Top Discount Brokers In India
Discount Brokers are those that offer cheap brokerage to investors without the frills. Also known as flat fee brokers or budget brokers, Discount brokers offer services in commodities and shares trading. Discount brokers only came in India in the year 2010. Since then many have shifted from traditional brokers to discount brokers. In fact, discount brokers offer up to 60%-80% less brokerage as compared traditional brokers. They are now more preferred as compared to traditional brokers as they offer value to investors. This would include excellent and sophisticated trading platforms, prices, customer services and much more. However, at the end of it all the centre focus stays “low brokerage”. However, when looking at investments, the important question that arises is which are the top discount brokers in India? And out of those which one would be best for us? There is no denying that there are a plethora of options in this segment of the industry, however you must only choose the one that best suits your needs. Let us take a look them.
If you are looking for the top discount brokers list in India then you are at the right place. Let us have a look at the features that each has to offer to its clients. Discount brokers offer value services in terms of trading platform, tools and trading. While, the discount brokers list is exhaustive, in this write up we share with you the details on the pioneers in the industry.
The first on the list of top discount brokers list India has is Wisdom Capital. A budget broker, Wisdom Capital offers 0.01% or Rs. 20 per executed order, irrespective of the prices of shares and how many they are. This is quiet less as compared to many in the industry. The credit of bringing in the concept of discount broking goes to Zerodha. It was for the first time that a broker was not asking for the value of the trade and instead charging the trader a fixed value per trade that in itself was a minimal amount. This was welcome with open arms by many traders as in the traditional trading, brokers actually charged a considerable amount basis the value at which the trade was executed. Following the lead there are now close to 60 discount stock brokers in India that also offer sophisticated platforms, software and customer awareness. They offer equity delivery trade for free. They have maximum clientele amongst the discount brokers list. They have an in house trading app by the name, KITE and back office software by the name ‘Q’. The company offers free of charge software application that is the website, mobile trading app and the trading terminal. They are one of the most economically cheap and most technologically advanced stock brokers in India. The company offers trade in BSE, NSE and MCX. They also have taken trading related education initiatives Varsity and Open Trade. They also have a mutual fund investment portal by the name Zerodha Coin. They have a massive active client base of more than 7 lakhs client base.
Next on the top discount brokers list in India is Wisdom Capital that offers automated online investing in NSE and BSE. The firm offers trading tools to its clients. Most of these tools that aid trading are either for free or available at minimum charges. The trading terminal of Wisdom Capital is NEST Trader. It is fully functional and offers real time monitoring of all executed orders. It is available for free on desktop, web and mobile as well. Freedom Plan is the trading plan offered by the firm in BSE, NSE and MCX for free (zero brokerage). They offer the Pro Plan for professional traders who require highest intraday exposure. This plan also includes advanced trading tools offer a crisp and smooth trading experience. They charge a brokerage of Rs. 9 per trade for NSE futures and options. The same applies on currency and commodity trading at MCX.
RKSV is one of the most popular choice on top discount brokers list in India. The firm is known for offering a wide range of offers for its clients keeping in mind their requirements. The turnover charges of the firm per crore for equity is Rs. 325, for futures Rs 210 and Rs 5500 for options on premium. The mobile and website trading platform of RKSV is known as Upstox, thus making it convenient for users to place orders. The software allows clients to trade online and offers chartings tools, analysis and many more trade experience enhancing tools. The equity delivery brokerage is free. Upstox Pro charges Rs. 20 per order traded in trading in equity F&O, commodities and currency derivatives. It also offers trading using NEST that is a platform for trading built by Omnisys.
The discount brokers list India would be incomplete without mention of 5paisa. A part of the IIFL, it has some of the most unique propositions to offer to its clients. Since it is backed up by IIFL there is a lot of trust that the traders have in the firm. They charge a flat rate of Rs. 10 per executed order for stock intraday trades, stock cash delivery based trades, stock F&O trades and currency F& O trades. The firm has Robo Advisory that is an investor advisory system that is fully automated. A set of questionnaire is answered by the client’s basis with the system picks out the most suited mutual funds amongst thousands of options. The trading platform of 5paisa is built on the same of IIFL and is available for mobile, website and desktop. They also have 5paisa School that offers basics of share markets to beginners. This is an excellent platform for beginners who are not aware of investing and how to go about it. The platform teaches them all about the industry starting from scratch. 5Paisa is one of the only discount brokers that has made it to the stock market list.
SAMCO is the next on top discount brokers list India. It is one of the lowest cost broker in the industry. The firm offers trading at NSE, BSE, and MCX. A pay per order brokerage it offers flat rate trading at just Rs. 20 per executed order. They do not charge for brokerage. The trading platform offered to traders is for free. The installable trading terminal is SAMCO Trader, StockNote is the mobile trading app, and the website app is SAMCO Web Xpress. The firm also has a call and trade service for which they charge additional Rs. 20 per executed order. They also have a plat form for their online back-office, SAMCO STAR.
Top discount broker list India would be incomplete without Tradeplus online. A unique one on the list, it is a hybrid of traditional and discount broker. It offers trading at BSE, NSE and MCX. The firm is known to offer infinite trading, with a monthly fee being charged for a few segments. The trading platform of the firm is by the name INFINI which is available to clients on website, desktop and mobile app. They also have a NSE NOW platform. Tradeplus Online also has an analytical tool by the ‘AHA!’ that is designed for intra day traders. They have both percentage based and monthly based subscription. In fact the annual maintenance charges are available at a very nominal cost for both 5 years and 10 years.
Trade Smart Online
A Mumbai based trading firm, Trade Smart Online is the last popular name on the discount brokers list. They offer brokerage service in multiple segments such as currency derivatives, commodities etc. They also offer unlimited trading plans and have a fixed brokerage of Rs. 15 per executed order. They use two different trading platforms, NOW (by NSE) and NEST (by Omnesys Technologies). They are known for a great responsive customer service. The company is a part of VNS Finance which has an established name in the industry. The annual maintenance charges of the industry is free for the first year and there are minimal charges thereafter. Their client base is smaller as compared to many others in the industry.
So here was a consolidated top discount brokers list India. While there are many more in the industry, but these are one of the most trusted firms that you can trust your money with. While choosing a discount broker for your investments, it is important to consider certain factors. Some of these are, low brokerage charges, trading platform, customer services and educational content. For novices it is advised that you must use one of these platforms to learn about investing and then venture into trading. Discount trading is undeniably one of the best options as mostly there are no hidden charges and the trade charges are minimal no matter how much you earn per trade.