11 Best Stock Broker in India 2020 (Review & Comparison)

For a new investor, picking up the best stock broker in India is a tough task because there are more than 200 (which includes full-services & discount) stockbrokers present in India. 

The most important thing before you start looking for the best stockbroker in India is that you should understand your trading and investment needs. 

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. 

The article relieves you from the painstaking effort of researching, analyzing and finally choosing one from the list of 287 stock brokers.

Top Picks For Best Stockbrokers in India 

Open Now

Biggest Discount Broker
Zerodha

Fix brokerage of Rs 20 per trade.

COF Rating:

★★★★★

Open Now

Open Free Demat Account
5Paisa

Lowest fixed brokerage of upto Rs.10 per trade.

COF Rating:

★★★★

Open Now

Get Waiver of Acc. Opening Fee
Upstox Demat & Trading

Fix brokerage of Rs. 20 per trade.

COF Rating:

★★★★★

Here is my list of top 11 best stock broker in India 2020

Best Stock Broker in India 2020

#1. 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. 

Zerodha is best for placing more number of trades with minimal margin requirements. The broker charges a flat Rs. 20 for intraday and F&O trades. 

Equity delivery and direct mutual fund investment are free. Apart from that, you can invest in mutual funds, bonds and IPO (through Bhim UPI).

Zerodha Brokerage Charges 

Zerodha does not have different plans.

Zerodha Account Opening & AMC Charges 

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. 

#2. 5Paisa Stock Broker Review

5 Paisa is a discount broker with one of the lowest charges of flat Rs. 10 per order is under its higher Platinum & Titanium plans.

The broker has Rs. 1000+ crores of assets base of over 4.5 lakh clients.

You get a common account for stock trading, mutual funds and insurance investment.

5Paisa Brokerage Charges 

5 Paisa offers three subscription plans, namely the Optimum, Platinum and Titanium plans.

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 charges at 5 Paisa is free. However, there are plan charges as under.

• Optimum Plan – No plan charges
• Platinum Plan – Rs. 499 per month
• Titanium Plan – Rs. 999 per month

Demat AMC charges for different plans are as under.

• Optimum Plan – Rs. 45 per traded month.
• Platinum Plan – Free
• Titanium Plan – Free

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. 

#3. UpStox Stock Broker Review

Upstox is a discount broker having 2.5 Lakh clients with Rs. 25,000+ crores of average daily turnover. 

You can have free equity (delivery) investment and pay only Rs. 20 to do trade intraday, F&O, currencies and commodities irrespective of the trade volume. 

UpStox is for volume traders looking for high margins (up to 20X), low brokerages, and decent trading platforms.

Apart from that, you can invest in mutual funds through your UpStox account. 

UpStox Brokerage Charges

There are two trading plans; namely the Basic plan and the Priority plan. 

UpStox Account Opening & AMC Charges 

Upstox does not charge any fee for opening a demat account. But charges a Demat AMC fee of Rs. 100 only for the first year. The fees for opening a trading account is Rs. 200.

Details of account opening and AMC charges is under 

• UpStox Equity Demat and Trading Account Opening– Rs. 300 (includes first year AMC)
• UpStox Commodity Trading Account Opening– Rs. 150
• UpStox Demat Annual Maintenance Charges – Rs. 150 (2nd year onwards)

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 entry-level to intermediate level traders and investors. The flat brokerage of Rs. 20 and decent margins under the “Basic” plan help you get started in the world of trading.   

After a few months of trading experience, you can still stay with UpStox enjoying higher leverage by upgrading to a higher “Priority” plan.

#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;

Wisdom Capital Account Opening & AMC Charges 

Charges for opening an account online with Wisdom Capital under various plans are as under.

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.

Angel Broking Account Opening & AMC Charges

Charges related to account opening are as under

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 

Sharekhan Account Opening & AMC Charges 

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.

#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

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 

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

#2. Dynamic Brokerage plan

For Delivery Trades

For Intraday Trade

Futures 

Options – Brokerage is applicable on both sides

Currency Derivatives 

#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.

#4. Shubh Trade Brokerage Plan

For availing the Shubh Trading plan you need to bring in the cash margin of Rs. 1 Lakh.

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 

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)

Intraday (brokerage applicable on both sides)

Equity Futures (brokerage applicable on both sides)

Equity Options (brokerage applicable on both sides)

#2. Flat Brokerage Plan

#3. Value Added Subscription Plan 

IIFL Account Opening & AMC Charges 

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

• 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

#3. AMC 999 Plan

Admin Charges – Rs. 199 annually

AMC Charges – Rs. 800 annually

Motilal Oswal Account Opening Charges

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.  

The brokerage for Margin and Margin Plus under the i-Secure Plan is 0.050%.

#2. Brokerage charges under Prepaid Brokerage plan

#3. Brokerage charges under ICICI Direct Prime plan

ICICI Direct Account Opening & AMC Charges 

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

Conclusion 

You should identify your trading and investing needs and then look for a stockbroker. 

UpStox is the best discount broker if you trade high volumes and do not require research support. They have a top-quality trading platform loaded with advanced charting tools and presently offer better margins. 

You can start your intraday trading on a low cost set up and build a small portfolio of around Rs. 2 to 3 Lakhs using UpStox services.

On the other hand, if you require handholding, research advisory, trading tips and do not mind paying extra for value-added services then Motilal Oswal is a better option. One can build a solid long term wealth corpus using their services.