Detailed Review of Major Indian Brokers
1. Zerodha
- Founded: 2010
- Headquarters: Bengaluru
- Type: Discount Broker (India’s No.1 by active clients)
- Brokerage:
- Equity Delivery: ₹0 (free)
- Intraday, F&O: ₹20/order or 0.03% (whichever lower)
- Platforms: Kite (web & app), Console (back-office), Coin (mutual funds), Varsity (learning module).
- Strengths:
- Pioneer of discount brokerage in India.
- Lowest brokerage for traders.
- Advanced & clean trading platform.
- Educational initiative “Varsity” is highly popular.
- Weakness:
- No personalized advisory or research.
- Limited banking integration.
👉 Best for: Traders, tech-savvy investors, algo traders.
2. Upstox
- Founded: 2009 (earlier RKSV Securities)
- Headquarters: Mumbai
- Type: Discount Broker
- Brokerage:
- Equity Delivery: ₹0
- Intraday, F&O: ₹20/order or 0.05%
- Platforms: Upstox Pro Web, Upstox App (options strategy builder, algo integrations).
- Strengths:
- Low brokerage with modern tools.
- Backed by Ratan Tata & Tiger Global.
- Options strategy builder useful for derivatives traders.
- Weakness:
- Customer service slower than Zerodha.
- Some advanced features are paid add-ons.
👉 Best for: Beginners and options traders.
3. Angel One (formerly Angel Broking)
- Founded: 1987
- Headquarters: Mumbai
- Type: Full-service turned discount broker hybrid.
- Brokerage:
- Equity Delivery: ₹0
- Intraday, F&O: ₹20/order flat
- Platforms: Angel One App, Angel SpeedPro, Angel BEE (mutual funds).
- Strengths:
- Offers research + advisory (unique among discount brokers).
- Large offline presence with 11,000+ sub-brokers.
- Flat brokerage plan (very affordable).
- Weakness:
- Older platforms not as smooth as Zerodha.
- Some advisory biased towards in-house recommendations.
👉 Best for: New investors who need guidance + low-cost trading.
4. ICICI Direct
- Founded: 1994 (subsidiary of ICICI Bank)
- Headquarters: Mumbai
- Type: Full-service broker
- Brokerage:
- Regular Plan: 0.25–0.55% (equity delivery), higher for derivatives.
- Neo Plan: ₹20/order flat (competitive)
- Platforms: ICICI Direct Markets App, Trade Racer, 3-in-1 account (bank + demat + trading).
- Strengths:
- Trusted bank-backed brand.
- Strong research reports, IPO recommendations.
- Seamless fund transfer with 3-in-1 accounts.
- Weakness:
- High brokerage in regular plan.
- Interface less user-friendly compared to discount brokers.
👉 Best for: Long-term investors who want security + advisory.
5. HDFC Securities
- Founded: 2000 (subsidiary of HDFC Bank)
- Headquarters: Mumbai
- Type: Full-service broker
- Brokerage: 0.3–0.5% on equity delivery; flat plans also available.
- Platforms: HDFC Securities App, Pro Terminal, BlinkTrade.
- Strengths:
- Strong advisory reports.
- Bank integration with HDFC accounts.
- Good reliability for HNIs.
- Weakness:
- Very high brokerage compared to discount brokers.
- Platforms not as smooth as Zerodha/Upstox.
👉 Best for: HNI and conservative investors.
6. Kotak Securities
- Founded: 1994 (subsidiary of Kotak Mahindra Bank)
- Headquarters: Mumbai
- Type: Full-service broker
- Brokerage:
- Standard Plans: 0.25–0.5%
- Trade Free Plan: ₹20/order or ₹0 brokerage intraday (special scheme).
- Platforms: Kotak Securities App, KEAT Pro X.
- Strengths:
- Zero brokerage intraday plan is attractive.
- Bank integration with Kotak accounts.
- Good for derivatives traders.
- Weakness:
- Outside offers, brokerage is high.
- Customer service weaker than ICICI.
👉 Best for: Intraday traders & Kotak Bank customers.
7. Sharekhan
- Founded: 2000
- Headquarters: Mumbai (subsidiary of BNP Paribas)
- Type: Full-service broker
- Brokerage: 0.1–0.5% (depends on segment).
- Platforms: Sharekhan App, TradeTiger (desktop).
- Strengths:
- Strong research reports & advisory.
- Good for fundamental investors.
- Legacy reputation.
- Weakness:
- Higher brokerage.
- Outdated compared to Zerodha/Upstox.
👉 Best for: Research-driven investors.
8. 5paisa
- Founded: 2016 (backed by IIFL)
- Headquarters: Mumbai
- Type: Discount broker
- Brokerage: Flat ₹20/order
- Platforms: 5paisa Mobile App, Trade Station.
- Strengths:
- Low brokerage + multiple subscription packs (₹10/trade for frequent traders).
- Robo advisory for mutual funds.
- API access.
- Weakness:
- Platform stability issues reported.
- Support not as strong as Angel or Zerodha.
👉 Best for: Budget-conscious traders.
9. Groww
- Founded: 2016 (Bengaluru fintech startup)
- Headquarters: Bengaluru
- Type: Discount broker (mutual fund-first model, later expanded)
- Brokerage: Flat ₹20/order
- Platforms: Groww App & Website (simple, clean).
- Strengths:
- Very user-friendly app.
- Popular among millennials.
- No AMC charges.
- Weakness:
- Limited advanced features for traders.
- Lacks in-depth research tools.
👉 Best for: Beginners & mutual fund investors.
10. Fyers
- Founded: 2015
- Headquarters: Bengaluru
- Type: Discount broker
- Brokerage: Flat ₹20/order
- Platforms: Fyers One (desktop), Fyers Web, Fyers Markets App.
- Strengths:
- Excellent charting tools with TradingView integration.
- Free APIs for algo traders.
- Focus on traders.
- Weakness:
- Customer support limited.
- Smaller user base compared to Zerodha/Upstox.
👉 Best for: Advanced traders & algo developers.
11. Motilal Oswal
- Founded: 1987
- Headquarters: Mumbai
- Type: Full-service broker
- Brokerage: 0.2–0.5%
- Platforms: MO Investor App, MO Trader App.
- Strengths:
- Excellent research team.
- Portfolio management services (PMS), wealth management.
- Strong offline presence.
- Weakness:
- Brokerage is high compared to discount brokers.
- Interface less modern.
👉 Best for: Research-focused long-term investors.
✅ Final Verdict
- Lowest cost (flat ₹20/order): Zerodha, Upstox, Angel One, 5paisa, Groww, Fyers.
- Best for long-term investors: ICICI Direct, HDFC Securities, Motilal Oswal.
- Best research support: Sharekhan, Motilal Oswal, Angel One.
- Best for algo traders: Zerodha, Fyers.
- Best beginner-friendly app: Groww, Angel One.
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