India has seen an upsurge in the investment sector, particularly in stock investment in the last 5 years.
Youtube, the Internet, and the startup ecosystem in India is the main reason for this surge in stock investment, financial literacy, and interest.
Scam 1992 web series, YouTubers such as CA Rachana Ranade, and stockbroking companies like Zerodha, Upstox, Groww triggered many Indians, not only tier 1 but also from tier 2 and tier 3 cities to invest and earn from stocks.
In this article, I am going to list out the famous online stock broking and trading platforms in India with the details you should know before you open an account.
I am going to talk about basic brokerage and trading terms which you should know about. After that, I will list all the companies with basic details. So you can compare them and can choose the best one as per your need of investment.
Important Terms you need to know before you start Trading.
A. Investment Options:
1. Equity:
Equity is the purchase or sale of equity of a company that is listed on the stock exchange.
For Ex: You can purchase Reliance or Tata shares. That share purchasing or selling is equity purchase or selling.
2. Commodity:
buying and selling of commodities such as Metals, Grains, Energy products, Orange Juice, Sugar, and many other real products the companies either grow, refine or sell to the public for their usage.
For Ex: When you purchase Gold for the purchase of investment during Diwali or marriage time. That is an investment in commodity.
3. Currency:
When you purchase currency of a country wrt to investment, it is known as a currency investment.
For Ex: We always see the price of Dollar wrt INR going up or down. Suppose you purchased $10 when INR to the dollar was low and you converted it to INR when INR to Dollar is high. So basically you invested in Currency.
4. Futures:
are contracts to buy and sell an asset at a set price sometime in the future without regard to its then-current price.
Futures are similar to commodities but in futures, you are purchasing a contract sometime in the future.
5. Options:
Options are the right to buy a security at a specified price sometime in the future. If it is not exercised during the option period it has no value.
B. Terms for Fees - account and Trading :
1. Account Opening Charge:
Fees to open a Demat account on stock broker companies to do the trading.
2. Account Maintenance Charge:
Fees to Stock Broker Companies to maintain your Demat account for trading purposes.
3. Equity Delivery Brokerage :
The Brokerage amount is payable for the delivery of the trade-in or out of the Demat account of the account holder.
4. Equity Intraday Brokerage :
Intraday Trading is buying and selling a set of shares on the same day. Equity Intraday Brokerage is the Brokerage amount payable for the same day (buy & sell) of the trade.
C. Type of Broker :
1. Discount Broker :
A discount broker is a stockbroker who carries out buy and sell orders at reduced commission rates compared to a full-service broker. However, a discount broker does not provide investment advice or perform analysis on a client's behalf, unlike a full-service broker.
2. Full-Service Broker:
A full-service broker is a licensed financial broker-dealer firm that provides a large variety of services to its clients, including research and advice, retirement planning, tax tips, and much more.
These Terms will be helpful when you compare different stock broker companies for trading purposes. Here is the list of the top 21 stockbroker companies that you can use for trading purposes. I have listed out only the important details to compare and come to conclusion which platform to use, let me know in the comment which is your favourite platform.
1. Zerodha
Zerodha is a Discount Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = ₹ 300 ( Equity ₹ 200 , Commodity ₹ 100 )
Account Maintenance Charge = ₹ 300 per annum
Equity Delivery Brokerage = Zero
Equity Intraday Brokerage = 0.03% or ₹20 whichever is minimum
2. Upstox
Upstox is a Discount Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹ 249 per annum
Equity Delivery Brokerage = 2.5% or ₹20 whichever is minimum
Equity Intraday Brokerage = 0.05% or ₹20 whichever is minimum
3. Groww
Groww is a Discount Broker.
Equity = Yes
Commodity = Yes
Currency = No
Futures = No
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = Free
Equity Delivery Brokerage = 0.05% or ₹20 whichever is minimum
Equity Intraday Brokerage = 0.05% or ₹20 whichever is minimum
4. Angel One
Angel One is Full-Service Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹240 per annum
Equity Delivery Brokerage = Zero
Equity Intraday Brokerage = 0.25% or ₹20 whichever is minimum
5. ICICI Direct
ICICI Direct is Full-Service Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹700 per annum
Equity Delivery Brokerage = 0.18% on order value
Equity Intraday Brokerage = 0.018 % on order value
6. 5 Paisa
5 Paisa is Discount Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹45 per month (when traded)
Equity Delivery Brokerage = ₹ 10 per order
Equity Intraday Brokerage = ₹ 10 per order
7. Kotak Securities
Kotak Securities is Full-Service Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹600 per annum
Equity Delivery Brokerage = 0.25% on order value
Equity Intraday Brokerage = Zero
8. HDFC Securities
HDFC Securities is Full-Service Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = Free
Equity Delivery Brokerage = 0.15% on order value or ₹25 per order
Equity Intraday Brokerage = 0.15% on order value or ₹25 per order
9. IIFL
IIFL is Full-Service Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹250 per annum
Equity Delivery Brokerage = Zero
Equity Intraday Brokerage = ₹20 per order
10. Motilal Oswal
Motilal Oswal is Full-Service Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹199 per annum
Equity Delivery Brokerage = 0.35% on order value
Equity Intraday Brokerage = 0.035% on order value
11. Axis Direct
Axis Direct is Full-Service Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = ₹499
Account Maintenance Charge = ₹790 per annum
Equity Delivery Brokerage = 0.50% on order value
Equity Intraday Brokerage = 0.05% on order value
12. Paytm Money
PaytmMoney is Discount Broker.
Equity = Yes
Commodity = No
Currency = No
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹300 per annum
Equity Delivery Brokerage = ₹0.01 per order
Equity Intraday Brokerage = 0.05% on order value or ₹10 whichever is minimum
13. Choice
Choice is a Full Service Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹ 200 per annum
Equity Delivery Brokerage = 0.20% on order value
Equity Intraday Brokerage = 0.02% on order value
14. Edelweiss
Edelweiss is a Full Service Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹ 500 per annum
Equity Delivery Brokerage = 0.30% on order value
Equity Intraday Brokerage = 0.03% on order value
15. Alice Blue
Alice Blue is Discount Broker.
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹ 400 per annum
Equity Delivery Brokerage = Zero
Equity Intraday Brokerage = 0.01% on order value or ₹ 15 whichever is minimum
16. Anand Rathi
Anand Rathi is Full Service Broker
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹ 450 per annum
Equity Delivery Brokerage = 0.20% on order value
Equity Intraday Brokerage = 0.02% on order value
17. Samco
Samco is Discount Broker
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹ 400 per annum
Equity Delivery Brokerage = 0.20% on order value or ₹ 20 whichever is minimum
Equity Intraday Brokerage = 0.02% on order value or ₹ 20 whichever is minimum
18. Bajaj Finserv
Bajaj Finserv is Discount Broker
Equity = Yes
Commodity = No
Currency = No
Futures = Yes
Options = Yes
Account Opening Charge = ₹ 431 per annum
Account Maintenance Charge = Free
Equity Delivery Brokerage = 0.10% per order value
Equity Intraday Brokerage = ₹ 17 per order
19. Trade Smart Online
TradeSmart Online is Discount Broker
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹ 300 per annum
Equity Delivery Brokerage = 0.07% on order value
Equity Intraday Brokerage = 0.007% on order value
20. Stoxkart
Stoxkart is Discount Broker
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹ 300 per annum
Equity Delivery Brokerage = Zero
Equity Intraday Brokerage = ₹15 per order
21. Espresso Sharekhan
Espresso Sharekhan is Discount Broker
Equity = Yes
Commodity = Yes
Currency = Yes
Futures = Yes
Options = Yes
Account Opening Charge = Free
Account Maintenance Charge = ₹ 400 per annum
Equity Delivery Brokerage = Zero
Equity Intraday Brokerage = 0.03% on order value or ₹ 20 whichever is minimum
Note: I have tried to take the liberty of using examples and easy words to talk about such a complex topic. However please do your research before you take any decision.
I hope you’ve enjoyed reading this article. If you want to know more about finance and stocks check out the upcoming article here.
Let me know in the comments which is your favorite stockbroker company
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