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

Everyone who trades or invests in the stock market always searches for the Best Stock Broker in India, so we thought of building a comprehensive list for you.

In this article, you will read about the top brokers in India and why they are on top. The factors we have evaluated, so you can choose these brokerage houses for your trading needs.

Best Stock Broker of 2024 – List of Top Brokers in India

For picking the Top 10 Stock Brokers in India, there are mainly five criteria that we have focussed on, which are the brokerage charges and other charges.

This is one of the most crucial factors in determining brokerage houses. Then there is the quality of trading platforms the brokerage house offers, followed by research and advisory services.

Finally, we have considered the quality of support offered to the users and brand value or trust.

The Best Stock Brokers are listed above based on our criteria. As you can see in the above table, Zerodha tops the list, followed by Groww and Angel One, and then the rest of the brokerage houses.

Compare the top 10 stock brokers in India

While it seems difficult to Compare Stock Brokers as there are multiple things to consider, here is a simple yet insightful comparison for our readers.

If you look at the brokerage charges, then you will find that Zerodha, Groww, Angel One, Upstox, ICICI Direct, and 5Paisa charges Rs.20 per trade in the intraday segment as a flat fee or the maximum fee.

On the contrary, Kotak Securities provides the advantage of free intraday trading, creating a significant win-win situation for active traders.

More Points on Stock Broker Comparison

Another factor that can catch your eye is that most of the brokers in the above list charge around Rs.300 for annual maintenance of the Demat and trading account.

However, there are a few exceptions, like HDFC Securities charges Rs.750 a year while Groww charges nothing as AMC.

Account opening is mostly free of cost for most brokerage houses, with only a few of them charging a very nominal fee for the account opening process.

If you compare the brokers as per the active clientele, Zerodha tops the list with 66 active clients, followed by 52 lakhs of Groww and 43 lakhs of Angel One.

So, now that you understand how these brokerage houses work let’s dig deeper and find out about each of them individually.

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Zerodha – Best Stock Broker in India

Zerodha is placed at the first position in the list of the Best Stock Brokers in India.

This discount broker revolutionized trading at a low cost, which enabled many stock market enthusiasts to take part in the market and earn from it.

Here are the Pros and Cons of trading and investing with Zerodha.

Pros:

• Currently, Zerodha boasts the highest number of active clients in India, exceeding 6.5 million. This depicts the trading volume on Zerodha’s network facilitating the users.
• It offers a simple and no-hassle brokerage plan where the maximum brokerage one will be paying is Rs. 20.
• They have advanced features and ample resources for building knowledge around financial markets.
• You can trade more than 90000 stocks in one platform, which is possible with Zerodha only with many other investment options.
• Zerodha keeps adding new services and facilities for the users, so you can expect to grow with the broker as a trader and investor.

Cons:

• Zerodha is an online brokerage house with no physical branches like traditional brokers. This becomes a challenge for traditional investors or people who are not tech-savvy.
• The broker doesn’t offer customized brokerage plans to cater to every investor or trader’s requirement.
• Customer support for Zerodha is not up to the mark and needs improvement.

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Groww – Top Brokers in India

Groww is ranked second in the ranking of Top Stock Brokers in India.

This broker has become one of the favorites of young investors and traders due to its super-low brokerage charges and ample research and learning resources.

Pros:

• Groww offers a simple, hassle-free brokerage plan which is a flat-fee plan. It helps traders and investors trade securities at any volume only at Rs. 20 per order.
• There are neither any account opening charges nor annual maintenance charges.
• You can open a Groww account within the blink of an eye as it is completely paperless.
• Groww offers abundant learning resources for all its users.
• There is an IPO segment at Groww where you can learn about new IPOs and invest directly from Groww’s platform.

Cons:

• The number of investment products and services offered by Groww is limited. It doesn’t offer commodity or currency products.
• Groww also does not offer its customers any research and advisory services.
• There is no call-on-trade facility available with Groww.

Angel One – Top 10 Stock Brokers in India

Per our rankings, the third Top broker in India is Angel One, one of the country’s oldest traditional stock brokers with one of the highest numbers of clients.

The pros and cons of trading with Angel One are as follows:

Pros:

• Angel One offers all types of investment and trading products required by any trader.
• Angel One, a discount broker, offers great benefits for people seeking bulk trading. It helps them save their trading expenses to a great extent.
• Angel One has no extra charges for fund transfers or online transactions.
• Being a traditional broker with years of experience in the market, it offers all its clients one of the best stock tips and market overviews.
• You can use facilities like relationship manager, call & trade, etc.

Cons:

• Margin funding (MFT) interest charges are comparatively higher than other brokerage houses.
• GTC orders or GTT orders are not available now with Angel One.
• You cannot trade SME stocks as Angel One doesn’t offer them.

Upstox – Top Stock Broker in India

Upstox Broker is ranked in fourth position in the list of Best Share Brokers in India.

It is one of the tech-first brokerage houses that has been pivotal in changing India’s trading and investment experience.

Here are some of the pros and cons for traders who aim to work with Upstox:

Pros:

• Opening an account with Upstox is entirely free. It has no charges for online account opening or the trading platforms it offers.
• The brokerage plan of Upstox is simple and reasonable. It charges only Rs. 20 per trade.
• Upstox offers a wide range of trading platforms, i.e., Upstox Bridge to Upstox Develop console, mobile, web trading platforms, and much more.
• Though it is a discount broker, there are more than thousands of mutual fund schemes available with them which you can invest in.
• Margin trading is pretty affordable with Upstox. It charges Rs. 20 per day for Rs. 40000 of margin availed.

Cons:

• Since it is an online brokerage house, the broker has no offline branch office.
• There are no tailor-made brokerage plans for the clients.
• You cannot use a margin trading facility for delivery trades.

ICICI Direct – Best Stock Broker

ICICI Direct stands tall at the fifth position of Top Share Broker in India listing. Currently, the brokerage house has more than fifty lakhs of active clients trading with them.

Here are the benefits and the flaws of ICICI Direct which you need to be aware of before enrolling with them:

Pros:

• ICICI Direct, affiliated with ICICI Bank, provides a convenient three-in-one account that ensures seamless transactions between your trading and bank accounts.
• ICICI Direct offers many investment products, including equities, mutual funds, commodities, debt instruments, etc.
• Their platforms enable trading across multiple stock and commodity exchanges.
• This broker offers one-of-a-kind trading platforms even for slow internet connection areas.
• Multiple types of orders, including Valid-Till-Cancel and similar, help the traders plan their trades well in advance and also minimize risk.

Cons:

• The brokerage charged by ICICI Direct is a bit on the higher end.
• The call & trade facility charges are higher than its peers.
• They need to improve their customer service.

HDFC Securities – Top Stock Broker

HDFC Securities is ranked sixth in the  Top 10 Share Brokers in India listicle. The broker is best known for its efficient services provided to their clients.

Here are some pros and cons related to HDFC securities:

Pros:

• HDFC Securities, like ICICI Direct, also offers a three-in-one account.
• HDFC securities have a big portfolio of investment products that can help you diversify your client portfolios.
• The multi-exchange trading facility is available with HDFC Securities, and all the major exchanges exist.
• They offer many types of brokerage plans per the traders’ requirements.
• HDFC securities offer many of the finest trading platforms per the traders changing preferences.

 Cons:

• The brokerage charges offered by HDFC securities are quite high compared to its competitors.
• At present, HDFC Securities doesn’t offer commodity trading.
• There is a minimum brokerage concept of Rs. 25 per trade, irrespective of the volume, which negatively affects the returns of retail investors and traders.

5Paisa – Top 10 Stock Broker

5Paisa is ranked seventh in the Top 10 Stock Brokers in India listicle.

Here are the pros and cons of trading with 5Paisa:

Pros:

• You can trade equities, commodities, and currencies, all at a brokerage charge of Rs.20 per order.
• Though a discount broker, it offers research and advisory services and other investment products such as mutual funds.
• The account opening process is hassle-free and takes no time, and it is free.
• Wide range of trading platforms for all kinds of traders, and you can trade anytime from anywhere.
• Even you get an Algo trading facility as well as Robo Advisory services.

 Cons:

• The margin trading facility is not up to the mark and is also expensive.
• The call & trade facility costs Rs.100 per trade under the Optimum Plan.
• Research & Advisory facility is not available under all the brokerage plans.

Kotak Securities – Top Share Brokers in India

Kotak Securities is ranked eighth in the Top 10 Online Brokers list.

The reasons for trading with Kotak Securities and the drawbacks are here.

Pros:

• You get a three-in-one account with Kotak Securities, making your transactions secure and hassle-free.
• Kotak Securities has years of experience in the financial and capital markets and is one of the entrusted brands in the industry.
• Kotak Securities has reasonable brokerage plans for all types of investors and traders.
• It offers various research and advisory services, from fundamental reports to technical analysis.
• Kotak Securities is present in physical form across close to four hundred cities in India.

Cons:

• The zero-brokerage plan of Kotak Securities is only available for customers below the age of thirty years.
• The brokerage charges are pretty high for the equity delivery segment.
• You must pay hefty brokerages if you opt for a dealer-assisted brokerage plan.

Motilal Oswal – Top 10 Online Brokers in India

In the 9th position of Best Online Brokers, there is Motilal Oswal.

This brokerage house is one of the esteemed players in the industry, with over 35 years of experience and over fifty lakhs of clients trading on its platform.

Pros:

• The equity Intraday segment is completely free of cost. This enables the active equity day traders to trade at no brokerage cost.
• All the investment products are available with Motilal Oswal. You name it, they have it.
• Motilal Oswal offers one of the highest exposures regarding margin trading.
• Excellent research and advisory services with daily stock tips from experts.
• Wide range of trading platforms, all loaded with highly advanced features.

Cons:

• The brokerage charges are comparatively on the highest end of the spectrum.
• Need to upgrade their customer services.
• Doesn’t have a three-in-one account facility

Sharekhan – Best Online Broker

Sharekhan is placed at the last position in the listing of Top Online brokers.

It is one of the largest and oldest brokers in India. Here are the pros and cons of Sharekhan, have a look:

Pros:

• With Sharekhan, you can learn and earn from the stock market from scratch. The broker has a wide range of stock market courses to offer to all.
• Sharekhan offers a big portfolio, so traders can invest in many products and minimize risk.
• Advanced and well-curated trading platforms which enhance the trading experience.
• The call & trade facility is completely free of cost.
• Sharekhan has a great offline presence across the Indian states and cities.

Cons:

• If you are looking at a flat brokerage, then Sharekhan doesn’t offer the same. It charges percentage-based brokerage on trades.
• The commodity segment is not available under the Classic Brokerage Plan
• The minimum brokerage charge is pretty high.

Parameters used in picking up the Best Stock Broker in India

Here is the list of parameters that are used in picking up the above listing of best stock brokers in India:

Brokerage & Other Charges

Out of our five parameters for picking these Top Brokers in India, the first is a brokerage and other charges.

So, as per this parameter, the top five brokers who charge reasonable brokerage and have nominal additional charges include Zerodha, Groww, Upstox, 5Paisa, and Angel One.

The maximum brokerage these brokers charge is Rs. 20 per order for the intraday segment. Apart from Zerodha, all of these five brokers have free account openings.

Groww has free annual maintenance charges too.

Quality Trading Platforms

The 2nd parameter we have considered for evaluating these Top 10 Stock Brokers is the quality of their trading platforms.

Trading platforms are super important as everyone trades online. While all the brokers mentioned above have excellent trading platforms, Zerodha, Upstox, Motilal Oswal, and ICICI Direct stand out due to simple yet highly advanced trading platform offerings.

Research & Advisory

Research and Advisory have been integral to Share Brokers in India since old times. However, with discount brokers disrupting the market, research and advisory services are taking a back seat.

However, still, brokers with research and advisory services are always given more priority. Motilal Oswal is known for its research and advisory services.

It offers expert suggestions on companies’ stocks, markets, and the economy. Then there are Kotak Securities, Angel One, ICICI Direct, and Sharekhan, also known for their research and advisory services.

Angel One offers a wide range of reports, market updates, regular market tips, and more.

High-Quality Support

For picking the Best Stock Broker in India, the next criterion we considered is the quality of support offered by the brokers.

HDFC Securities, ICICI Direct, Kotak Securities, Angel One, and Upstox stand out in this segment. They provide excellent support to the clients as well as partners.

You can contact them with all your queries; they help their clients immediately. It enables the users in trading and enhances their experience with the brokers.

Brand Trust

Last but not least, the 5th parameter for choosing these Top 10 Stock Brokers in India is Brand Trust. This means how much a brand is valued in the market.

As per this parameter, the most trusted broker is ICICI Direct, and then comes Zerodha, Angel One, Upstox, and Kotak Securities.

Not only are these brokers prominent contenders in the industry, but they have also established brand trust through consistent service to their clients and an impressive array of products and services.

Stock Broker Meaning

A Stock Broker acts as the intermediary connecting the Depository with traders and investors, earning the title of Depository participant.

A Stockbroker can be an individual or a company providing investment products, services, and trading platforms to clients in exchange for commissions or brokerage fees.

So, they act as the intermediary and ease the life of the traders and investors. Besides offering investment products, stock brokers also provide tips, suggestions, and advisory services.

Types of Stock Brokers in India

Broadly there are four types of Stock Broker which are:

Full-Service Brokers: These traditional brokers offer all kinds of investment products and services against commission/ brokerage charges.

Discount Brokers: These new-age brokers offer a limited number of investment products and services but high-end trading platforms and technology at very reasonable brokerage charges.

Bank Broker: These are brokers associated with banks such as ICICI Direct, Kotak Securities, or HDFC Securities.

They offer three-in-one accounts and make every transaction hassle-free, apart from other services and investment products.

Hybrid Brokers: These are full-service brokers but charge like discount brokers. Angel One is one such broker that offers all services and investment products like a full-service broker but charges a flat fee like a discount broker.

Top 10 Stock Brokers in India – Conclusion

We hope this article has helped you find the Best Stock Broker which suits your requirements.

To identify the suitable broker for your trading and investment requirements, assessing all the relevant parameters and conducting a thorough comparison among the ten brokers above is essential.

We remain optimistic that you will soon discover the most suitable broker.

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FAQs on Best Stock Broker in India

Check out various FAQs related to the Top Brokers in India:

How to find the top brokers in India?

We have curated a list of India’s top ten stock brokers, which you can refer to. In this list, there is every information you need about the brokers, which can help you decide which broker suits your needs.

Which is the best stock broker in India?

As per our rankings, Zerodha is currently the best stock broker in India. It has a very reasonable broker’s plan, a wide variety of investment products, and much more.

Which broker is best for research & Advisory?

Motilal Oswal is known for its research and advisory services. It offers a wide range of company reports, weekly, monthly, and even daily market reports, stock tips, and more.

Which stock broker provides the lowest brokerage?

Zerodha, 5Paisa, Groww, Upstox, and Angel One are some brokers who have the lowest brokerage charges.

Which broker provides innovative trading platforms?

Again Zerodha and Angel One are two of the top brokers to have the best trading platforms and come up with innovations now and then.

Which stock broker provides the best tips?

Motilal Oswal and Angel Broking are known for their stock tips, research, and expert advice.

Which is the Top 5 Stock Broker for Beginners?

If you are a beginner, Sharekhan, Groww, Upstox, Zerodha, and Angel One can be the top brokers for you to learn and earn from the stock market.

Which is the Top 3 Stock Broker for Traders?

Traders need an advanced trading platform and reasonable brokerage charges, which Zerodha, Angel One, and Upstox offer.

Which are the Top 5 Stock Brokers for Investors?

Investors need more fundamental resources, research, and advisory services, and thus, traditional brokers such as Angel One, Motilal Oswal, Kotak Securities, ICICI Direct, and HDFC Securities can be best for investors.

Which broker is best for IPO investment?

Groww is one of the best brokers for IPO investment as it offers the best resources on IPOs and a smooth IPO investment process.