Top 10 Discount Stock Brokers in India 2023
An authentic list of top discount brokers in India 2023 by the number of active clients. Zerodha is the top most stock broker among all the brokers. Zerodha is followed by discount brokers like 5paisa, upstox and Samco.
There are 3 top discount brokerage firms who have over 1 lakh active customers. The year wise list of top 10 discount stock brokers in India helps you find the big discount brokers.
Brokers in India are classified into two types based on the services they offer and the fee they charge:
- Full-service Broker (Top 10 Full-service Brokers)
- Discount Broker
The discount brokers (flat fee brokers or budget brokers) are online stock brokers offering low-cost brokerage services. They are technology driven brokers with low operations cost. Most discount brokers do not offer add-ons like research, advisory (trading tips), PMS, Wealth Management, dedicated relationship manager and local branch support. This allows them to offer trading at a very low brokerage charges.
The discount brokerage firms charge over 60% lower brokerage fees in comparison to full-service brokers. They offer free online trading software to all the customers.
The most popular discount brokers include Zerodha, 5paisa and upstox.
Most discount brokers including Zerodha and Upstox offer brokerage free equity delivery trading and direct mutual funds. For all other segments, they charge a flat rate brokerage i.e. Rs 20 per executed order irrespective to the size of the trade.
A discount broker like 5paisa also offers free research and advisory to all customers.
Some discount stock brokers like ProStocks also offer fixed monthly unlimited trading plans. These plans allow the customer to trade literally unlimited time in a month for a fixed low monthly cost.
Zerodha is the most famous discount broker with over 10 lakh customers. They are the most popular broker in India with excellent product and services.
- The data for this report is compiled from BSE and NSE stock exchanges.
- The best broker ranking is updated every month.
- Click on the broker name to read broker review.