Discount Brokers
Trade Smarter. Pay Zero Fees.
Compare India's top discount stock brokers. Filter by account opening costs, annual maintenance charges (AMC), and trading terminal integrations.
Active Client Rankings
Live Database - January 2026
Total Inspected: 4Cr+ Active Accounts
| Rank | Broker Name | Active Clients | Equity Delivery | Intraday | API Support |
|---|---|---|---|---|---|
| #1 |
|
1,21,26,921 | ₹20 or 0.05% | ₹20 or 0.05% | SUPPORTED |
| #2 |
|
68,52,086 | ₹0 (Free) | ₹20 or 0.03% | SUPPORTED |
| #3 |
|
67,58,500 | ₹20 per order | ₹20 per order | SUPPORTED |
| #4 |
|
20,77,937 | ₹20 or 2.5% | ₹20 or 0.05% | SUPPORTED |
| #5 |
|
20,26,012 | % based plans | % based plans | SUPPORTED |
| #6 |
|
14,49,382 | ₹0 (Free) | ₹0 (Free) | SUPPORTED |
| #7 |
|
13,64,822 | ₹0 (Free) | ₹0 (Free) | SUPPORTED |
| #8 |
|
11,38,143 | ₹0 (Free) | ₹0 (Free) | SUPPORTED |
| #9 |
|
9,79,483 | ₹0 (Free) | ₹20 or 0.03% | SUPPORTED |
| #10 |
|
9,10,999 | ₹0 (Free) | ₹0 (Free) | SUPPORTED |
| #11 |
|
8,46,292 | ₹20 or 2.5% | ₹20 or 0.05% | SUPPORTED |
| #12 |
|
8,38,493 | ₹20 or 0.05% | ₹20 or 0.05% | SUPPORTED |
| #13 |
|
5,37,886 | ₹0 (Free) | ₹0 (Free) | SUPPORTED |
| #14 |
|
4,31,217 | ₹20 or 0.05% | ₹20 or 0.05% | SUPPORTED |
| #15 |
|
4,06,602 | % based plans | % based plans | SUPPORTED |
| #16 |
|
3,49,926 | ₹20 per order | ₹20 per order | SUPPORTED |
| #17 |
|
2,82,853 | ₹0 (Free) | ₹0 (Free) | SUPPORTED |
| #18 |
|
2,69,943 | ₹20 per order | ₹20 per order | SUPPORTED |
| #19 |
|
2,02,910 | ₹20 or 0.03% | ₹20 or 0.03% | SUPPORTED |
| #20 |
|
15,8275 | ₹0 (Free) | ₹0 (Free) | SUPPORTED |
| #21 |
|
N/A | ₹0 (Free) | ₹0 (Free) | SUPPORTED |
Detailed Broker Analyses
Groww
#1
4.8 Rating
Account Opening
Account AMC
Equity Delivery
₹20 or 0.05%
Intraday / F&O
₹20 or 0.05%
Platform Features
Super Simple UI
Zero AMC
Direct Mutual Funds
Advantages
- Simplest interface for beginners
- no AMC.
Drawbacks
- No commodity trading
- basic charting tools.
Default Terminal
Groww App 🚀
Zerodha
#2
4.9 Rating
Account Opening
Account AMC
Equity Delivery
₹0 (Free)
Intraday / F&O
₹20 or 0.03%
Platform Features
Kite Platform
Console
Coin
Clean Tech
Advantages
- Most stable platform (Kite)
- zero delivery fee.
Drawbacks
- Paid API (₹2000/mo)
- no stock tips.
Default Terminal
Kite 🚀
Angel One
#3
4.6 Rating
Account Opening
Account AMC
Equity Delivery
₹20 per order
Intraday / F&O
₹20 per order
Platform Features
ARQ Advisory
Smart API
High Leverage
Advantages
- AI-advisory (ARQ)
- robust full-service research.
Drawbacks
- Complex UI
- higher AMC after the 1st year.
Default Terminal
Angel One App 🚀
Upstox
#4
4.7 Rating
Account Opening
Account AMC
Equity Delivery
₹20 or 2.5%
Intraday / F&O
₹20 or 0.05%
Platform Features
Pro Trading
Fast Executions
Advanced Charts
Advantages
- High-speed charts
- great mobile app experience.
Drawbacks
- Higher delivery brokerage for small traders.
Default Terminal
Upstox Pro 🚀
ICICI Direct
#5
4.4 Rating
Account Opening
Account AMC
Equity Delivery
% based plans
Intraday / F&O
% based plans
Platform Features
3-in-1 Account
Research Reports
Vast products
Advantages
- 3-in-1 account
- excellent research & trust.
Drawbacks
- High, percentage-based brokerage costs.
Default Terminal
ICICI Direct Web 🚀
HDFC Securities
#6
4.3 Rating
Account Opening
Account AMC
Equity Delivery
₹0 (Free)
Intraday / F&O
₹0 (Free)
Platform Features
Trust of HDFC
Seamless Banking
Advisory
Advantages
- Bank integration
- great for conservative investors.
Drawbacks
- No public API
- dated technology UI.
Default Terminal
HDFC InvestRight 🚀
Kotak Securities
#7
4.5 Rating
Account Opening
Account AMC
Equity Delivery
₹0 (Free)
Intraday / F&O
₹0 (Free)
Platform Features
Free Intraday
Cherry App
Market Insights
Advantages
- Free intraday for youth (Trade Free Plan).
Drawbacks
- High delivery charges on standard plans.
Default Terminal
Kotak Cherry/Neo 🚀
SBI Securities
#8
4.2 Rating
Account Opening
Account AMC
Equity Delivery
₹0 (Free)
Intraday / F&O
₹0 (Free)
Platform Features
Safe & Secure
Pan-India presence
Wide reach
Advantages
- Huge physical branch support across India.
Drawbacks
- Slow tech updates
- higher account opening fees.
Default Terminal
SBI Smart 🚀
Dhan
#9
4.8 Rating
Account Opening
Account AMC
Equity Delivery
₹0 (Free)
Intraday / F&O
₹20 or 0.03%
Platform Features
TradingView
Instant MTF
Strategy Builder
Advantages
- Direct trading from TradingView
- zero AMC.
Drawbacks
- Smaller client base
- new to the market.
Default Terminal
Dhan / TV 🚀
Motilal Oswal
#10
4.5 Rating
Account Opening
Account AMC
Equity Delivery
₹0 (Free)
Intraday / F&O
₹0 (Free)
Platform Features
Research First
Wealth Management
Expert Advice
Advantages
- Industry-leading research and stock picks.
Drawbacks
- Higher brokerage for non-intraday trades.
Default Terminal
MO Investor 🚀
Paytm Money
#11
4.6 Rating
Account Opening
Account AMC
Equity Delivery
₹20 or 2.5%
Intraday / F&O
₹20 or 0.05%
Platform Features
Flat Brokerage
Direct MF
Clean UI
Advantages
- Fast digital KYC
- simple MF + Stock combo.
Drawbacks
- Customer support is purely ticket-based.
Default Terminal
Paytm Money App 🚀
INDmoney
#12
4.7 Rating
Account Opening
Account AMC
Equity Delivery
₹20 or 0.05%
Intraday / F&O
₹20 or 0.05%
Platform Features
US Stocks
Automatic Tracking
Goal Planning
Advantages
- Best for tracking total net worth (US + India).
Drawbacks
- Lacks professional-grade desktop terminal.
Default Terminal
INDmoney App 🚀
Sharekhan
#13
4.4 Rating
Account Opening
Account AMC
Equity Delivery
₹0 (Free)
Intraday / F&O
₹0 (Free)
Platform Features
TradeTiger
Expert Research
Investor Training
Advantages
- Powerful "TradeTiger" terminal
- great training.
Drawbacks
- High brokerage
- UI feels like the 2000s.
Default Terminal
TradeTiger 🚀
IIFL Securities
#14
4.3 Rating
Account Opening
Account AMC
Equity Delivery
₹20 or 0.05%
Intraday / F&O
₹20 or 0.05%
Platform Features
Market Analysis
Pro App
Wealth Advisory
Advantages
- Good mobile app
- solid margin funding (MTF).
Drawbacks
- Not fully transparent with "hidden" charges.
Default Terminal
IIFL Markets 🚀
AxisDirect
#15
4.2 Rating
Account Opening
Account AMC
Equity Delivery
% based plans
Intraday / F&O
% based plans
Platform Features
3-in-1 Account
Research Kits
Wide Portfolio
Advantages
- Integrated banking
- research-heavy.
Drawbacks
- Expensive brokerage
- heavy sales cross-selling.
Default Terminal
AxisDirect Web 🚀
5paisa
#16
4.4 Rating
Account Opening
Account AMC
Equity Delivery
₹20 per order
Intraday / F&O
₹20 per order
Platform Features
Flat ₹20
Margin Trading
Algorithm Trading
Advantages
- Fixed ₹20 fee
- all-in-one investment app.
Drawbacks
- High focus on upselling "Paisa" subscription packs.
Default Terminal
5paisa App 🚀
m.Stock
#17
4.5 Rating
Account Opening
Account AMC
Equity Delivery
₹0 (Free)
Intraday / F&O
₹0 (Free)
Platform Features
Zero Brokerage For Life
Global Reach
Fast UI
Advantages
- Lifetime zero brokerage with one-time fee.
Drawbacks
- Occasional technical glitches during peak hours.
Default Terminal
m.Stock App 🚀
Choice Broking
#18
4.3 Rating
Account Opening
Account AMC
Equity Delivery
₹20 per order
Intraday / F&O
₹20 per order
Platform Features
Jiffy App
Free Account
Research & Tips
Advantages
- Personalized Relationship Managers.
Drawbacks
- Higher per-trade costs on basic plans.
Default Terminal
Choice Jiffy 🚀
Fyers
#19
4.8 Rating
Account Opening
Account AMC
Equity Delivery
₹20 or 0.03%
Intraday / F&O
₹20 or 0.03%
Platform Features
Advanced Charts
Free API
Trading Bridge
Advantages
- Free Trading API
- best for technical analysts.
Drawbacks
- No offline support
- smaller user community.
Default Terminal
Fyers Web/Next 🚀
SMC Global
#20
4.1 Rating
Account Opening
Account AMC
Equity Delivery
₹0 (Free)
Intraday / F&O
₹0 (Free)
Platform Features
Wide Network
Personalized Service
Mutual Funds
Advantages
- Diversified services (Insurance, FD, Bonds).
Drawbacks
- Not a "modern" tech-first discount broker.
Default Terminal
SMC ACE 🚀
ProStocks
#21
4.5 Rating
Account Opening
Account AMC
Equity Delivery
₹0 (Free)
Intraday / F&O
₹0 (Free)
Platform Features
Unlimited Trading Plans
Low Latency
Safety Focus
Advantages
- Unlimited trade plans
- lowest call & trade.
Drawbacks
- Live API is a paid feature (₹1000/mo).
Default Terminal
ProStocks Desktop 🚀
Demat Broker Knowledge Hub
Frequently Asked Questions About Discount Stock Brokers in India
Objective broker insights and regulatory disclosures verified against SEBI and NSE guidelines.
What is a discount stock broker in India?
A discount stock broker provides a modern online platform for trading equities, derivatives (F&O), currencies, and commodities. Unlike traditional full-service brokers that levy percentage commissions (0.3%–0.5%), discount brokers charge flat execution fees (typically ₹20 or 0.05% per executed order) regardless of order size.
Which discount broker offers zero brokerage on equity delivery?
Brokers like Zerodha, Groww, and Angel One provide zero brokerage or minimal flat pricing on equity delivery trades held for long-term investments. Statutory government charges (STT, GST, SEBI turnover fees, and exchange transaction fees) apply uniformly across all brokers.
What is Demat AMC and which brokers offer zero AMC?
Annual Maintenance Charges (AMC) are recurring maintenance fees billed quarterly or annually by depository participants (CDSL/NSDL). Platforms such as Groww, Dhan, and Angel One provide lifetime zero AMC accounts for standard retail investors, eliminating recurring holding expenses.
Which broker is best for F&O and active intraday traders in India?
Zerodha Kite and Dhan are widely considered top platforms for active derivatives traders due to reliable order execution, integrated TradingView charts with 100+ indicators, options payoff diagrams, webhooks, and transparent flat ₹20 order pricing.
