Top Stock Brokers in India
Who is a stockbroker?
Stockbrokers are the ones who deal in stocks (along with commodities, currency, etc.) They work as an intermediary who buys and sells securities on our behalf at various stock exchanges. These days, there are many platforms that let you invest in the US market as well, thereby helping investors send money abroad. Stockbroking firms provide investors with trading platforms on which transactions may be made and tracked. But before a trading platform, one needs to have a Demat account, without which investing or trading is impossible. In essence, stockbrokers are the people who help us open a Demat account and start our investing journey. As a result, stockbrokers play a vital role in the beginning stages of investing.
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There are more than 250 brokers in India, yet the leading 5-10 brokers control more than 60% of the industry. The most well-known stock brokers in India are divided into two categories:
- Full-service brokers: Stock trading, research and advisory services, and local assistance are available through full-service brokers. Sharekhan, ICICI Direct, Angel Broking, HDFC Securities, and Axis Bank are the most popular full-service stockbrokers.
- Discount brokers: Discount stockbrokers or bargain brokers are internet brokerage firms that focus solely on stock and commodity trading. Zerodha, 5 Paisa, and Upstox are some of the most well-known bargain stock brokers. Add-ons such as research and advising, PMS, wealth management, and branch support are unavailable.
Let us have a look at the top 10 stock brokers in India:
From education to trading tools, Zerodha offers a wide range of trading platforms and solutions to assist its clients. Kite 3.0 is their trading platform, which has segments like Kite Mobile, Console, Pi, Sentinel, and Coin. Free equity delivery trading, an innovative and user-friendly trading interface, and a 0.03 per cent maximum fee per deal are just a few of the benefits of Zerodha stockbroking. They also have a Rs 300 account opening and maintenance fee. However, one of Zerodha’s main drawbacks is that they don’t offer research reports or advice.
Apart from equity, Upstox offers services in currency and commodities as well. Funded by investors like Tata and Kalaari Capital, it is the fastest-growing broker. In 2021, it ranked second for active clients on the National Stock Exchange (NSE) after Zerodha. Upstox is known for zero delivery charges and opening paperless Demat and trading accounts within a few hours. The brokerage charges amounted to rupees 20 per trade irrespective of the bulk of the order. A maintenance charge of just rupees 150 is taken from the clients annually.
With a vision to create the simplest yet powerful application to make trading easier for all, Groww is one of the fastest-growing platforms in India for investment. Groww provides services like Intraday trading, IPO subscriptions, mutual fund investing and Demat services. With zero account opening and maintenance charges, it is one of the easiest to access apps in terms of interface. It even offers investments in US stocks.
- Angel One
With an experience of more than 30 years in the trading market and a presence in more than 1800 locations in India, Angel One is a go-to choice for many amateur and experienced investors. It offers services and facilities like trading, currency and commodity across NSE, BSE and MCX. Moreover, it is the least-cost, full-service broker in India. One of the greatest reasons to choose this platform is the guidance provided before investing, backed by the companies’ facts and reports.
- ICICI Direct
It is the most-visited investment platform in India, providing services from IPO subscription and bonds to wealth management and institutional trading. The application offers a userfriendly interface with technology-driven advanced statistics of the company, annual reports and strong investment schemes. ICICI Direct started online trading only in 2020, giving customised portfolio creation to a high-quality 3-in-one facility of investing, branding, and brokerage.
To compete with a discount brokerage, 5paisa was launched. It is the one-stop solution for all investment needs, from equity to currency to mutual funds. It offers paperless and free delivery trading and allows investment in funds, stocks, and insurance all at the same time and place.
- Kotak Securities
Backed by Kotak Mahindra Bank, Kotak Securities is among the few laces allowing a 3-in-one facility for clients. With null charges for intraday and delivery charges, it is known for its high-end services in mutual funds, insurance planning and distribution.
- HDFC Securities
Backed by its parent HDFC bank, it has a presence through 270 branches and a complete service setup. With headquarters in Mumbai, it is among the full-service brokers providing services like IPO, mutual fund, bonds, insurance, equities, etc. It offers services not just offline but via online platforms as well.
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India Infoline has a presence in 800+ cities of India with approximately 4000 branches across India; it is among the fastest online trading platforms. The schemes can be discussed with advisors and invested in IPO, derivatives, FD, insurance, trading, etc.
- Motilal Oswal
Known as the pioneer of business in financial services and with an experience of more than 20 years, Motilal Oswal offers trading and investment banking, insurance, portfolio management, and mutual funds. The best part? It has been awarded for best research-based guidelines along with a customised advisor. With a presence in 500+ cities and zero account-opening charges, this platform has a wide range of products and personalised expertise to guide investors.
Towards the end, we can say that despite the breakup into discounts and full-service brokers, the race for the greatest brokerage company is still raging. Even though there are a lot of factors to consider, the number of active clients is one of the most significant criteria to consider when selecting the best stockbroker. The best one can do as an investor is to start investing today through these top stock brokers in India.