Wondering which are the best discount brokers in India? Well, you’ve come to the right place. 

We’ve shortlisted a series of 6-7 firms that are not only popular but highly rated by customers and experts in the field. To make the right decision, refer to the best discount brokers in India list given below:

Best Discount Brokers in India 2024

1. Upstox Discount Broker


In our personal view, Upstox will be the best discount broker in India in 2023. After establishing itself as one of the leading discount brokers in India, Upstox maintained its position. All you need to do is pay INR 299 to open a demat and trading account. Subsequently, you will be charged Rs. 20 per Intraday and Equity F&O order. 

You will have to pay nothing for other dealings such as Equity delivery, digital gold, mutual funds, IPO’S, Commodity, and currency segments (For 7 days). Moreover, Upstox enables you to keep all your accounts in one place for transparent and seamless transactions. Your demat, trading and savings account will stay organized and maintained that way. Another perk of using Upstox is its user-friendliness. 

Upstox has a more responsive and better customer support than Zerodha and many other leading brokers. Not only is the interface easy to use, but it can be operated from anywhere, be it your phone or laptop. All you need is an active internet or data connection to set your trading into motion. Get started now! 

2. Zerodha Discount Broker


Zerodha is one of the most popular discount brokers in India. Having experienced almost every trend and pattern in the financial industry, Zerodha is considered the market leader when it comes to discount broking. 

Although its brokerage charge on Intraday and F&O may be higher than its competitors, the services provided by Zerodha are extremely beneficial for both beginners and experts. The flat fee is INR 20 with no hidden charges, guaranteed. 

You get to invest your money in stocks, mutual funds, commodity and currency derivatives, bonds, and government securities, along with an IPO. Over time, Zerodha has accumulated over 5 million customers that are satisfied with the company’s offerings. 

If you decide to make an account, you also get access to free educational lessons that will help you analyze market trends, your portfolio, and more so give you the right information to aid decision making. Zerodha has a better and cleaner interface than Upstox and Angel One.

After you learn about these different cycles and periods in the industry, you’ll start recognizing the stocks and companies you should invest in. 

3. 5paisa Discount Broker


5paisa is another best discount broker in India, which you cannot miss. Although 5paisa is a relatively new discount broker compared to the others, it has successfully caught the attention of investors. You’ll be surprised to know that even 5paisa has over 5 million customers, brought in just a span of 5 years. 

Like the other two stated above, even 5paisa has a flat fee charge of INR 20 per order, regardless of the value or size. Different, more common modes of interest have 0 brokerage charges and can help you save lacs of rupees over time. 

Your investment in mutual funds will only cost you a 1-2% fee in a year. Moreover, you will get access to premium tools that will aid decision-making when your trading process begins. These will come in handy and need to be separately purchased. With 5paisa, you can trade stocks from literally anywhere. 

Be it your phone, laptop, or simply a phone, call-everything will be carried out in minutes. Lastly, it has one of the most significant portfolio analytics features ever created and will give you suitable suggestions by evaluating the stocks you previously purchased. Think of it as your personal tour guide. 

4. Groww App Discount Broker

Groww App is an absolute discount broker for everyone in India 2023. Probably the only company with the highest customer base, the Groww app caters to 10 million users all over India. You can invest your money into multiple revenue streams such as stocks, mutual funds, gold, and FD’s. 

Another great feature that will come with your trading account is global exposure. You can now deal with firms in the United States too. The best part about this app is that you have to pay INR 0 to open an account with Groww and even maintain it over time. 

Some companies charge a certain fee even if the account hasn’t been used for several months, but Groww simply requires you to sign up. You also get to learn along the way. It offers you expert feedback and training on how you should select stocks for intraday, an extensive beginner's guide for mutual funds, and how you can diversify in both calm and volatile market scenarios. It also enables you to trade from anywhere.

You could be sitting at home with your favorite Netflix series playing on TV as you analyze various stocks, or you could be wandering in the middle of the Amazon Jungle, bored yet in the mood to make some money- Groww app will lend its services regardless. Use the Android, IOS, and Web App at your convenience. 

5. Angel Broking Discount Broker


Angel Broking is a recent addition to our best discount brokers in India 2023 list. Even though this firm is not widely known and recognized by people, compared to platforms like Upstox and Zerodha, it’s got 6 solid reasons for you to invest in it. One, a low flat fee brokerage charge of INR 20. Nothing less, nothing more regardless of the size of your transaction. Angel One doesn't charge account opening charge and AMC for the first year unlike Zerodha.

You could be getting high returns but will only be spending 20 Indian Rupees. Isn’t that a great deal? Two, it’s been given an award for the best mobile app. That means it is user-friendly and has an interface that is easy to understand and operate. 

Three, you get access to expert research advisory. If you’re a rookie or even an expert who is stuck in a dilemma for days, you need not worry. Explain what you’re looking at to the person in charge, and they’ll guide you through verbal and digital means. 

Four, it’s got an All-in-1 account opening feature. This is great for people who like to be organized with their assets. Your bank, demat, and trading account will stay in one place and make trading much more straightforward. 

Lastly, it’s been operating since 1987, so you’ve got 30+ years of experience worth trusting. 

6. IIFL Securities Discount Broker

With over 22 lakh happy customers, IIFL Securities discount broker in India 2023 is an option you should consider. Not only will you be able to get access to your trading account within 5 minutes of signing it, but you will be charged INR 0 for all brokerage deliveries (lifetime) and AMC’s for a year. 

As for Intraday Equity, F&O, Commodity, and currency derivatives, the flat fee is INR 20. It’s so much cheaper than other companies when you look at what you’ll be getting in return. You’ll get access to 750+ features, 1000+ products for investment needs, an 86% success rate for research calls, and overall an app with a whopping 4.3-star rating. 

Go invest in equity, digital gold, mutual funds, and more now! 

7. Trade Smart Discount Broker

Last but not least, let’s have a look at one of the cheapest discount brokers in India 2023. Compared to others, Trade Smart only charges its customers INR 15, regardless of your transaction size. 

This is an excellent feature for individuals who are less frequent with their trades but go big when they’re buying/selling. The intraday exposure you’ll be given can go upto 10x on intraday equities, 2x on F&O, along with currency and commodity training. 

Margin against shares, one facility that only a handful of companies have, is available with Trade Smart. The best part is that there is no minimum commitment from your end that the firm expects. Do as you wish! 

How To Pick The Best Discount Broker in India?

We hope this 6-7 platform guide helps you make the most suitable decision about the account you want to go with. Consider different parameters before making a selection to choose an intuitive and reliable platform for your trading and investment needs.

You must get it right in the first place because this is an account that you’ll have to pair your other accounts with, be it a baking or demat account. You don’t want to face any trouble when your trading is at its peak. Take your time with it! 


What is a discount stock broker? 

A discount stock broker is a type of brokerage firm that offers trading services at lower commission rates compared to traditional full-service brokers. They provide a streamlined trading experience without extensive advisory services.

How do I open an account with a discount broker? 

To open an account with a discount broker, you'll need to go through an account opening process. This usually involves providing personal and financial information, completing necessary paperwork, and possibly submitting documents for verification.

What are trading platforms? 

Trading platforms are software applications provided by brokers that enable traders to place orders, monitor market data, and execute trades. 

They often offer real-time market information, charting tools, and order execution options.

What is intraday trading? 

Intraday trading involves buying and selling financial instruments, such as stocks, within the same trading day. Traders aim to capitalize on short-term price movements to make profits.

How can Paytm Money be used for trading? 

Paytm Money is a platform that offers investment and trading services. Users can use Paytm Money to invest in mutual funds, stocks, and other financial instruments.

What is HDFC Securities? 

HDFC Securities is a well-known brokerage firm in India that offers a range of investment and trading services, including equity trading, mutual funds, and more.

What are the benefits of using a discount brokerage? 

Benefits of using a discount brokerage include lower commission fees, cost-effective trading, and a focus on self-directed trading without extensive advisory services.

What are trading fees and brokerage fees? 

Trading fees refer to the charges associated with executing trades, while brokerage fees are the charges imposed by brokers for facilitating trading transactions.

How does commodity trading work? 

Commodity trading involves buying and selling commodities like gold, silver, crude oil, etc. It can be done on commodity exchanges using futures and options contracts.

What is equity delivery trading? 

Equity delivery means stock trading involving buying and holding shares for the long term. In this case, the shares are physically transferred to your demat account.

How can I open an account with ICICI Bank for trading purposes? 

To open a trading account with ICICI Bank, you can visit their website or a branch, follow their account opening process, and provide the necessary documentation.

What are the key considerations when choosing the best discount broker? 

When choosing the best discount broker, factors like free equity delivery, lowest brokerage fees, trading platform features, customer support, research and analysis tools, and the range of available investment options are important to consider.

What is the difference between a traditional broker and a full-service broker? 

A traditional broker typically offers basic trading services with limited advisory, while a full-service broker provides a wider range of services including investment advice and portfolio management.

Can you recommend some low brokerage options? 

Sure, some brokers are known for offering low brokerage rates, such as SAS Online, Trade Plus, Tradesmart Online, and those listed under “10 discount brokers.”

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