Before I present you the list of Top 10 stock brokers in India, I would like to give some pointers in selecting the ideal broker for you.
Offcourse all the below names I’m going to mention are some of the best share brokers in India but everyone may not suite you. It is good to spend some time in understanding basics than repenting later. So I request you to please read entire post.
Below are the some criteria based on which I have tried to find out who is Top 10 Stock Brokers of India:
- Brokerage/Commission
- Credibility of the Share Broker
- Trading Platforms/softwares
- Number of Customers (Client Base)
- Margin/Leverage they offer
- Customer Support:
Your Broker should always be there to help you in your difficult times. Check out different modes of support the stock brokerage firm offering like phone, email, online chat and physical location.
They should be reachable quickly to place/modify/cancel your orders. They should create a ticket for each one of your issues/queries and see that it closes satisfactorily.
- Brokerage/Commission
This is important. Never choose the brokerage house just on the basis of brokerage charges. There are many instances of brokers going bankrupt because they used to operate on low operational margin. Check the next point (Credibility) which is more important than brokerage.
Best Stock Brokers In India : 2019
#1 Zerodha
I have placed Zerodha on top of the list of Best Indian Stock brokers simply because of the innovation and initiative they bring in with their products and services.
Zerodha was started in year 2010 by handful of people headed by Mr Nitin Kamath. Within the span of 8+ years they have managed to beat names of Sharekhan and Angel Broking to become brokerage firm with 2nd highest number of customers.
As far as brokerage charges of Zerodha is concerned, they offer flat Rs 20/trade for non-delivery trades. For delivery based transaction, there will be no charges. If you are not aware, delivery trades are the one in which both buy and sell are not carried out same day.
Infact Zerodha are the pioneer in introducing discount brokerage concept in India. Before that, full service brokers charged on percentage of the traded value and traders used to suffer due to high brokerage overheads.
Indian traders welcomed this very new concept and due to its very competitive management , Zerodha has become best discount broker of India.
You can read more about their brokerage charges, trading platforms etc here at Zerodha detailed review.
#2. Upstox
Upstox started little late compared to Zerodha and initially they had only monthly fixed brokerage plans. Formerly they were known as RKSV securities. They are the No 2 discount stock brokers of India.
Now they follow the brokerage structure of Zerodha and taken out all the monthly plans. They also developed their own inhouse trading platform now after facing the tough competition from Zerodha Kite.
They are primarily located at Mumbai and have offices at few more location across India.
Check out my detailed review of Upstox here.
#3. TradeSmartOnline
One more Mumbai based discount stock broker which is the discount brokerage arm of VNS Finance Ltd. VNS is a leading financial house with more than 20 years of experience in brokerage industry.
One attractive aspect of TSO is they have flexible brokerage plan. Customer can switch between flat Rs15/trade plan to 0.007% Plan. They also recently taken out monthly brokerage plans.
TSO mainly offers NEST trader (from omnesys) but recently launched thier in house platform named SINE.
Read more about TradeSmartOnline in this review.
#4. Tradejini
Tradejini is based out of Bengaluru. They charge Flat Rs 20/trade for all segments.
Currently they are offering Zero brokerage charges across all segments for first 30 days of account opening.
I got to know that their customer support is good comparatively and all the issues are addressed quickly.
Check out the detailed Tradejini Review here.
#5. FYERS
FYERS entered quite late into the discount brokerage arena (in 2015) and by that time Zerodha and Upstox had established themselves as reputed stock brokers of India.
Still FYRES has managed to acquire 10,000+ customers. They claim that their trading platforms are their USPs.
Initially they had priced their charges at Rs 100/trade which was quite expensive and not reasonable. Now they have reduced it to Rs20/trade.
Read my complete analysis of FYERS Securities here.
#6. ICICI Direct
ICICI Direct is from ICICI Bank and because of this customer acquisition is not big hurdle for them. Because of the parent bank, they enjoy high reputation and trust.
At the same time their brokerage charges are also quite high in comparison to other banking brokers.
Being on the top of Top 10 Stock Brokers in India, ICICI Direct offers wide array of products such as Equity, Derivatives, Currency, Mutual Funds, NPS and loans.
Since it is backed by a Bank, they offer 3-in-1 demat account..
Read complete review of ICICI Direct Here.
#7. HDFC Securities
HDFC Securities is brokerage subsidiary of HDFC Bank. It enjoys the 3rd position in terms of highest number of active clients after ICCI Direct and Zerodha
Established in year 2002, it offers services in equities, derivatives, Mutual funds and loans.
You can get more information in HDFC Securities review.
#8. Sharekhan
Sharekhan is a reputed name in Indian stock broking fraternity. They started in year 2000 and grown leaps and bounds. It is the only non banking full service trading company which enjoys its position in top 10 stock brokers in India.
They were one of the most preferred stock broker of India before the discount brokers started making in roads.
TradeTiger which is the desktop based trading platform from Sharekhan is considered as one of the best trading platform of India.
Read complete review of Sharekhan here.
#9. AxisDirect
Axis Direct is brokerage arm of AXIS Bank which is one of the most premier private sector banks of India.
Established in year 2005, Axis Direct has more than 73 branches across India.
Being from a banking broker, it is a 3-in-1 demat account and helps in seamless transfer of funds across trading and saving account.
Find out more details about them in AxisDirect review.
#10. Kotak Securities
Kotak Securities is one of the major stock trading companies of India and part of Kotak Bank.
It is present across more than 360 cities and 1200+ branches. It is known fo brokerage off between 1PM to 2PM.
Their trading platforms are less resource hungry and can be used with low bandwidth internet.
Read detailed review of Kotak Securities here.
Best Stock Brokers In India – Final Thoughts:
I have made my efforts to come up with names of Best Stock Brokers of India. If you find this list needs to be updated, please let me know though comments below.