There is not one “Best discount broker in India”. It will depend on your need and expectation on who is the best broker for you. Read our post in case you have some question about what is a discount brokers, Now that you know what are discount brokers, below you will find some of the main discount brokers operating in India with there services offering.
1) Zerodha : They are the first one who brought the discount brokerage concept to India. Being the pioneer, they are also the largest discount broker in India by a large margin. They have more than 50,000 clients in India making then the market leader in this segment. What works for them is that they have the simplest brokerage plan of Rs 20 per trade, no strings attached. What this means in irrespective of the volume of trade, you pay only Rs 20 per trade. The account opening forms are available online and the process is very easy. They also have one of the most advanced proprietary trading platform “Pi” in India, which you can use for chart trading and writing algos for trading. They are the only discount brokers providing a proprietary trading platform. Most of the other discount brokers have the standard NEST ODIN platform. You cannot execute algo trade right now as it is not allowed in India but you can use it for generating triggers. You can find detailed review of Zerodha here.
2) RKSV : They are right behind Zerodha in terms of market share and have almost 20,000 clients in India. There brokerage plan is Rs 20 per trade and provide Zero brokerage for delivery. But remember that there will still be STT and transaction charges which will be applicable. They also have a very easy account opening process and a good customer service. Want to waive off your account opening charge, open account using this link,.
3) SAS Online : They are one of the newer discount broker on block and they have the most aggressive brokerage plan at Rs 9 per trade. They also provide unlimited trading plan starting from Rs 999 per trade. There brokerage plan is very aggressively priced. They provide NEST ODIN platform for trading and don’t have any proprietary trading platform. You can find detailed review about SAS online here.
4) Trade Smart Online : They are another discount broker operating out of Mumbai. There brokerage charges in Rs 15 per trade and there monthly plan starts from Rs 1,899 per month. They also provide NEST ODIN platform for trading. You can find detailed review of Trade smart online here.
5) Trade Jini : It was started in 2013 and is operating out of Bangalore . There brokerage charges is Rs 20 per trade and they don;r provide monthly trading plan as of now. You can find the detailed review of Trade Jini here.
As you can see from the list above, most of the major discount broker have a brokerage rate in the range of Rs 15- 20 per trade barring SAS online which charges Rs 9 per trade. Most of the offering provided by these brokers all almost same with the exception of Zerodha which is providing a proprietary trading platform.
So know that you know the major discount brokers in India, try to contact some of them and see who will fit your needs. In case you are trading with full service brokers, see the service they are providing and how many of the services you are actually using. If you are just paying them a high brokerage and not using most of there services, it make sense to move to a discount broker.