Getting started in the world of stock market investments and trading? Well, with so many options that allow ease of accessibility, there is no one person who would like to not reap the fruits of the market. The Discount Broker Zerodha has gained immense popularity owing to the seamless experience it provides traders via Kite, its online trading web and app. It generated a positive response owing to its flat fee of Rs. 20 per trade and discount brokerage model.
But is Zerodha the best? Well, there are some pros and cons with each stock broker. We’ve done the groundwork. You can decide what works the best for you. Let’s get down to the best stock broker alternatives to Zerodha. The stock brokers listed below are well-reputed, each with a distinct name in the industry.
Discount Brokers
Discount Brokers assist investors with a trading platform to invest in the stock markets and have a flat fee brokerage model. Apart from that, they do not provide any other associated services such as consultations or research for free. Great choice for those who are well-versed in the market and can do their own analysis to carry out trades. Most offer minimal customer service. There are many who have, and are still, carving out a niche for themselves in this market. Apart from Zerodha, some of the other renowned Discount Brokers include: Upstox, 5paisa, SAMCO, TradeSmart, Fyers and TradePlus among others. Let’s have a look at the three of the more popular ones in detail. We’ve considered Angel Broking in this category since they have come up with a discount brokerage model in direct competition to the current Discount Brokers.
1. Upstox
It went by the name of RKSV Securities earlier and is one of the most preferred Discount Brokers today that also provides a Margin and a Call to Trade Facility. You can open two types of accounts with Upstox, i.e., Basic and Priority. The former offers 15X leverage and the latter is for those who seek a higher leverage(20X), which as you may have guessed comes with higher brokerage charges.
Let’s have a look at the Upstox charges (Basic Plan) below:
| TYPES OF CHARGES | BROKERAGE | STT/CTT | TRANSACTION CHARGES | GST | SEBI CHARGES |
| EQUITY DELIVERY | Zero brokerage | 0.1% on both buy & sell. | NSE: 0.00325% per trade on buy & sell.BSE: charges vary as per the scrip group | 18% (on brokerage + transaction + demat charges) | Rs. 15/crore |
| EQUITY INTRADAY | Rs. 20 per executed order or 0.05% (whichever is lower) | 0.025% only on sell. | NSE: 0.00325% per trade on buy & sell.BSE: charges vary as per the scrip group | 18% (on brokerage + transaction charges) | Rs. 15/crore |
| EQUITY FUTURES | Rs. 20 per executed order or 0.05% (whichever is lower) | 0.1% only on sell. | NSE: Exchange turnover charge: 0.0019%Clearing charge: 0.0002% | 18% (on brokerage + transaction & clearing charges) | Rs. 15/crore |
| EQUITY OPTIONS | Flat Rs. 20 per executed order. | 0.1% only on sell. | NSE: Exchange turnover charge: 0.05%Clearing charge: 0.005% | 18% (on brokerage + transaction & clearing charges) | Rs. 15/crore |
| CURRENCY FUTURES | Rs. 20 per executed order or 0.05% (whichever is lower). | — | NSE:Exchange turnover charge: 0.0009%Clearing charge: 0.0004%BSE: Exchange turnover charge: 0.00022%Clearing charge: 0.0004% | 18% ( on brokerage+transaction charges) | Rs. 15/crore |
| CURRENCY OPTIONS | Flat Rs. 20 per executed order. | — | NSE: Exchange turnover charge: 0.04%Clearing charge: 0.025%BSE: Exchange turnover charge: 0.001%Clearing charge: 0.025% | 18% (on brokerage+transaction charges) | Rs. 15/crore |
| COMMODITY FUTURES | Rs. 20 per executed order or 0.05% (whichever is lower). | 0.01% on sell trade (Non-Agri) | Non-Agri: Exchange turnover charge: 0.0026%Clearing charge: 0.0005% | 18% (on brokerage + transaction charges) | Rs. 15/crore |
| COMMODITY OPTIONS | Flat Rs. 20 per executed order. | 0.05% on sell trade | Exchange turnover charge: 0Clearing charge: 0.002% on buy + sell [Rs. 200/crore] | 18% (on brokerage + transaction charges) | Rs. 15/crore |
Upstox Platforms
Upstox offers Pro Web (Desktop Trading Software) and Pro Mobile (Android and iOS Trading App). Some of the features include – technical charts, 100+ indicators, and a wide range of order types (Limit Order, Market Order, Stop Loss, Stop Loss Market, Cover Order, Bracket Order, etc.). Investors can place trades from charts, customize according to user preference, leverage the 10 years historical data, set Price Alerts, add to WatchList and more. While it does have quite a few account opening benefits and provides a good UI, these features are basic to all platforms. It only offers trading and investing in the stock market, with no option to invest in mutual funds and no research recommendations.
5paisa
Backed by the founders of IIFL, 5paisa is one of the leading Discount Brokers close to Upstox and Zerodha; established in 2016. Apart from stock trading, they also offer investing in Mutual Funds, Gold, Insurance, Robo-Advisory and Algo-Trading.
Let’s have a look at the 5paisa charges below:
| TYPES OF CHARGES | BROKERAGE CHARGES | TRANSACTION CHARGES | STT/CTT | GST | SEBI FEES |
| EQUITY DELIVERY | ₹20 per executed order | 0.00325% (NSE)0.00300% (BSE) | 0.10% | 18% GST applicable on all the above charges except STT, CTT & Stamp duty. | 0.00% |
| EQUITY INTRADAY | ₹20 per executed order | 0.00325% (NSE)0.00300% (BSE) | 0.03% | 18% GST applicable on all the above charges except STT, CTT & Stamp duty. | 0.00% |
| DERIVATIVES | ₹20 per executed order | 0.0019% (Future)0.05% (Options) | 0.01% (Sell Future) 0.05% (Sell Option) 0.125% (On exercise) | 18% GST applicable on all the above charges except STT, CTT & Stamp duty. | 0.00% |
| CURRENCY | ₹20 per executed order | 0.0009% (Future)0.035% (Option) | — | 18% GST applicable on all the above charges except STT, CTT & Stamp duty. | 0.00% |
| COMMODITY | ₹20 per executed order | Grp A (28 Commodities) 0.0026%Grp B (4 Commodities) BLACK PEPPER – 0.00005% BRASS – 0.0005% CASTORSEED – 0.0005% RBDPALMOLEIN – 0.001%Options Contracts: Waived Off till 30-09-2020 | 0.05% (Sell Option)0.0001% (On exercise purchaser)0.01% (Sell Future) | 18% GST applicable on all the above charges except STT, CTT & Stamp duty. | 0.00% |
5paisa Platform
It offers Mutual Funds as well as Gold and Insurance to invest in. There are three types of subscription plans that investors can opt for on 5paisa with different brokerage structures, fees, maintenance charges, etc. These include – Optimum Plan, Platinum Plan and Titanium Plan. They do offer research advisory but it comes only when you opt for a higher paid plan. 5paisa offers a Mobile Trading App (Android and iOS), Web Based Trading Platform, Desktop Terminal and Algo-Trading. Transaction charges are on the higher side as compared to other Discount Brokers. Call and Trade Facility comes at an additional cost while the other features include WatchLists, Bracket Orders, Cover Orders, Charting, Portfolio Tracker and 20 years of historical data.
Angel Broking
One of the most well known in the industry that was recently publicly listed is none other than Angel Broking. While earlier it used to be a Full-Service Broking Company, it has recently changed its business model, from percentage brokerage to a flat fee. Angel iTrade Prime Plan charges 0 on delivery while the charge for other segments includes a flat Rs. 20 fee. It works on the lines of a hybrid broking model offering the services associated with a Full-Service Broker along with a Discount Brokerage structure. Additional services offered include – Portfolio Management Services, Insurance, Mutual Funds and Exchange Traded Funds.
Let’s have a look at the Angel Broking charges below:
| TYPES OF CHARGES | BROKERAGE | STT/CTT | TRANSACTION CHARGES | GST | SEBI CHARGES |
| EQUITY DELIVERY | Zero Brokerage | 0.1% On Both Buy & Sell. | NSE: 0.00325% Per TradeOn Buy & Sell.NSE: 0.00275% On Turnover Value (Buy & Sell)BSE: Charges Vary As PerThe Scrip Group* | 18% (On Brokerage, DP, Transaction, SEBI Charges) | ₹ 5 / Crore |
| EQUITY INTRADAY | ₹ 20 / Executed Order Or 0.25% (Whichever Is Lower) | 0.025% Only On Sell. | NSE: 0.00325% Per TradeOn Buy & Sell.# NSE: 0.00275% On Turnover Value (Buy & Sell)BSE: Charges Vary As PerThe Scrip Group* | 18% (On Brokerage, Transaction, SEBI Charges) | ₹ 5 / Crore |
| EQUITY FUTURES | ₹ 20 / Executed Order Or 0.25% (Whichever Is Lower) | 0.01% Only On Sell. | NSE: 0.00185% On Total Turnover Value | 18% (On Brokerage, Transaction, SEBI Charges) | ₹ 5 / Crore |
| EQUITY OPTIONS | ₹ 20 / Executed Order Or 0.25% (Whichever Is Lower) | 0.05% Only On Sell (On Premium) | NSE: 0.05% On Premium Value | 18% (On Brokerage, Transaction, SEBI Charges) | ₹ 5 / Crore |
| CURRENCY FUTURES | ₹ 20 Per Executed Order Or 0.25% (Whichever Is Lower) | No STT | NSE: 0.0009% On Futures Turnover ValueBSE: 0.00022% On Futures Turnover Value | 18% (On Brokerage, Transaction, SEBI Charges) | ₹ 5 / Crore |
| CURRENCY OPTIONS | ₹ 20 Per Executed Order Or 0.25% (Whichever Is Lower) | No STT | NSE: 0.035 % AndBSE: 0.001% On Options Premium Value | 18% (On Brokerage, Transaction, SEBI Charges) | ₹ 5 / Crore |
| COMMODITY FUTURES | ₹ 20 Per Executed Order Or 0.25% (Whichever Is Lower) | 0.01% Only On Sell Side Non-Agri | Non-Agri:0.00210% On Turnover For A Category (Near & Next Month TO )0.0013% On Turnover For A Category (FAR Month TO)0.00175% On Turnover For B CategoryAgri:0.006% On Turnover For A Category0.002% On Turnover For B Category0.0001% On Turnover For C CategorySpecial Charges For Following Scrips:0.0005% On Turnover For CASTORSEED0.0005% On Turnover For KAPAS0.00005% On Turnover For PEPPER0.001% On Turnover For RBDPMOLEIN | 18% (On Brokerage, Transaction Charges, Risk Management Fee, SEBI Charges) | ₹ 5 / Crore |
| COMMODITY OPTIONS | ₹ 20 Per Executed Order Or 0.25% (Whichever Is Lower) | 0.05% Only On Sell Side | NIL | 18% (On Brokerage, SEBI Charges) | ₹ 5 / Crore |
Angel Broking Platforms
The platforms include Angel Broking App (Mobile), Angel Broking Trade (Website) and Angel SpeedPro (Trade Terminal). The features vary from platform to platform. While it does offer a wide plethora of features, it doesn’t still offer popular order types, i.e., Bracket Order, Buy Today and Sell Tomorrow, Sell Today and Buy Tomorrow, Good Till Date and Good Till Cancelled. They do offer customized trading help, research recommendations, high margins, rule-based investment engine, comprehensive portfolio, portfolio health check, live market depth data and real-time portfolio update among many others.
Full-Service Brokers
A Full-Service Broker is a traditional broker that offers a plethora of other services apart from simply a trading platform. Due to this, they tend to charge a slightly higher brokerage (in percentage form) as compared to the Discount Broker. Generally a Full-Service Broker is known to provide services like Mutual Funds, Portfolio Management Services, Loans, Insurance, etc. They make for a brilliant choice for investors who seek guidance with investments, and further, a tad more reliability, since more often than not; the Discount Bokerage’s support activities tend to be mainly online. Some of the popular Full-Service Brokers in India include: Sharekhan, Choice Broking, Motilal Oswal, Kotak Securities, HDFC Securities, Axis Direct, ICICI Direct, IIFL Securities and SBI Securities in India. Let’s have a look at Sharekhan, Motilal Oswal and Choice Broking in more detail.
Sharekhan
Established in 2000, Sharekhan, acquired by BNP Paribas is also present internationally. When it comes to providing everything under one roof, no one does it better than Sharekhan; with several other services like Loan Against securities, NRI Services, Portfolio Management Services, Insurance, Bonds and NCDs among others. Keeping up with their traditional structure they have come to leverage technology to stay on par with current trends. They provide various products such as Investment Carts, Pattern Finder, Smart Search and NEO among others.
Let’s have a look at the Sharekhan charges below:
| TYPES OF CHARGES | BROKERAGE | STT/CTT | TRANSACTION CHARGES | GST | SEBI TURNOVER |
| EQUITY DELIVERY | 0.50% | 0.0126% on both Sides | INR 275 | 18% on Brokerage + Transaction Charges | Rs. 20/crore |
| EQUITY INTRADAY | 0.10% | 0.0126% on Sell Side | INR 275 | 18% on Brokerage + Transaction Charges | Rs. 20/crore |
| EQUITY FUTURES | 0.10% | 0.0126% on Sell Side | INR 50 | 18% on Brokerage + Transaction Charges | Rs. 20/crore |
| EQUITY OPTIONS | Rs 100 per lot | 0.017% on Sell Side | INR 100 | 18% on Brokerage + Transaction Charges | Rs. 20/crore |
| CURRENCY FUTURES | 0.10% | NA | INR 120 | 18% on Brokerage + Transaction Charges | Rs. 20/crore |
| CURRENCY OPTIONS | Rs 30 per lot | NA | INR 3,220 | 18% on Brokerage + Transaction Charges | Rs. 20/crore |
| COMMODITY | 0.10% | 0.01% on Sell Side | INR 95 | 18% on Brokerage + Transaction Charges | Rs. 20/crore |
Sharekhan Platforms
The platforms include – Sharekhan Desktop Website, Sharekhan Mini (Low bandwidth app), Sharekhan Mobile App and TradeTiger (Trading Terminal). Some of the features include Advanced Technical Charting, 30-90 day Intraday Charts, 30+ chart indicators and study, heatmaps, advanced order types (Big Trades, Bulk Orders, Trailing Stop Loss, Sell against Margin (SAM), Big Trade Plus and Bracket orders), stock recommendations, customisable options, stock scanners as well as option chain.
Motilal Oswal
The name is synonymous with investments offering a range of services such as Broking and Distribution, Asset Management, Private Wealth Management, Home Finance, Institutional Equities, Private Equity and Investment Banking.
Let’s have a look at the Motilal Oswal charges below:
| TYPES OF CHARGES | BROKERAGE | STT/CTT | TRANSACTION CHARGES | GST | SEBI CHARGES |
| EQUITY DELIVERY | 0.50% | 0.1% on both Buy and Sell | NSE ₹335 per Cr (0.00335%) | BSE ₹1000 per Cr (0.01%) (each side) | 18% on (Brokerage + Transaction Charge) | 0.00005% (₹5/Crore) |
| EQUITY INTRADAY | 0.05% (both side) | 0.025% on the Sell Side | NSE ₹325 per Cr (0.00325%) | BSE ₹200 per Cr (0.002%) (each side) | 18% on (Brokerage + Transaction Charge) | 0.00005% (₹5/Crore) |
| EQUITY FUTURES | 0.05% (both side) | 0.01% on Sell Side | ₹200 per Cr (0.002%) | 18% on (Brokerage + Transaction Charge) | 0.00005% (₹5/Crore) |
| EQUITY OPTIONS | ₹100 per lot (both side) | 0.05% on Sell Side(on Premium) | NSE ₹5110 per Cr (0.0511%) | BSE ₹200 per Cr (0.002%) (on premium) | 18% on (Brokerage + Transaction Charge) | 0.00005% (₹5/Crore) |
| CURRENCY FUTURES | ₹20 per lot (both side) | ₹125 per Cr (0.00125%) | 18% on (Brokerage + Transaction Charge) | 0.00005% (₹5/Crore) | |
| CURRENCY OPTIONS | ₹20 per lot (both side) | ₹4200 per Cr (0.042%)(on premium) | 18% on (Brokerage + Transaction Charge) | 0.00005% (₹5/Crore) | |
| COMMODITY | 0.05% (both side) | (Futures): 0.01% on sell side (Non-Agri)(Options): 0.05% on sell side | MCX: ₹250 per Cr (0.0025%) | 18% on (Brokerage + Transaction Charge) | 0.00005% (₹5/Crore) |
Motilal Oswal Platforms
It offers a MO Trader Web and Mobile App as well as a Desktop Terminal. Some of the features include Market Screeners, Options Strategy Builder, Advanced Charting, Order Slicing, Price Alerts, Bulk Orders and Trading Reports among others. Some other products include – Sensibull for Options Trading, TradeGuide Signal that offers rule-based trading strategies as well as a Strategy Builder. Further, they have different apps that are specific to a trader and investor’s requirement, i.e, MO Trader is specific to trading and investing in stocks, whereas, MO Investor caters to the needs of an investor who is a beginner (includes Mutual Funds, educational content, Stock SIPs, etc.).
Choice Broking
Another Full-Service Broker gaining popularity is Choice Broking; a subsidiary of the publicly listed conglomerate – Choice. Established in 2010 and backed by 25+ years of expertise in the finance domain, Choice Broking is increasingly making a name for itself in the industry. The main USP of Choice Broking is the low brokerage charge compared to full-service broking standards, stock analysts that have quite a following as well as cutting-edge trading platforms. They offer additional services like Insurance, Loan Against Shares, MTF Services, Portfolio Management Services and Mutual Funds. Additionally, Choice Broking also has separate platforms for Mutual Funds and Trading; enabling both the platforms to give an amazing performance in their respective domains. Choice Broking offers free demat account opening to the new investors.
Let’s have a look at the Choice Broking charges below:
| TYPES OF CHARGES | BROKERAGE | STT/CTT | TRANSACTION CHARGES | GST | SEBI CHARGES |
| EQUITY DELIVERY | 0.20% | 0.1% on buy & sell | NSE: 0.00325% BSE: Flat Rate per Trade Rs 1.50 & Clearing Charges Rs 0.01 per Trade. | 18% on (brokerage + transaction charges) | ₹ 10 / crore |
| EQUITY INTRADAY | 0.02% | 0.025% on the sell side | NSE: 0.00325% BSE: Flat Rate per Trade Rs 1.50 & Clearing Charges Rs 0.01 per Trade. | 18% on (brokerage + transaction charges) | ₹ 10 / crore |
| EQUITY FUTURES | 0.02% | 0.01% on sell side | NSE: Exchange transaction charge: 0.0019% Clearing charge: 0.0005% | 18% on (brokerage + transaction charges) | |
| EQUITY OPTIONS | ₹ 25 per Lot. | 0.05% on the sell side (on premium). In case of Options Exercise 0.125% on (Settlement Price * Quantity) to be paid by Buyer | NSE: Exchange transaction charge: 0.05% | 18% on (brokerage + transaction charges) | ₹ 10 / crore |
| CURRENCY FUTURES | 0.02% | — | NSE: Exchange txn charge: 0.0009% | 18% on (brokerage + transaction charges) | ₹ 10 / crore |
| CURRENCY OPTIONS | ₹ 20 per Lot | — | NSE: Exchange txn charge: 0.04% | 18% on (brokerage + transaction charges) | ₹ 10 / crore |
| COMMODITY FUTURES | 0.02% | 0.01% on sell side (Non-Agri) | Non-Agri:Exchange txn charge: 0.0026%Clearing charge: 0.0003%Agri:Exchange txn charge: 0.00175%Clearing charge: 0.0003% | 18% on (brokerage + transaction charges) | ₹ 10 / crore for Non agri-commodities and ₹ 1 / crore for Agri-Commodities |
| COMMODITY OPTIONS | ₹ 50 per Lot | 0.05% on the sell side. In case of Options Exercise 0.125% on (Settlement Price * Quantity) to be paid by Buyer | Exchange txn charge: 0 | 18% on (brokerage + transaction charges) | ₹ 10 / crore for Non agri-commodities and ₹ 1 / crore for Agri-Commodities |
Choice Broking Platform
They offer a swift trading platform that promises to make trading/investing an easy/fast experience. Choice Broking’s Trading platform – Jiffy trading app is available on Android, iOS and Web; with state-of-the-art features like Option Chain, GTD/GTC Orders, Fundamental and Technical Research, In-app Reports, Market Depth Data and more. The main USP of Jiffy is the fact that it enables swift navigation for easy trades, wherein a user can place orders from 6-7 different places on the platform, view the fundamental data, technical data, options chain, market depth data as well as the scrip values across different exchange segments in one place. This one is a beloved feature yet, not found in any of the other apps. The best part is that you can trade across all the segments through one app rather than using different ones. It has Watchlist, Price Alerts, a well-organized Portfolio Tracker, advanced technical charting with intraday and historical data and over 100+ technical indicators and more.