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Flat Fee Stock Trading Broker in India

Published on Sunday, July 15, 2012 by Team | Modified on Sunday, July 10, 2022

Zerodha (Flat Rs 20 Per Trade)

Invest brokerage-free Equity Delivery and Direct Mutual Funds (truly no brokerage). Pay flat Rs 20 per trade for Intra-day and F&O. Open Instant Account and start trading today.

Traditionally share trading brokerage (charges or fees) is charged on percentage of value of the trade (i.e. ICICI Direct charges 0.55% in cash delivery segment). These brokers are also known as 'full-service brokers' or 'traditional brokers'.

There are few challenges with these brokers as they are expensive, the brokerage with them goes high with the size of trade, client has to do a lot of calculations to find out the cost of the share and a minimum brokerage charged (i.e. ICICIDirect charges minimum Rs 25 per trader) makes the trading in penny stocks almost impossible.

With the technology used in trading has changed significantly in recent years and online trading become a norm, a new category of brokers known as 'Flat Fee Stock Brokers' or 'Discount Brokers' has flourished and took away a major chunk of trading volume from the traditional brokers in last few years.

Flat fee stock trading is a much simplified and cheaper option available to traders today. The flat fee share dealing is already become very popular in developed countries (company's like E-Trade, Sharebuilder, Fidelity, Charles Schwab, and TD Ameritrade) and finally making its way into India's Stock and Commodity Trading market.

Flat Fee Stock Trading brokers (also known as discount brokers) charges a fixed amount (i.e. Rs 20 or Rs 25) per trade irrespective to the size of the trade. The trader pays fixed price brokerage, say Rs 20, for trade of Rs 100 or Rs 1,00,000.

For example:

When you buy 500 shares of XYZ Ltd at Rs 0.15 per share, the brokerage charged by Fixed Price Broker will be Rs 20; while the traditional broker will charge minimum of Rs 25.

When you buy 500 shares of ABC Ltd at Rs 750 per share, the brokerage charged by Fixed Price Broker will still be Rs 20; while the traditional broker will charge Rs 1875 (at the rate of 0.50%).

The above example clearly show that the brokerage charged in flat fee share dealing is significantly low and simple.

Why I should move to Flat Fee Stock Trading Broker?

There are multiple advantages of moving to a Flat Fee Stock Trading Broker. Some of them are discussed as below:

  • If you are an active trader and don't need or want advice, research, recommendations or any other services, this is probably the broker type you should choose.
  • They can save above 90% brokerage on most of your trades. No additional fees, just one low, all-inclusive rate. They are more affordable to average investors. With the saving of this size, you can trade more.
  • It makes the calculation of brokerage really simple. Once you know the number of trades you did, you can simply multiply it with the fixed brokerage and find out the total brokerage bill you have to pay (excluding taxes).
  • They are focused only on brokerage services and provide better customer services.
  • There are no hidden charges. They do not charge for software uses.
  • Taxes charged on brokerage (i.e. GST of 18% on brokerage) are less as brokerage itself is less.
  • The trading platforms provided are industry standard.

What Flat Fee Share Trading Brokers do not provide?

They are mostly no-frill brokers and do not provide many services which traditional share brokers provide including personal advice, research reports, recommendations, 3-in-1 accounts (bank + demat + trading account), branches in every city etc.

Online account statements, trade confirmations, bills, payments etc are available for free. But additional services like call and trade, paper statements etc are charged extra. This is quite similar to the traditional brokers who also have additional charges for add-on services.

The flat-fee brokers also may not provide all the investment options a full-service broker may provide. For example Zerodha doesn't provide option to invest in IPO's.

In person visits to branch offices is not possible with almost all discount brokers. As said earlier, to reduce the cost, they keep a limited number of branches in metro cities only.

Customer service of the flat fee brokers may not be as good as other big traditional brokers. The customer services representative may are not available 24*7 to answer your questions. Very few discount brokers provide customer services on late evening or Saturdays and Sundays.

In our discussion with the management of these brokers, most of these brokers are now planning for 24*7 customer service.

Which stock or Commodity exchange can I trade?

The flat fee stock trading brokers are the same as traditional brokers. They are registered with SEBI and multiple stock exchanges. They provide trading facility in almost all popular stock and commodity exchanges in India including BSE, NSE, MCX etc.

They also provide services across all the segments of equity and commodity trading including Intraday Cash, Delivery Cash, Futures and Options Trading.

Trading with discount brokers is as safe as trading with any other rational broker as they are registered with or govern by the same bodies (SEBI and Stock Exchanges).

How Flat Fee Stock Trading Broker's make money with such a low brokerage?

They are discount brokers who run on volume-based business model. Their main objective is to increase the volume of trades and thus make more money.

When the trade is cheaper, the trader executes more trades and thus the broker makes more money.

Also their operational cost is very low as they provide no-frill broker services. They leverage technology to keep the cost low. They do not spend money on managing branches in every city and a team of researchers who provides daily recommendations. Their spending on advertising is also less as they work on a referral model to promote their services.

By keep the cost low and trade volume high, they can make more money than traditional brokers. The simplicity in the business model makes them very attractive to the traders.

What parameters should I look at before choosing a Flat Fee Stock Broker?

Each investor is unique and has different requirements. Following are few key parameters which can help a trader in choosing a broker:

  1. Brokerage Fees and other charges

    You should carefully look at the fixed price brokerage as well as additional services charges of each of the brokers. Do not make your decision only on the fixed brokerage amount.

    For example: Zerodha charges Rs 20 per trade and ProStocks charges Rs 15 per trade.

    Brokers may require a minimum balance. It is worth checking about this in advance.

  2. Available Investment Options with the Broker

    Unlike tradition full-service brokers, the discount brokers do not provide a wide range of investment options (i.e. stock, commodity, currency, IPOs, FD's, Mutual Funds etc.). You should carefully look at the investment options available.

    For Example: Zeordha doesn't provide share trading at BSE, option to invest in IPOs and Mobile trading platform.

  3. 24*7 Customer Service

    It is important to know the timings of customer service representatives availability on phone or online though chat.

  4. Ask for a demo of trading platforms and back-office software

    Before you open the account, make sure to ask for a demo of the trading platform you will be using. It is important to check if your computer is compatible and your internet connection is good enough. The interface, usability and security of the online trading account and trading software's should be check before opening the account.

Who are top Flat Fee Stock Trading Broker in India?

  1. ProStocks (Rs 899/Month Unlimited Equity Trading)

    ProStocks Logo

    ProStocks, a Sunlight Broking LLP venture is a Mumbai based online stock broker offering flat-rate stock broking services. ProStocks offers Equity, Equity F&O and currency derivatives trading at BSE and NSE. ProStocks is fastest growing stock broker in India. Brokerage plans offered by ProStocks are as below:

    • Rs 899 per month flat fee unlimited trading plan for Equity and Equity Derivatives segment
    • Rs 499 per month flat fee unlimited trading plan for Currency Derivatives segment
    • Rs 15 per executed order in any trading segment and exchange

    Click here to know more about ProStocks.

    Request ProStocks Callback

  2. Zerodha, The Discount Broker (Flat Rs 20 Per Trade)

    Zerodha Logo

    A Bangalore based Flat Fee Share Trading Broker who charges Rs 20 per trader. Zerodha was the first company to introduce this brokerage model in India in June 2010. Click here to know more about Zeordha.

    Request Zerodha Callback

  3. Upstox (Flat Rs 20 Per Trade)

    Upstox Sec Logo

    Upstox offers both unlimited trading plans and flat Rs 20 per trade brokerage plan across segments at NSE, BSE and MCX. Click here to know more about Upstox Securities.

    Request Upstox Callback


Choosing the right broker mainly depends on your investing patterns and need for services and advice. The trader should consider multiple options before choosing the broker. While Flat Fee Share Brokers are cheaper options, they may not provide research, recommendations and the level of personal services which you may be getting from your traditional broker.

Zerodha (India's Best & No. 1 Broker)

  Special Offer - Free Equity Delivery and Mutual Funds

  • Brokerage-free equity delivery trades.
  • Brokerage-free Direct Mutual Fund.
  • Pay ₹20 per trade for Intraday & F&O.
  • The best trading platform in India.

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47. lala   I Like It. |Report Abuse|  Link|December 17, 2016 3:46:24 PMReply
i am a NRI my plan to invest in shares 25,000 to 40,000 monthly, minimum 10 lakhs in the next 3 years. The investment shall be only in shares only, no mutual funds no banks, Which is the best broker to deal with. i plan to keep investment for a period of 4 years 2017 +3 + 4 = 2024. i thought ICICI HDFC to be good, but i read comments discouraging them.
47.1. Rtplkh gyhufd   I Like It. |Report Abuse|  Link|February 20, 2019 11:49:33 AM
If u want safety than go to hdfc , otherwise u can go any where
46. Inder   I Like It. |Report Abuse|  Link|November 2, 2017 10:24:58 PMReply
Which online broker is simply the best for applying in IPO and reasonable brokerage for trading using good software EXCEPT now which has very limited features
45. ram   I Like It. |Report Abuse|  Link|July 31, 2017 10:43:01 PMReply
Is there any one who use pro stocks. In the web page they mentioned as now instead of nest . I think this is the only lowest brokerage in india but, the only thing is margin, limit is only 1.5 times the cash margin. It means the investment is huge but this is the only company give stamp duty 50 per day (lowest in india ) even your turnover is more than 5 core and transaction net charges as per pro stockes 154.00))) communication with them is too bad... any thought ?
44. Dr Hemant Datye   I Like It. |Report Abuse|  Link|March 14, 2016 11:55:20 AMReply
I have been in the market for 25 years before it went online. In last 15 years I was with (Indainfoline), Indiabulls, Geogitparibas, Nirmal Bang, Icicidirect, HDFC securities, and Angel broking). Of the 7 I tested and used, I lived with Indiabulls the longest becathey had a great software (powerbulls). IIFL was outright useless and mired in problems from2001 to 2005 when I closed it. Nirmal Bung never knew I exist, period. Geojit is slow and steady but has great software, platinum and now Selfie. Of the seven HDFCsec and ICIC direct were outright frauds. The first had promised great software when there was none as they had just started , so I closed it in 15 days with Rs 750 lost. The ICICidirect made some of my shares disappear and after lot of fight reappear. They may be good for people who have very very very deep pockets.Angel has its own problems as they can not solve simple problems in ODIN the trading terminal. They do not bother to reply of they can not solve the problem . there accounting is suspicious to me and never understand the charges they levy at their own will. I am closing that too. So only geogit remains. At least they have transparency in everything. Now, I and my wife are in talks with SAS online an mytrade. Most probably I will go with SAS. Zerondha are not much interested in dialogue with me.
43. sukumar   I Like It. |Report Abuse|  Link|October 20, 2015 8:23:01 AMReply
very useful information and i am very happy to get it like a piece of cake. thanks a lot
42. SMF   I Like It. |Report Abuse|  Link|August 30, 2015 1:36:41 PMReply
Can anyone suggest which is the best and cheapest broker for NRI''s giving the best service
41. OSSIE   I Like It. |Report Abuse|  Link|May 20, 2015 4:11:03 PMReply
40. Khan   I Like It. |Report Abuse|  Link|May 16, 2015 6:15:22 PMReply is good in service but brokerage is slightly high @15 per trade. Mobile app is not very good but you can trade.
39. VISHAL   I Like It. |Report Abuse|  Link|April 16, 2015 5:18:29 PMReply
38. Naveen kumar   I Like It. |Report Abuse|  Link|February 21, 2015 6:18:41 AMReply
Please suggest me the cheapest brokerage plan for intraday trading.
37. Naveen kumar   I Like It. |Report Abuse|  Link|February 21, 2015 6:13:00 AMReply
Dear investors,
Please suggest me the cheapest and safe brokerage plan to invest in share market.
I have account with icicidirect and I have lost my lots of money becaof their high brokerage charges by icicidirect.
36. Sachin   I Like It. |Report Abuse|  Link|February 11, 2015 1:50:01 PMReply
I already have one demat account with sbi and I want to open another one, with which I can trade in penny stocks can you please provide me some good broker firms for it.
35. julu   I Like It. |Report Abuse|  Link|February 7, 2015 11:03:11 AMReply
Does anyone have experience of Indiabulls Securities? If you have please share. I want to open account as It is the only broking hoin india giving linux terminal. They are offering me 0.1% delivry and 0.01% for intraday. Please share your experience.
34. SANTOSH   I Like It. |Report Abuse|  Link|February 6, 2015 7:21:12 PMReply
33. SANTOSH   I Like It. |Report Abuse|  Link|January 9, 2015 2:10:26 PMReply
32. sandip   I Like It. |Report Abuse|  Link|December 31, 2014 7:09:40 PMReply
Please suggest any brokerage firm from pune like zerodha.
31. sandip   I Like It. |Report Abuse|  Link|December 31, 2014 7:06:58 PMReply
Icici destroying my capital . Don''t try it. I am looking for zerodha.
30. pradeep kandpal   I Like It. |Report Abuse|  Link|December 21, 2014 3:15:11 PMReply
very high brokerage icicidirect platform is good very poor brokerage
29. AJAY   I Like It. |Report Abuse|  Link|December 11, 2014 11:50:37 AMReply
28. Kyan   I Like It. |Report Abuse|  Link|October 12, 2014 7:37:28 PMReply
i''m not going to stretch my view on you but from my suggestion don''t go for ICICI Direct or HDFC Securities. Becaboth provide 3-in-1 account but that''s the attractive trap they to attract investors. Do you think there is a sense of having dp and banking in same place than seperate. no and not at all. there is nothing wrong to keep your dp and bank account in seperate banks or brokers or dp wherever you felt comfort. Also don''t think these ICICI or HDFc will serve to make profit at all.cos you are one of the 22lakhs customers they have. so just go for others than this ICICI or HDFC or Sharekhan. if you still have any confusion to chose among the brokers then message here. People will help you to choose.But just think ..if you feel safe and comfort in 3-in-1 account is not true. think once on this brokerage in ICICI is 0.55%, HDFC 0.5%. Sharekhan 0.5-0.45%. But in other brokers is just fixed rupees. see it always better to choose broking plan with fixed plan becaif you lose in a share you just loose a fixed sum amount Rs.15 or Rs.20. orelse Rs.25 but in ICICI or HDFC like brokers you will loose each time when you change your stocks. Hearty wishes For your Investments..
27. shiva prasad   I Like It. |Report Abuse|  Link|September 12, 2014 11:50:25 AMReply
Please advice me which is best cheapest share broker with good costumer service which is best either sos or rksv th1nk u
26. Shanthi   I Like It. |Report Abuse|  Link|September 5, 2014 6:55:30 PMReply
Would like to understand how safe RKSV securities is?
25. waleed   I Like It. |Report Abuse|  Link|August 23, 2014 12:10:08 PMReply
is this RS 20 per trade for both buy and sell?or separate for each transaction?
24. suresh   I Like It. |Report Abuse|  Link|August 21, 2014 11:37:40 AMReply
ambalal shares is bull crap.Its very expensive & cust service is worst.Never go for it.cheating in broking trash company...Never go for it
23. Rohit   I Like It. |Report Abuse|  Link|August 8, 2014 11:09:36 AMReply
When it comes to Services. I have heard Just Trade Securities is doing well. In fact their Research is pretty good.
22. Prasannan   I Like It. |Report Abuse|  Link|August 1, 2014 11:02:13 PMReply
simply lowest brokerage is not only the concern but their service also
21. Rajesh   I Like It. |Report Abuse|  Link|July 21, 2014 11:10:55 AMReply
Hi I just need to open an account. Plz tell me which brokers will be the best....
20. Raja   I Like It. |Report Abuse|  Link|July 10, 2014 9:48:10 PMReply
ICICI direct is bull crap.Its very expensive and cust service is worst.Tools are great but very costly.Never go for it.
19. Mahesh   I Like It. |Report Abuse|  Link|July 7, 2014 6:12:34 AMReply
Any one knows about BENZEL It provide just 7+7=14rs per order. It is good
18. unithoi   I Like It. |Report Abuse|  Link|June 10, 2014 1:18:59 AMReply
wht abt icici direct? plz some one convince me abt broker rate? thanks
17. vishal kumar   I Like It. |Report Abuse|  Link|June 2, 2014 7:46:57 PMReply
zerodha is good but sasonline is not given good exposure
16. YASH A   I Like It. |Report Abuse|  Link|May 16, 2014 7:01:06 PMReply
tradesmartonline TRADE SMART ONLINE is another broker offering this but after using for many months i can review that their customer service is VERY BAD. THEY WILL BLOCK YOU MONEY AND THEN CUT YOUR CALLS AND NOT REPLY TO EMAILS AND YOUR MONEY WILL BE STUCK!
15. AJIT ROY   I Like It. |Report Abuse|  Link|January 24, 2014 4:10:28 PMReply is good n lowest in brokerage
per trade 9 rs n monthly unlimited @999
14. Mathew   I Like It. |Report Abuse|  Link|December 1, 2013 10:48:41 PMReply
Dont take geojit Its hopeless slowly eat your capital. The mgt keeps the media happy and loots customer money
13. rama krishna   I Like It. |Report Abuse|  Link|November 8, 2013 7:20:40 PMReply
I would like know about birlamoney,geogit,religare and its brokerage charges and who is cheapest brokerage provider
12. Sandeep   I Like It. |Report Abuse|  Link|October 28, 2013 11:17:03 PMReply
I agree with Chintan. DO NOT GO WITH ICICIDIRECT. you will never earn a single rupee becaof their high brokerage. Also there is always a technical problem at peak hours becaof this I had lost a lot of money. If you are frequent trader, Go with RKSV with freedom plan otherwise go with zerodha. DO NOT GO WITH ICICIDIRECT. This is my advice and experience.
11. Roneet   I Like It. |Report Abuse|  Link|August 21, 2013 4:06:35 PMReply
You Missed RK-GLOBAL, Cheapest of all mentioned above
10. CHINTAN   I Like It. |Report Abuse|  Link|July 9, 2013 8:07:34 PMReply
first of all don,t at all trade with ICICIDIRECT.COM becarecently i have made a penny stock trade on for total value of rs. 3600 and for that amt they have charges me a brokerage of rs. 800 which is almost 22% of the total value. due to this i will close my a/c very soo.
i usually trade in penny stock can u tell me which kind of broker as well as brokerage plan will be confortable for me. or which of the above broker is reliable. i stay at pune.
9. amit gupta   I Like It. |Report Abuse|  Link|June 20, 2013 12:01:27 AMReply
very high brokerage to kotak securities &no margin provided our customer .kotak call mai kaam karna very risky.
8. GUPTA JI   I Like It. |Report Abuse|  Link|June 14, 2013 11:00:16 PMReply
7. john   I Like It. |Report Abuse|  Link|April 21, 2013 3:59:26 PMReply
WHAT Flat Fee Stock Trading Broker provive all the segment and 24x7 customer care support,recommendation?
6. Dhananjay   I Like It. |Report Abuse|  Link|March 5, 2013 9:46:08 AMReply
Great info ......I was desperately looking for this.
5. SHAFIUDDIN   I Like It. |Report Abuse|  Link|February 15, 2013 8:49:05 PMReply
Which Flat fee brokers provide margin facility?
Which is the cheapest plan for intraday?
Which flat fee broker has better trading platform?
4. RS   I Like It. |Report Abuse|  Link|January 20, 2013 11:48:44 PMReply
RKSV & COMPOSITE INVESTMENT CHARGE Rs.50 per trade Karnataka state duty
So per round trade cost for RKSV Rs.25+25+50 &
for COMPOSITE INVESTMENT Rs.25to16+25to16+50

Stamp Duty is charged at 0.01% or Rs. 50 per contract note - whichever is lower.
*Stamp duty is charged according to the Karnataka Stamp Duty Act and is not included in the brokerage calculator.
3. T Gopinathan   I Like It. |Report Abuse|  Link|October 27, 2012 1:47:07 PMReply
Dear sir
I icici direct for trading .i will take to fulltime trading from December onwards, at icici direct there is margin plus facility where you can carryforward your margin positions (if you do not want to close)and they charge rs 65 perlakh per day interest on the margin amount .This is very good facility as many day traders loose beca they have to close the trade the same day .I want to know any flat fee brokers provide margin facility.Thanks
2. chitra   I Like It. |Report Abuse|  Link|August 25, 2012 6:13:43 AMReply
great info

1. balamurugan   I Like It. |Report Abuse|  Link|July 20, 2012 1:26:10 PMReply
I read all you brokerage slab and need account so what is you telephone number.