Find The Right Stock Broker
Find Best stock brokers in INDIA
You will want to understand the differences in brokers as well as the type of investor you are before choosing a specific broker. Two types of brokers include discount brokers and full service brokers.
Discount brokers will charge a lower fee than a full service broker while providing minimum trading facility at a lower cost. This will generally allow for an investor trust the broker to make fast, real time decisions. Full service brokers provide multiple services apart from buying and selling shared. Many are bank subsidiaries providing a client with a savings account, demat account and online trading facility. Above all else, a full service broker will provide well established personal advice regarding market trends.
Best discount brokers in India
1) Zerodha : They are one of the largest and oldest Discount broker in India having more than 50,000 clients. They have a very competitive and a simple brokerage structure (Rs 20 per trade) and good customer service. The account opening process is also very easy and most of the work can be completed online. They are one of the few discount broker who have their own Proprietor trading/charting software caller Pi which allows for writing custom algorithm. The good thing about these discount brokers is you may never have to visit their offices. The forms can be filled online and the application can be shipped to them. This type of discount brokers are new in India and providing tough competition to full service brokers. You can find detailed review about Zerodha review here.
2) UPSTOX: RKSV is a discount broker operating from Mumbai. They provide very competitive rates of Rs 20 per trade irrespective of the size of the trade. The provide NEST and ODIN platform for trading. They are coming up with new mobile based platform called Upstox and the product look nice. There account opening process is also very easy and most of the work can be completed online. You can find more detail about account opening here.
3) Fyers: They are one of the newer discount Brokers and provide brokerage rate of .1% for delivery and .01% for intraday. The thing to keep in mind with them is the brokerage is capped at Rs 100 per trade. They provide one the the best trading platform which is built in house completely. To open account with them with ZERO account opening charges, please provide your details by clicking here.
Best Full service brokers and traditional brokers in India
1) Angel Broking : Incorporated in 1987, Angel Broking has become one of the most respected Stock-Broking and Wealth Management Companies in India. They have built up a huge network of Branches and Franchises (More than 900 cities and 8500 Franchises) thereby maintaining a great support system for investors who prefer human interactions while trading. Alternatively you can use their Trading platforms for the device of your choice be it the Web, Smartphones, Tablets and Desktops. They have more than 10 lakh clients which trades with them. Please read Angel Broking review here.
They are providing an account opening offer in which you can open account for free. Please provide your details by clicking on the button below and you will receive a call within 30 mins.
2) ICICI Direct: By far the biggest and best know full service stock broker in India. They have good service and easy to use user interface. There brokerage varies from 0.55% to .20% depending on the value of trades you do with them. There biggest selling point is there seamless integration with your ICICI bank account which makes transfer/withdrawal of funds really easy and quick. They also offer special product like valid till cancel and even T+90 trading in BSE segment.
3) Motilal Oswal : These are one of the oldest and reputed brokers operating in India. They are also full service brokers providing gamut of financial service to the customer. They are best known for there advisory service provided by them. They have more than 8 lakh customer trading with them. You can find detailed review about Motilal Oswal here.
4) ShareKhan : Incorporated in February 2000, Sharekhan is India’s 2nd largest stock broker as per number of customers, providing brokerage services through its online trading website Sharekhan.com and 1950 Share shops which includes branches & Franchises in more than 575 cities across India. They are full service broker and provide various other services like asset management etc. You can find my detailed review for Sharekhan brokerage charges here. As of July 30th , BNP Paribas have purchased ShareKhan for Rs 2,200 crore. We don’t expect major changes due to the buyout.
5) HDFC Security: They are one of the larger broking houses in India and with their bank branches, they have one of the largest network which is only after ICICI. They have a vast network of bank branch in even smaller town. Most of the investor who have a bank account end up opening a trading/Demat account with them. They are good full service brokers providing all major services like research desk, mutual fund investments and portfolio management services. You can find detailed review about HDFC security here.
6) Kotak Securities: They are one more well know name in Financial services and with their bank branches in big cities they are able to cater to clients in big cities. There online service is decent but brokerage is not that competitive. You can find detailed review about Kotak Security here.
7) Reliance Money: They came with a bang but lately have lost a lot of sheen from their name. There have been lots of question about their business practices. You can find detailed review about reliance money here.
Apart from this, some other notable names in brokerage industry in India are Karvy, Axis direct and SBI cap.
After reading the list, I hope you will be able to select the right brokers for your needs. Do remember that brokerage is important but should not be the only reason to select the broker. Talk to some of them, get a feel and ask any question you may have from them. Once you are comfortable only then open an account with them.
I understand that some of you would say that this list is missing some of the major Brokers in India but I have tried my level best to common up with this list. If you feel that I have missed someone, do let me know in the comments.
To see all the Brokers comparison on one page, visit our Home page. In case this sound complicated, read how to invest in Share market.
If you still have some questions about who would be the best broker for you, please provide your details here.
Choosing the best stock broker in INDIA
While choosing an Indian stock broker, you can think over the following points.
What kind of investor are you?
Before choosing an Indian stock broker you will need to ask yourself this question. If you consider yourself a day trader you will need to invest within a small time duration that can be as short as a few minutes and as long as a few hours. As a day trader you will want to seek out a broker who will offer a flat fee on transactions or offer lower fees. This is closely affiliated with discount brokers. Some well-established India based brokers who will offer you real-time, valuable market research platforms for a lower fee include Zerodha and RKSV Security.
The second type of investor will buy and hold stock for longer periods of time. In this case of an investor there is a strong need to obtain extremely accurate data in a short time period in order to make the best investment decision possible. You will need a broker with a solid execution strategy and one who understands long-term market values, trends and trading patterns. India based full service brokers include IDBI Palsa builder, Motilal Oswal Review, Indiabulls and Geojit BNP Paribas.
Reputation of a stock broker
Save yourself money by researching reputations of stock brokers. You can browse through SEBI and stock investment websites in order to find the right broker. Through reputation research you will be able to see any issues complaints that exist against a broker or browse their personal experience working with investors in the market. Choose a broker who is highly experienced and has an up to date knowledge of the inner workings and trends of the market.
There are different kind of fees associated with working with a broker. There are account opening fee, transaction fee, maintenance fee etc. Look for low transaction fees if you trade more often, and low maintenance fee if you hold stock for longer duration.
Platform and market research facilities
Brokerages are increasing capacity to utilize advanced technology through software development and market research tools. Operating an account with a broker who has knowledge of these kinds of software and market research tools will provide incentives for you to make informed and timely decisions in choosing stocks.
Range of facilities offered
Whether you are looking to invest in IPO or Market Funds choose an investor who allows you to do so. Working together as a team is crucial in choosing a broker to make decisions with your finances.