Best Discount Broker in India – List of Top 10 Discount Brokers of 2024

This article discusses the Best Discount Broker in India. Now, Look no further if you’re searching for a market dealer that combines affordability, reliability, and a touch of charm.

Prepare to embark on a delightful journey through the stock market through this review of the top 10 discount brokers.

This review presents our handpicked selection of the best discount brokers. Each broker offers a blend of market analysis tools, cool charts, simplicity, and attractive offers.

If you want to make the path to financial success as seamless as possible, No more time-wasting; here’s the breakdown of the top 10 discount brokers in India.

Choose wisely because the best of these is made for you.

Best Discount Broker in India - Top 10 Discount Brokers

Best Discount Broker in India: List of Top Discount Brokers of 2024

Rank Broker Name
1 Zerodha
2 Angel One
3 Upstox
4 Groww
5 5Paisa
6 Paytm Money
7 Nuvama
8 Fyers
9 Alice Blue
10 Espresso

We needed vital parameters to identify those few discount brokers in India that get you every little help at a petite cost.

Besides, the study on the best brokers took several aspects into account, for example, the quality of trading platforms, fees, and other charges.

Similarly, the volume of active clients, asset type, services, brand trust, and programs are all part of this juggle to find the best discount broker.

Yet, the brokerage fee for almost every option stands the same. But if you want a discrete review of each broker, let this list of the top 10 discount brokers be your go-to source.

Let’s move on to the main debate now.

Compare the top 10 discount brokers in India

Comparing the top 10 discount brokers in India for a detailed discount broker comparison is like diving into a sea of possibilities.

Broker Name Active Clients Brokerage Offers AMC
Zerodha 66 Lakh Rs.20 per Trade Free Delivery & Direct MF Investment Rs.300 Yearly
Upstox 39 Lakh Rs.20 per Trade Zero Commission on Mutual Funds Rs.150 Yearly
Angel One 43 Lakh Rs.20 per Trade Lifetime Free Delivery Trading Rs.240 Yearly (1st Year Free)
Groww 52 Lakh Rs.20 per Trade Free MF Investment Free
5Paisa 10.5 Lakh Rs.20 per Trade Low Brokerage @ Rs.10 per Trade Rs.300 Yearly
Paytm Money 6.6 Lakh Rs.15 per Trade Refer & Earn Rs.250 per Client Free
Nuvama 2.2 Lakh Rs.10 per Trade Free AMC for 1st Year Rs.500 Yearly (1st Year Free)
Fyers 1.7 Lakh Rs.20 per Trade Free Delivery Trading Free (limited period offer)
Alice Blue 1.5 Lakh Rs.15 per Trade Zero Account Opening Charges Rs.400 per Year
Espresso 1.1 Lakh Rs.20 per Trade Zero Brokerage for Loss making Trades Rs.400 per Year

Firstly, we identified the metrics that set them apart from the rest. Such as Zerodha, with its user-friendly platform, grabs attention right off the bat.

Meanwhile, Alice Blue shines brightly with its low brokerage charges. On the other hand, Angel Broking’s complete service brings a unique flavor to the table.

However, 5Paisa’s competitive pricing is also enticing. It’s a fierce competition, with each broker vying for the top spot.

As we navigate this sea of discount brokers, we find the one that aligns with your trading goals and values. So, without losing a moment, let’s get in.

Discount Broker Meaning

A discount broker is a financial middleman who provides a cost-effective route for investing in a market.

Unlike full-service brokers offering tailored advice and complete services, discount brokers aim to make it a low-cost deal.

These brokers handle dealing activities for stocks, bonds, and other market assets at lower rates. With their affordable fees, discount brokers make investing easy for a wider audience.

Shifting to their services even brings you other great perks. So, if you are searching for a budget-friendly option to enter the investing world, no doubt, a discount broker is your trusted friend.

Zerodha – Best Discount Broker

Zerodha proudly serves an astounding 65 lakh+ active clients, proving why it tops the Best Discount Brokers list.

Zerodha LogoMoreover, its reputation speaks volumes, attracting investors far and wide since its inception in 2019 by Nithin Kamath (the founder).

And regarding account opening charges, it is a small price, Rs. 300, for the wonders that await.

Moreover, Zerodha’s annual maintenance charges (AMC) are incredibly reasonable at just Rs. 300 per year.

In addition, free delivery charges also raise the joy of trading with Zerodha! Ensuring your hard-earned profits stay right where they belong—in your pocket. More details are in the pros and cons section.


  • The nation’s largest discount stock broker
  • Parent of the most popular app for traders (KITE)
  • A simple interface that even a child can understand
  • Delivery charges are absent.
  • Intraday charges are Rs. 20 per trade or 0.03%, whichever is lower (for all assets).


  • No custom recommendation
  • No research reports
  • Absence of stocks and market tips

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Angel One – Top 10 Discount Brokers

Founded in 1987 by the visionary Dinesh Agarwal, this discount broker has won the hearts of millions of investors.

Angel One LogoAngel One is the second in this Top 10 Discount Brokers list, boasting 42 lakh+ active clients in its network. If we land on the enticing offering by Angel One, you will access free account opening charges.

The delight continues with their annual maintenance charges (AMC). For a modest Rs. 240 per year + GST, the first year being free.

Free delivery charges for equity transactions are Angel. One is like a smooth ride through the trading landscape.

But wait, there’s more! For equity intraday trades, they charge a mere Rs. 20 per trade or 0.25%, whichever is lower.


  • A multi-asset trading platform
  • Good educational material
  • Very low charges for long and short positions
  • Good customer support
  • An old name in this sector


  • Only available for Indians
  • Account opening isn’t free.
  • No flexible brokerage plans

Upstox – Discount Brokers in India

Founded in 2011 by Raghu Kumar, Ravi Kumar, and Shrinivas Vishvanath, Upstox has carved its path in the financial world.

Upstox LogoUpstox welcomes new investors with a free account opening process, a breath of fresh air in the stock market where small fees can weigh you down.

Moreover, you pay a small fee of just Rs. 150 per year plus GST for account maintenance charges. With a flat rate of just Rs. 20 per trade, Upstox charges are the same for both delivery and intraday positions.

It may seem a delicious treat, but other discount brokers opt for a no-charge policy for delivery positions. Still, many other good reasons exist to join one of India’s most famous discount brokers.


  • The broker has the biggest industrialists’ support, like Rata Tata’s.
  • Account opening is free of charge.
  • Available bracket and cover orders
  • AMCs are fairly cheap.
  • A multi-asset trading platform


  • No research report or stock tips
  • Delivery order charges are high.
  • It isn’t a bond investment platform.

Groww – Best Discount Brokers in India

With over 51 lakh active clients, Groww has established itself as a trusted name in the industry.

Groww LogoFirstly, what sets Groww apart is that their app trading services have gained a reputation for being the most user-friendly on the market.

In 2016, the ingenious Lalit Keshre planted the seeds of Groww, which later sprouted into an amazing destination and got listed among the best discount brokers in India.

However, low fees and free account opening charges are the main driving factors. Equities, mutual funds, IPOs, and more make up a buffet of trading opportunities at Groww.

Their delivery and intraday charges are just Rs. 20 per trade, or 0.05%, which keeps your wallet happy.


  • A mobile-champion trading platform
  • Zero account opening charges
  • Beginner-friendly interface
  • Multiple trading instruments
  • Unified platform for IPOs, MFs, stocks, etc.


  • No dedicated
  • Technically need improvements
  • Just a beginner-friendly platform

5Paisa – Top Discount Brokers in India

In 2016, the brilliant mind of Nirmal Jain laid the foundation of a stock broker called 5Paisa that aimed to make stock market investments cheaper and more convenient.

5Paisa Logo IIFL’s backing further helped this platform become a popular site for traders and investors.

As a result, 5Paisa burst onto the list of top discount brokers in India, leaving the existing competition in the dust. It is the go-to platform for over 10 lakh investors.

But it didn’t sprout overnight, said the broker. With their smart strategies of providing free account opening and affordable brokerage, the broker enjoys growth like no other.

However, charges are still similar to those of other discount stock brokers.


  • 5Paisa equips investors with the knowledge and guides
  • Brokers have a bouquet of investment choices.
  • A strong parent company backing them
  • Average AMC rate
  • Digital gold investment enabled


  • No customized recommendation
  • Stock market tips are absent.
  • No research features

Paytm Money – Top 10 Discount Brokers in India

Let’s uncover what makes Paytm Money a standout player in the investment market. The popularity of the digital broker speaks through its excellent client base of over 6 lakhs.

Paytm Money LogoSet up in 2019 by the visionary Vijay Shekhar Sharma, who is even the founder of the famous Paytm app. The company understands the value of keeping costs low for Indian investors.

That’s why they provide broking services at a pocket-friendly charge of only Rs. 15 per trade, or 0.05% of the transaction value. Among the Top 10 Discount Brokers in India, they have the lowest charge rate.

Moreover, account opening charges constitute a nominal fee of just Rs. 200. For all these reasons, Paytm Money glows in the investment market gallery.


  • One of the lowest brokerage charges
  • No AMC
  • Instant account opening
  • Paytm Payment Bank Integration
  • Invest in digital gold alongside MF and NPS.


  • Technically need improvements
  • NRI trading absent
  • Zero margin facility

Nuvama – Best Discount Broker in India

With over 2.19 lakh active clients, Nuvama is giving evidence of its loyalty and gradually soaring reputation in the industry.

Nuvama Wealth LogoWhen it comes to account opening charges, Nuvama goes the extra mile by offering them for free. It’s worth mentioning first that Nuvama shines brightly with the lowest rates in the industry.

Nuvama charges a meager Rs. 10 per trade for delivery and intraday trading. In other words, you don’t get baffled by complex fee structures.

Coupled with a user-friendly interface, the candidates on this Discount Brokers List make trading a joyous and hassle-free endeavor.

However, the Nuvama trading app also boasts positive ratings from 2.2 million users. Founded by Rashesh Shah in 2008, the broker is emerging with a credible status in the stock market.


  • The lowest brokerage rates
  • Stock tips
  • Customized recommendation
  • Paid research report
  • Dedicated trading terminals


  • Limited assets to trade
  • No bond investment
  • Nothing is free except for AMC

Fyers – Top Discount Broker in India

With a customer base of 1.62 lakh+ active clients and a commitment to simplicity, Fyers is another prominent brand name making waves in the industry.

Fyers LogoFirstly, let’s talk about the perks of opening an account with Fyers, and it’s absolutely free! There are no upfront charges to worry about, giving investors a hassle-free start.

Since 2015, Fyers has believed in keeping things cost-effective. They offer free annual maintenance charges (AMC) for a limited period, making it even more enticing to jump on board.

When it comes to trading, Fyers keeps it sweet and simple. Similarly, they offer free delivery charges and charge just Rs.20 per trade or 0.03%, whichever is lower, for intraday trading.

Beyond a doubt, this platform is top discount broker comparison worthy.


  • Open an account for free.
  • Zero brokerage on cash and carry trades
  • Dedicated trading terminal
  • Stock tips are available.
  • Research reports are available


  • A lesser-known stock broker
  • No bond investment
  • Portfolio details are unavailable

Alice Blue – Best Discount Brokerage

Alice Blue also stands out as an emerging discount broker that provides a cost-effective trading experience for their 1.41 lakh+ active clients.

Alice Blue LogoLike other rankers on this list, they have carved a niche for themselves in the modern stockbroking market. Alice Blue tries to take the lead by offering a free account opening facility.

Moreover, the best discount brokerage ensures a long-term association with its clients by staying affordable in various other service areas. In short, Alice Blue tries its best to keep its charges as low as Rs.15 per trade.

Set up in 2006 by Sidhavelayutham M., Alice Blue’s customer-centric approach, combined with its attractive pricing structure and high-quality services, has positioned them as one of the top discount brokers in India.


  • One of the lowest brokerage charges
  • Free equity delivery
  • Free AMC
  • Trade multiple assets.
  • Good customer support


  • No research reports
  • No stock tips
  • Global indices are also absent

Espresso – Top 10 Discount Brokers

Established in 2020 by the visionary Jaideep Arora, this comparatively new player has been making waves in the market.

Espresso LogoIt’s like they’ve hit the ground running, gained traction during the discounted broker train, and undertaken little market endeavors that stand out as proud brokers to over 1.03 lakh+ customers in a short time.

However, the broker doesn’t even clearly set its service pricing. Like many other top discount brokerage firms, they charge just Rs. 20 per trade.

With a growing client base, affordable account opening charges, modest AMC, free delivery charges, and competitive intraday charges, Espresso is brewing up a storm in the world of discount brokers.


  • Free delivery orders
  • Interactive charts
  • Free AMC
  • Technical analysis reports
  • Overall good user experience


  • Standard trading rate
  • No bond investment
  • No research report or stock tips

Best Discount Broker in India – Conclusion

If you are all set to dip your toes into the giant pool of the investment market, it’s best to go with the best discount broker in India.

This will prevent your financial profile from sinking by coming into contact with unwanted costs and fees.

The review above compiles a list of the top stock brokers offering low-cost dealings. So, choose the one that suits you best and open your brokerage account.

FAQs on Discount Brokers in India

Here is the list of FAQs related to the top ten best discount brokers in India:

How to find the best discount brokers?

However, this can be a big riddle, but if you are taking the help of trusted reviews, you will certainly find the needle in a haystack. Ideally, low-cost services are the main trait of a discount broker.

Which is the top discount broker in India?

In terms of status, certainly Zerodha, Upstox, and Angle One lead the league. But Nuvama offers the biggest discount by charging a mere Rs 10 per trade.

Which is the best online discount broker?

Considering overall features, facility, and tech work, Zerodha and Angel are cut above the rest. However, Uptox and 5 Paisa are also doing well.

Which is the best discount broker for beginners?

Features and affordability combined make Groww and Zerodha suitable for beginners. However, the reason lies in both platforms’ beginner-friendly options and easy-to-use mobile apps.

Which are the Top 3 Discount Brokers for Traders?

The top 3 discount brokers for traders are subject to preference. Yet, if you want to trace a suitable alternative, Zerodha, Angel One, Upstox, and 5Paisa are the ones to find your best trade with.

Which discount broker is best for investors?

As an investor, you will look for long-term investment opportunities and cheaper services. Therefore, you may find Zerodha, Angel One, and Alice Blue your go-to options, as the trio offers charge-free services for delivery orders.

Which discount broker is best for an IPO?

Any discount broker providing up-to-date details about the initial public offering is a go-to source. Groww currently offers the best IPO services. But other platforms are also excellent.

Which is the top 5 discount broker for MF Investment?

Espresso, Nuvama, 5Paisa, and Angel One are popular discount brokers carving a niche in the MF investment space. Moreover, Groww is also an ideal choice.

Which are the top 5 discount brokers in India?

The top leading names in the field of discount brokers in India are Zerodha, Upstox, Groww, Angel One, and Paytm Money, which are gaining traction in this niche for their individual features.

Where can you compare discount brokers?

To compare the discount brokers, you can look at our comparison table, which provides a brief and transparent comparison of famous brokers.