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Home / Finance / Best online discount stock brokers in India to trade in 2024

Best online discount stock brokers in India to trade in 2024

Last updated on February 11, 2024 by Editorial Staff

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If you are looking to open a Demat and trading account with a stock broker, but are confused about which online stock broker to choose, then this article is for you. In this article, we have listed almost all online discount stock brokers to help you know their charges to open a Demat and trading account.

In the old days, one of the best ways to trade in the stock market was to call a broker over the phone and ask them to place your order. 

These days, you have plenty of ways to place your order to buy or sell securities online. In a fraction of second, your buy and sell orders can be placed and executed.

Online discount stock brokers make traders and investors’ lives easy by allowing them to buy and sell stocks and other investments over their integrated trading platform with less cost. 

You need to login to your discount stock broker’s account and place orders online to buy and sell securities for your investment portfolio.

Many of these online discount stock brokers let you open an account with no charges.

Before choosing your online discount stock broker to trade in the financial market, you need to think about how much you will pay for the service, which includes annual maintenance charges, brokerage and other fees. Please note, brokerage can have a big impact on your overall profitability if you are a day trader.

You can also look at the other services that they offer, such as charting tools, stock screeners and research articles. These can help you to make investing and trading decisions.

Tips to chose your online discount stock broker

While choosing your online discount stock broker, you have to first list down your immediate needs as a trader or investor.

First cost that has a high impact on your profitability is brokerage.

Brokerage is a cost charged as a percentage of turnover or at a flat rate for each buy and sell order you place through the trading account.

If you want to day trade, you need the best online trading platform which offers advanced features, fast execution, less costs and a good mobile app for trading on the go.

In India, we have no minimum limit to get started investing or trading in the stock market. Almost all discount stock brokers offer accounts with zero deposits. You can start your investing or trading with any amount of money.

Below we have selected the best online discount stock brokers and platforms for day trading and investing in the stock market. You can choose any of these based on your personal priorities. 

Our aim is to provide an independent assessment of discount stock brokers to help arm you with information to make sound and informed judgments based on your needs. We have collected data directly from the stock broker’s website and based on publicly available information.

Discount Stock BrokerAccount Opening ChargeAccount Maintenance ChargeEquity Delivery BrokerageEquity Intraday BrokerageFutures and option brokerageUsers(based on google play store app downloads as on 23/10/2023)Google Play store rating as on 23/10/2023Remarks
GrowwZeroZero₹ 20 or 0.05% per executed order, whichever is lower₹ 20 or 0.05% per executed order, whichever is lower₹ 20 per execute order50M+4.4Best for intraday trading
Zerodha₹ 200₹ 300/year + GST charged quarterly (90 days)ZeroFlat ₹ 20 or 0.03% (whichever is lower) per executed orderFlat ₹ 2010M+4.0Best Overall, Best Broker for Low Costs
Angel OneZero₹23.6/ Month(If user has a debit balance in that month or has any stock available in portfolio)Zerolower of ₹20 or 0.03% per executed orderlower of ₹20 or 0.25% per executed order10M+4.3Best Overall, Best Broker for Low Costs
UpstoxZeroZero₹20 or 2.5% (whichever is lower) per order₹20 or 0.05% (whichever is lower) per order₹20 or 0.05% (whichever is lower) per order for equity futures. Flat ₹20 per executed order for equity options.10M+4.4Best for intraday trading
5paisaZero₹25 per month if number of Demat accounts across brokers is more than 1₹20 per trade₹20 per trade₹20 per trade10M+4.3Best for intraday trading
DhanZeroZeroZero₹20 or 0.03% of trade value per executed order, whichever is lower.₹20 or 0.03% (whichever is lower) per order for equity futures. Flat ₹20 per executed order for equity options.1M+3.7Best Overall, Best Broker for Low Costs
FYERSZeroZeroZero₹20 or 0.03% per executed order, whichever is lower.₹20 or 0.03% (whichever is lower) per order for equity futures. Flat ₹20 per executed order for equity options.1M+4.1Best Overall, Best Broker for Low Costs
EspressoZeroRs 400/yearZero0.03% or Rs 20 for every executed order (whichever is lower)0.03% or Rs 20 for every executed order (whichever is lower) for equity futures  Rs 20 for every executed order for equity options1M+3.9Best Overall, Best Broker for Low Costs
m.StockZeroZeroZeroZeroZero5M+3.5Best for zero brokerage plan with one time payment of 1,998 rupees + GST.
Paytm MoneyZeroZero2.5% of turnover or up to Rs 20/- per Executed Order, whichever is lower.0.05% of turnover or up to Rs. 20/- per Executed Order, whichever is lower.Rs 20/- per Executed Order10M+3.9Best for intraday trading

Please note, when it comes to the stock market, there are endless possibilities for making and losing money.

You can make money by buying a bad investment at a good time, but can lose money by buying a good investment at the wrong time.

Trading and Investing money into the stock market has a very high degree of risk and you should make sure that you are compensated for taking that risk.

Disclaimer: In addition to the disclaimer below, please note, this article is not intended to provide investing or trading advice. The information and data presented in this article do not constitute a solicitation or an offer to buy, sell or transact in any stocks, futures, options, commodity, or any other financial securities or product(s). Trading in the stock market and in other securities entails varying degrees of risk, and can result in loss of capital. The risk of loss in all types of trading can be substantial. Most investors and traders lose money. Readers seeking to engage in trading and/or investing should seek out extensive education on the topic and help of professionals.

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Categories: Finance

About the Author

Editorial Staff at Yourfinancebook.com is a team of finance professionals. The team has more than a decade experience in taxation, stock market and personal finance.

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