Top 20 Stock Brokers in India: A Comprehensive Guide

India’s stock market has grown exponentially in the past decade, drawing millions of investors. To trade efficiently, it’s crucial to choose the right stock broker. Factors such as the number of clients, intraday and delivery charges, unique selling propositions (USP), customer support, and overall ranking should be considered before making a decision.

In this blog, we’ll take a look at the top 20 stock brokers in India, based on their popularity, services, and charges.

1. Zerodha Number of Clients: 12+ million
   Intraday Charges: ₹20 per trade or 0.03% (whichever is lower)
   Delivery Charges: Free
   USP: India’s largest discount broker, advanced trading platforms like Kite
   Ranking: 1
   Customer Support: Phone, Email, Chat
2. Upstox Number of Clients: 6+ million
   Intraday Charges: ₹20 per trade or 0.05%
   Delivery Charges: Free
   USP: Low-cost broking with a user-friendly app
   Ranking: 2
   Customer Support: Chat, Phone, Email
3. Angel One Number of Clients: 10+ million
   Intraday Charges: ₹20 per trade or 0.05%
   Delivery Charges: ₹0
   USP: Full-service broker with advanced research tools and portfolio management
   Ranking: 3
   Customer Support: Phone, Chat, Email
4. ICICI Direct Number of Clients: 4+ million
   Intraday Charges: ₹20 per order or 0.03%
   Delivery Charges: 0.55%
   USP: Integrated banking and broking services
   Ranking: 4
   Customer Support: Phone, Email
5. Groww Number of Clients: 5+ million
   Intraday Charges: ₹20 per trade
   Delivery Charges: Free
   USP: Simple interface ideal for beginners
   Ranking: 5
   Customer Support: Chat, Email
6. HDFC Securities Number of Clients: 2+ million
   Intraday Charges: 0.05%
   Delivery Charges: 0.5% or ₹25 (whichever is higher)
   USP: Trusted name with integrated banking and trading services
   Ranking: 6
   Customer Support: Phone, Email
7. Kotak Securities Sign up today tezzi se for your Demat Account Number of Clients: 1.5+ million Subscription Fee: Rs. 499
   Intraday Charges: 0.049%
   Delivery Charges: 0.49%
   USP: Research-driven, strong mobile platform
   Ranking: 7
   Customer Support: Phone, Chat, Email
8. 5Paisa Number of Clients: 3+ million
   Intraday Charges: ₹20 per trade
   Delivery Charges: Free
   USP: One of the lowest brokerage services with no hidden charges
   Ranking: 8
   Customer Support: Phone, Chat
9. Sharekhan Number of Clients: 2+ million
   Intraday Charges: 0.1%
   Delivery Charges: 0.5%
   USP: Comprehensive research reports and personalized advisory
   Ranking: 9
   Customer Support: Phone, Email
10. Motilal Oswal Number of Clients: 2+ million
    Intraday Charges: 0.025%
    Delivery Charges: 0.5%
    USP: Expert research and robust advisory services
    Ranking: 10
    Customer Support: Phone, Chat, Email
11. Axis Direct Number of Clients: 1+ million
    Intraday Charges: 0.05%
    Delivery Charges: 0.5%
    USP: Integrated with Axis Bank, making transactions seamless
    Ranking: 11
    Customer Support: Phone, Email
12. IIFL Securities Number of Clients: 1+ million
    Intraday Charges: ₹20 per trade or 0.05%
    Delivery Charges: 0.25%
    USP: Comprehensive advisory services
    Ranking: 12
    Customer Support: Phone, Chat, Email
13. Edelweiss Broking Number of Clients: 0.7+ million
    Intraday Charges: 0.03%
    Delivery Charges: 0.5%
    USP: Strong research and portfolio management services
    Ranking: 13
    Customer Support: Phone, Chat, Email
14. Paytm Money Number of Clients: 6+ million
    Intraday Charges: ₹10 per trade
    Delivery Charges: Free
    USP: Low-cost trading, integration with Paytm wallet
    Ranking: 14
    Customer Support: Chat, Email
15. Dhan Number of Clients: 0.5+ million
    Intraday Charges: ₹20 per trade
    Delivery Charges: Free
    USP: Easy-to-use platform for traders
    Ranking: 15
    Customer Support: Phone, Chat, Email
16. Wisdom Capital Number of Clients: 0.4+ million
    Intraday Charges: Free (Freedom Plan)
    Delivery Charges: Free (Freedom Plan)
    USP: Zero brokerage plans
    Ranking: 16
    Customer Support: Phone, Email
17. Alice Blue Number of Clients: 0.5+ million
    Intraday Charges: ₹20 per trade
    Delivery Charges: ₹0
    USP: Low brokerage with a focus on technology
    Ranking: 17
    Customer Support: Phone, Chat
18. SBI Securities Number of Clients: 0.9+ million
    Intraday Charges: 0.05%
    Delivery Charges: 0.5%
    USP: Trusted bank-backed broker with integrated services
    Ranking: 18
    Customer Support: Phone, Email
19. Nuvama Wealth (formerly Edelweiss Wealth) Number of Clients: 0.5+ million
    Intraday Charges: 0.03%
    Delivery Charges: 0.5%
    USP: Expert wealth management and research
    Ranking: 19
    Customer Support: Phone, Email
20. Fyers Number of Clients: 0.4+ million
    Intraday Charges: ₹20 per trade
    Delivery Charges: Free
    USP: Strong focus on traders with customizable platforms
    Ranking: 20
    Customer Support: Chat, Email

Key Factors to Consider While Choosing a Stock Broker:

1. Charges: Always check the broker’s intraday and delivery charges, as these can impact your overall profitability.
2. Trading Platform: A user-friendly, fast, and reliable platform ensures smooth trading.
3. Customer Support: Efficient support services can be a lifeline when you face issues during trades.
4. Research & Advisory: Some brokers provide comprehensive research, which is a boon for investors looking to make informed decisions.
5. USP: Look for unique features that suit your trading style – whether it’s low-cost broking, seamless banking integration, or advanced trading tools.

Choosing the right stock broker is crucial to your success in the stock market. Take into consideration the broker’s reputation, costs, customer support, and the additional services they offer to find the one that suits your needs.

Sources:

SEBI Data
BSE Brokers List
Broker websites (Zerodha, Upstox, ICICI Direct, etc.)