Top & Best Stock Brokers in India for 2025

If you trade large volumes without the need for research and investment advisory services then you should open an account with discount brokers.

Discount brokers charge a flat fee of Rs. 20 per order.  

Full-service brokers charge brokerage in percentage terms that range from 0.10% to 0.55% of the trade volume and offer a host of research and investment advisory. 

List of Top 20 stock brokers in India 2025

1. Zerodha
2. Upstox
3. 5Paisa
4. Angel One
5. Groww
6. Dhan
7. IIFL Capital
8. Alice Blue
9. Mirae Asset Sharekhan
10. ICICI Direct
11. Kotak Securities
12. HDFC Securities
13. Axis Direct
14. Motilal Oswal
15. SBI Cap Securities
16. Paytm Money
17. Nuvama (Earlier Edelweiss)
18. Religare
19. Geojit
20. Anand Rathi

Our Top Picks Demat Accounts in India

Detailed Review of 10 Best Stock Brokers in India 2025

#1. Zerodha Broking Ltd Review

Zerodha (read full Zerodha review) is a Bengaluru-based stockbroker who brought the concept of the discount broking model to India. Zerodha now contributes over 15% of India’s total retail trading volumes with more than 1+ crore clients.

Zerodha is best for placing high-volume trades with minimal margin requirements. Zerodha charges a flat Rs. 20 for intraday and F&O trades. 

You can invest in mutual funds, bonds, and IPO. Equity delivery and direct mutual fund investment are free.

Why Zerodha is at #1

• Most trusted stockbroker by the traders
• Fix brokerage of Rs. 20 per trade on intraday 
• Zero brokerage on delivery  
• Good customer support 
• Advanced charts and tools for trading & technical analysis

Zerodha Brokerage Charges 

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. 0
Commodity Account	Rs. 0
Demat account AMC (Annual maintenance charges)	Rs. 300 per annum

#2. Upstox Securities Review

Upstox (read full Upstox review) is the fastest-growing discount broker in India. Upstox is the best choice for high-volume traders looking for an alternative to Zerodha.

You only pay a brokerage of Rs. 20 to do Intraday trading, F&O, currencies, and commodities trading irrespective of the trade volume. 

Unlike Zerodha, the stock delivery is charged at Rs. 20 per executed order at Upstox.

Why Upstox

• Free account opening
• Zero AMC charges
• Fix brokerage of Rs. 20 per trade
• Advanced trading platforms with charts & tools 

Upstox Brokerage Charges:

Trading Type	Brokerage Charges
Equity Delivery	Rs 20 per executed order
Equity Intraday	Lower of Rs. 20 per executed order or 0.05%
Futures (Equity, Currency & Commodity)	Lower of Rs. 20 per executed order or 0.05%
Options (Equity, Currency & Commodity)	Rs. 20 per executed order

Upstox Account Opening & AMC Charges 

• Demat & Trading account opening – Free
• Account maintenance charges – Zero

If you can pay the AMC fee, I would suggest Zerodha over Upstox because of its better trading platforms and customer support. Stock delivery is also free in Zerodha.

#3. 5Paisa Capital Ltd Review

5Paisa is a top stock broker that charges a flat brokerage of Rs. 20 per order on all segments irrespective of trading volume. This is costly if you do a few low-volume trades.

You get a common account for Stock trading, Mutual funds, US stock investment, Insurance, and investment.

5paisa mobile app is the best mobile trading app in India. The app is really easy to use and provides a great experience.

If you are looking for fixed flat brokerage charges and having a requirement for the mobile trading app then you should go with 5Paisa.

Why 5Paisa is at #3

• Charge a fixed flat brokerage of Rs. 20 per order
• Fastest account opening process 
• Easy to use best trading app

5Paisa Brokerage Charges 

5Paisa offers two addon packs with lower brokerage charges

Transaction	Brokerage Charges
Stock Delivery	Rs. 20 per order
Stock Intraday Trading	Rs. 20 per order
Stock F&O	Rs. 20 per order
Commodity F&O	Rs. 20 per order
Currency F&O Trades	Rs. 20 per order

5Paisa Account Opening & AMC Charges 

The Demat and Trading account opening is free. The account maintenance charges are up to Rs. 25 per month.

#4. Groww Invest Tech Review

Groww is one of the best discount broker in India with the highest number of active clients, in fact, more than Zerodha as per the NSE. 

Groww is the most used investment app (stock and mutual fund) in India. But it does not have currency and commodity trading.  

Groww app offers small personal loans and bill payments.

Groww Brokerage Charges 

Trading Type	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 Account Opening & AMC Charges 

Charges for opening an account online with Groww is under:

Particulars	Charges
Demat & Trading account opening charges	Rs. 0
Demat account annual maintenance charges	Rs. 0

#5. IIFL Capital Review

IIFL Capital earlier known as IIFL Securities (read full IIFL review) is a full-service stockbroker with value-added services like:

• Mutual Funds
• US Stock investment
• Stock research
• Portfolio Management Service
• Loans (home, personal, gold, property, and business)
• Wealth & portfolio management
• Asset management, Investment banking

IIFL Capital Brokerage Charges 

IIFL Capital offers 3 brokerage plans – Investor, Premium, and Super Trader brokerage plans. The charge details are under:

Trading Segment	Investor Brokerage Plan	Premium Brokerage Plan	Super Trader Brokerage Plan
Monthly Subscription	Rs. 0	Rs. 0	Rs. 999
Delivery trade	0.25%	0.50%	0.10%
Equity Intraday & Equity Futures	0.025%	0.050%	0.010%
Equity Options	Rs. 25 per lot	Rs. 50 per lot	Rs. 10 per lot
Currency & Commodity Trading	0.025%	0.050%	0.015%
Currency Options	Rs. 8 per lot	Rs. 10 per lot	Rs. 5 per lot
Currency Futures	Rs. 20 per lot	Rs. 25 per lot	Rs. 15 per lot
Commodity Options (depending on the commodity)	Rs. 10 to Rs. 125 per lot	Rs. 15 to Rs. 150 per lot	Rs. 5 to Rs. 80 per lot

IIFL Capital Account Opening & AMC Charges 

Particulars	Charges
Trading & Demat account opening charges	Free (Limited time offer)
Annual maintenance charges	First Year – Free From Second Year onwards – Rs. 250

#6. Angel One Ltd Review

Angel One is a 25+ year-old full-service broking company that offers discount brokerage rates of Rs. 20 per trade.

You can invest in IPO, NFO, Mutual funds, Bonds, NCDs, ETFs, and US Stocks Investments. You also get stock tips and research advisory from Angel One from time to time.

Angel One Brokerage Charges

Angel One 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	Lower of Rs. 20 or 0.10% per executed order
Equity Intraday	Lower of Rs. 20 or 0.03% (whichever is lower)
Futures – Equity / Commodity / Currency	Rs. 20 per executed order
Options – Equity / Currency / Commodity	Rs. 20 per executed order

Current Offer: Rs. 0 brokerage (up to Rs. 500) for the first 30 days. Post which Angel One charges normal brokerages as above.

Angel One Account Opening & AMC Charges

Particulars	Charges
Trading account opening charges	Rs. 0
Demat Account	Rs. 0
Annual maintenance charges	First Year – Free. Second Year onwards – Rs. 60 per quarter

#7. Mirae Asset Sharekhan Review

Mirae Asset Sharekhan (earlier Sharekhan) is a full-service stockbroker having two decades of industry presence with 30 Lacs+ customers and a pan India presence.  

The value-added services include mutual fund investment and portfolio management services. New traders can benefit from various stock trading courses on Sharekhan Education.

Mirae Asset Sharekhan offers research advisory customized for traders, investors, and mutual fund investment separately. 

Sharekhan Brokerage Charges 

Trading Type	Brokerage Charges
Equity Delivery	0.30% (minimum 1 paise per share)
Equity Intraday (on both legs)	0.02%
Equity, Currency & Commodity Futures	0.02% on both 1st and the 2nd leg
Equity & Commodity Options	Rs. 20 per lot on each side
Currency Options	Rs. 5 per lot on each side

Sharekhan Account Opening & AMC Charges 

Particulars	Charges
Demat & Trading account opening charges	Rs. 0
Demat account AMC charges	First Year – Free Second Year Onwards – Rs. 400

#8. Nuvama (Earlier Edelweiss) Review

Nuvama offers investment and trading in shares, derivatives (F&O), mutual funds, insurance Gold ETF, OFS, NCD, and IPO. 

They have 14+ years of stockbroking business experience.

Edelweiss offers guided investing through portfolio organizers, smallcase, and research reports. 

Nuvama Brokerage Charges 

Nuvama offers two types of brokerage plans with the flexibility to switch plans.

Particulars	Nuvama Lite	Nuvama Elite
Equity Delivery	Rs. 20 per executed order	0.30%
Equity Intraday	Rs. 20 per executed order	0.030%
Equity Futures	Rs. 20 per executed order	0.030%
Equity Options	Rs. 20 per executed order	Rs. 75 per lot
Currency Futures	Rs. 20 per executed order	0.020%
Currency Options	Rs. 20 per executed order	Rs. 20 per lot
Commodity Futures	0.03%	0.015%
Commodity Options	Rs. 50 per lot	Rs. 30 per lot

Account switch is free from Lite to Elite. Whereas a fee of Rs. 2,500 is charged when you switch from the Elite to the Lite plan. 

Nuvama Account Opening & AMC Charges 

Particulars	Nuvama Lite	Nuvama Elite
Account Opening	Rs. 0	Rs. 0
AMC Charges	First Year – Free Second Year onwards – Rs. 300	First Year – Free Second Year onwards – Rs. 500

#9. Kotak Securities Review

Backed by Kotak Mahindra Bank, Kotak Securities is a full-service stockbroker having presence in 310 cities with 155+ branches, and 1000+ franchisees. 

Services offered include investment in stocks, derivatives, mutual funds, IPOs, Sovereign Gold Bonds, Stockcase, US Stock investments, and ETFs. You can also look for portfolio management and in-house research advisory services. 

Kotak Securities Brokerage Charges 

Kotak Securities offers two plans- Trade Free Brokerage plan and Dealer Assisted Brokerage Plan.

#1. Trade Free Brokerage Plan

Segment	Trade Free Youth Brokerage	Trade Free Plan Brokerage
Equity Delivery	Rs. 0	0.20%
Equity Intraday	Rs. 10 per order	Rs. 10 per order
Equity F&O (Intraday)	Rs. 10 per order	Rs. 10 per order
Currency & Commodity (Intraday)	Rs. 10 per order	Rs. 10 per order
F&O trades (carry forward)	Rs. 10 per order	Rs. 10 per order

#2. Dealer Assisted Brokerage plan

Trading Segment	Brokerage
Equity Delivery	0.39% of transaction value
Equity Intraday	0.039%
Equity and Commodity Futures	0.039%
Equity and Commodity Options	Rs. 39 per lot
Currency Futures	Rs. 9 per lot
Currency Options	Rs. 5 per lot

Kotak Securities Account Opening & AMC Charges

Particulars	Trade Free Plan	Dealer Assisted Plan
Account Opening	Rs. 0 (Free Now)	Rs. 499 (One time)
AMC Charges- Holding value of securities <= Rs. 1000 Holding value of securities > Rs. 1000	Rs. 0 Rs. 0 (Trade Free Youth) Rs. 50 pm (Trade Free Plan)	Rs. 0 Rs. 50 pm

#10. Motilal Oswal Financial Services 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+ 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.

Motilal Oswal Brokerage Charges

Trading Type	Brokerage Charges
Equity Delivery	0.20%
Equity Intraday Trading	0.020%
Equity Futures & Options	Rs. 20 per lot
Currency Futures and Options	Rs. 20 per lot
Commodity Options	Rs. 200 per lot

Motilal Oswal Account Opening & AMC Charges

Particulars	Charges
Demat & Trading account opening charges	Rs. 0
Demat AMC charges	First-year – Rs. 0 Second Year Onwards – Rs. 199 annually

#11. ICICI Direct Review

ICICI Direct is a stock broking arm of ICICI Bank. ICICI Securities operates the ICICI direct platform.

ICICI Securities offers:

• Stock broking services
• Wealth management services
• Distribution of financial products
• Investment Banking
• Investment in US stocks, UK, Germany, Japan, Singapore and Hong Kong

ICICI Direct Brokerage Charges 

ICICI has 3 brokerage plans – an i-Secure plan, an ICICI Direct Money Saver Plan, and an ICICI Direct Prime plan. 

#1. Brokerage charges for the i-Secure plan

Trading Type	Brokerage Charges
Equity Delivery	0.55%
Equity Intraday	0.050%
Equity Futures	First leg – 0.050% Second leg – Rs. 50
Equity Options	First leg – Rs. 95 per lot Second leg – Rs. 50
Commodity F&O	Rs. 20 per order
Currency Options	Rs. 20 per order

#2. Brokerage charges under the Money Saver Brokerage Plan

Equity Delivery	Intraday/ Futures	Equity Options	Currency and Commodity F&O
0.29%	0.029%	Rs. 45 per lot	Rs. 20 per order

#3. Brokerage charges under ICICI Direct Prime plan

Prime Plan	Scheme validity	Delivery brokerage	Intraday/ Futures	Equity Options	Currency & Commodity F&O
Rs. 299	365 days	0.25%	0.025%	Rs. 35 per lot	Rs. 20 per order
Rs. 999	Lifetime	0.22%	0.022%	Rs. 35 per lot	Rs. 20 per order
Rs. 2,999	Lifetime	0.15%	0.015%	Rs. 20 per lot	Rs. 20 per order
Rs. 4,999	Lifetime	0.10%	0.010%	Rs. 10 per lot	Rs. 20 per order
Rs. 9,999	Lifetime	0.07%	0.007%	Rs. 7 per lot	Rs. 20 per order

ICICI Direct Account Opening & AMC Charges 

Particulars	Charges
Trading and Demat account opening charges	Rs. 0
Demat account annual maintenance charges	Rs. 700 (1st year free)

ICICI Direct Trading Platforms 

#1. ICICI Trade Racer

ICICI Trade Racer online 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.

If you want to compare ICICI Direct with a discount broker then you can read side by side the comparison between ICICI Direct vs Zerodha.

Conclusion 

I would recommend opening a Zerodha account If you ask me which is the best stock broker in India.

If you are looking for a free Demat account opening with zero AMC fee then I suggest opening an account with Upstox.

FAQs

Who is the best stock broker in India?

There are 4900+ stockbrokers in India. Every stock broker has advantages and disadvantages.

Zerodha and Groww are the largest discount stock brokers (active client-wise) who offer flat brokerages. Whereas, ICICI Direct and Motilal Oswal are full-service stockbrokers who offer various value-added services like research reports, stock advisory, and PMS.

You should check your requirements rather than looking for the best stock broker and go with the stockbroker that matches your trading & investing needs.

Is Groww better than Zerodha?

Both Zerodha and Groww are top discount stockbrokers in India. Zerodha pioneered the discount model in 2010 whereas Groww was launched in 2016. Groww relies on its app and has the highest number of active clients.

Zerodha offers currency and commodity trading which is missing in Groww. Groww charges delivery trades which is free in Zerodha. Zerodha has a robust trading platform and offers better customer support. Overall Zerodha scores better than Groww.

Is Zerodha 100% safe?

Zerodha is a registered stockbroker with SEBI. It was founded by Nithin Kamath and is debt-free. Zerodha hasn’t been involved in any major SEBI regulation violation in the past.

Zerodha is transparent about its brokerages and other charges and is also accessible through social platforms.

Which is the most trusted broker?

Zerodha hasn’t been penalized by SEBI or any other regulator in the past. They have a transparent brokerage structure and good customer support.

Which broker is free in India?

All the stock brokers (discount & full services) have some or the other charges in the form of brokerages and AMC.

Rather than looking for a free broker, you should check your trading needs and look for a stockbroker that matches your trading and investment requirements.

Can I have two demat accounts?

Yes. You can open two demat accounts. But not with the same broker. Having more than one demat account is legally allowed in India.