Top 5 Discount Broker Apps for Trading in India Leave a comment


For those who are interested in making money by trading stocks, commodities, derivatives (future & options) the top 5 discount trading broker apps for trading in India. But before that, let’s get a rough idea of who is a full-time and a discount broker, and how the latter is better than the former. 

Full-time brokers are conventional stockbrokers who provide expertise on research advisory, or personal consultations, wealth creation experience to the trader or investor community. Plus, working with a full-service broker, you can expect access to stock advisory, industry cum sector reports, and other market-based study materials once you have signed up the deal with a full-time broker.

Stock Market Investment

On the contrary, brokers who merchandise product orders at decreased commissions are referred to as the discount brokers. So, dealing with a discount broker gives you access to investments at cheaper rates, ensuring bigger profits gradually with time. The only setback is they don’t render private advice, consultations, or research services to the customers. Yet, they are high-end tech-driven brokers with the least operational cost.

So, let’s check some of the trending broker apps for trading in India, as promised above:

1. Zerodha

Zerodha was launched in 2010 by Nitin Kamath and is one of the top-ranking discount broker apps in India. The software has earned a wider clientele base of 1.5 million+ clients. Around 15% of its share of daily retail trading volumes over the Indian Stock Market. 

Zerodha

Features

  • Charges of Zerodha Brokerage 
  • Free equity delivery: The value of your shared delivery investments (NSE, BSE)  is absolutely free – Rs 0 brokerage.
  • Intraday equity value is Rs 20 and Futures and Options on Stocks: Rs 20 or 0.03% (whichever is lower) per order executed on intraday stocks over currency, equity, and commodity trades over MCX, NSE, and BSE.
  • Demat and Trading Account Opening Charges
  • Commodity Account: Rs100
  • Equity Trading Account: Rs 200

Therefore, if you prefer opening Demat, trading, and commodity account with Zerodha, the overall charges for opening an account will be Rs 300. Plus, the yearly account maintenance cost for the Demat account is Rs 300.

Facilities offered: Zerodha provides investment cum trading services in equity, currency, derivatives, communities, and mutual funds.

Pros:

  • User-friendly cum creative trading platform
  • High brand reputation followed by proficient customer support
  • Direct Mutual Fund Investment from same Demat account

Cons:

No research report or market advisory provided.

2. Upstox

Upstox is a steeply expanding discount broker, supported by a consortium of some top leading investors that include; Ratan Tata, Kalaari Capital, GVK Davix, and others. In 2012, Upstox was launched in the market as RKSV, which was later rebranded to Upstox by the year 2015. 

Upstox

Features

Facilities offered: Trading services concerning currency, equity, and commodity

  • Charges of Upstox Brokerage

Upstox offers both basic and pro brokerage plans. Delivery trading in Rs 0 in either of these plans. 

Here are some Upstox brokerage charges:

  • Intraday Trading: Rs 20 /trade executed or 0.01 whichever is lower (basic brokerage plan)
  • Demat and Trading Account Opening Charges
  • Account opening charges: Rs 300
  • Yearly maintenance cost: Rs 150

Pros:

  • Quick and paperless trading cum Demat account opening
  • Priority brokerage

Cons:

  • Not a 3-in-1 account 
  • Direct trading in NCDs, FPO, and IPO is not available 
  • Margin funding on delivery trading is not available 

3. Angel Broking

Previously, Angel Broking app dealt as a full-time broker and provided a percentage brokerage charge to the customers for about 20 years. However, recently in November 2019, they transformed their business model to flat rates from percentage brokerage, to contend with the increasing discount brokers, such as Upstox, Zerodha, 5Paisa, etc. 

Angel Broking

Features

The key benefit of trading with Angel Broking is you get recommendations or guidance to invest in the stock market besides getting companies’ research reports along with additional valuable tools and services.

Facilities offered: Renders equity services, currency, commodity, life insurance, IPOs, PMS, ETFs, and Mutual Funds.

  • Charges of Angel Broking Brokerage 
  • Intraday Trading: Flat ₹20/Trade
  • Delivery charges: Rs 0
  • Equity F&O: Flat ₹20 Per Trade
  • Currency and Commodity Futures and Options on Stocks: Flat ₹20/Trade, in either case
  • Demat and Trading Account Opening Charges
  • Account Opening Charge: Rs 0 (recently waived)
  • Yearly maintenance cost: Rs 450 (from 2nd year onwards)

Pros: 

  • Lowest full-time broker
  • Quick account opening procedure
  • Inclusive of research reports and market advisory

Cons: 

  • 3-in-1 account opening facility is not available
  • An extra charge imposed on call and trade 

4. 5Paisa

5Paisa is yet another offering the cheapest stock brokerage across India. 5Paisa was launched by IIFL with the purpose of providing a low-cost brokerage platform to the customers and participating in the rapidly expanding discount broking industry.

5Paisa Indian Discount Broker

Features

Facilities offered: Offers services concerning mutual funds, personal loans, and insurances, apart from trading in company shares. 

  • Charges of 5Paisa Brokerage

5Paisa renders equity trading for free along with flat brokerage in other sections. Here are the six brokerage costs proffered by 5Paisa:

  • Delivery Trading: Rs 20/trade
  • Intraday Trading: Rs 20/trade
  • Equity Futures and Options: Rs 20/trade (for both)
  • Currency Futures and Options: Rs 20/trade (for both)
  • Demat and Trading Account Opening Charges
  • Account Opening Charge: Free (Rs 650 Waived)
  • Yearly maintenance cost: Rs 45/month (only for your trading months)

Pros:

  • 100% paperless investment in the account 
  • Mutual funds, stocks, and insurance investment, all from the same account
  • Reduced maintenance cost
  • Research reports, plus advisory 

Cons:

  • Not a 3-in-1 investment account
  • Higher charges on transaction exchange 
  • No facility for commodity trading 

5. Trade Smart

Trade smart, an India-based discount broker from Mumbai, is fit for investors/traders seeking high margin, low brokerage, plus a swift trading platform. Trade smart online is one of the age-old setups, unlike most other discount brokers, with a list of happier customers of about  50,000+ happy, with a mean daily turnover of around Rs 5000 crores.

Trade Smart

Features

Facilities offered: Brokerage services in F&O, commodity, stock, and currency trading segments.

  • Charges of Trade Smart Online Brokerage 
  • Trading delivery: Rs 15/trade (Power plan) or 0.07% (Value plan)
  • Intraday Trading: Rs 15/trade (Power plan) or 0.007% (Value plan)
  • Demat and Trading Account Opening Charges
  • Account opening charges: Rs 400
  • Yearly maintenance cost: Rs 300 (from 2nd year onwards)

Pros:

  • Low and exceptional brokerage plans
  • Higher trade margin 
  • No extra software charges
  • No Demat AMC charge in the first year

Cons:

  • Not a 3-in-1 account
  • Direct IPO Investment not available
  • Trade and call at Rs 20/trade executed (inclusive of brokerage charge)

Well, there are numerous other discount brokerage apps for trading in India but these are currently trending in the market. So, if you’re a total beginner looking for the most streamlined and smooth process for your trading, then we highly recommend you using any of these listed best discount broker apps in India.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

SHOPPING CART

close