TOP 10 STOCK BROKER IN INDIA
Top 10 Discount Stock Brokers in India
Discount brokers are the ones who either charge flat fee or minimum brokerage fee from its customers for doing trade. They provide brokerage free equity delivery and the services are mainly provided through online mode. Some of the discount brokers also provide call and trade service to their customers at nominal cost. Their trading platforms are generally user –friendly, free of cost and easy to access from anywhere. These discount brokers are certified by SEBI and follow all its rules. Along with this they even keep on hand risk management practices for its clients.
An investor can save upto 70-90% from the trade unlike full service brokers by paying lower commission rates. The brokerage fee doesn’t depend on the trade volume. Thus, it makes them a budget brokers. But these brokers have a drawback that they do not provide any investment planning or advice regarding financial matters. They even do not track on stock market risks. So in this case an investor who wants to join hands with discount brokers has to search the stock market, keep a record of markets economy, completion of all documentation work and has to invest or sell shares on its own by using trading platforms of these brokers.
An investor should set his/her priorities and requirements before investing in stock market. Some of the points are as follows:-
- If an investor is active in doing market research and is well-versed with online trading platforms then he/she should go for online trading which is provided by majority of discount brokers. But if an investor has lack of time for doing trade and market research then he/she can select traditional traders which do all the trade on behalf of customer and take all the pain concerned with it. Though offline traders charge high commission rates in comparison with online ones.
- Depending on the trading volume and percentage of savings an investor wants, there are available full service and discount brokers. A full service broker will charge hefty amount depending on the trade volume and the services provided but a discount broker charge nominal fee irrespective of trading amount.
- Now comes the rate of doing trade in which if an individual purchase or sell stocks few times in a week or month then he/she can hire a regular broker but if the trade is to be done only few times quarterly or annually then hiring a stock broker will earn no benefit.
- It is better to research a bit for the stock broker an individual wants to engage with because only few stock brokers provide financial and investment suggestions along with good trading services.
Every discount broker has different set of brokerage charges. Some of them take flat fee for their services which ranges from Rs 8- Rs20 that doesn’t depend on the trade amount. While others take monthly fees according to the services an investors needs in which they provide various trading plans. Some of the discount brokers trading plans initiates from Rs 999. But again it is to be reminded that before investing and choosing stock broker an individual should check each and every aspect about them.
There are around 50+ discount brokers in India. Among est them here we present a list of top 10 discount brokers an investor can think upon which are as follows:-
- Zerodha is headed on the top as it’s the leading and the oldest discount broker firm with franchise in multiple cities. They are associated with around 3 lakh clients and has a daily turnover of about 10000 crores. Their self developed user-friendly software named as Pi has made the way of doing online trade convenient which contains advanced charting with 80+ indicators, drawing tools, algorithms etc. Apart from it they have other well developed trading platforms named as Kite, Mobile, Coin-direct mutual fund. For fresher’s they have started a learning hub or an interactive blog named as Varsity which is written by experts. They always keep their client demands on priority, provides them an easy platform to complete all documentation work online. They charge cheapest fee i.e only Rs. 20 or 0.01% per executed order whichever is lower from their client that doesn’t depend on the trade value. Thus, making Zerodha to be the top amongst other discount brokers.
- Upstox was earlier called as RKSV. Its trading platforms include NEST, Pro-web. Pro-web is a web based application that can be accessed from anywhere without downloading any file or app. It charges flat fee of Rs.20 per trade irrespective of trade volume. Their daily turnover crosses around 6000 crores and posses around 25000 clients. They provide unlimited monthly plans which begin from Rs 1999 per month. However, their customer support is not much active and their mutual fund investment is not easy to use.
- Tradejini This is the recent discount broker came up in the stock market who have made it into the list of top 10 because of 3 decades experienced founders who has developed faith on traders by providing good customer service. Their first 50 trades are free of cost and provide good exposure on intraday trades. Their maximum brokerage free is 20 in all segments. Their trading platforms are NEST trade, web, mobile and third party but they are not in-house built.
- SAS online started in 2013 who offers cheapest brokerage fee of Rs.9 per trade or Rs999 per month depending on trader’s choice. They also offer unlimited monthly plans of Rs 499 and Rs 699. They have around 20000 clients with a daily turnover of about 7000 crores. Alpha trader is their trading platform with advanced features.
- Trade smart online a trustworthy brokerage firm because of being a subdivision of VNS Finance Capital Services Ltd. It provides prompt customer service, investor friendly fixed monthly brokerage plans, free annual maintenance charge for Ist year, 0.007% or Rs. 20 per executed order whichever is lower. But their trading platforms are not upto the mark and charge high transaction fees.
- RK Global: – They started with a business of capital market in 2004 but later shifted to discount broking. They begin with lowest brokerage fee of 9 per lot but on later stage they came up with Rs. 9 per trade or Rs 999 monthly fee. Their customer service is satisfactory and doesn’t offer any mobile trading app.
- My Value trade: A subdivision of Master trust group with a turnover of around 4000 crores. Its brokerage fee is Rs 10 per executed order. They provide monthly and yearly trading plans i.e Rs 1000 per month or Rs10000 per year. Improvement is required in trading platforms and customer service.
- Trade plus online:-A rebuilt version of 1983 based Navia Markets Ltd. Its AMC for 5 years and 10 years are minimal. They offer zero brokerage in commodities, unlimited monthly plans at Rs 99 in options, currency and commodity. INFINI power-desktop based, INFINI-web based and Trade plus mobile-mobile based are its trading platform which can be accessed by paying a fee of Rs 499. It’s Call and trade service is also a pain in neck.
- Astha trade:- A discount broker with 0.01% brokerage in intraday segment of F&O, currency and commodity with a high exposure of upto 40% in it. It charges 0.1% in equity delivery. It provides quick customer service, research reports and trading calls. It lacks behind in trading platforms which are developed by third party and high demat account opening fees.
- Fyers securities:- It provides user-friendly best trading platform to work on. Its brokerage charges are 0.01% or Rs.20 per trade whichever is lower. It doesn’t charge any account opening or maintenance charges. ‘Thematic Investing’ is its unique feature. The drawbacks are commodity trading is not permissible; no investment can be done in IPO and unsatisfactory customer support team.