Best Stock Broker in India 2024 – List of Top 10 Stock Brokers

For those looking to invest in stocks to make big gains or get into stock trading, having the best stock broker in India for long-term investment is super important. This is because it is not possible to trade in stocks without a stockbroker. Second, there are multiple services provided by a stockbroker that help in smoother and faster trading of stocks. Though there are a large number of stockbrokers available to choose from, it is necessary to pick the one that can help you meet your stock trading & investment goals easily and effectively. In this post, you will get to know what a stockbroker is, their types, and how to choose the best stockbroker in India.

What is a Stock Broker?

Any individual can choose to work with a stockbroker if they want to buy or sell shares. These experts oversee stock portfolios and help people make money off of their investments. Finding out what a stockbroker does and their career path will help you decide if a career in stockbroking is suited for you.

There are mainly two types of stockbrokers – Full-Service Stockbrokers and Discount Stockbrokers

A full-service stockbroker provides a host of services along with basic stock trading services. Hence, its brokerage may be slightly higher than discount brokers. On the other hand, discount brokers allow investors to buy and sell stocks and not full-fledged services. This is why their brokerage tends to be lesser or nil for some segments.

What Are The Duties of a Stock Broker?

A stockbroker refers to a licensed professional who purchases and sells stocks on behalf of customers. These experts provide guidance and assistance to investors when they trade bonds, exchange-traded funds (ETFs), annuities, certificates of deposit (CDs), and even annuities. They typically compile information on the stocks and other securities traded on a stock exchange before advising their clients on the best places to put their money. Building a customer, often known as their book of business, is stockbrokers’ ultimate aim.

Major Responsibilities of a Stock Broker

• Assessing a client’s financial state, developing an investment plan, keeping up with market trends and financial industry rules, supporting clients with financial transactions, and preserving accounting records
• Managing shares and other financial items on behalf of clients,
• Finding out for customers about stocks, securities, market circumstances, and governmental regulations
• Analyzing information from financial publications, reports, and stock quotation screens
• Offering insight and guidance on financial markets, circumstances, and products, and carrying out buy and sell orders on their customers’ behalf.
• Providing trade data, including the number of shares purchased and sold and their corresponding values
• Keeping track of stock prices, market movements, and offers for bonds and other securities
• Analyzing and interpreting data from multiple sources to ascertain the financial health of an organization

Why choose The Best Stock Broker in India?

A smoother trade execution is the most crucial element. In addition to the straightforward set transaction costs, successful execution incorporates other factors as well. Retail investors often choose the platform or service with the lowest commissions as a matter of course. It is no secret that more and more platforms are providing equities trading without any commission.

Consider for a moment how a profit-seeking company in a sector where brokerage fees are the main source of revenue may exist for an extended period without really collecting any money. The price that is given to clients contains the solution. Instead of having access to the exchange, commission-free retail platforms typically leverage wholesale market-making companies for their execution.

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List of Top 10 Stock Brokers in India 2024 with Active clients

Several stockbrokers in India have their offerings. According to experts, the best way to choose the best stockbroker in India is to understand the features of each of them and compare them thoroughly. This will help you find which stock broker provides the benefits you need. For your reference, we have highlighted the top 5 stock brokers in India with more than 5 stock brokers that have performed well against all the main parameters.

Zerodha

Zerodha is without a doubt the Best Stockbroker in India. It is considered the first to provide flat fee discount brokerage services. Zerodha was founded by Nitin Kamath in 2010 and has more than 6 million active investors and traders. It is India’s largest and most well-known stockbroker. It enables traders and investors to invest in Direct Mutual Funds, Equities, IPOs, Commodities, and Currencies.

The terms “Zero” and “Rodha,” which relate to the barrier, are combined to form the word “Zerodha.” That simply implies there is no barrier. The main selling point of Zerodha is its zero brokerage for trading in direct mutual funds and equities delivery. For trading in intraday and F& O, a fixed fee of Rs. 20 or 0.03% (whichever is lesser) is applied. The maximum brokerage by Zerodha is capped at Rs. 20 against any trade order across all segments.

Some Major Features of Zerodha are:

• Largest stock broker regarding active no. of clients, new customer attainment, and market volume
• Optimum brokerage is capped at Rs. 20 per trade (60 – 90% lower than its counterparts)
• Gives up to 20x leverage on intraday trading
• Zero brokerage for equity delivery trade and mutual funds
• Backed by multiple years of expertise
• One of the most reliable and secure stock brokers in India
• 0 commission on Direct Mutual Funds
• A clear choice for new investors, active and passive investors, algo traders, and active traders
• Next-gen, user-focused web and mobile trading app –Kite
• Zerodha Coin – A mutual fund investment platform
• Zerodha Varsity – An investor education program
• Smallcase – A theme-based investment platform
• Other trading platforms – Streak (algo strategy platform), Sensibull (options trading platform), and GoldenPi (bonds trading platform).

Upstox

Upstox, formerly RKSV Securities India Pvt. Ltd., is another well-known brokerage on the list. The fact that Upstox is backed by GVK Davix, Kalaari Capital, and eminent businessman Mr. Ratan Tata is its greatest asset. Upstox, a stockbroker with headquarters in Mumbai, was established in 2011 with the mission of making stock trading extremely simple.

Trading in equity, commodity, equity intraday, F&O, and currency derivatives is made possible by Upstox. Opening a Demat account costs Rs. 249 from the brokerage. Its brokerage for equity delivery, stock intraday, equity futures, and equity options is Rs. 20 per order or 2.5% (whichever is lowest).

Some of The Major Features of Upstox are:

• 3-in-1 account opening
• Margin funding
• The flat brokerage of Rs. 20 per transaction for intraday trading,
• no delivery fees
• Reasonable brokerage based on the chosen trading strategy
• A cutting-edge mobile trading platform
• Select from a wide variety of mutual funds on the Upstox MF platform
• Online investment in IPOs
• Use of margin trading facility at a daily interest rate of Rs. 20
• Build your trading app using Python using the Upstox Developer Console

Groww

Groww was founded in 2016 and initially served as a direct mutual fund investing platform before spreading its wings and entering the stock trading market in 2020. Investors may trade in IPOs, stocks, and direct mutual funds thanks to it.

With its trading platform, Groww, for both web-based trading and mobile trading, Groww offers its investors a perfect trading experience. It is secure software since it contains 128-bit encryption. Groww was one of the stockbrokers in India that was expanding the fastest thanks to its enormous user base.

The Brokerage Levied by Groww is defined below:

Angel One

Angel One, formerly known as Angel Broking, is one of India’s top full-service stock brokers and started operating in 1987. Additionally, it provides clients with low-cost brokerage services. The stock broker enables traders and investors to invest in stocks, initial public offerings (IPOs), mutual funds, and insurance thanks to its outstanding branch and sub-broker network spread throughout several locations.

With Angel One, opening a Demat account is simple and quick. Angel One doesn’t charge any brokerage for stock purchases. The maximum brokerage for intraday, commodities, F&O, and currency orders is Rs. 20.

Kotak Securities Limited

The full-service brokerage began operating in 1994 and provides merchants and investors in India with a vast array of goods and services. They can invest in stocks, money, commodities, and mutual funds thanks to it. Research consulting, portfolio management services (PMS), depository services, finance for margin trades, and insurance are some of its key offerings. Moreover, investors may purchase US equities through Kotak Securities.

The Kotak Mahindra Group’s superior branch network offers the local stock broker an upper hand. Retail investors may also open accounts using its 3-in-1 capabilities.

SBI Securities

SBICAP, a full-service stockbroker in India and a member of the State Bank of India Group is a 100% subsidiary of BI Capital Markets Ltd. Retail equity, institutional equity, broking, derivatives, and third-party distribution services are among the products and services offered by this 2006-founded business.

NRIs from all over the world can choose to use SBICAP Securities Limited’s wide range of services. SSL does offer a 3-in-1 account to NRIs who reside in the US, UK, Canada, and Japan due to legal restrictions, but it does not proactively solicit investments from them. Yet, NRIs are free to utilize any of the company’s services since they appear to be simple and efficient. SSL works with the State Bank of India to provide NRIs with online trading solutions.

ICICI Securities

Providing a wide range of trading and investment products like mutual funds, commodities, derivatives, equity trading, initial public offerings (IPO), currencies, fixed deposits, bonds, and loans against securities, ICICI Securities is one of the most dependable full-service stockbrokers in India.

The finest account opening option is unquestionably the 3-in-1 feature from ICICI Securities. Simply said, it makes pay-in and pay-out simple. The stock broker provides the Prime Plan, Neo flat brokerage plan, I-Secure plan, and Lifelong Prepaid brokerage plan has four brokerage options. The maximum brokerage for commodities, F&O, intraday, and currency orders is Rs. 20, and delivery trading is completely free.

HDFC Securities

HDFC Securities is a well-known full-service stock broker in India and has been in business since 2000. HDFC Securities, a division of HDFC Bank, was established. The company allows clients to trade and invest in a variety of financial instruments, including stocks, bonds, futures, options, buybacks, mutual funds, initial public offers (IPOs), currency derivatives, commodities, stock portfolios, and more. The BSE, NSE, MCX, CDSL, and NSDL exchanges all see active participation from HDFC Securities, a broker regulated with SEBI.

Investors may open a bank account, a demat account, and a trading account through HDFC Bank Limited by using the 3-in-1 account offered by HDFC Securities. Such accounts can be formed separately or concurrently under a single umbrella by filling out a single application form.

Motilal Oswal

Motilal Oswal, one of the first stockbrokers in India, was founded in 1987. Investors and traders can trade in equity, commodities, currencies, and derivatives through a full-service stockbroker. Mutual Funds, Gold, IPOs, Fixed Deposits, and Insurance are some of its further investment offerings.

The stockbroker has a wide range of clients, including worldwide institutional investors, financial institutions, corporate clients, and retail consumers.

Motilal Oswal charges 0.20% for equities delivery, 0.02% for equity intraday and futures, and Rs. 20 per lot for equity and currency options. The commodities brokerage charge for futures and options is 0.02% and costs Rs 20 per lot.

5Paisa

One of the best discount brokers in India, 5Paisa Capital Limited was founded in 2016, and it offers nearly everything required to provide a fantastic stock trading experience, including reasonable brokerage plans, cost-free mutual fund investing, tech-enabled trading platforms, and others.

5Paisa enables traders and investors to participate in stock, foreign exchange, and commodities on the BSE, NSE, and MCX. It is fully handled by none other than IIFL.

Discount brokerage 5Paiasa places a strong focus on technology. It offers state-of-the-art online trading platforms in desktop, mobile, and web versions. Active traders can use the web-based trading platforms provided by the desktop trading applications 5paisa Trade Station 2.0 and 5paisa Trade Station Web.

The Conclusion

If you are looking for the best stockbroker in India, the aforementioned options are worth considering. These stockbrokers are known to provide optimum value to traders and investors across all parameters like user experience, brokerage, trading platforms, customer care, and others. however, it is advisable to do your research about all leading stockbrokers in India and choose the one that matches your trading and investment objectives the best.

FAQs – Best Stock Broker in India