Finding the best stock broker in India is a tough task because there are more than 200 (full-service & discount) stockbrokers present in India.
You should first understand your trading and investment needs before you pick the right stockbroker.
For example, 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 (generally Rs. 20 per order), provide a decent trading platform but no investment advisory.
On the other hand, if you need investing tips, research-based advisory and other services like wealth and portfolio management then go for full-service brokers.
Full-service brokers charge brokerage in percentage terms that range from 0.3% to 0.55% of the trade volume and offer a host of research and investment advisory.
We have researched and analyzed the brokers and prepare a list of 11 best stock brokers in India 2021.
Our Top Pick For Best Stockbrokers in India 2021
Upstox Demat & Trading
Fix brokerage of Rs 20 per trade.
Here is my list of top 11 best stock broker in India 2021
Best Stock Broker in India 2021
Table of Contents
#1. Zerodha Stock Broker Review
Zerodha is a Bengaluru based stockbroker that brought the concept of the discount broking model to India. Zerodha now contributes over 15% of the total retail trading volumes in India having more than 3 million client 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 #1
- Most trusted stockbroker by the traders
- Fix brokerage of Rs 20/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. 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 to trade decent volumes on margins up to 16x while paying a flat brokerage of Rs. 20.
#2. Upstox Stock Broker Review
Upstox is the fastest growing discount broker in India. Upstox is the best choice for high volume traders looking for high margins (up to 15X), low brokerages, and decent trading platforms.
You only pay brokerage of Rs. 20 to do an intraday, F&O, currencies, and commodities trading irrespective of the trade volume. The stock delivery is free.
Why Upstox is at number #2
- Free account opening
- Fix brokerage of Rs 20/trade
- 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 |
| Equity Delivery | Rs. 0 |
| 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 (for limited time)
- 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
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 as an app, 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 the flat brokerage of Rs. 20 and decent trading platforms.
#3. 5Paisa Stock Broker Review
5Paisa is a top stock broker that charges the lowest brokerage of flat Rs. 10 per order under the Power Investor & Ultra Trader pack. But you need to pay up to Rs. 20 per order for stock delivery trades.
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 the cheapest brokerage charges and having a requirement for the mobile trading app then you should go with 5Paisa.
Why 5Paisa is at #3
- Charge the lowest brokerage of Rs 10/trade
- Fastest account opening process
- Best trading app with easy to use.
5Paisa Brokerage Charges
5Paisa offers two addon packs with lower brokerage charges
| Transaction | Without Addon Pack | With Power Investor Pack | With Ultra Trader Pack |
| Stock Delivery | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| Stock Intraday Trading | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| Stock F&O | Rs. 20 per order/lot | Rs. 10 per order/lot | Rs. 10 per order/lot |
| Commodity F&O | Rs. 20 per order/lot | Rs. 10 per order/lot | Rs. 10 per order/lot |
| Currency F&O Trades | Rs. 20 per order/lot | Rs. 10 per order/lot | Rs. 10 per order/lot |
Under the Ultra Trader pack, the first 100 trades are free every month after which you need to pay Rs. 10 per executed 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.
5Paisa Trading Platforms
#1. Trader Station Web
5Paisa “Trader Station Web” is an online trading platform available on a web browser like Google Chrome, Firefox or Safari.
5Paisa Trader Station Web offers a consolidated view of your portfolio, positions and holdings across equity & mutual funds.
#2. Trade Station EXE
5Paisa “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. 5Paisa App (Mobile Trading App)
5Paisa mobile trading app is a miniature version of the trade station that offers the 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 5Paisa 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.
#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 | 0.01% | 0.02% |
| Equity Intraday | Rs. 0 | 0.01% | 0.02% |
| 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. 0 | 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 | Lifetime AMC by paying – Rs. 999 | Lifetime AMC by paying – Rs. 999 |
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 20X) margins and decent trading platform.
Best Full-Service Stock Broker in India 2021
#5. IIFL Securities (Formerly India Infoline) Stock Broker Review
India Infoline is an ISO certified diversified financial arm of the IIFL group. IIFL Securities 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
IIFL Brokerage Charges
- Stock delivery – Free
- Intraday, futures & options – Flat Rs 20/trade
IIFL 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 |
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 3.8 on Google Playstore. You can have access to the advanced dashboard and IIFL views & reports on the app.
Best For
IIFL stock broker is best if you want hand-holding, research and trading tips and do not mind paying a higher brokerage charge.
#6. 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 covering 18,649 pin codes with over 2.15 million operational broking accounts.
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 or 0.25% (whichever is lower) |
| Futures – Equity / Commodity / Currency | Rs. 20 per trade or 0.25% (whichever is lower) |
| Options – Equity / Currency / Commodity | Rs. 20 per order or 0.25% (whichever is lower) |
Angel Broking Account Opening & AMC Charges
Charges related to account opening are as under
| Particulars | Charges |
| Trading account opening charges | Rs. 0 |
| Demat Account | Rs. 0 |
| Annual maintenance charges | First Year – Free. Second Year onwards – Rs. 20 per month |
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.
#7. 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 541 cities.
The value-added services include mutual fund investment and portfolio management services. New traders can benefit from various stock trading courses on Sharekhan Education.
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 (on both legs) | 0.10% (minimum 5 paise per share) |
| Equity Futures (1st leg) Equity Futures (2nd leg) | 0.10% 0.02% |
| Equity Options (both legs) | 2.5% (minimum Rs. 100 per lot) |
| Currency Futures (1st leg) Currency Futures (2nd leg) | 0.10% (minimum 0.01 paise) Nil |
| Currency Options (1st leg) Currency Options (2nd leg) | 2.5% or a minimum of Rs. 30 per lot Nil |
| Commodity Futures (1st leg) Commodity Futures (2nd leg) | 0.10% Nil |
| Commodity Options | 2.5%, 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. 500 depending on the scheme |
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. You can directly login to the trade area from the Sharekhan website.
#2. Trade Tiger
Trade Tiger is a powerful 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 want to trade on mobile or have low internet speed. Sharekhan Mini does not require app installation and is accessible on mobile, 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, stock tips and do not mind paying a higher brokerage.
#8. Edelweiss Broking Review
Edelweiss broking has over two decades of industry presence where you can invest & trade 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 |
You have the flexibility to switch accounts. Account switch is free when you switch from Lite to Elite. Whereas a fee of Rs. 2,500 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 – Free Second Year onwards – Rs. 300 | First Year – Free Second Year onwards – Rs. 500 |
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.
#9. Kotak Securities Full Service Stockbroker Review
Backed by Kotak Mahindra Bank, Kotak Securities is a full-service stockbroker having presence in 393 cities with 1539 branches, franchisees.
Services offered include investment in stocks, derivatives, mutual funds, IPOs and ETFs. You can also look for portfolio management and in house research advisory services.
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.
Best Research Stock Broker in India 2021
#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 | 0.50% 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. 999 (currently waived off) |
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 19 screeners, create multi-asset watch lists and access real time cutting-edge solid research advisory.
#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 Brokerage Charges
ICICI has an i-Secure plan, Prepaid brokerage plan, ICICI Direct Prime plan and ICICI Direct Neo 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 / Commodity Futures | Rs. 20 per order |
| Currency Options | Rs. 20 per order |
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 | Commodity Futures |
| Rs. 5,000 | 0.25% | 0.025% | Rs. 35 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 12,500 | 0.22% | 0.022% | Rs. 30 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 25,000 | 0.18% | 0.018% | Rs. 25 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 50,000 | 0.15% | 0.015% | Rs. 20 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 1,00,000 | 0.12% | 0.012% | Rs. 15 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 1,50,000 | 0.09% | 0.009% | Rs. 10 per lot | Rs. 20 per order | Rs. 20 per order |
Both buy and sell legs of Intra-day Futures & Options will be charged as per applicable brokerage rates
#3. Brokerage charges under ICICI Direct Prime plan
| Prime Plan | Scheme validity | Delivery brokerage | Intraday/ Futures | Equity Options | Currency F&O | Commodity Futures |
| Rs. 299 | 365 days | 0.27% | 0.027% | Rs. 40 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 999 | 365 days | 0.22% | 0.022% | Rs. 35 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 1,999 | 365 days | 0.18% | 0.018% | Rs. 25 per lot | Rs. 20 per order | Rs. 20 per order |
| Rs. 2,999 | 365 days | 0.15% | 0.015% | Rs. 20 per lot | Rs. 20 per order | Rs. 20 per order |
#4. ICICI Direct Neo Plan
| Segment | Brokerage |
| Equity Intraday | Rs. 20 per order |
| Equity Futures | Rs. 0 per order |
| Equity Options | Rs. 20 per order |
| Currency F&O | Rs. 20 per order |
| Commodity F&O | Rs. 20 per order |
You need to pay Rs. 299 as one time subscription fee for Neo plan. The brokerage in F&O will be charged on both legs.
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
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.
For 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
Mobile trading platform helps new young traders to buy/sell on the move. But if you are a professional, large volume trader then you might look for a fast and stable desktop-based trading platform.
Ideally, you should look for a platform that fulfils your trading needs and offers you the requisite flexibility.
Pick the platform that provides customization and enough tools to support your trading style & charting studies.
#4. Research Advisory and Value Added Services
Remember, 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.
List of 21 + Stock Brokers in India 2021
| 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 Securities | 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 Free Upstox account if you are looking for a free account opening demat account.
Dear Mr. Pradeep. Am in Chennai. Totally confused with which broker to open account. Main
reason, CUSTOMER SERVICE. I viewed Customer Reviews on many Broking firms. Found
similar comments like, “worst, do not open, no response, waste of time and money, no response to phone calls, email requests/queries etc. from 1-10 ranked Share-Brokers, whether FULL SERVICE or DISCOUNT BROKERS – similar experience by A/c opened Customers. So, can U pl. give me good advice on these aspects? ‘cos am already 55; 14 years back I incurred loss in Share trading. Then I stopped it once for all. Kindly recommend me a Good Broker with Excellent Customer Service – both with Low Brokerage (if available) and charging nominal brokerage (if not attractive). So that I can restart Share Trading. I am retailer only. Thanking you.
I would recommend you to go with Zerodha as Zerodha provides a little better service as compared to other discount brokers.
You cannot expect full-service broker customer support from the discount broker.
Does these firms mange account and give good returns?
Some brokers offer Portfolio Management Services for high-networth clients. You may have to enquire with the individual brokers.