The discount brokers have set a new trend of low-cost brokerage in India. A discount broker is the best option for you if you don’t need research-based trading advice. You can save lots of money with a flat brokerage fee on trading and free delivery (many discount brokers offer) by having a Demat & Trading account with the best discount broker.
I have curated a list of 11 best discount brokers in India. Let’s discuss them all in details.
Best Discount Broker in India
#1. Zerodha Demat & Trading Account Review
Zerodha (read full Zerodha review) is the top discount brokerage company in India with having a customer base of more than 15 lakh. They charge Rs. 20 per order or 0.03% (whichever is lower). You don’t have to pay big amounts as brokerage.
Along with that, you get in-depth analysis of historical data. You can create your own trading strategies. You can invest using UPI as well.
Zerodha offers you an opportunity to invest in mutual funds directly without paying any commission.
Zerodha annual charges
- Annual maintenance charges – Rs. 300 per year (charged Rs. 75/ quarter)
- Account opening charges – Equity – Rs. 200 and commodities – Rs. 100 (optional)
Zerodha brokerage charges
| Segment | Brokerage |
| Equity Delivery | Zero |
| Equity Intraday Trading | Rs. 20 or 0.03% (whichever is lower) |
| Equity Options | Flat Rs. 20 per executed order |
| Equity Futures | Rs. 20 or 0.03% (whichever is lower) |
| Currency Options | Rs. 20 or 0.03% (whichever is lower) |
| Commodity F&O | Rs. 20 or 0.03% (whichever is lower) |
Zerodha margin facility
| Segment | Margin |
| Equity Delivery | No Margin |
| Intraday Equity | 3 to 12.5x varies scrip to scrip |
| Index Futures | 35% of the normal margin (NRML) |
| Equity Futures | 45% of the normal margin (NRML) |
| Index Option Writing | 35% of the normal margin (NRML) |
| Stock Option Writing | 45% of the normal margin (NRML) |
| Currency Futures & Option Writing | 50% of the normal margin (NRML) |
| Commodity Futures & Option Writing | 50% of the normal margin (NRML) |
Best for
Zerodha is best for you if you are a long-term investor because you don’t have to pay any brokerage on equity delivery.
Besides, if you are an active trader, you can save money by paying a flat brokerage fee.
#2. Upstox Demat & Trading Account Review
Upstox (read full Upstox review) is another big name in the discount brokers domain. You get cheap brokerage in different plans, designed specifically to meet your trading needs.
You also get a fast trading platform with multiple technical indicators to make better trading strategies.
Upstox annual charges
- Annual maintenance charges – Rs. 300 (charged Rs. 25 per month).
- Account opening charges – Rs 300
Upstox brokerage charges
| Segment | Brokerage |
| Equity Delivery | Zero |
| Equity Intraday Trading | Basic PlanRs. 20 or 0.05% (whichever is lower)Priority PlanRs. 30 or 0.10% (whichever is lower) |
| Equity Options | Flat Rs. 20 per executed order |
| Equity Futures | Rs. 20 or 0.05% (whichever is lower) |
| Currency Options | Flat Rs. 20 per executed order |
| Commodity Options | Flat Rs. 20 per executed order |
| Commodity Futures | Rs. 20 or 0.05% (whichever is lower) |
Upstox margin facility
Details of margin leverage provided are as below.
| Segment | Intraday Orders | |
| Basic Plan | Priority Plan | |
| NSE/BSE Cash | 15x | 20x |
| Index Futures | 3x | 6x |
| Stock Futures | 3x | 3x |
| Index Option Sell | 3x | 6x |
| Stock Option Sell | 3x | 3x |
| NSE Currency | 4x | 4x |
| MCX Future | 2.5x | 3x |
Best for
If you want to open a 3-in-1 account with cheap brokerage charges on trading, go with Upstox.
Secondly, if you are an expert trader, you can enjoy higher margin on the cash segment with the priority plan.
And there’s no brokerage on equity delivery too.
Also read – Detailed comparison of Zerodha vs Upstox.
#3. 5paisa Demat & Trading Account Review
5paisa (read full 5paisa review) is an initiative started by big Indian financial company IIFL to provide discount brokerage. 5paisa charge the lowest brokerage of Rs 10 per trade on intraday on their platinum and titanium plan.
5paisa mobile app is currently the best mobile trading app in India. If you trade through mobile app, then you must have account with 5paisa.
You can invest in stocks, mutual funds, and get health insurance, and loans from the 5paisa account.
5paisa annual charges
- Annual maintenance charges (Individual) – Rs. 45/month (pay only for the month you trade)
- Annual maintenance charges (non-Individual) – Rs. 400 per year
- Account opening charges – Rs. 650
5paisa brokerage charges
| Segment | Optimum | Platinum | Titanium |
| Stock Delivery | Rs. 20/order | Rs. 10/order | FREE |
| Stock Intraday | Rs. 20/order | Rs. 10/order | Rs. 10/order (Rs. 1000 Free/month) |
| Stock F&O | Rs. 20/order | Rs. 10/order | Rs. 10/order |
| Commodity F&O | Rs. 20/order | Rs. 10/order (For Equity options Rs. 2/lot) | Rs. 10/order (For Equity options Rs. 2/lot) |
| Call Trade Charges | Rs. 100/call | Free | Free |
5Paisa margin facility
| Segment | Margin |
| Equity Intraday | Up to 20x |
| Equity Delivery | Up to 3.5x |
| Equity Futures | 3x |
| Currency Futures | 1x |
Best for
If you are an active trader, you can get the benefit of discount brokerage and select different plans as per your needs. 5paisa app has the best user interface.
You can also enjoy having mutual funds, health insurance, and loans along with stocks.
You can check out – Detailed comparison of Zerodha vs 5paisa
Best Discount Broker in India with High Leverage
#4. Wisdom Capital Demat Account Review
You can enjoy free trading on all asset classes like equity, commodities and F&O with Wisdom Capital freedom plan.
Wisdom capital, started in 2013, is now gaining popularity for its low cost trading plans. You will get one of the highest margin facility of upto 60x with Wisdom capital.
Wisdom capital annual charges
- Account opening and annual maintenance charges – 0.
- Demat maintenance charges – Rs. 999 (One-time charges)
Wisdom capital brokerage charges
Wisdom capital has 3 brokerage plans to cater the needs of different users. Here are the details of all the plans
| Brokerage Plans | Freedom Plan | Pro Plan | Ultimate Plan |
| Brokerage in NSE Equities | 0 | 0.005% Intraday &Delivery | 0.007% Intraday &Delivery |
| Brokerage in NSE Future | 0 | Rs 9/Trade | Future:0.005% |
| Brokerage in Options | 0 | Rs 9/Trade | Options : Rs. 15/Lot |
| Brokerage in MCX | 0 | Rs 9/Trade | 0.005% Intraday & Delivery |
| Call & Trade Charges | Rs 20/Executed Order | Rs 20/Executed Order | Rs 20/Executed Order |
Margin facility
Wisdom capital offers high margin leverage in all segments especially in the intraday cash segment. You will get up to 60x margin benefits.
Best for
You can enjoy lifetime free trading under the ‘Freedom plan’ and if you want high margin leverage along with discount brokerage then Wisdom capital is the platform you could go for.
Also read – Zerodha vs Wisdom capital
#5. Samco Securities Demat Account Review
Samco is another growing discount brokerage house in India that offers flat fee brokerage at low cost. You can enjoy high margin leverage with Samco.
Samco has launched a plan to allow margin funding at 100% of your collateral, unlike other brokers that mostly offer 50:50 margin leverage. In simple words, if you have collateral stocks worth Rs. 100,000, you can trade for an additional 100,000 with Samco.
Samco annual charges
- Samco Account opening charges – FREE
- Annual maintenance charges – Rs. 400 (Individual) and Rs. 800 (non-individual)
Samco brokerage charges
| Segment | Brokerage |
| Equity Delivery | Flat Rs. 20 or 0.2% of executed order (whichever is lower) |
| Equity Intraday Trading | Flat Rs. 20 or 0.02% per executed order (whichever is lower) |
| Equity Options | Flat Rs. 20 per executed order |
| Equity Futures | Flat Rs. 20 per executed order |
| Currency Options | Flat Rs. 20 per executed order |
| Commodity Options | Flat Rs. 20 per executed order |
| Commodity Futures | Flat Rs. 20 per executed order |
Samco margin facility
Samco offers 3 plans for different margin facility as below.
- Cash Plus- Equity delivery margin up to 4x
- Stock Plus – 100% margin against collateral stocks
- Intra Plus – 15x margin in F&O
Best for
You can go with Samco securities if you want to do margin trade in delivery or you want to get a 100% margin against collateral. No other company will give you a 100% collateral margin.
#6. Tradingbells Demat Account Review
Trading bells is famous for its multiple plans offering low brokerage, high margin leverage, and personalized full-service facility to fulfill the requirement of every customer.
You can also get the facility to take loans against shares which is a unique facility Trading bells provide to its customers.
Let’s have a look at other details:
Trading bells annual charges
- Account opening charges – Rs. 750 (Equity + Commodity)
- Annual maintenance charges – NIL
Trading bells brokerage charges
| Segment | Brokerage |
| Equity Delivery | Zero |
| Equity Intraday Trading | Rs. 20 or 0.01% (whichever is lower) |
| Equity Options | Flat Rs. 20 per executed order |
| Equity Futures | Rs. 20 or 0.01% (whichever is lower) |
| Currency Options | Rs. 20 or 0.01% (whichever is lower) |
| Commodity F&O | Rs. 20 or 0.01% (whichever is lower) |
Trading bells margin facility
| Segment | Margin |
| Equity Intraday | Up to 22x |
| Equity Delivery | Up to 3x |
| Equity Futures | 7x |
| Currency Futures | 1x |
Best for
Trading bells is the single discount broker in India to offer non-cash limits for trading, margin funding for futures, margin shortfall, and loan against stocks.
If you want to have better margin offers, then Trading bells is the best option for you.
Besides, you also get options to invest in IPOs and mutual funds.
#7. Trade Plus Demat Account Review
Trade Plus is an old name in the brokerage space but not very popular. Tradeplus charge lowest brokerage charge of Rs 9 per order.
You would get high margin of upto 65X on your trading orders.
Trade plus annual charges
- Account opening charges – Rs. 200
- Annual maintenance charges – Rs. 200 per year
- Life-time AMC (5 Yrs) – Rs. 500
- Life-time AMC (10 Yrs) – Rs. 900
Trade plus brokerage charges
Trade plus offers two brokerage plans as given below –
#1. Flexi brokerage plan
| Segment | Brokerage |
| Equity Delivery | Free |
| Equity Intraday Trading | Rs. 9 per executed order |
| Equity Options | Flat Rs. 9 per executed order |
| Equity Futures | Flat Rs. 9 per executed order |
| Currency Options | Flat Rs. 9 per executed order |
| Commodity Options | Flat Rs. 9 per executed order |
| Commodity Futures | Flat Rs. 9 per executed order |
#2. Flat zero brokerage plan
- Equity Options – Unlimited trading at Rs. 99 per month
- Equity Futures – Rs. 799 per month
- Currency F&O – Rs. 99 per month
- Commodities F&O – Rs. 99 per month
Trade plus margin facility
Trade Plus provides you high leverage up to 65x by using Cover and Bracket orders. You can get up to 75% funding on your equity delivery trades.
Best for
Trade Plus is ideal if you want high leverage on your trades but don’t want to pay high brokerage.
Best Margin Brokers in India 2023
#8. Trade Smart Online Demat Account Review
Trade smart online is the cheapest discount broker in India if you compare with percentage base brokers. But if you make trades with high volume then you would end of paying high brokerage charges.
Trade Smart has a customer base of more than 50K. You would get average trading experience as the trading platforms are not upto the mark. Trade smart claims to have a 100+ dedicated customer support staff to provide quick assistance to their customers.
Trade smart annual charges
- Account opening charges – Rs. 400
- Annual maintenance charges – Rs. 300
Trade smart brokerage charges
| Segment | Brokerage |
| Equity Delivery | 0.07% per executed order |
| Equity Intraday Trading | VALUE TRADING PLAN – 0.007% per executed order POWER TRADING PLAN– Rs. 15 per executed order |
| Equity Options | Flat Rs. 7 per lot |
| Equity Futures | 0.007% per executed order |
| Currency Options | 0.007% per executed order |
| Commodity Options | 0.007% per executed order |
| Commodity Futures | 0.007% per executed order |
Trade smart margin facility
You can get margin leverage as follows-
| Segment | Margin |
| Equity Intraday | Up to 30x |
| Equity Delivery | Up to 3x |
| Equity Futures | Up to 7x |
| Currency F&O | Up to 3x |
| Commodities F&O | Up to 6x |
Best for
Trade smart has the lowest brokerage as compared to other brokers. It is ideal if you are new in trading and not trading frequently on a regular basis. But if you are frequent trader, then you must look for flat fee base discount broker.
#9. SAS Online Demat Account Review
SAS Online is one of the cheapest brokers in India. They charge Rs. 9 per trade and you also have options to select unlimited trading by paying a monthly fee only.
Apart from stocks, you can also invest in mutual funds.
SAS annual charges
Annual maintenance charges – Rs. 200.
SAS account opening charges
- Equity trading+demat account – Rs. 400
- Commodities – Rs. 200.
SAS brokerage charges
SAS Online has 4 brokerage plans:
#1. 9/trade plan
| Segment | Brokerage |
| Equity Delivery | Flat 0.1% or Rs 9 per executed order (whichever is lower) |
| Equity Intraday Trading | Flat Rs. 9 or 0.01% per executed order (whichever is lower) |
| Equity Options | Flat Rs. 9 per executed order |
| Equity Futures | Flat Rs. 9 per executed order |
| Currency Options | Flat Rs. 9 per executed order |
| Commodity Options | Flat Rs. 9 per executed order |
| Commodity Futures | Flat Rs. 9 per executed order |
#2. MCX (999/month)
You have to pay Rs. 999 and you can enjoy unlimited trading in commodities in a month without paying any brokerage against orders executed.
#3. Equity (999/month)
You can enjoy unlimited trading in the equity segment every month without paying any brokerage against orders executed. You have to pay a lump-sum fee of Rs. 999 per month.
#4. Currency (499/month)
You have to pay Rs. 499 and you can enjoy unlimited trading in currency derivatives without paying any brokerage on trades executed.
SAS margin facility
| Segment | Margin |
| Equity Intraday | Up to 20x |
| Equity Futures | Up to 5x |
| Currency F&O | Up to 5x |
Best for
You can go for SAS Online if you need to do lots of trading throughout the month and you don’t want to pay per trade. It becomes cheaper for you if you are trading big amounts of money into trades.
You may like to read – Prostocks review
#10. Tradejini Demat Account Review
You can enjoy both high leverage and discounted trades with Tradejini. Tradejini has offices across 1000 cities in India.
Let’s go in detail to know more about the benefits.
Tradejini annual charges
- Annual maintenance charges- Rs. 300.
- Account opening charges – Free
Tradejini brokerage charges
| Segment | Brokerage |
| Equity Delivery | Rs. 20 per executed order or 0.1% of Turnover (whichever is lower) |
| Equity Intraday Trading | Rs. 20 per executed order or 0.01% of Turnover (whichever is lower) |
| Equity Options | Flat Rs. 20 per executed order |
| Equity Futures | Rs. 20 or 0.01% (whichever is lower) |
| Currency Options | Flat Rs. 20 per executed order |
| Commodity F&O | Flat Rs. 20 per executed order |
Tradejini margin facility
| Segment | Intraday Without Stop Loss | Intraday With Stop Loss(BO/ CO) |
| Equity Spot | Up to 10X of Contract value | Up to 30X of Contract value |
| Equity F&O | Up to 2.5X of Exchange Specified Margin | Up to 6X of Exchange Specified Margin |
| Commodity F&O | Up to 3X of Exchange Specified Margin | Up to 5X of Exchange Specified Margin |
| Currency F&O | Up to 2X of ExchangeSpecified Margin | Up to 5X of ExchangeSpecified Margin |
Best for
Go for Tradejini if you are looking for a high leverage trading facility at low cost.
#11. Fyers Demat Account Review
FYERS means Focus Your Energy & Reform The Self which is getting popularity these days. The biggest benefit of Fyers is that you wouldn’t need to pay any account opening and annual maintenance fee
So, if you are new and just want to explore the trading, only then Fyers is a good option for you. As you learnt and become regular trader, you must open account with Zerodha or Upstox.
A quick look at their other benefits.
Fyers annual charges
- Account opening – Zero
- Annual maintenance charges – Zero
Fyers brokerage charges
Fyers offer two types of brokerage –
#1. Regular investing
| Category | Charges |
| Equity Delivery | Zero |
| Equity Intraday Trading | Rs. 20 or 0.01% (whichever is lower) |
| Equity Options | Flat Rs. 20 per executed order |
| Equity Futures | Rs. 20 or 0.01% (whichever is lower) |
| Currency Options | Flat Rs. 20 per executed order |
| Commodity F&O | Flat Rs. 20 per executed order |
#2. Thematic investing
No brokerage on buying shares but you have to pay Rs. 100 or 2% (whichever is lower) when you sell your shares.
Fyers margin facility
Fyers allows you to leverage margin up to 16x which varies from scrip to scrip.
Best for
If you are a long-term investor or new to trading and don’t want to pay any upfront charges or annual charges, then you can opt Fyers.
You can also invest in different theme-based investing to achieve your goals.
Also read – Detailed comparison of UpStox vs Fyers.
Discount Brokers in India Comparison
Let’s have a comparison of best discount brokers in India.
| Brokerage on Delivery | Brokerage on Trading | Margin Leverage | Annual Charges | Mutual Funds | |
| Zerodha | Zero | Flat Rs. 20/order or 0.01% (whichever is lower.) | Up to 12.5x leverage for intraday trading | Rs. 300 | Yes (Direct) |
| UpStox | Zero | Basic Plan – Rs. 20/order Priority plan – Rs. 30/trade (monthly charges extra). | Up to 20x for Priority plan users. | Rs. 300 | Yes (Regular) |
| 5paisa | Rs. 10/orderOr Zero (in Titanium plan) | Optimum Plan – Rs. 20/order Platinum plan – Rs. 10/trade (monthly charges extra). Titanium Plan –Rs. 10/order (Rs. 1000 Free/month) | Up to 12.5x leverage for intraday trading | Rs. 45/month (pay only for the month you trade) | Yes (Regular) |
| Wisdom Capital | 0.005%-0.007% &Zero in Freedom plan. | Freedom Plan – Zero BrokeragePro plan – 0.005% per orderUltimate Plan – 0.007% per order | Up to 60x for ultimate plan users. | Rs. 999 (One time charges). | No |
| Samco Securities | Flat Rs. 20 or 0.2% of executed order (whichever is lower) | Flat Rs. 20/order or 0.01% (whichever is lower.) | Cash plus – equity delivery margin upt 4x StockPlus – 100% margin against collateral stocks. Intra Plus – 15x margin in F&O. | Rs. 400 | Yes |
| Trading Bells | Zero | Flat Rs. 20/order or 0.01% (whichever is lower.) | Upto 22x margin leverage. | Rs. 750 | Yes |
| SAS Online | Flat 0.1% or Rs 9 per executed order (whichever is lower) | Flat Rs. 9 or 0.01% per executed order (whichever is lower) | upto 20X leverage in equity | Rs. 200 | Yes |
| Trade Smart | 0.07% per executed order | VALUE TRADING PLAN0.007% per executed order POWER TRADING PLANRs. 15 per executed order | upto 65X leverage | Rs. 300 | No |
| Trade Plus | Zero | Flat Rs. 9 per executed order | Upto 65x margin leverage. | Rs. 200 | Yes (Direct) |
| Tradejini | 0.1% or Rs. 20 per executed order (whichever is lower) | 0.01% or Rs. 20 per executed order (whichever is lower) | Upto 30x margin leverage. | Rs. 300 | No |
| Fyers | Zero | 0.01% or Rs. 20 per executed order (whichever is lower) | Upto 16x margin leverage | Free | No |
Conclusion
If you are still confused let me help you make the final decision. If you are regular trader and want one of the fastest trading platforms then you open account with Upstox
If you want to save huge on brokerage charges and use the mobile trading app then you can open an account with 5paisa.
Rest, it is up to you. Let me know with which broker you are going to trade.
