |
| Equity Intraday | Free | 0.01% |
| NSE Equity Futures | Free | 0.01% on both side |
| NSE Equity Options | Free | Rs. 20 per lot on both side |
| Currency Futures | Free | 0.01% on both side |
| Currency Options | Free | Rs. 20 per lot on both side |
| Commodity Futures | 0.01% on both side | 0.01% on both side |
| Commodity Options | Rs. 20 per lot on both side | Rs. 20 per lot on both side |
Note – the maximum turnover under the subscription plan is limited to Rs. 25 Cr for Equity intraday, Rs. 50 Cr for futures trading and 10,000 lots for options per day.
In case if you breach the limits then the non-subscription plan brokerage will be applicable.
BlinkX Registration & Annual Charges
| Particulars | Charges |
| Account Opening Charges | Rs. 0 |
| Demat AMC | Rs. 300 per annum (First year free) |
What I Liked
- Rs. 0 brokerage charges for most segments under the subscription plan
- Fast trading platform
- Backing of JM Financials
What I Didn’t Like
- 0.25% equity delivery trade charges
- Rs. 20 for account statements
Conclusion
If you ask me, which is the best discount broker in India, I would suggest you to open an account with Zerodha.
Open an account with Upsotx if you are looking for an alternative to Zerodha.
FAQs
Is there any hidden charges when discount brokers say Rs. 0 (NIL) brokerage?
Rs. 0 brokerage offered by discount brokers means they are not charging any fees for the trade.
But you need to pay other charges associated with the trade, like – STT/CTT, Transaction charges, GST, SEBI Fees, and Stamp duty even when the brokerage charge is Rs. 0.
Which is the best discount broker in India?
After Zerodha, most stock brokers started adopting the discount broking model. Zerodha is a pioneer in discount broking and is the best discount broker in India.
Who is the cheapest stock broker?
The article lists the best discount discount brokers in India, including the cheapest stock broker.
Rather than hunting for the cheapest one, you should check your trading style and requirements first and then pick the stock broker who fulfills your needs.
Which Discount brokerage is best for investing?
Investing is a long-term financial approach, often holding stocks for 5+ years. Zerodha offers Rs. 0 for delivery trades, free account opening and Rs. 300 maintenance charges.
Discount broker with Zero AMC?
Stock brokers offering zero AMC are – Upstox, Groww, Dhan, and Alice Blue.
it is very helpful blog for me. thanks for sharing.
Hi pradeed,
Is there any hidden charges in SAS ONLINE brokerage when we choose monthly plan for @999.
Roughly i will take 25 trades a week , can u suggest a good broker to reduce charges.
waiting for ur reply.
sunil varma
You need to pay other charges like STT, GST, SEBI Fees, and stamp duty even with Rs. 0 brokerage charges under the 999 per month plan.
I recommend Zerodha for all over better service from a discount broker. You can open a Zerodha account from here.
You need to pay other charges like STT, GST, SEBI Fees and stamp duty even with Rs. 0 brokerage charges under the 999 per month plan.
I recommend Zerodha for all over better service from a discount broker. You can open a Zerodha account from here.
UPSTOX is useless and Bogus Broker They directly close your Tickets raised without having any conversaton with the member.
They should be fined and asked to close the Broking Business.
All are free to call me to understand the useless chor
I also heard similar stories of bad customer support provided by discount brokers
We have to compromise a little when we expect a company to provide very cheap services.
I agree they should have improved the service. But if you want to experience good service then get a Demat account with full-service broker. Of course they will charge you more on brokerage.
5 paisa web version is technologically not upto the mark.
Definitely, but 5paisa mobile app is good.
You forgot a very good and important broker – Finvasia.
Check out their platform and let me know.
Thanks for suggesting. I will do detailed research about the broker.
Hi Pradeep,
I am NRI ( Canadian of indian origin) and would like to open demat & trading accounts with better and reasonable online brokerage in India for Indian stocks and trading. After Karvy episode and termination as a depositor, We have been asked to transfer the account ASAP.
What is your suggestion?
Thanks
Gurdev Saini, Toronto, Canada
Hello Gurdev,
The choice of demat & trading account depends on your investment/ trading needs.
Discount brokers like Zerodha, 5Paisa and Upstox are low-cost brokers that charge a flat Rs. 20 per trade. They are a better option if you do your own research and do not require stock tips, research or any other services.
Full-services brokers like IIFL Securities, ICICI Direct, Motilal Oswal charge a percentage brokerage (up to 0.55%) of the transaction value that are very high. But you have access to their research reports, stock recommendations and other services like PMS, insurance & loans products.
Thanks for suggesting. I will do a detailed research about the broker.