Top 10 Discount Stock Brokers in India 2024
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Top 10 Discount Brokers 2024
| Rank | Broker | Clients | Request Callback | Review |
|---|---|---|---|---|
| 1 | Groww | 12,480,505 |  | |
| 2 | Zerodha | 6,862,233 | | |
| 3 | Angel One | 6,745,594 | | |
| 4 | Upstox | 2,036,413 | | |
| 5 | Dhan | 979,483 | | |
| 6 | Paytm Money | 860,278 | | |
| 7 | INDmoney | 838,493 | | |
| 8 | 5paisa | 343,187 | | |
| 9 | m,Stock | 268,305 | | |
| 10 | Share.Market | 245,411 | |
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1
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India's largest broker by client count, Groww built its dominance through a frictionless mutual fund experience before expanding into stocks, IPOs, and F&O. Its clean app and zero-jargon interface make it the go-to platform for first-time investors and SIP investors. Groww has also built India's largest retail MF distribution base alongside its trading business.
₹20 Flat Brokerage
Free Delivery Trades
Best For: Beginners & MF Investors
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2
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The pioneer of flat-fee discount brokerage in India. Zerodha's Kite platform remains the gold standard for active equity and F&O traders. Its broader ecosystem — Coin (direct MF), Console (portfolio analytics), Varsity (free education), and Streak (algo) — makes it a comprehensive choice despite having no dedicated research advisory team.
₹20 Flat Brokerage
Free Delivery Trades
No Advisory
Best For: Active Equity & F&O Traders
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3
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One of the fastest-growing discount brokers in India, Angel One offers AI-powered research tools (ARQ), SmartAPI for algo traders, SuperSIP for automated stock investments, and in-app financial education. It bridges the gap between discount and full-service brokers by offering basic research intelligence without charging premium brokerage.
₹20 Flat Brokerage
Free Delivery Trades
AI Research Tools
Best For: Semi-active Traders + Research Seekers
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4
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Backed by Tiger Global and Ratan Tata, Upstox offers a polished trading experience at a competitive price. The Pro Web platform features native TradingView chart integration, a clean modern UI, and fast order execution. Popular among millennials and tech-savvy investors who want a no-frills but reliable trading platform without the complexity of older systems.
₹20 Flat Brokerage
Free Delivery Trades
Best For: Tech-savvy Retail Traders
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5
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Dhan has rapidly become the preferred platform among F&O traders, featuring a dedicated Options Trader app, Option Basket orders, Iceberg Plus orders, and the distinction of being the first Indian broker natively integrated on TradingView.com worldwide. It also offers DhanHQ API for algorithmic trading and a unique 50% discount on brokerage for women traders.
₹20 Flat Brokerage
Free Delivery Trades
Best For: F&O & Options Traders
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6–10
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Paytm Money • INDmoney • 5paisa • m,Stock • Share.Market
Paytm Money (₹10 brokerage) is strong for investors embedded in Paytm's ecosystem. INDmoney stands out uniquely for US stock investing alongside Indian equities — the only top-10 broker offering US stock SIPs. 5paisa (₹10) bundles free research tips, making it cost-effective for traders who want basic advisory. m,Stock by Mirae Asset charges the lowest flat fee in the industry at just ₹5 per order with a ₹1,299 lifetime zero-charge option. Share.Market by PhonePe is gaining traction rapidly through the PhonePe app's massive 50+ crore user base.
₹5–20 Brokerage Range
Niche & Ecosystem-driven Platforms
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Brokers in India are broadly classified into two types based on services and pricing — Full-Service Brokers and Discount Brokers. Discount brokers (also called flat-fee or budget brokers) operate entirely online and offer trading at a very low fixed cost. Most charge a flat fee of ₹20 per executed order regardless of trade size, compared to full-service brokers who charge 0.3%–0.5% of turnover.
The core trade-off: discount brokers do not offer research reports, trading tips, PMS, dedicated relationship managers, or local branches. What they do offer is ₹0 equity delivery trading, direct mutual funds, and modern trading platforms at 60–70% lower cost than full-service alternatives.
Notable exceptions exist — Angel One offers AI-powered research; 5paisa bundles free advisory access; m,Stock offers the lowest flat fee at just ₹5/order. Outside the top 10, SAS Online, BlinkX, FINVASIA, and Shoonya offer even lower or zero brokerage plans.
| Broker | Delivery | Intraday | F&O | Acct Opening | AMC | Direct MF |
|---|---|---|---|---|---|---|
| Groww | ₹0 | ₹20 | ₹20 | ₹0 | ₹0 | ✔ Free |
| Zerodha | ₹0 | ₹20 | ₹20 | ₹0 | ₹300/yr | ✔ Coin |
| Angel One | ₹0 | ₹20 | ₹20 | ₹0 | ₹0 yr1 | ✔ Free |
| Upstox | ₹0 | ₹20 | ₹20 | ₹0 | ₹150/yr | ✔ Free |
| Dhan | ₹0 | ₹20 | ₹20 | ₹0 | ₹0 | ✔ Free |
| Paytm Money | ₹0 | ₹10 | ₹10 | ₹0 | ₹0 | ✔ Free |
| 5paisa | ₹0 | ₹10 | ₹10 | ₹0 | ₹0 yr1 | ✔ Free |
| m,Stock | ₹0 | ₹5 ★ | ₹5 ★ | ₹0 | ₹219/qtr or ₹0* | ✔ Free |
★ m,Stock ₹5/order is the lowest flat fee in India. *₹0 AMC with ₹1,299 one-time lifetime plan. GST + exchange transaction charges apply additionally. Budget 2026: F&O STT revised from April 1, 2026 (Futures 0.05%, Options 0.15% on sell side).
With 10+ strong discount brokers available, your choice should depend on your specific use case:
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Trading Platform
Zerodha Kite is best for active traders. Groww and Upstox are best for beginners due to clean, simple UX. Dhan's Options Trader app leads for F&O. Angel One and 5paisa include in-app research.
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Brokerage Cost
m,Stock at ₹5 is the cheapest. Paytm Money and 5paisa charge ₹10. Most others charge ₹20. High-volume traders should calculate annual savings carefully before choosing.
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Segment Focus
For F&O: Dhan and Zerodha are superior. For MF-first investing: Groww and INDmoney are best. For US stock investing: INDmoney is the only top-10 option.
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Research & Advisory
Angel One and 5paisa offer basic in-app research. Most discount brokers provide none — use Screener.in or Tickertape separately for independent stock research.
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NRI / Global Access
INDmoney is best for US stock investing. For NRI demat accounts, Zerodha and HDFC Securities are the most reliable full-featured options.
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Trust & Reliability
All top 10 are SEBI-registered. Zerodha and Angel One have the longest track records in the discount segment. Groww is backed by Tiger Global and Sequoia.
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Note: Your demat holdings are held in your personal CDSL/NSDL account, independent of the broker — they are safe regardless of which discount broker you choose.
Rankings are based on active client counts published officially by NSE and BSE each month. An “active client” is a registered client who has executed at least one trade during the reporting period. This is the most objective, exchange-verified measure of broker adoption in India — it counts real trading activity, not dormant account openings. Rankings are updated every month when exchange data is released. Data for 2026 is based on the latest available monthly report (April 2026). Only brokers classified as discount/flat-fee brokers are included in this list — for bank-backed full-service brokers see the Top 10 Full-Service Brokers page.
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