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Top 5 Discount Brokers in India for Stock Market Trading and Investing in Mutual Funds

Editor's Note: This is Part 2 of our series on Discount Brokers in India. To read Part 1, where we discuss who Discount Brokers are, what they do, and their pros and cons, click here.

 

Following from the previous article, we’ll now take a detailed look at top 5 discount brokers in India.

 

Zerodha

(Link to website)

 

5 Top Discount Brokers in India: Zerodha, Upstox, Wisdom Capital, SAMCO, 5Paisa.com

 

Founded in 2010 by brothers Nithin Kamath and Nikhil Kamath, Zerodha is the largest discount broker in India. It has over 1.5m clients contributing to more than 15% of daily retail trading volumes across NSE, BSE and MCX.

 

It was in fact Zerodha, which introduced the concept of discount broking in India.

 

App Ratings 

(as on February 10th 2020)

Zerodha’s flagship app (Kite) has over 1m+ downloads on Google Play Store with 3.9/5 rating. On the Apple Store, it is rated a 3.2/5, ranking 1st on the list of top Finance Apps.

 

Services Offered

Zerodha offers trading and investing services in Equity (Intraday, F&O, Delivery), derivatives, currency, mutual funds & commodities.

 

Service Charges 

(as on February 10th 2020)

 

Margin:

Margin is essentially the money borrowed from a brokerage firm to purchase an investment. It is the difference between the total value of securities held in an investor's account and the loan amount from the broker.

 

Zerodha has a relatively easy to understand single-tier price plan not differentiated by margin. It offers margin on its “equity MIS” (margin Intraday Square Off), “BO” (Bracket Order), and “CO” (Cover Order) products.

 

To read more of Zerodha’s margin offering, click here

 

Brokerage: 

 

Relevant Links on Website

 

Zerodha providers its users multiple tools to execute and manage their trades. Aside from Kite, these include:

 

 

Zerodha has also tied up with partner platforms such as Smallcase (Play Store, Apple Store), Streak (Play Store, Apple Store), Sensibull and GoldenPi.

 

Here’s a handy guide to the Zerodha universe.

 


 

Upstox

(Link to website

 

5 Top Discount Brokers in India: Zerodha, Upstox, Wisdom Capital, SAMCO, 5Paisa.com

 

Established as RKSV Securities in 2011 and backed by a group of leading investors including Tiger Global, Ratan Tata and GVK Davix, this discount brokerage was rebranded as Upstox in 2016.

 

App Ratings

(as on February 10th 2020)

Upstox has over 1m+ downloads on Google Play Store and has an average rating of 4.1. On the Apple Store, it is rated a 3.3/5, ranking 8 on the list of top Finance Apps.

 

Services Offered

Upstox offers trading and investment services in Equity (Intraday, F&O, Delivery), currency, commodity and mutual funds.

 

Service Charges 

(as on February 10th 2020)

Margin:

Upstox offers two plans – Basic and Priority. The plans are differentiated based on how much margin (or leverage) is offered by the broker with the former offering up to 20x margin and the latter up to 25x margin.

 

View margins list for Intraday orders, CO/OCO here.

 

To read more of Upstox margin offering, click here.

 

Brokerage:  

 

Relevant Links on Website

 


 

Wisdom Capital

(Link to website)

 

5 Top Discount Brokers in India: Zerodha, Upstox, Wisdom Capital, SAMCO, 5Paisa.com

 

Incorporated in 2013 as a joint venture with Ashlar Securities (a full service traditional broker), Wisdom Capital claims to have the “lowest brokerage charges for online trading in India”.

 

Wisdom undercuts the likes of Zerodha by not charging any trading account opening fees. They’re also more aggressive in waiving off any brokerage fees for equities, F&O, and commodities trading in their basic Freedom plan (but hardly any margin!). They do however charge a ?999 + taxes Demat Account Maintenance Charge annually across their plans.

 

Services Offered

Wisdom Capital offers trading and investment services in Equity (Intraday, F&O, Delivery), currency, commodity. It also offers semi and fully automated algorithm trading facility.

 

Services Charges

(as on February 10th 2020)

Margin:

Wisdom Capital offers three brokerage plans based on the investor’s requirement – Freedom, Pro, Ultimate.

 

Freedom Plan allows minimal margin but the other two offer seasoned traders access to higher margins (up to 60x in equity intraday for instance) and competitive tools for trading stocks and commodities.

 

Here is a detailed comparison of the three brokerage plans offered by Wisdom Capital.

 

Wisdom Capital offers margin on its equity MIS, NRML, BO, and CO products.

 

To read more of Wisdom Capital’s margin offering, click here.

 

Brokerage:

 

Click here for a detailed breakdown of Wisdom Capital’s brokerage charges.  

 

Wisdom Capital offers both online and mobile trading platforms.

 

Desktop trading platforms by Wisdom Capital include Nest Trader and Fox Trader. Mobile trading platforms include Wisdom Pro (only available on Google Play Store, with a 4.8 rating). The discount broker also provides a browser-based trading platform – Wisdom Trader.

 

Here’s a look at the different trading platform options provided by Wisdom Capital.

 

N.B. Nest is not Wisdom Capital’s native platform. It is a trading platform licensed by NSE that can be downloaded and installed on the user’s desktop or laptop.

 

Relevant Links on Website

 


 

SAMCO

(Link to website

 

5 Top Discount Brokers in India: Zerodha, Upstox, Wisdom Capital, SAMCO, 5Paisa.com 

 

Incorporated in May 2015, SAMCO Ventures Private Limited acquired Samruddhi Stock Brokers Limited and re-branded itself as SAMCO Securities.

 

Services Offered

SAMCO offers stock and commodity trading. SAMCO's NBFC arm provides margin funding, loan against shares and other financial products. It also offers depository services (demat account) through CDSL.

 

Service Charges 

(as on February 10th 2020)

 

Margin:

SAMCO has three premium products – CashPlus, StockPlus, and IntraPlus for taking margin i.e. There is no free plan for taking leverage.

 

Brokerage:

 

 

SAMCO product suite offers SAMCO Trader (for trading from desktop), Stock Note (for trading on iOS/Android platforms), StockNoteWeb (new stock trading app) StockBasket (to invest in SAMCO curated stocks), and RankMF (platform to assess and invest in mutual funds). A deep dive into SAMCO’s product suite here.

 

Relevant Links on Website 

 


 

5Paisa.com

(Link to website)

 

5 Top Discount Brokers in India: Zerodha, Upstox, Wisdom Capital, SAMCO, 5Paisa.com

 

5Paisa.com is a Mumbai-based discount broker that also offers robo advisory services. It was launched in March 2016 and is a part of the financial services group India Infoline Finance Limited (IIFL).

 

5Paisa.com is reportedly the 10th largest broker and 2nd largest discount broker (after Zerodha) in the country. As of November 2019, the platform had nearly 300,000 active clients, which is up 166% from April 2019.

 

App Ratings

(as on February 10th 2020)

The platform has over 100,000+ downloads on Google Play Store, and an average of 3.5 Rating on Apple Store.

 

Services Offered

5Paise.com offers trading and investment services in Equity (Intraday, F&O), Delivery), currency & mutual funds.

 

Service Charges

(as on February 10th 2020)

 

Margin:

5Paisa.com offers three subscription plansOptimum, Platinum and Titanium. Platinum and Titanium plans offer additional margin and research. 

 

Brokerage: 

  • Equity Delivery: ?20 per order in Optimum plan, ?10 per order in Platinum and free in Titanium plan
  • Equity/Currency/Commodity Intraday/Futures: ?20 per order in Optimum plan, ?10 per order in Platinum Titanium plans
  • Equity Options: ?20 per order in Optimum plan, ?2 per lot in Platinum and Titanium plans

 

Find a detailed breakdown of their subscription plans here.

 

5Paisa.com product suite also includes platforms for comparing and buying mutual funds and insurance (i.e. Under IIFL), a robo advisor product, and an algo trading platform for experienced traders. You can read more about 5Paisa’s robo advisory proposition on our article here. 

 

Relevant Links on Website

Pricing

Margin Calculator

 


 

Other popular discount brokerages in India: 

SAS Online

TradeJini

Trading Bells

Trade Smart Online

 

Happy Investing! 

FIN.

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