Top 10 stock brokers in India (Nov 2022) based on quality.
If you are looking for the Best Stock Broker in India by quality of services they offer, you are at right place. The comfort, reliability and quality of the stock brokers provide you with stable, least error trading and some of these brokers (Full service brokers) help you make an investment strategy/portfolio for investment/trading in Indian stock market. Below, we have made a list of top 10 Stock Brokers in India based on quality of services provided by them, so that you can easily choose best suited stock broker as per your need.
Following Parameters were considered while ranking the quality of Stock brokers.
- Quality of Trading Platforms
- High-Quality Service
- Beginner friendliness
- Broker for Intraday Traders
- Brand Trust
- Brokerage & other Charges (least weightage given to charges)
- Research & Advisory
- IPO Investment
- Long Term Investment
- Portfolio Management Services
| Sr. No. | Stock Brokers | Rank |
|---|---|---|
| 1 | Interactive Brokers (IBKR) | 9/10 |
| 2 | Kotak Securities | 8.5/10 |
| 3 | Fyers | 8.5/10 |
| 4 | ICICIdirect | 8/10 |
| 5 | Upstox | 8/10 |
| 6 | Zerodha | 7.5/10 |
| 7 | Sharekhan | 7.5/10 |
| 8 | Angel One | 7/10 |
| 9 | IIFL / India Infoline | 7/10 |
| 10 | Groww | 7/10 |
Interactive Brokers (IBKR)
Interactive Brokers (IBKR) is a no nonsense broker. If you are damn serious about your trading, you must consider IBKR. They offer their TWS platform and free stable API which can be used directly to access data feed into Amibroker, free of cost. Unlike other stock brokers, mostly there will be no hand holding, but all required information is readily available online on interactive brokers website along with video tutorials. On negative side, reaching customer care service is not easy. They will charge monthly fee of Rs.200, if amount of commission generated is less than 200 per month (charges will be calculated as = 200 – commission generated in that month). IBKR offer flat brokerage plat of ₹20 / executed order. IBKR has trading option on NSE only. You will need to put efforts in learning their TWS platform which has tons of features. Flawlessly trade directly from TWS charts, top notch data security, Order Execution is faster, incomparable to any other Indian broker, also order modifications happen instantly. Very stable trading platform and no track record of issues arising from trading platform. Also IBKR offers free paper trading account to learn and try their platform and also to learn algo based trading from your custom software, excel etc. IBKR has a very strong order management system with multiple combination of orders well suited for a pro traders/investors.
Kotak Securities
Kotak Securities Ltd was founded in 1994 as a subsidiary of Kotak Mahindra Bank. Ranked among the top quality full service brokers and one of the very few stock brokers who provides a 3-in-1 account facility. Kotak Securities has offer two new brokerage plan as Trade Free Youth and Trade Free Plan. Trade Free Plan offer zero brokerage for all i.e. intraday, equity delivery, F&O, Currency, Commodities etc., but only available to trader/investor below age 30 year.
We would highly recommend Kotak securities to anyone below age 30, especially for those traders how does a large number of intraday trades, to save brokerage.
Fyers
Fyers Securities was Incorporated in 2015 at Bangalore as online discount stock broker. Fyers offers trading/investment in Equity, F&O, commodity and Currency Derivatives segments. It has the most feature-rich and almost bug-free trading platform. We have used almost every platform and found this app most user friendly and feature rich. Fyers offer flat brokerage fee of maximum Rs 20 per executed order for Intraday, F&O and zero brokerage for equity delivery. We highly recommend this discount stock broker, if you like stable trading platform at discount broker level.
ICICIdirect
ICICIdirect is a part of ICICI Securities, one of the best full-service stockbrokers. ICICIdirect provide 3-in-1 account facility with ICICI Bank to their clients. Brokerage charged by the ICICIdirect is very high as compared to other full service stock brokers, specifically for traders with small trade volume. Recently, they started zero future trading and Rs 20 for option and intraday brokerage charges with their ICICIdirect Neo plan. They provide stable trading platform. ICICIdirect offers a highspeed web based trading platform, which was one of the first best online trading platforms during 2000-2020. They provide charting, analytics, and fundamental statistics reports enabled on this platform to understand the performance of their portfolio. Trade Racer is another desktop based trading platforms by ICICIdirect.
Upstox
Upstox is one of the fastest growing discount broker, backed by marquee investors like Mr. Ratan Tata & Tiger Global Management etc. It is also known as RKSV. Earlier, Upstox started as RKSV in 2012 and rebranded itself as Upstox in 2015. As of Oct 2022, Upstox has the Third highest number of active clients on NSE after Groww. Upstox offers trading facility in equity, derivative, currency, commodity etc. Traders get more with margins and flat brokerage, 5x margins for Intraday/CO/OCO Orders. They will charge ₹20 /trade or 0.05% (whichever is lower) for Intraday trading in Stocks, F&O, Currencies & Commodities. No zero brokerage charge for delivery.
Zerodha
Zerodha is the biggest stockbroker by number of active clients in Indian with over 6 million clients that on Indian stock exchanges. Started in 2010, Zerodha was first to provide discount brokerage in the Indian equity market with a zero brokerage plan for delivery of stocks and a flat Rs. 20 per trade brokerage charges for the intraday and other trades. Competing with the existing big players indeed is a difficult task, but Zerodha has managed to remain number one discount broker of the country based on the number of active clients. 1+ Crore Zerodha clients contribute to over 15% of all retail order volumes in India daily by trading and investing
Zerodha offers trading platforms, education, trading tools etc. to help their clients to trade in indian stock market. Their trading platform consists of Kite trading platform, Kite Mobile, Console, Pi, Sentinel, Coin etc.
Plus points of Zerodha
- Offer zero brokerage charges on Equity Delivery.
- Flat Rs 20 brokerage on other products (Intraday and F&O)
- Backend is very beautifully designed to give you a bird view of your investment/trading.
Negative points of Zerodha
- Vary unstable trading platform
- Issues with order execution in early morning hours and on highly volatile days.
If you like stable, consistent, robust trading system, you may not want to use this stock broker.
Sharekhan
With over 0.7+ million active client base, Sharekhan has been one of the top full service stock brokers in India. Sharekhan offers one of the finest investment/trading platform i.e. Trade Tiger free of cost to the clients. However, they charges higher brokerage and their brokerage plan various from customer to customer as well. If you like stable desktop/mobile trading platform, you may consider Sharekhan to open your trading and demat account.
Angel One
Angel One was incorporated in 1987. Angel One is one of the big brand having +25 years of experience and 10+ million Happy customers. They have a presence with 1800+ Authorized Persons in India. Angel One offers trading facility in Equity, F&O, Commodities, and currency across BSE, NSE, NCDEX, MCX. Angel One now offers a flat rate brokerage plan, zero brokerage on equity delivery, Rs 20 on F&O, Currencies & Commodities and 0% interest on Margin Trade Funding for 30 Days.
IIFL / India Infoline
India Infoline (IIFL) Securities was incorporated in 1995. 5Paisa securities (discount broker) is a subsidiary of IIFL and offer discount brokerage based services. IIFL is one of the full service brokerage firm and offers fast online trading along with research based advisory services. They have a stable trading platform. But IIFL charges higher brokerage as compared to other industry players.
Groww
Established in 2016, Groww (Nextbillion Technology Private Limited) is a Bangalore based stock broker, offering discount brokerage services in Equity, Derivative, IPO, Direct Mutual Funds etc. Groww is the brand name of Nextbillion Technology Private Limited. They will charge ₹20 / executed order or 0.05% (whichever is lower) for equity and ₹20 / executed order for F&O.
Conclusion
After going through top 10 brokers as per their quality of services, you would be able to choose best suited stock broker as per your needs. However, in our view every trader/investor must have at least two trading account with two different type of brokers to have a balance or you can say a backup plan, in case of one is not working. We would recommend you following (choose one from full service broker and another from discount broker)
- Full Service Brokers : Interactive Brokers, Kotak Securities
- Discount Brokers: Fyers, Upstox
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