Best Discount Brokers In India 2021

Last Updated: January 29, 2021 by  Manish Sharma

The trend of stock market is on rise investors are increasing rapidly. Back in 2010,  brokerage firms were earning a significant profit because of the monopoly in the market.

There are three types of brokerage firms:

  • Full service
  • Discount
  • Banks

The discount brokerage concept was launched in India, and zerodha was the first discount broker in India. You can say Zerodha is the founder of Discount brokerage concept. 

What is a discount broker?

A discount broker provides you with a platform and connects with stock exchanges(i.e. NSE, BSE) and additionally MCX and NCDEX.

This discount broker is quite straight forward as it offers a very nominal & affordable flat brokerage rate for every trade that their client makes, and more importantly, it does not depend on the size of the trades.

Things to know before choosing the best discount broker:

  • Reputed & trusted
  • Offers chart and tools for fundamentals and technical analysis
  • Charge very nominal brokerage fees

So, now let's find out the best discount broker in India.

Best Discount Brokers In India

After long research based on the above information and discussing with various traders, I have picked these best discount broker in India.

1. Zerodha (Best Discount Broker)

Zerodha
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Zerodha was founded in 2010 by Nitin Kamath, it's the biggest(client-wise) and the best discount broker in India. Zerodha has more than 2 million clients. Zerodha charges a fixed brokerage of ₹20 per trade for intraday and zero brokerage on delivery.


Zerodha is the complete solution and integrated with advanced charts, technical analysis and other tools. It's the first choice of most of the traders.


I use Zerodha, and I recommend Zerodha.

Zerodha account opening & maintenance charges

Demat & Equity

₹ 200

Commodity(MCX)

₹ 100

NRI account(Offline only)

₹ 500

Annual maintenance

₹ 300

Zerodha Brokerage Charges

Intraday and F&O trades

₹20 or 0.03% (whichever is lower)

Equity Delivery

₹ 0

Currency Futures & Options

0.03% or ₹ 20/executed order whichever is lower

Commodity Futures & Options

₹20 or 0.03% (whichever is lower)

My Review (PROs & CONs)

Pros
  • Zero Brokerage for delivery
  • Nominal & fixed brokerage
  • Low non-trading fees
  • No minimum deposit required
Cons
  • Account opening and maintenance charges
  • No live chat (You can contact on their Telephone & Email)

2. Upstox - Best Discount Brokerage Firm

Upstox is another best discount broker in India. Upstox backed by Kalaari Capital and Ratan Tata has got a lot of fame.

If you are looking for low brokerage charges, good trading platform with charts and other advanced data and high margin, then upstox is an excellent option.

You may trade with upstox low brokerage of ₹ 20 or 0.05% (whichever is lower) and high margin of 15x for Intraday. Meanwhile, Equity trades are free. 

It offers ₹ 30 or 0.10% (whichever is lower) as a brokerage for priority.

Upstox account opening & maintenance charges

Demat & Equity

₹ 249

Commodity(MCX)

₹ 100

Monthly maintenance

₹ 25 + GST

Upstox Brokerage Charges

Intraday and F&O trades

₹20 or 0.05% (whichever is lower)

Equity Delivery

₹ 0

Currency Futures & Options

0.05% or ₹ 20/executed order whichever is lower

Commodity Futures & Options

₹20 or 0.05% (whichever is lower)

My Review (PROs & CONs)

Pros
  • Zero Brokerage for delivery
  • Nominal & fixed brokerage
  • Low non-trading fees
  • Live chat support available
Cons
  • 24/7 customer service is not available.

Limited time offer:

  • Free Equity Delivery Trades
  • Unlimited Brokerage* Credit with 30 days validity
  • Beginner’s course on stock markets at Elearnmarkets worth ₹999
  • StockEdge Premium quarterly membership worth ₹999

3. 5paisa - Best Cheapest Discount Broker

5paisa is one of the cheapest discount brokers in India. 5paisa charges ₹10 per trade on Power Investor Plan & Ultra Trader Pack. 

If you are looking for low brokerage charges and easy to use the trading platform(advance research tools), then 5paisa is a good option.

It's simple and paperless account opening process which can complete your account in just 5 minutes.

5paisa account opening & maintenance charges
Account opening is FREE for now.

5paisa Brokerage Charges

Intraday and F&O trades

0.00325% (NSE)
0.00300% (BSE)*

Equity Delivery

0.00325% (NSE)
0.00300% (BSE)*

Currency Futures & Options

0.0019%(Futures)
0.05% (Options)

Commodity Futures & Options

0.0026%

My Review (PROs & CONs)

Pros
  • Zero Brokerage for delivery
  • Nominal & fixed brokerage
  • Low non-trading fees
Cons
  • No live chat option available

4. Groww - Fastest Growing Broker

Groww is one of the fastest growing investment platform. Groww started as a direct mutual fund investment platform

If you are looking for no account opening charge, no AMC and lowest brokerage charges of 20 or 0.05% per executed trade.. Groww is suitable for you.

It's simple and paperless account opening process which can complete your account online.

Groww account opening & maintenance charges
Groww account opening is FREE for now.

Groww account maintenance charges are ZERO.

Groww Brokerage Charges

Intraday and F&O trades

₹20 or 0.05% (whichever is lower)

Equity Delivery

₹ 0

My Review (PROs & CONs)

Pros
  • Free Account opening
  • Zero Demat AMC Charges
  • Nominal & fixed brokerage
  • Option to invest online in digital gold
  • Online IPO application
Cons
  • No Call and Trade services
  • No Margin trading facility
  • Advanced order types like BO, CO, AMO, and GTT not available
  • Do not provide stock tips, research reports
  • No NRI Trading

These are the few discount brokers I have used. I want to help people in selecting the best discount broker in India.

If you ask me, I would recommend you to open an account with Zerodha. I would always recommend Zerodha as it's platform looks simple with advanced tools and minimal account maintenance charges.

Over to you, decide which discount broker is perfect for you and get your account in it. Thanks for reading it. Please share this post and help others to select them the best discount broker available in India.

Best Discount Brokers In India 2021
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About Manish Sharma

I'm tech-savvy, loves to write about saving, investing and proper financial planning. Also, I am a blogger, share everything with 100% transparency and the best of my knowledge.

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