Explore Top 10 best discount brokers in India and achieve excellence in trading
Here, we would like to draw your attention to the top 10 best discount stock brokers in India. The discount broking notion has been materialized now. It has illuminated and refreshed the traders with the new outlook of trading. Yes the traders were introduced with flat fee rates of brokerage in 2010. That brought a wave of new era trading. The adroitness of the same is discussed later in this post. The brokers offering discounted commissions for initiating your trade are discount online brokers. They present you the advantage of free demat and trading account. Yes, many discounted brokers in India offer free trading account. The demat maintenance charges are also reasonable with the online discount broker. Only 30% of the top discount brokers collect fee for opening the account. In addition to this, the budget brokers provide the technically upgraded trading platforms that bring hassle free trading experience. Their services are faster than the traditional brokers.
A note on leading discount brokers in India
The poised existence of the discount brokers even in crisis has made them 60 times better than the full service brokers. We have assessed the long queue of brokers in order to cater the best online trading service to the traders/investors. From them we brought in to front the updated list of top 10 discount brokers in India. The provision is featured with pro trading tendency. We have left behind the old myths to diversify the trading among all the curious investors. So as per our thesis, one can opt discount brokers without giving a second thought. Their fabulous assistance to the clients and equally quick query resolving has inspired many traders. The stated fact is mentioned by finding respective reviews on 10 leading discount share brokers.
Rising scope of trading with top discount brokers
You can get limitless chances of trading with best penny stock discount broker. When the market tunes up, the degree of performance eventuated by top discount broker in India can be easily seen. One can also consider the NSE’s figures for active traders that cover the major part of share market. India’s stock broking industry was doing fine during the equity bull phase in 2003 through 2007 until the global financial crisis knocked. That also downsized the selloffs. Soon, in 2010, traders got an attractive chance to trade with discount brokers at lesser or even negligible brokerage. That was the beginning phase of discount brokers in India. Later the facilities of free trading platform accompanied by the features like robust data feeds, nice filtering and research tools, better charting, real time market quotes etc. The online trading reached more than a million customers nowadays. That well represents the scope of discount broking in India, leaving behind the limitations of trading.
Top 10 discount brokers in India
The top discount brokers in India have grown around 90% from FY 2014-15. They have occupied the decent range over NSE’s total number of clients in a matter of few years only. Earlier SEBI was concerned to limit trading in derivatives by varying the contract size. That was to prevent the big losses that might occur to the traders who couldn’t afford that. Still, with the emergence of online discount stock brokers, trading in F&O is not that tough. One can save a lot on brokerage expenses by picking up the right discount broker from the list of high priority discount brokers in India. 5 out of 10 best discount brokers in India are
- Wisdom Capital,
- Trade Smart Online,
All the top 10 discount brokers are given in the table discussed below.
Compare the top 10 discount brokerage firms prevalent in India
Check the chart given below where you can find the perfect discount broker that will fulfill all your trading demands. The main motive to display this is to make traders aware of the top layer of online discount brokers active in the Indian share market. It may also pacify the need of right discount broker. Numerous brokers available in the market have baffled the investors. They some time randomly choose the broker to trade without contemplating the important factors. In order to pacify such things, the essential things to consider are discussed briefly here:
Top 10 Best discount brokers in India for the year 2019
|S.No.||Leading discount brokers in India||Commission charged/Brokerage||Account Opening charges||Demat Account Maintenance Charges||Online Trading Platform||Trust Rating|
|1.||Wisdom Capital||0.00% in all segments||NIL||Rs 999 +GST(1 time only)||NSE NOW, NEST, Fox Trader||4.5/5|
|2.||Upstox||Rs 20 /trade||Rs.150||Rs.150 per year||Upstox Pro||3.9/5|
|3.||Trade Smart Online||Rs 15 /trade||Rs.200||Rs.300(2nd year onwards)||NEST||3.8/5|
|4.||Zerodha||Rs 20 /trade||Rs.300||Rs.300 per year||Zerodha PI||4.5/5|
|5.||SAMCO||Rs 20 /trade||NIL||NIL||SAMCO Web Express||3.2/5|
|6.||SAS Online||Rs 9 /trade||Rs.200||Rs.200 per year||NEST, Alpha Trader||3/5|
|7.||5 Paisa||Rs 10 / trade||Rs.650||Rs.400 per year||5 Paisa Trade Station||2.8/5|
|8.||Trade jini||Rs.20 / trade||Rs 300||Rs 300||NEST Trader||2.8/5|
|9.||Prostocks||Rs 15 / trade||Zero||Rs 1000||Prostocks Desktop||2.7/5|
|10.||RK Global||Rs 9 / trade||Rs 50||Rs 250||Diet by ODIN||2.2/5|
How to select the best discount broker?
Selecting a good discount broker has become the need of the hour. In order to choose the best broker out there in the market, one needs to take care of the following things in mind.
- Trading platform: It mainly determines whether the broker chosen is up to the mark or not. One must note that the trading platform must be user friendly and it should have various features ranging from order placing to research tools to get the optimum benefits.
- Brokerage: It should also be taken into consideration while selecting any discount broker. The amount of brokerage which a broker charges should be minimum.
- Customer support: Apart from charges and tools, the discount brokerage firm should give a constant support to its clients in order to maintain smooth trading.
- Leverage: Margin trading should not be neglected while selecting any discount broker. It is a major factor which differentiates between two brokers.
What is the difference between discount broker and full service broker?
There are various differences between a discount broker and a full service broker. Here are the few major differences mentioned:
- On the basis of brokerage charges: Full service Brokers charge in terms of percentage while Discount brokers on the other hand charge a flat fee per trade.
- On the basis of service provided: This factor is the basic differentiator among them. Basically, full service broker provides both trading platform as well as advisory services but a discount broker provides only trading services and there is no advisory service involved in their daily chore.
- On the basis of physical presence: On one hand, Full service brokers have a large number of branches. On the other hand, a discount broker does not have many branches out there.
- On the basis of customer service: As far as customer support is concerned, both of them are equally good at this. But the key difference is full service broker provides face to face service while discount broker provides online service.
- On the basis of research: Discount brokers do not have any research department. They only provide the best trading platform, customer support and quick trading. Whereas Full time brokers do have a specific research segment for imparting stock related knowledge to their clients.
Thus these are some of the differences that differentiate between the two
Advantages of Discount Brokers in India
Basically there are various advantages of a Discount stock broker like:
- Online platform for trading: A discount broker provides an online trading platform to its client and makes the trading operation quite smooth and quick.
- Low cost associated: As compared to full service brokers, Discount brokers charge minimum brokerage and thus prove to be quite economical.
- Transparency index: A discount broker proves to be beneficial when it comes to transparency. Their margin calculator as well as brokerage calculator is already known to everyone.
- Online content: Discount Brokers provide their employees with the knowledge of effective trading techniques online.
- Quick account opening: Discount brokers are popularly useful for opening account using paperless technology. It takes nearly 10 minute to open the account and is faster as compared to full service broker.
- Unbiased system: Whether you are a big player or a novice is hardly bothered by a discount broker. It offers the same privileges to both of them.
- Online tutorials: Various discount brokers often come out with online videos to help clients understand what actually trading is. This part cannot be availed with full service brokers.
- Transactional cost: Discount brokers offer the minimum transactional cost in spite of their higher volume trades.
Disadvantages of Discount Brokers in India
Let’s discuss what the various disadvantages of a discount broker in India are:
- Lack of advisory support: Discount brokers are not entitled to provide any advice in the matter of trading and investing. So it’s up to the client to choose on which stock he/she wants to invest.
- No branch: Discount brokers basically have their settlement online and are known for their online operations. They do not have many branches. So it is one of the drawbacks associated with a discount broker.
- No 3-in-1 account: Discount brokers only open the trading and de mat account. However they do not open the bank account. So if you want all these, I would suggest you to go with a Full service broker.
- Absence of relationship manager: Discount brokers just open the account and provide a trading platform. It is not responsible for managing your account. There is no specific employee for this matter in a Discount brokerage firm.
- No PMS: Discount brokers often lack in this aspect. Thus if you intention is to get Portfolio management service, full service broker is the person to whom you should contact.
Conclusion: Final Take on Best Discount Broker in India
Top 10 discount stock brokers discussed here are chosen on the basis of examining their detailed review. Other factors mentioned to make comparison are taken into account as per today’s most searched parameters by the traders across the country. The discount brokers in India are in great demand nowadays leaving behind the era of full time brokers. The discounted brokerage and the captivating plans have grabbed the focus of traders more on discount broking. The budget broker that topped the category also provides unlimited trading absolutely free in one of its offering. It really suits novice investors in the market. By implementing such plan, they can trade freely without losing brokerage money due to lack of experience in trading. One can also conduct in-depth analyses of the top 10 online discount brokers to propagate in the right direction.