Finding the best stock broker in India is a tough task because there are more than 200 (which includes full-services & discount) stock brokers present in India.
You should first understand your trading and investment needs to pick the right stockbroker for you.
For example, If you trade large volumes without the need for research and investment advisory then you should open an account with discount brokers. Discount brokers charge a flat fee per order (generally Rs. 20 per order), provide a decent trading platform but no investment advisory.
On the other hand, if you need hand-holding, investing tips, research-based advisory and other services like wealth and portfolio management then go for full-service brokers.
Full-service brokers charge brokerage fees in percentage terms (range 0.3% to 0.55%) of trade volume and offer a host of research and investment advisory.
For this article article, we have researched and analyzed the brokers and prepare a list of 11 best stock brokers in India 2020.
Our Top Pick For Best Stockbrokers in India 2020
Upstox Demat & Trading
Unlimited Zero Brokerage for 30 Days.
Here is my list of top 11 best stock broker in India 2020
Best Stock Broker in India 2020
#1. UpStox Stock Broker Review
Upstox is the fastest growing discount broker in India for the last 2 years. Upstox is best choice for high volume traders looking for high margins (up to 20X), low brokerages, and decent trading platforms.
You would only need to pay Rs. 20 to do trade intraday, F&O, currencies, and commodities irrespective of the trade volume. The stock delivery is free.
Currently, Upstox is giving 30 days Zero brokerage offer on new account opening. You will get a brokerage free trading freedom for the next 30 days without paying a single penny.
Open Upstox Flexi account to get benefits more than Rs 4000
Why Upstox is at number #1
- Free Demat & trading account opening
- Current offer of Zero brokerage for 30 days
- Fix brokerage of Rs 20/trade (after 30 days)
- Zero brokerage on stock deliver
- Advance trading platforms with charts & tools
UpStox Brokerage Charges
There are two trading plans; namely the Basic plan and the Priority plan.
| Trading Type | Brokerage Charges for Basic Plan | Brokerage Charges for Priority Plan |
| Equity Delivery | Rs. 0 | Rs. 0 |
| Equity Intraday | Lower of Rs. 20 per executed order or 0.05% | Lower of Rs. 30 per executed order or 0.10% |
| Equity Futures | Lower of Rs. 20 per executed order or 0.05% | Lower of Rs. 30 per executed order or 0.10% |
| Currency Futures | Lower of Rs. 20 per executed order or 0.05% | Lower of Rs. 30 per executed order or 0.10% |
| Commodity Futures | Lower of Rs. 20 per executed order or 0.05% | Lower of Rs. 30 per executed order or 0.10% |
| Equity Options | Rs. 20 per executed order | Rs. 30 per executed order |
| Currency Options | Rs. 20 per executed order | Rs. 30 per executed order |
| Commodity Options | Rs. 20 per executed order | Rs. 30 per executed order |
UpStox Account Opening & AMC Charges
Upstox does not charge any fee for opening a demat account.
- Demat & Trading account opening – FREE
- Account maintenance charges – Rs 25/month
UpStox Trading Platforms
#1. UpStox Pro Web
UpStox Pro web helps you to perform in-depth stock and market analysis with advanced features like API integration, algo trading, powerful charts and 100+ technical indicators.
Pro Web is a browser-based trading platform that uses socket technology that allows access to real-time market data at a faster speed. You have the facility to trade directly from charts.
Additionally, the one-click trade helps you buy & sell quickly. Just preset your order preference to quickly get in and out of the trade.
#2. UpStox NEST Trader Desktop
NEST trader is a partnered trading desktop software that helps you monitor markets, place orders, and buy & sell shares in real-time.
You can install the application on a desktop or a laptop.
Features of NEST trader
- Multi-monitor view
- Customizable interface
- Advanced charting
- Low latency
#3. UpStox Pro Mobile App
The UpStox Pro Web is available on mobile where you can track, monitor and trade using charting tools and more than 100 technical indicators.
The UpStox Pro mobile trading platform is compatible with both Android and iOS smartphones.
Best For
Upstox is best for traders and investors because of flat brokerage of Rs. 20 and decent trading platforms.
#2. Zerodha Stock Broker Review
Zerodha is a Bengaluru based broker that bought discount broking model in India. Zerodha now contributes over 15% of the total retail trading volumes in India having more than 12 lakh user base.
Zerodha is best for placing high volume trades with minimal margin requirements. The broker charges a flat Rs. 20 for intraday and F&O trades.
You can invest in mutual funds, bonds and IPO (through Bhim UPI). Equity delivery and direct mutual fund investment are free
Why Zerodha is at #2
- Most trusted stockbroker by the traders
- Fix brokerage of Rs 20/trade on intraday
- Zero brokerage on delivery
- Good customer support
- Best charts and tools for trading & technical analysis
Zerodha Brokerage Charges
Zerodha does not have different plans.
| Trading Type | Brokerage Charges |
| 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 and 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 & AMC Charges
| Particulars | Charges |
| Trading and Demat account opening charges | Rs. 200 |
| Commodity Account | Rs. 100 |
| Trading account annual maintenance charges | Rs. 0 |
| Demat account annual maintenance charges | Rs. 300 |
Zerodha Trading Platforms
#1. Kite 3.0
Kite 3.0 is a web-based trading platform that helps you search 90,000+ stocks and F&O contracts across stock exchanges with zero latency.
For deeper insights into liquidity, Kite 3.0 discloses 20 market depth or level 3 data.
Kite brings in a
- Advanced charting
- Sleek user interface
- Real-Time widgets
#2. Kite Mobile
Kite Mobile App is a miniature version of the Kite 3.0 trading platform having bandwidth consumption of fewer than 0.5 Kbps.
The app is compatible with both Android and iOS. You would get all the features of Kite 3.0 in the Kite app.
The app has a biometric (fingerprint and Face ID – iOS) 2FA login for better security. You can trade and monitor live streaming data from BSE, NSE and MCX with the Kite app.
#3. Zerodha Pi
Zerodha Pi is an installable desktop trading terminal which is still handy to trade. Zerodha is now promoting the Kite 3.0 platform.
Pi helps you trade across segments at BSE, NSE and MCX with advanced charting, algo, strategies & backtesting.
Best For
Zerodha is best for self-directed, cost-conscious new and regular traders who are happy trading decent volumes on 12.5x margins while paying a flat brokerage of Rs. 20.
#3. 5Paisa Stock Broker Review
5 Paisa is a top stock broker that charges the lowest brokerage of flat Rs. 10 per order is under the Platinum & Titanium plans. There is no brokerage on stock delivery.
You get a common account for stock trading, mutual funds and insurance investment.
5paisa mobile app is the best mobile trading app till now in India. The app is really easy to use and provide great experience.
If you are looking for a cheapest brokerage charge stockbroker and having a requirement of mobile trading app then you should go with 5paisa.
Why 5Paisa is at #3
- Charge the lowest brokerage of Rs 10/trade
- Zero brokerage on delivery
- Fastest account opening process
- Best trading app with easy to use.
5Paisa Brokerage Charges
5 Paisa offers three subscription plans, namely the Optimum, Platinum and Titanium plans.
| Transaction | Optimum Plan | Platinum Plan | Titanium Plan |
| Stock Delivery | Rs. 20 per order | Rs. 10 per order | Free |
| Stock Intraday Trading | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| Stock Futures | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| Stock Options | Rs. 20 per order | Rs. 2 per lot | Rs. 2 per lot |
| Currency F&O Trades | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
Unlike other discount brokers where delivery trades are free, you need to pay Rs. 10 to Rs. 20 for delivery trades under Optimum and Platinum plans respectively.
5Paisa Account Opening & AMC Charges
The Demat and Trading account opening is free. The account maintenance charges are
- Optimum Plan – Rs. 45 per traded month.
- Platinum Plan – Rs. 499 per month
- Titanium Plan – Rs. 999 per month
5Paisa Trading Platforms
#1. Trader Station Web
5 Paisa “Trader Station Web” is an online trading platform available on a web browser like Google Chrome, Firefox or Safari.
5 Paisa Trader Station Web offers a consolidated view of your portfolio, positions and holdings across equity & mutual funds.
#2. Trade Station EXE
5 Paisa “Trade Station EXE” is an installable desktop-based trading terminal best for frequent traders who need advanced trading tools.
Trade Station EXE application offers real-time data, advanced charts for intraday and past stock prices for comparison.
#3. 5 Paisa App (Mobile Trading App)
5 Paisa mobile trading app is a miniature version of the trade station that offers trading facility Robo research & advisory.
The app can be used to buy stocks, trade-in stock and currency futures & options, invest in mutual funds and bonds.
The 5 Paisa app is also helpful for buying insurance products and availing personal loans.
Best For
5Paisa’s brokerage charge of Rs. 10 per trade is the lowest. The trading account is best for new traders and investors who want to save money while building a decent portfolio.
The account is also best for options traders, they can take advantage of Rs. 2 per trade to trade large volumes.
#4. Wisdom Capital Stock Broker Review
Wisdom Capital is a discount broker best for derivatives (Equity and commodity F&O) trading.
The broker charges one of the lowest flat brokerages of Rs. 9 per trade for derivative trading under the Pro plan.
Wisdom Capital is based out of Noida and has 1000 franchises all over India.
Wisdom Capital Brokerage Charges
Wisdom Capital has three trading plans – Freedom Plan, Pro Plan and Ultimate Plan;
| Trading Type | Freedom Plan | Pro Plan | Ultimate Plan |
| Equity Delivery | Rs. 0 | 0.005% | 0.007% |
| Equity Intraday | Rs. 0 | 0.005% | 0.007% |
| Equity Futures | Rs. 0 | Rs. 9 per trade | 0.005% |
| Equity Options | Rs. 0 | Rs. 9 per trade | Rs. 15 per lot |
| Commodity F&O – MCX | Rs. 0 | Rs. 9 per trade | 0.005% |
Wisdom Capital Account Opening & AMC Charges
Charges for opening an account online with Wisdom Capital under various plans are as under.
| Particulars | Freedom Plan | Pro Plan | Ultimate Plan |
| Demat & Trading account opening charges | Rs. 999 | Rs. 0 | Rs. 0 |
| Trading account annual maintenance charges | Rs. 0 | Rs. 0 | Rs. 0 |
| Demat account annual maintenance charges | Lifetime AMC by paying – Rs. 999 (one-time) | Lifetime AMC by paying – Rs. 999 (one-time) Or Annual AMC of – Rs. 300 | Lifetime AMC by paying – Rs. 999 (one-time) Or Annual AMC of – Rs. 300 |
Wisdom Capital Trading Platforms
#1. Desktop Based – FOX Trader Trading Platform
Fox Trader is loaded with advanced features like chart analysis, technical indicators, live tick screening and algorithm designing.
You can use multiple scanners with 200+ conditions & signals and 300 + studies and API integration for advanced charts and paced up orders execution.
One can also generate an “End-of-day” technical analysis for further studies and analysis.
#2. Desktop Based – NEST Trader Trading Platform
NEST trader platform is compatible with the Windows operating system. NEST Trader platform allows you to trade without delays, scan with better filtering options and create multiple watch lists.
#3. Mobile Based – Wisdom Pro App
Wisdom Pro has an intensive watch list on 300 stocks. You can even create predefined watchlists like Nifty 50, Nifty 100.
Best For
Wisdom Capital is best for professional traders looking for higher (up to 60X) margins and decent trading platform.
Best Full-Service Stock Broker in India 2020
#5. Angel Broking Full Service Stock Broker Review
Angel Broking (full Angel Broking review) is a 30+-year-old full-service broking company that offers discount brokerage rates of Rs. 20 per trade.
You can invest in IPO, OFS, bonds and even avail loans against shares. Angel Broking has a pan India presence through 110 branches and a network of sub-brokers spread over 1800 cities and towns.
Angel Broking Brokerage Charges
Angel Broking does not have different trading plans. You need to pay a maximum of Rs. 20 per trade across the trading segment irrespective of the trading volume.
| Trading Segment | Brokerage Charges |
| Equity Delivery | Rs. 0 |
| Equity Intraday | Rs. 20 per trade |
| Futures – Equity / Commodity / Currency | Rs. 20 per trade |
| Options – Equity / Currency | Rs. 20 per order |
Angel Broking Account Opening & AMC Charges
Charges related to account opening are as under
| Particulars | Charges |
| Trading account opening charges (One time) | Rs. 699 |
| Demat Account | Rs. 0 |
| Annual maintenance charges | First Year – FreeFrom Second Year onwards – Rs. 450 |
There is an option to pay a lifetime AMC (charged upfront once) of Rs. 2500 under the “LIFE 2500” scheme.
Angel Broking Trading Platforms
#1. Angel Broking App
Angel Broking mobile app helps you trade through the smartphone. The app is compatible with Android and iOS operating systems.
The app can be used to check multiple indexes, access ledgers, contract notes, P&L statements and to transfer funds & securities.
#2. Angel Broking Trade
Angel Broking trade is a web-based trading platform where you can trade, invest in Mutual funds, commodities, currencies, mutual funds, bonds, and IPO.
Angel Broking Trade platform can be used to manage the wealth/ account of the entire family with a single login.
#3. Angel Speed Pro
Angel Speed Pro is a desktop trading software that can be used on multiple PCs for trading.
Speed Pro is helpful in tracking your portfolio, get instant market news and update live market data in excel.
Best For
Angel broking offers a flat brokerage of Rs. 20 per trade and 6-8 times margins for day trading, that is sufficient for new and regular traders.
Angel demat and trading account is best if you are looking for an advanced trading platform (Speed Pro) or a mobile app for day trading.
#6. Sharekhan Stock Broker Review
Sharekhan (read our Sharekhan review) is a full-service stockbroker having two decades of industry presence with 2+ million clients and pan India presence across 575 cities.
The value-added services include mutual fund investment and portfolio management services.
Sharekhan offers research advisory customized for traders, investors and for mutual fund investment separately.
Sharekhan Brokerage Charges
| Trading Type | Brokerage Charges |
| Equity Delivery | 0.50% (minimum 10 paise per share) |
| Equity Intraday | 0.10% (minimum 5 paise per share) |
| Equity Futures | 0.10% |
| Equity Options | Rs. 100 per lot (2.5% on premium) |
| Currency Futures | 0.10% |
| Currency Options | 2.5% or a minimum of Rs. 30 per lot |
| Commodity Futures | 0.10% |
| Commodity Options | 2.5% or a minimum of Rs. 30 per lot, maximum brokerage – Rs. 250 per lot |
Sharekhan Account Opening & AMC Charges
| Particulars | Charges |
| Trading account opening charges | Rs. 0 |
| Demat account opening charges | Rs. 0 |
| Trading account annual maintenance charges | Rs. 0 |
| Demat account annual maintenance charges | Up to Rs. 1000 (Free for 1st year). The AMC depends on the number of transactions. |
Sharekhan Trading Platforms
#1. Sharekhan Website
Sharekhan website is a URL based web trading platform with features such as smart search, portfolio tracker, advanced charting for trading, researching, tracking and investing.
#2. Trade Tiger
Trade Tiger is a web-based, desktop trading platform that provides features of a broker’s terminal.
There are two versions of Trade Tiger trading platform.
| Particulars | Trade Tiger Basic | Trade Tiger Advanced |
| For | Individuals | Professional Traders |
| PC | Works on Pentium 4 Processor or lower | Works on Pentium Dual Core Processor or higher |
| Operating system | Win 7, Win 8 | Win 7 & above |
| Processor | Intel Dual Core | Intel Dual Core |
| RAM | 1GB | 2GB |
| Disk Space | 40 MB | 1GB |
#3. Sharekhan Mini
Sharekhan Mini is a miniature lite version of the Sharekhan website. The version is best when you have low internet speed. Sharekhan Mini does not require app installation and is accessible on PC and laptops.
#4. Sharekhan Mobile App
Sharekhan App is compatible with both Android and iOS devices. The app facilitates trading and mutual fund investments.
Best For
New traders and individuals who need advisory services and do not mind paying a higher brokerage.
#7. Edelweiss Broking Review
Edelweiss broking has over two decades of industry presence where you can trade and invest in shares, derivatives (F&O), mutual funds, insurance Gold ETF and IPO.
Presently, they have a team of 11,938 professionals across 200 locations in India handling more than a million clients.
Edelweiss offers guided investing through portfolio organizer and research reports.
Edelweiss Brokerage Charges
Edelweiss has two brokerage plans
| Particulars | Edelweiss Lite | Edelweiss Elite |
| Equity Delivery | Rs. 10 per executed order | 0.30% |
| Equity Intraday | Rs. 10 per executed order | 0.03% |
| Equity Futures | Rs. 10 per executed order | 0.03% |
| Equity Options | Rs. 10 per executed order | Rs. 75 per lot |
| Currency Futures | Rs. 10 per executed order | 0.02% |
| Currency Options | Rs. 10 per executed order | Rs. 20 per lot |
One can switch accounts. Account switch is free when you switch from Lite to Elite. Whereas a fee of Rs. 2500 is charged when you switch from the Elite to the Lite plan.
Edelweiss Account Opening & AMC Charges
| Particulars | Edelweiss Lite | Edelweiss Elite |
| Account Opening | Rs. 0 | Rs. 0 |
| AMC Charges | First Year – FreeSecond Year onwards – Rs. 300 | Rs. 0 |
Edelweiss Trading Platforms
#1. Terminal X3 (TX3)
Terminal X3 (TX3) is a desktop-based trading terminal with speed, 60+ advanced indicators for advanced charting and insightful data analytics.
Terminal X3 screen can be converted into widget sized boxes creating multiple screens helping you track and trade multiple assets.
#2. Edelweiss Mobile Trader
Edelweiss mobile trader has dedicated sections for Equity, Derivatives and Commodity markets.
The app is compatible with Android and iOS applications. The Edelweiss mobile trader app helps view multiple chart types like Heiken Ashi, Renko, Points & Figure, Candlestick and OHLC (open, high, low and close) charts.
Best For
Edelweiss is best for traders who want to experiment with both flat and percentage-based brokerage and then make up their mind. Edelweiss gives them the flexibility to change plans.
#8. Kotak Securities Full Service Stockbroker Review
Kotak Securities is a full-service stockbroker backed by Kotak Mahindra Bank with a presence in 367 cities & 1157 branches pan India.
Through Kotak Securities, you can invest in stocks, derivatives, mutual funds, IPOs and ETFs. The other services include client portfolio management and in house research advisory.
Kotak Securities Brokerage Charges
Kotak Securities offers four plans, namely Fixed Brokerage plan, Dynamic Brokerage plan, Advance Brokerage plan and Shubh Trade plan.
#1. Fixed Brokerage Plan
| Segment | Brokerage |
| Equity Delivery | 0.49%, Min 4 paise per share |
| Intraday (both sides) | 0.049%or Rs. 21 per executed order, whichever is higher Min 3 paise per share |
| Futures (both sides) | 0.049%Min 3 paise per share subject to ceiling of 2.5% of contract value |
| Options | Rs. 300 per lot |
#2. Dynamic Brokerage plan
For Delivery Trades
| Slabs | Brokerage (both sides) |
| < Rs. 1 Lakh | 0.59% |
| Rs. 1 Lakh to Rs. 5 Lakh | 0.55% |
| Rs. 5 Lakh to Rs. 10 Lakh | 0.45% |
| Rs. 10 Lakh to Rs. 20 Lakh | 0.36% |
| Rs. 20 Lakh to Rs. 60 Lakh | 0.27% |
| Rs. 60 Lakh to Rs. 2 Crores | 0.23% |
| > Rs. 2 Crores | 0.18% |
For Intraday Trade
| Slabs | Brokerage (both sides) |
| < Rs. 25 Lakh | 0.06% |
| >Rs. 25 Lakh | 0.05% |
Futures
| Slabs | Brokerage (both sides) |
| < Rs. 25 Lakhs | 0.06% |
| Rs. 25 Lakhs to Rs. 2 Crores | 0.05% |
| Rs. 2 Crores to Rs. 5 Crores | 0.04% |
| > Rs. 5 Crores | 0.03% |
Options – Brokerage is applicable on both sides
| Monthly Premium Volume | Intraday Brokerage | Settlement Brokerage | Minimum Brokerage per lot |
| Up to Rs. 4 Lakhs | 2.5% | 2.5% | Rs. 300 |
| Rs. 4 Lakhs to Rs. 11 Lakh | 2.25% | 2.5% | Rs. 240 |
| > Rs. 11 Lakhs | 1.8% | 2.3% | Rs. 180 |
Currency Derivatives
| Monthly Volume Slab | Currency Futures | Currency Options |
| Rs. 0 to Rs. 3 Crores | 0.040% or Rs. 20 whichever is higher | Rs. 20 per lot |
| Rs. 3 Crores to Rs. 8 Crores | 0.036% or Rs. 18 whichever is higher | Rs. 18 per lot |
| Rs. 8 Crores to Rs. 15 Crores | 0.030% or Rs. 15 whichever is higher | Rs. 15 per lot |
| Rs. 15 Crores to Rs. 30 Crores | 0.020% or Rs. 10 whichever is higher | Rs. 10 per lot |
| > Rs. 30 Crores | 0.015% or Rs. 7.5 whichever is higher | Rs. 7.5 per lot |
#3. Advance Brokerage Plan – (Brokerage rates are applicable on both sides)
Under the advance brokerage plan, fees are charged as a percentage of the trade value. The brokerage is reversed at the end of the 12 month plan period.
For example,
- Suppose, when you choose plan B and if no brokerage is generated then the complete advance fee of Rs 10,000 will be reversed.
- If the brokerage generated is Rs. 15,000, then only Rs. 10,000 is reversible
- If the brokerage is of Rs 8000 during the one year period, then the balance of. Rs 2000 would be reversed.
| Particulars | Plan A | Plan B | Plan C | Plan D |
| Fees | Rs. 5000 | Rs. 10,000 | Rs. 50,000 | Rs. 2,00,000 |
| Delivery | 0.39% | 0.29% | 0.19% | 0.12% |
| Intraday | 0.040% | 0.035% | 0.030% | 0.015% |
| Futures | 0.040% | 0.035% | 0.030% | 0.015% |
| Options | Rs. 225 per lot | Rs. 225 per lot | Rs. 150 per lot | Rs. 150 per lot |
| Currency Futures | 0.024% or Rs. 12 per lot whichever is higher | 0.020% or Rs. 10 per lot whichever is higher | 0.016% or Rs. 8 per lot whichever is higher | 0.016% or Rs. 8 per lot whichever is higher |
| Currency Options | Rs. 12 per lot | Rs. 10 per lot | Rs. 8 per lot | Rs. 8 per lot |
#4. Shubh Trade Brokerage Plan
For availing the Shubh Trading plan you need to bring in the cash margin of Rs. 1 Lakh.
| Segment | Brokerage |
| Equity Delivery | 0.49%, Min 4 paise per share |
| Intraday (both sides) | 0.049%or Rs. 21 per executed order, whichever is higher Min 3 paise per share |
| Options (both side) | Rs. 21 per lot |
| Futures (both sides) | 0.049%Min 3 paise per share subject to ceiling of 2.5% of contract value |
| Currency Futures (both sides) | 0.020% or Rs. 10 per lot whichever is higher |
| Currency Options (both sides) | Rs. 10 per lot |
Kotak Securities offer a “Call & Trade” facility where the first 20 calls are free. From the 21st call, you are charged at Rs. 20 per call.
Kotak Securities Account Opening & AMC Charges
| Trading Account opening fees | Rs. 750 |
| Demat Account opening fees | Rs. 0 |
| Trading account AMC charges | Nil |
| Demat Account AMC Charges | Rs. 50 per month |
Kotak Securities Trading Platforms
#1. KEAT Pro X
KEAT Pro X is a desktop-based trading platform for trading equities and currency. You can trade, watch live prices, create a watch list and monitor your portfolio.
#2. Kotak Stock Trader
Kotak Stock Trader is a mobile app compatible with Android and iOS devices. You can trade anywhere, manage the portfolio, watch market, access charts, news & research information.
Best For
Kotak Securities is best if you require very high margins or want to invest in ETFs, bonds and IRF (Interest Rate Futures) and do not mind paying extra money.
#9. IIFL (India Infoline) Stock Broker Review
India Infoline is an ISO certified diversified financial arm of the IIFL group. IIFL is a full-service stockbroker with other value-added services like
- Mutual Funds
- IPO
- Portfolio Management Service
- Loans (home, personal, gold, property and business)
- Wealth & portfolio management
- Asset management, Investment banking
- Institutional equities
IIFL offers you a host of customized plans suited to your trading and investing needs.
IIFL Brokerage Charges
IIFL has three equity brokerage plans
#1. Variable Brokerage Plan
Delivery (brokerage applicable on both sides)
| Monthly Volume(in Rs. Lacs) | Brokerage |
| <1 | 0.60% |
| 1-5 | 0.55% |
| 5-10 | 0.45% |
| 10-20 | 0.35% |
| 20-60 | 0.25% |
| 60-200 | 0.20% |
| >200 | 0.15% |
Intraday (brokerage applicable on both sides)
| Monthly Volume (in Rs. Lacs) | Brokerage |
| <20 | 0.05% |
| 20-100 | 0.04% |
| 100-500 | 0.03% |
| >500 | 0.02% |
Equity Futures (brokerage applicable on both sides)
| Monthly Volume (in Rs. Lacs) | Brokerage |
| <100 | 0.05% |
| 100-500 | 0.04% |
| 500-1000 | 0.03% |
| 1000-5000 | 0.025% |
| >5000 | 0.02% |
Equity Options (brokerage applicable on both sides)
| Monthly Premium Vol (in Rs. Lacs) | Brokerage |
| Up to Rs. 4 lacs | 2.5% (min Rs. 100 per lot) |
| 4-10 | 2.0% (min Rs. 100 per lot) |
| 10-20 | 1.75% (min Rs. 80 per lot) |
| 20-50 | 1.25% (min Rs. 60 per lot) |
| >50 | 1.0% (min Rs. 40 per lot) |
#2. Flat Brokerage Plan
| Trade Segments | Brokerage |
| Intraday both side | 0.05% |
| Delivery | 0.50% |
| T and Z group shares | 0.75% |
| Futures both sides | 0.05% |
| Options (minimum) | 1% of premium or Rs. 100 per lot whichever is higher |
#3. Value Added Subscription Plan
| Subscription Value | Plan Period (month) | Delivery | Intraday (each leg) | Futures (each leg) | Options (each leg) |
| Default Plan (Nil) | 12 | 0.50% | 0.05% | 0.05% | 1% of premium or Rs. 100 per lot whichever is higher |
| Rs. 1000 | 1 | 0.25% | 0.03% | 0.03% | 1% of premium or Rs. 70 per lot whichever is higher |
| Rs. 2000 | 1 | 0.15% | 0.02% | 0.02% | 0.50% of premium or Rs. 60 per lot whichever is higher |
| Rs. 5000 | 12 | 0.35% | 0.04% | 0.04% | 1% of premium or Rs. 90 per lot whichever is higher |
| Rs. 10,000 | 12 | 0.25% | 0.03% | 0.03% | 1% of premium or Rs. 70 per lot whichever is higher |
| Rs. 25,000 | 12 | 0.15% | 0.02% | 0.02% | 0.50% of premium or Rs. 60 per lot whichever is higher |
| Rs. 50,000 | 12 | 0.10% | 0.01% | 0.01% | Flat Rs. 40 per lot |
| Rs. 1,00,000 | 12 | 0.05% | 0.01% | 0.01% | Flat Rs. 20 per lot |
IIFL Account Opening & AMC Charges
| Particulars | Charges |
| Trading & Demat account opening charges | Rs. 0 |
| Account opening charges for value-added default plan | Rs. 750 |
| Annual maintenance charges | First Year – Free From Second Year onwards – Rs. 400 |
The account opening charges for value-added default plan Rs 750 to be reversed against brokerage within 90 days of account opening.
IIFL Trading Platforms
#1. Trader Terminal (TTWeb)
Trader Terminal is a web-based trading platform where you can trade seamlessly, access research reports and advisory directly on your trading desk.
#2. IIFL Markets App
The IIFL Market App is compatible with Android and iOS smartphones. The app is rated 4.3 with access to the advanced dashboard and IIFL views & reports.
Best For
IIFL stock broker is best if you want a hand-holding, research and trading tips and do not mind paying a higher brokerage charge.
Best Research Stock Broker in India 2020
#10. Motilal Oswal Stock Broker Review
Motilal Oswal is a full-service stockbroker with over three decades of industry presence and is known for solid research advisory.
The broker has an in-house research team that covers 260+ companies & stocks in over 21 sectors. In fact, they spend almost 10% of the revenue on research and on hiring & training for research.
Motilal Oswal offers daily, weekly, monthly, quarterly and annual reports on stock markets, companies, various sectors, market analysis reports and thematic reports.
Brokerage, Admin and AMC Charges
Motilal offers three types of plans. The brokerage details under each plan are as under
#1. Value Pack
| Value Amount | Delivery | Intraday (on each leg) | Futures Equity & Currency (on each leg) | Futures Commodity (on each leg) | Options Equity (per lot on each leg) | Options Currency (per lot on each leg) |
| Rs. 2000 | 0.40% (min 2 paise) | 0.040% | 0.040% | 0.030% | Rs. 50 | Rs. 20 |
| Rs. 3000 | 0.35% (min 2 paise) | 0.035% | 0.035% | 0.025% | Rs. 45 | Rs. 18 |
| Rs. 5000 | 0.30% (min 2 paise) | 0.030% | 0.030% | 0.020% | Rs. 40 | Rs. 15 |
| Rs. 10,000 | 0.25% (min 2 paise) | 0.025% | 0.025% | 0.015% | Rs. 30 | Rs. 12 |
| Rs. 30,000 | 0.20% (min 2 paise) | 0.020% | 0.020% | 0.010% | Rs. 25 | Rs. 11 |
| Rs. 50,000 | 0.15% (min 2 paise) | 0.015% | 0.015% | 0.008% | Rs. 25 | Rs. 10 |
| Rs. 1,00,000 | 0.10% (min 2 paise) | 0.010% | 0.010% | 0.007% | Rs. 20 | Rs. 8 |
- Admin charges under the value pack for all the slabs is Rs. 199 from the first year itself.
- The AMC charges are NIL for the first year. From the second year onwards the charges are Rs. 299 per annum.
#2. Margin Scheme
| Margin Up to | Delivery | Intraday (on each leg) | Futures Equity (on each leg) | Options Equity (per lot) | Currency F&O (per lot) | AMC Fee p.a | Admin Fee p.a |
| Rs. 9,999 | 0.50% (min 5 paise) | 0.050% | 0.050% | Rs. 100 | Rs. 20 | Rs. 800 | Rs. 199 |
| Rs. 10,000 to 24,999 | 0.50% (min 5 paise) | 0.050% | 0.050% | Rs. 100 | Rs. 20 | Rs. 299 | Rs. 199 |
| Rs. 25,000 to 49,999 | 0.40% (min 3 paise) | 0.040% | 0.040% | Rs. 75 | Rs. 20 | Free | NIL |
| Rs. 50,000 to 99,999 | 0.03% (min 3 paise) | 0.030% | 0.030% | Rs. 70 | Rs. 20 | Free | NIL |
| Rs. 1 lakh to 2,99,999 | 0.25% (min 3 paise) | 0.025% | 0.025% | Rs. 50 | Rs. 20 | Free | NIL |
| Rs. 3 lakh to 4,99,999 | 0.02% (min 2 paise) | 0.020% | 0.020% | Rs. 40 | Rs. 20 | Free | NIL |
| Rs. 5 Lakh | 0.015% (min 1 paise) | 0.015% | 0.015% | Rs. 25 | Rs. 20 | Free | NIL |
| Margin Up to | Commodity Futures(on each leg) |
| Rs. 9,999 | 0.04% |
| Rs. 10,000 to 24,999 | 0.04% |
| Rs. 25,000 to 49,999 | 0.04% |
| Rs. 50,000 to 99,999 | 0.03% |
| Rs. 1 lakh to 2,99,999 | 0.02% |
| Rs. 3 lakh to 4,99,999 | 0.02% |
| Rs. 5 Lakh | 0.01% |
#3. AMC 999 Plan
| Trading Type | Brokerage Charges |
| Equity Delivery | 0.50% |
| Equity Intraday | 0.05% on each leg |
| Equity Futures | 0.05% on each leg |
| Equity Options | Rs. 100 per lot |
| Currency Futures and Options | Rs. 20 per lot |
| Commodity F&O | 0.030% on each leg |
Admin Charges – Rs. 199 annually
AMC Charges – Rs. 800 annually
Motilal Oswal Account Opening Charges
| Particulars | Charges |
| Trading account opening charges | Rs. 0 |
| Demat account opening charges | Rs. 0 |
Motilal Oswal Trading Platforms
#1. MO Investor
MO Investor is a web-based financial fitness and trading platform with Robo wealth and ACE (advise on a combination of equities). Both the tool help you to select the right stock and offer professional investment strategies.
The platform comes with stock scanners, advanced charting with 9 technical indicators and the facility to place a bulk order.
#2. MO Trader
MO Trader is a trading platform for advanced traders where you can apply up to 20 screeners, create 4 multi-asset watch lists and access cutting edge solid research advisory on 260+ companies & 21+ sectors.
#3. Desktop-based trading platform
The Motilal Oswal desktop platform offers tick-by-tick stock price charts, more than 40 indicators and a facility to create a multi-asset watchlist.
While trading one has access to research reports and advanced tools like Trade Guide Signal, Option Writer and Option Decoder.
#4. MO Investor App and MO Trader App
Both MO Investor and MO Trader app are compatible with Android and iOS smartphones.
In fact, they are the miniature version of their corresponding full-fledged trading platforms.
Best For
Motilal Oswal demat and trading account is best if you require research advisory and other value-added services to build long term wealth.
#11. ICICI Direct 3-in-1 Stockbroker Review
ICICI Direct research covers stock, companies, market and mutual funds. The research reports are available on the website and on the trading page.
The research products include
- Pre-market views on momentum pick and derivatives
- Intraday recommendations on derivatives strategies and trends
- Monthly outlook on technicals, derivatives and mutual funds
- Long-term recommendations on companies, investments & model portfolio
The period of different reports is from daily to yearly.
ICICI Direct research also includes investor sentiments through a unique proprietary “Retail investor behavior Index”. The index can show the trending retail investor behavior but cannot predict market trends.
ICICI Direct Brokerage Charges
ICICI has an i-Secure plan, prepaid brokerage plan and ICICI Direct Prime plan.
#1. Brokerage charges for the i-Secure plan
A variable percentage of brokerage is charged on the basis of quarterly turnover.
| Trading Type | Brokerage Charges |
| Equity Delivery | 0.55% (including buy and sell) |
| Equity Intraday | 0.275% ( the second leg is not charged) |
| Equity Futures | 0.050% plus a flat brokerage of Rs. 50 on the second leg |
| Equity Options | Rs. 95 per lot plus a flat brokerage of Rs. 50 on the second leg |
| Currency Futures | 0.050% plus a flat brokerage of Rs. 10 on the second leg |
| Currency Options | Rs. 25 per lot plus a flat brokerage of Rs. 10 on the second leg |
The brokerage for Margin and Margin Plus under the i-Secure Plan is 0.050%.
#2. Brokerage charges under Prepaid Brokerage plan
| Prepaid value | Delivery brokerage | Intraday/ Futures | Equity Options | Currency F&O |
| Rs. 10,000 | 0.25% | 0.025% | Rs. 35 per lot | Rs. 0 |
| Rs. 25,000 | 0.22% | 0.022% | Rs. 30 per lot | Rs. 0 |
| Rs. 50,000 | 0.18% | 0.018% | Rs. 25 per lot | Rs. 0 |
| Rs. 1,00,000 | 0.15% | 0.015% | Rs. 20 per lot | Rs. 0 |
| Rs. 2,00,000 | 0.12% | 0.012% | Rs. 15 per lot | Rs. 0 |
| Rs. 3,00,000 | 0.09% | 0.009% | Rs. 10 per lot | Rs. 0 |
#3. Brokerage charges under ICICI Direct Prime plan
| Prime Plan | Scheme validity | Delivery brokerage | Intraday/ Futures | Equity Options | Currency F&O |
| Rs. 900 | 365 days | 0.25% | 0.025% | Rs. 35 per lot | Rs. 0 |
| Rs. 4,500 | 365 days | 0.18% | 0.018% | Rs. 25 per lot | Rs. 0 |
| Rs. 9,500 | 365 days | 0.15% | 0.015% | Rs. 20 per lot | Rs. 0 |
ICICI Direct Account Opening & AMC Charges
| Particulars | Charges |
| Trading and Demat account opening charges | Rs. 0 |
| Trading account annual maintenance charges | Rs. 0 |
| Demat account annual maintenance charges | Rs. 700 |
ICICI Direct Trading Platforms
#1. ICICI Trade Racer
ICICI Trade Racer trading platform is available in the web version, desktop version and on mobile devices.
Trade Racer comes with a market and Trend Scanner, Live Scanner to help analyze and trade. Trade Racer also offers “Heat maps” for spotting price movements.
Best For
ICICI Direct is best if you already have an existing banking relationship with ICICI bank. You also benefit from their trading tips, research advisory and wealth management services.
How to Pick Best Stock Broker in India
After the recent SEBI circular, margins of 100X and 80X will be things of the past. There will be almost uniform margins provided by all the brokers.
The other factors that you should consider before selecting a stockbroker are.
#1. Brokerage Charges
The brokerage charge is the trading cost you pay to a broker for buying and selling shares, equity derivatives, commodity F&O and currency F&O.
Brokerage costs can eat a lot of your profit.
Let’s check with an example, suppose you trade worth Rs. 20 Lakhs in a month with 40 trades (including buy & sell).
If you are required to pay brokerage as a percentage of the trading volume something like a 0.3% brokerage with a full-service broker. Then you end up paying (Rs. 20 Lakhs x 12 months x 0.3%) = Rs. 72,000 annually.
But on the other hand, if you are required to pay Rs. 20 per trade (at discount brokers), then your annual brokerage comes to 40 trades x 12 months x Rs. 20 brokerage = Rs. 9,600 only.
Which is a huge difference for a cost-conscious trader.
Before you jump for a lower brokerage cost, you should also see other trading needs like research advisory, trading tips and wealth & portfolio management services.
#2. Account Opening & AMC Charges
Opening an account online is hassle-free and can be done conveniently from home.
Almost all of the top brokers charge a zero or a few hundred rupees as the fee for account opening but the AMC charges vary from stockbroker to stockbroker.
#3. Trading Platforms
New generation young traders looking for a decent mobile trading platform that helps them trade on the move. Ideally, you should look for a platform that offers you the requisite flexibility and mobility of trading anytime from anywhere.
But if you are a professional, large volume trader then you might look for a fast and stable desktop-based trading platform.
Apart from that pick the platform that provides customization and enough tools to support your trading style & charting studies.
#4. Research Advisory and Value Added Services
If you are going with a discount broker then there will be no research support for intraday trading. Any advisory or value-added services at discount brokers will be paid.
On the other hand, the full-service broker will have a wide range of research advisory and value-added services needed for long term stock investing. But the cost of it will be factored as a percentage in the brokerage.
21 + List of Stock Brokers in India 2020
| 5 Paisa | Aditya Birla Money | Almondz Global Securities |
| Amrapali Capital & Finance | Ashika Stock Broking | Arihant Fincap Ltd |
| Angel Broking | Axis Direct | BOB Capital Markets |
| Canara Bank Securities | Edelweiss | Fyers |
| Geojit Financial Services Ltd | HDFC Securities | IDBI Direct |
| ICICI Direct | IIFL | Indiabulls Ventures Subh |
| Kotak Securities | LKP Securities | Motilal Oswal |
| Nirmal Bang Securities | Religare Securities | Sharekhan |
| SAS Online | Stockholding (SHCIL) Services Ltd | SMC Global Securities |
| SAMCO Securities | SBICaps Securities | Upstox |
| Ventura Securities | Wisdom Capital | Zen Securities |
| Zerodha |
Conclusion
If you ask me which is the best stock broker in india then I would recommend you to open Zerodha account
Open Upstox account if you are looking for a FREE account and want an offer like 30 days zero brokerage.
If you are looking for a lowest brokerage charges, then Open FREE 5paisa account.
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