Best Day Trading brokers

If you are a day trader, there are three important points which you should look in a broker.

1) Brokerage – For a day trader, brokerage can mean whether you are profitable or not in the long run. It is extremely important for a day trader that brokerage are as low as possible. You should look at discount broker as they have some of the lowest brokerage in India right now.
2) Margin – This is also something which is important for you if you are into day trading but remember that this is a double edged sword. It could be profitable for you but at the same time it open your trade for huge losses also. As a day trader, you should always have stop loss on every trade. Full service broker generally provide much higher margin limits but nowaday discount broker also provide higher margins with the use of complex order types like Cover Order which define your losses at the time of the trade.
3) Time of cut off – This is also important for you if you to intraday trade as someone who starts putting a cut off time of 2:45 would invariably mean that you have 20 mins less than a broker who provide cut-off time of 3:15.
4) Number of stock – Every broker have a list of stock which they provide for intraday. Check first with the broker if they have the stocks which you trade in. Almost all the brokers provide large cap stock for intraday trading, put few provide small cap stock for intraday trading. So this is something which you should look at while looking for a stock broker.

Based on these points, I have tried to put in the list of top 3 brokers which would be best fit for day traders.

S. NO Broker Name Brokerage
1 Zerodha 0.01% or Rs 20 per trade
whichever is lower
2 Upstox Rs. 20 per trade
3 Angel 0.03% per trade

1) Zerodha: This is one of the largest discount broker in India with more than 150,000 clients. They started the discount broking in India in 2010 with a fixed brokerage structure.
They charge .01%( 1 paisa) per trade upto Rs 2 lakhs. (which is Rs 20 brokerage). If you have a trade of more that Rs 2 lakh, the brokerage is capped at Rs 20. So for any trade whether it is Rs 5 lakh or Rs 20 lakh, the maximum brokerage you would have to pay is capped at Rs 20.
Apart from this, they have a state of the art trading platform called PI and browser based platform called Kite. They also have apps for playstore/appstore called KITE. They provide advanced order like bracket order, cover order to trade for intraday traders. To open account with them, just click on the buttom below and provide your details.

Open Account with Zerodha
2) Angel Broking: They are one of the largest full service broker in India and have more than 10 lakh clients trading with them. There brokerage is a little higher and they charge brokerage of .03%(3 paisa) for intraday trading which is high compared to discount broker but if you look at their customer service, it is better than discount broker. Angel provide a dedicated dealer you can trade with and also provide you advisory service free of cost. So if you are looking for a broker from whom you can take advice, then you can open account with them.
They also provide T+6 day trading when you buy the stock, which means you can convert the position from intraday to delivery and vice versa upto 6 day. There is a nominal interest rate which is charged on this though.

Angel Account opening

3) Upstox: This is the second largest discount broker in India having around 30,000 clients. They have similar brokerage structure as Zerodha and charge .01% or Rs 20 whichever is lower per trade for intraday. They also have an awesome trading app called UpstoxPro which provides lots of feature right on your mobile phone.
They also provide advanced order like Bracket order and Cover order to there clients. They have also started online account opening so that the customer can fill the form online and start trading in 10 mins.

Open account with RKSV

Hope this article would have helped you on what to look in a day trading broker and how you should choose them. In case of any question, do let me know and I will try to answer then to the best of my knowledge. You can read further review of the best broker to trade with on Top 10 brokers in India.

Comments

  1. THE MOST IMPORTANT PARAMETER: U have forgotten to review them on nos of stocks they allow margin for any success in intra day this is the most important parameter. reason being for sucess in intra day we need stocks that will move and are not dumb stuck to their bases.

    I have been searching for this comparission on how may stocks they allow for in margin, but have not found a single one yet.

    Most of the stocks brokers listed here (discount broker) none of them offers more than 260 stocks for trading intraday, on zerodha others around 180 shares and guess what they are the least volatile ones, meaning for intraday trading they are absolutely useless. There by also meaning the discount brokers useless.

    I always have been huge fan of intraday but in india it is simply impossible to be profitable on. Was excited of zerodha and got an account on it but was disappointed to see only 260 shares. atleast they should allow margin with compulsory stop losses or say trailing stop losses which they have.

    so here is the catch..
    ICICI offers 600+ stocks to trade on with margin.. however their charges are pathetically high making it difficult to sustain profitability over long periods. and remeber losses erods capital fast in intra day.

    on the other hand Discount broker offers best brokerages but even worst offers barely 200 the least volatile stocks to trade on meaning you end up with more losses and stop losses than big rallied profits.

    BS: ICICI 600+ stocks (Intraday) brokerage:5 paise
    BS: Zerodha 200+ stocks (Intraday) brokerage:Rs.20 per trade 0.01 which ever is lower
    I just am expecting some one come with the reviews as to who offers the best balance of both. Dont mind a bit of brokerage but not too high like ICICI but wants more stocks

  2. viswanathan says:

    I already have a demant account with icici direct. Is it possible to do trading with other traders with same demat account?

    • If you want to do just trading you don’t need a Demat account. But if you want to buy delivery based share, then you will need a Demat account. You should be easily able to transfer the share from ICICI account to the new Demat account.

  3. Dear Biju,.

    I am intersted in taking share . Please help me in this.

  4. Biju Achuthan says:

    i am an trader in which company will i get the least brokerage,other charges and with good service and tips .

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