Best Discount Broker in India 2022
Whether or not traders or investors make money in the stock market, there is one market participant who always makes money – the stock broker. Stock brokers make money in both rising or falling markets.
In recent years, discount brokers have changed the stock broker landscape for the better. Discount brokers charge a fixed brokerage per trade irrespective of the trade volume which helps you to save decent money on your brokerage charges.
You might not feel the pinch of paying brokerage to a full-service broker in a single transaction. But if you look at the aggregate amount you pay to the broker over a number of transactions you will realize that you are probably paying a bomb.
If you are a frequent trader, you must choose a discount broker rather than a full-service broker.
In this article, I have reviewed the best discount brokers in India 2022.
Best discount brokers should be
- Trustworthy and reputed
- Charge low brokerage fee
- Provide advance charts and tools for technical analysis
- Provide the latest technology trading platform
Based on above factors, we have picked top 3 Best Discount Brokers in India
Zerodha
Fix brokerage of Rs 20 per trade.
Fix brokerage of Rs 20 per trade.
5Paisa
Lowest fixed brokerage of upto Rs.10 per trade.
Here is the list of best discount brokers in India 2022
- Zerodha – Best for every trader
- Upstox – Best alternative to Zerodha
- 5paisa – Best for only traders with no security holdings
- Wisdom Capital – Best for lifetime free account
- Samco – Great for high margin needs
- SAS Online – Best for lowest brokerage charges
- TradeSmart Online – Best for lowest percentage based brokerage
Best Discount Broker in India 2022
1. Zerodha Demat Account (Top Discount Broker)
Zerodha is the biggest discount broker in India having over 12 Lacs customer base and the first broker to introduce fixed brokerage charges. Zerodha charges a fixed brokerage of Rs. 20 per trade for intraday and zero brokerage on delivery.
Zerodha is the first choice of most of the traders because of its trading platforms equipped with advanced charts and tools. You can integrate your Zerodha account with other tools like Sensibull, Streak and Smallcase.
You can expect great customer support from Zerodha starting from account opening and throughout your trading journey. With other discount brokers, you may face difficulty with their customer support.
What makes Zerodha at No.1
- Most trusted & reputed broker in India
- Best in customer support
- Fix Rs 20/trade on intraday
- Zero brokerage on the stock delivery
- Provides advance charts and tools for technical analysis
Zerodha Brokerage Charges
| Type | Brokerage |
| Equity Delivery | Rs. 0 |
| Equity Intraday | Lower of Rs. 20 per executed order or 0.01% |
| Equity Futures | Lower of Rs. 20 per executed order or 0.01% |
| Equity Options | Rs. 20 per executed order |
| Currency Futures & Options | Lower of Rs. 20 per executed order or 0.01% |
| Commodity F&O | Lower of Rs. 20 per executed order or 0.01% |
- Demat & trading account opening charges – Rs. 200
- Commodity account opening charges – Rs. 100
- Annual maintenance charges – Rs 300
Zerodha Margin
| Stock Market Segment | Margin |
| Equity Delivery | No Margin |
| Intraday Equity | Up to 20 times |
| Equity Futures | 40% of the normal margin (NRML) |
| Equity Options | No margin |
| Currency Futures | 40% of the normal margin (NRML) |
| Currency Options | No margin |
| Commodity | 40% of the normal margin (NRML) |
Pros
- Zero brokerage for delivery
- Low & fix brokerage irrespective of trade volume
- No minimum balance required to open the account.
- In-House trading platforms
Cos
- Frequent delays and service down during trading hours
- The margin provided is low as compared to other brokerage companies
- Cannot invest in IPO through Zerodha
2. Upstox Demat Account (Fastest Discount Broker)
Upstox is one of the best discount brokers in India for traders who look for low brokerage, high margins, and good trading platforms.
You can trade with low brokerage charges of Rs 20 per trade and high margins up to 28X for higher earnings. The stock delivery is free, for value investing.
What I like the most about Upstox, is its high-tech and advanced trading platforms. Upstox recently hit 10 lakh users and became the second-biggest discount broker after Zerodha.
What Makes Upstox Number No. 2
- Free brokerage credit of Rs 1000
- Flat brokerage of Rs 20/trade
- Zero stock deliver brokerage
- Great trading platforms with advance tools
Upstox Brokerage Charges
Upstox offers 0% brokerage on stock delivery
| Type | Brokerage |
| Equity Delivery | Rs. 0 |
| Equity Intraday | Lower of Rs. 20 per executed order or 0.01% |
| Equity Futures | Lower of Rs. 20 per executed order or 0.01% |
| Equity Options | Rs. 20 per executed order |
| Currency Futures & Options | Lower of Rs. 20 per executed order or 0.01% |
| Commodity F&O | Lower of Rs. 20 per executed order or 0.01% |
- Upstox account opening – Free (limited time offer)
- Upstox AMC – Rs. 25 per month
Upstox Intraday Margin
|
Stock Market Segment |
Basic | Priority Pack |
| 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 |
Upstox Margin OC/OCO orders
| Segment | Basic | Priority Pack |
| NSE/BSE Cash | 20X | 27X |
| Index Futures | 20X | 28X |
| Stock Futures | 5X | 6X |
| Index Option Sell | 3X | 4X |
| Stock Option Sell | 3X | 3X |
| NSE Currency | 4X | 5X |
| MCX Future | 3X | 4X |
| NSE Option Buy | 1.33X | 2X |
Pros
- Zero brokerage charges for delivery
- Great trading platforms
- Fix & low brokerage irrespective of trade volume
- Upstox offers complete online account opening process
- You cannot invest in FPO and IPO through Upstox
3. 5Paisa Discount Broker (Cheapest Discount Broker)
5Paisa is the cheapest discount broker in India that charges a flat brokerage fee of just Rs. 10/trade on titanium and platinum plan.
5Paisa is best for traders who need access to an easy platform for trading or high volume trader who wants to save money on brokerage charges. 5paisa mobile trading app is the best mobile trading app so for.
The best thing about 5Paisa is its extremely fast and paperless account opening process. I was able to complete all the documentation within 15 minutes.
What Makes 5paisa at No. 3
- Cheapest brokerage charges of Rs 10/trade
- Zero brokerage on delivery
- Fastest & complete paperless account opening process
- Decent customer support
5Paisa Brokerage Charges Details
Zero brokerage on a stock delivery
5paisa offers 3 plans to customers based on their requirements. The brokerage charges are different for different plans.
Detailed 5 Paisa Charges
5 Paisa brokerage charges under different plans are as under;
| Transaction | Optimum Plan | Platinum Plan | Titanium Plan |
| Stock Delivery | Rs. 20 per order | Rs. 10 per order | Free |
| Stock Intraday Trading | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| Stock Futures | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
| Stock Options | Rs. 20 per order | Rs. 2 per lot | Rs. 2 per lot |
| Currency F&O Trades | Rs. 20 per order | Rs. 10 per order | Rs. 10 per order |
- Optimum Plan – No plan charges
- Platinum Plan – Rs. 499 per month
- Titanium Plan – Rs. 999 per month
Demat annual maintenance charges for different plans are
- Optimum Plan – Rs. 45 per traded month.
- Platinum Plan – Free
- Titanium Plan – Free
5Paisa Margin / 5Paisa Leverage
The intraday margins provided by 5 Paisa under different plans are as under
| Segment | 5Paisa Optimum Plan | 5Paisa Platinum Plan | 5PaisaTitanium Plan |
| Equity Delivery Trading | Up to 4 times | Up to 4 times | Up to 4 times |
| Equity Intraday Trading | Up to 3.5 times | Up to 5 times | Up to 5 times |
| Equity Futures | Up to 3.5X | 5X | 5X |
| Equity Option Writing | 2.5X | 5X on normal and 10X on expiry | 5X on normal and 10X on expiry |
| Currency Futures | 1 time | 1 time | 1 time |
Pros
- Paperless & fast account opening process
- Good customer care support
- Cheaper & fix brokerage charges (no complexity)
- Great trading platform
- 5Paisa offers complete online account opening process
- Trading by calling them over the phone is very costly – Rs. 100 per call.
- Some traders faced server issues in peak hours of trading