Wager Mage
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Which bank is best for broker?

ICICI Direct is the top most stock broker among all the brokers. ICICI Bank is followed by discount brokers like HDFC Securities, Sharekhan and Kotak Securities. There are over 15 top full-service brokerage firms who have over 1 lakh active customers.

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There are two types of brokers in India based on the services and fees:

Full-service Broker Discount Broker (Top 10 Discount Brokers)

A full-service broker offers a range of add-ons in addition to trading at stock exchanges. This includes research reports, advisory and a relationship manager apart from helping you buy and sell shares. They also offer a wide range of products including Mutual Funds, IPO, Debt, Insurance and Loans. On the other side, a Discount Broker leverages technology to reduce the operation cost and offer low-cost online brokerage services. Discount brokers do not offer add-ons usually offered by a full service broker.

A full-service broker is good for following investors/traders:

A beginner investors need to have their hand held by some in initial days of trading. Traders who are looking for higher margin or margin funding. A trader can get significantly higher margin based on his personal relationship with the broker or sub-broker. Traders planning to use Call & Trade a lot or visit the branch in person. Most discount brokers charge extra for call & trade and do not have local branches. Investors looking for a verity of financial products for investment through the broker i.e. Mutual Funds, IPO, Debt, Insurance, FD etc. The 3-in-1 account (a combination of bank saving account, a trading account and a demat account) is one the best offering by the top full service brokerage firms. The 3-in-1 account helps in the seamless transaction between these 3 accounts. It is the most convenient way to trade online. Apart from the standard % based brokerage structure, most traditional brokerages also offer volume-based plans where the brokerage varies according to the size of transactions on a periodic basis. At higher turnovers, the brokerage can come down to as low as 0.05-0.15%. ICICI is the 2nd largest and most famous full-service broker with over 10 lakh customers.

Note:

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Which broker is cheapest?

Zerodha (₹20/trade) ProStocks (₹899 Unlimited) Upstox (₹20/trade) Espresso (Sharekhan) (₹20) Paytm Money (₹15/trade) More Discount Brokers... Angel One (₹20/trade) ICICI Direct (₹20/trade) Edelweiss (₹10/trade) Sharekhan IIFL Securities (₹20/trade) More Brokers...

Brokers in India are classified into two types based on the services they offer and the fee they charge:

Full-service Broker (Top 10 Full-service Brokers) Discount Broker

The discount brokers (flat fee brokers or budget brokers) are online stock brokers offering low-cost brokerage services. They are technology driven brokers with low operations cost. Most discount brokers do not offer add-ons like research, advisory (trading tips), PMS, Wealth Management, dedicated relationship manager and local branch support. This allows them to offer trading at a very low brokerage charges. The discount brokerage firms charge over 60% lower brokerage fees in comparison to full-service brokers. They offer free online trading software to all the customers.

The most popular discount brokers include Zerodha, 5paisa and upstox.

Most discount brokers including Zerodha and Upstox offer brokerage free equity delivery trading and direct mutual funds. For all other segments, they charge a flat rate brokerage i.e. Rs 20 per executed order irrespective to the size of the trade. A discount broker like 5paisa also offers free research and advisory to all customers. Some discount stock brokers like ProStocks also offer fixed monthly unlimited trading plans. These plans allow the customer to trade literally unlimited time in a month for a fixed low monthly cost. Zerodha is the most famous discount broker with over 10 lakh customers. They are the most popular broker in India with excellent product and services.

Note:

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