Unlimited Trading @ Rs 899 per month - Prostocks

Stock Brokers in India (Best Broker Comparison)

  • Understand basics of Online Stock Market Trading in India.
  • Provide detail about Top Stock Trading Companies in India.
  • Compare and discuss about stock broker websites, product offerings, services, fees, brokerage and reviews.

Introduction to Online Stock Rrading

  1. Stock Exchange

    Stocks (Shares, equity) are traded in stock exchange. India has two big stock exchanges (Bombay Stock Exchange - BSE and National Stock Exchange - NSE) and few small exchanges like Jaipur Stock Exchange etc.

    Investor can trade stocks in any of the stock exchange in India.

  2. Stock Broker

    Investor requires a Stock Broker to buy and sell shares in stock exchanges (BSE, NSE etc.). Stock Broker are registered member of stock exchange.

    Only stock brokers can directly buy and sell shares in Stock Market. An investor must contact a stock broker to trade stocks on behalf of him. Broker charge commissions (brokerages) for their service. Brokerage is usually a percent of total amount of trade and varies from broker to broker. In recent days the idea of flat fee share broker is picking up. In flat fee stock trading, a fixed amount is charged (i.e. Rs 20 per trade) irrespective to the size of the order.

  3. Online Stock Trading

    Traditionally stock trading is done through stock brokers, personally or through telephones. As number of people trading in stock market increase enormously in last few years, some issues like location constrains, busy phone lines, miss communication etc start growing in stock broker offices. Information technology (Stock Market Software) helps stock brokers in solving these problems with Online Stock Trading.

    Online Stock Market Trading is an internet based stock trading facility. Investor can trade shares through a website without any manual intervention from Stock Broker.

    In this case these Online Stock Trading companies are stock broker for the investor. They are registered with one or more Stock Exchanges. Mostly Online Trading Websites in India trades in BSE and NSE.

    There are two different type of trading platforms available for online equity trading.

    1. Installable software based Stock Trading Terminals

      These trading environment requires software to be installed on investors computer. These software are provided by the stock broker. These softwares require high speed internet connection. This kind of trading terminals are used by high volume intra day equity traders.

      Advantages:

      • Orders directly send to stock exchanges rather then stock broker. This makes order execution very fast.
      • It provides almost each and every information which is required to a trader on a single screen including stock market charts, live data, alerts, stock market news etc.

      Disadvantages:

      • Location constrain - You cannot trade if you are not on the computer where you have installed trading terminal software.
      • It requires high speed internet connection.
      • These trading terminals are not easily available for low volumn share traders.
    2. Web (Internet) based trading application

      These kind of trading environment doesn't require any additional software installation. They are like other internet websites which investor can access from around the world through normal internet connection.

      Below are few advantages and disadvantages of Online Stock Market Trading :-

      Advantages of Online Stock Trading (Website based):

      • Real time stock trading without calling or visiting broker's office.
      • Display real time market watch, historical datas, graphs etc.
      • Investment in IPOs, Mutual Funds and Bonds.
      • Check the trading history; demat account balance and bank account balance at any time.
      • Provide online tools like market watch, graphs and recommendations to do analysis of stocks.
      • Place offline orders for buying or selling stocks.
      • Set alert to inform you certain activity on the stock through email or sms.
      • Customer service through Email or Chat.
      • Secure transactions.

      Disadvantages of Online Stock Trading (Website based):

      • Website performance - sometime the website is too slow or not enough user friendly.
      • Little long learning curve especially for people who doesn't know much about computer and internet.
      • Brokerages are little high.

Type of Brokers (by services they provide)

Brokers in India can be categories by the type of services they provide. There are two popular types of broker; full-service broker and discount broker. Both of them have their own pros and cons.

  1. Full-service broker (Full Service Brokerage)

    Full-service (Full-price) brokers are the traditional broker's who offers almost kind of investment options and advisory to its customers.

    This includes trading in stock (equity), Future & Options, commodities and currency derivatives, Investment in Mutual Funds, IPO's, Fixed Deposits and Bonds, Life Insurance and General Insurance. They also provide Wealth Management and Investment Planning services to individual as well as corporate customers.

    Full Service Brokers have their own research teams which helps the customer in their financial planning. They regularly publish newsletters like market watch where they provide research reports, stock tips and recommendations to their customers.

    The service they offer comes at a cost. There services charges, fees and brokerages are higher from discount brokers. They charges brokerage based on a certain % of the trade value.

    Most of the stock brokers in India are full-service brokers. Some popular names are ICICI Securities Pvt Ltd, HDFC Securities Ltd, Kotak Securities Ltd, HSBC Invest Direct Ltd and SBICAP Securities Ltd.

  2. Discount Broker (Discount Brokerage)

    An increasing popular discount broker's provides less number of services but at a much cheaper price. They offer no-frill services and specialized into few investment options. Discount brokers are good for 'do-it-yourself' kind of investors.

    While the services offered by them varies from broker to broker, many of the discount stock brokers do not provide services like stock research, investment in IPO's, Mutual Funds, FD's, Bonds and NCD's. They generally do not have their own research teams and thus do not provide wealth management related services.

    Discount brokers in India offers mainly two type of pricing plans:

    1. Per Trade Flat Rate Pricing

      Most discount brokers charge 'fixed price brokerage per trade' irrespective to the size of the trade. i.e.

      • ProStocks charges Rs 15 per executed order.
      • Zerodha charges Rs 20 per executed order.
      • Upstox charges 0.01% or Rs 20 per executed order (Whichever is lower).
    2. Unlimited Monthly / Yearly Trading Plan

      Many discount brokers offer fixed rate unlimited trading monthly or yearly plan. There brokers offers unlimited trading in selected segments and exchanges for a flat monthly rate. There is no brokerage charged in this kind of plans. Here are two unlimited trading plans offered by ProStocks.

      • ProStocks - Rs 899 per Month Unlimited Equity & Equity Derivatives Trading
      • ProStocks - Rs 499 per Month Unlimited Currency Derivatives Trading

Full Service Brokers Vs Discount Brokers (major difference)

Read detailed article about Comparison of Full Service Brokers and Discount Brokers in India

  1. Full service broker charges brokerage in % of total trade value. Discount broker brokerage charges are fixed irrespective to the size of the trade.
  2. Full service brokerage charges are always much higher than discount broker.
  3. Full service broker charges Annual maintenance Fees (AMC) for trading account which is free with the most of the discount brokers.
  4. Full service brokers have branches in almost all major cities while discount brokers have limited branches mainly located in metro cities.
  5. Full service brokers provide training programs, research reports and many other add on services to its customers, which are helpful for beginners.
  6. Most full service brokers provide 3-in-1 account which includes trading account, demat account and bank account. This makes it very easy for customers as all the transactions between these accounts are seamless.
  7. Most discount brokers do not provide 24 hours phone support while most of the full-service brokers provide 24 hours phone support.

List of Share Brokers in India

There are 100's of stocks broker in India member of BSE and NSE. Most of them offers retail broking. Every year we do detail review analysis of Top Share Brokers in India. Some of the stock brokers we reviewed are listed below. Click on the broker's name to get more detail about them.

Top Share Brokers in India

Broker Active Clients Request Callback Review
Zerodha979,241Open AccountZerodha Review
ICICI Direct878,884Open AccountICICI Direct Review
HDFC Securities650,114Open AccountHDFC Securities Review
Sharekhan504,796Open AccountSharekhan Review
Kotak Securities443,461Open AccountKotak Securities Review
Angel Broking426,716Open AccountAngel Broking Review
AxisDirect389,512Open AccountAxisDirect Review
Motilal Oswal323,543Open AccountMotilal Oswal Review
Karvy265,798Open AccountKarvy Review
SBI Securities210,892Open AccountSBI Securities Review
IIFL203,702Open AccountIIFL Review
Upstox186,456Open AccountUpstox Review
Geojit160,984Open AccountGeojit Review
Religare154,370Open AccountReligare Review
5paisa147,499Open Account5paisa Review
Edelweiss122,784Open AccountEdelweiss Review
Reliance Securities119,904Open AccountReliance Securities Review
SMC Global106,354Open AccountSMC Global Review
Nirmal Bang92,975Open AccountNirmal Bang Review
Marwadi Shares82,113Open AccountMarwadi Shares Review
Anand Rathi75,204Open AccountAnand Rathi Review
Ventura74,353Open AccountVentura Review
Tradebulls67,686Open AccountTradebulls Review
Jainam Share54,058Open AccountJainam Share Review
Indiabulls44,170Open AccountIndiabulls Review
Aditya Birla Money43,739Open AccountAditya Birla Money Review
IDBI Capital43,504Open AccountIDBI Capital Review
SAMCO41,354Open AccountSAMCO Review
Master Trust39,002Open AccountMaster Trust Review
JM Financial38,299Open AccountJM Financial Review
Bonanza34,658Open AccountBonanza Review
Sushil Financial33,948Open AccountSushil Financial Review
Arihant Capital30,828Open AccountArihant Capital Review
Shri Parasram Holdings28,939Open AccountShri Parasram Holdings Review
LKP Securities27,551Open AccountLKP Securities Review
TradingBells26,916Open AccountTradingBells Review
Choice Equity Broking26,278Open AccountChoice Equity Broking Review
Globe Capital26,183Open AccountGlobe Capital Review
Way2wealth25,654Open AccountWay2wealth Review
TradeSmart22,085Open AccountTradeSmart Review
Eureka Broking21,844Open AccountEureka Broking Review
Asit C.Mehta21,682Open AccountAsit C.Mehta Review
Prabhudas Lilladher20,723Open AccountPrabhudas Lilladher Review
KIFS Securities20,610Open AccountKIFS Securities Review
Ase Capital19,205Open AccountAse Capital Review
Alankit Assignments16,719Open AccountAlankit Assignments Review
Emkay Global15,787Open AccountEmkay Global Review
Goldmine Stocks15,510Open AccountGoldmine Stocks Review
Ashika Broking15,004Open AccountAshika Broking Review
Arcadia14,173Open AccountArcadia Review
Phillipcapital12,590Open AccountPhillipcapital Review
SAS Online12,402Open AccountSAS Online Review
ISE Securities12,396Open AccountISE Securities Review
Ratnakar Securities11,883Open AccountRatnakar Securities Review
SS Corporate11,847Open AccountSS Corporate Review
Yes Securities11,592Open AccountYes Securities Review
Bansal Finstock11,516Open AccountBansal Finstock Review
BgSE Financials11,154Open AccountBgSE Financials Review
Trustline10,860Open AccountTrustline Review
Tradeplus9,248Open AccountTradeplus Review
BP Equities9,239Open AccountBP Equities Review
Anugrah Broking8,377Open AccountAnugrah Broking Review
RK Global8,290Open AccountRK Global Review
Mangal Keshav8,207Open AccountMangal Keshav Review
Inventure7,366Open AccountInventure Review
Fyers7,099Open AccountFyers Review
Joindre Capital7,054Open AccountJoindre Capital Review
Sunidhi Securities6,535Open AccountSunidhi Securities Review
Indira Securities6,444Open AccountIndira Securities Review
Wisdom Capital5,632Open AccountWisdom Capital Review
Tradejini4,923Open AccountTradejini Review
Systematix4,890Open AccountSystematix Review
Pace4,846Open AccountPace Review
Marfatia Broking4,841Open AccountMarfatia Broking Review
Sajag Securities4,824Open AccountSajag Securities Review
Indus Portfolio4,687Open AccountIndus Portfolio Review
Manubhai Mangaldas3,776Open AccountManubhai Mangaldas Review
Peerless Securities3,609Open AccountPeerless Securities Review
Finvasia3,335Open AccountFinvasia Review
Satco Capital3,084Open AccountSatco Capital Review
Prostocks2,718Open AccountProstocks Review
Share India2,645Open AccountShare India Review
Integrated Master2,579Open AccountIntegrated Master Review
Kantilal Chhaganlal2,461Open AccountKantilal Chhaganlal Review
Bhumika Consultancy2,289Open AccountBhumika Consultancy Review
RMoney1,981Open AccountRMoney Review
Just Trade1,949Open AccountJust Trade Review
Modex International1,885Open AccountModex International Review
Compositedge1,452Open AccountCompositedge Review
Gogia Capital1,431Open AccountGogia Capital Review
Achiievers1,195Open AccountAchiievers Review
Amrapali Capital192Open AccountAmrapali Capital Review
Badjate Stocks0Open AccountBadjate Stocks Review
Alice Blue0Open AccountAlice Blue Review
DB International0Open AccountDB International Review
BCB Brokerage0Open AccountBCB Brokerage Review
CPR Capital0Open AccountCPR Capital Review
Dalal Broacha0Open AccountDalal Broacha Review
Microsec Capital0Open AccountMicrosec Capital Review
SPFL Securities0Open AccountSPFL Securities Review
SIC Stocks0Open AccountSIC Stocks Review
Shah Investors Home0Open AccountShah Investors Home Review
Progressive0Open AccountProgressive Review
Rudra Shares0Open AccountRudra Shares Review
Wellworth0Open AccountWellworth Review
SSJ Finance0Open AccountSSJ Finance Review
Star Finvest0Open AccountStar Finvest Review
SW Capital0Open AccountSW Capital Review
Sykes RayOpen AccountSykes Ray Review
SVS SecuritiesOpen AccountSVS Securities Review
Sunflower BrokingOpen AccountSunflower Broking Review
TechnoOpen AccountTechno Review
Vedika VanijyaOpen AccountVedika Vanijya Review
Vijeta BrokingOpen AccountVijeta Broking Review
Rikhav SecuritiesOpen AccountRikhav Securities Review
Rajvi StockOpen AccountRajvi Stock Review
Sanghavi BrothersOpen AccountSanghavi Brothers Review
South Gujarat SharesOpen AccountSouth Gujarat Shares Review
MaverickOpen AccountMaverick Review
Morgan StanleyOpen AccountMorgan Stanley Review
Paterson SecuritiesOpen AccountPaterson Securities Review
Kaynet CapitalOpen AccountKaynet Capital Review
Manashvi SecuritiesOpen AccountManashvi Securities Review
Mansi ShareOpen AccountMansi Share Review
MansukhOpen AccountMansukh Review
J. G. Shah FinancialOpen AccountJ. G. Shah Financial Review
J. L. Shah SecuritiesOpen AccountJ. L. Shah Securities Review
Harjivandas NemidasOpen AccountHarjivandas Nemidas Review
Hem SecuritiesOpen AccountHem Securities Review
India AdvantageOpen AccountIndia Advantage Review
Kamal Kumar Jalan SecOpen AccountKamal Kumar Jalan Sec Review
Kisan Ratilal ChokseyOpen AccountKisan Ratilal Choksey Review
Kumar Share BrokersOpen AccountKumar Share Brokers Review
L. F. C. SecuritiesOpen AccountL. F. C. Securities Review
Latin ManharlalOpen AccountLatin Manharlal Review
Dani SharesOpen AccountDani Shares Review
Crosseas CapitalOpen AccountCrosseas Capital Review
DestimoneyOpen AccountDestimoney Review
Durga Prasad CoOpen AccountDurga Prasad Co Review
Focus SecuritiesOpen AccountFocus Securities Review
Allwin SecuritiesOpen AccountAllwin Securities Review
iTradeOnlineOpen AccountiTradeOnline Review
RKSVOpen AccountRKSV Review
BeelineOpen AccountBeeline Review
Open an Online Trading Account

Things to do before opening Online Share Trading Account

  1. Ask for Demo: Contact the broker who provide online trading service and ask him to give you a demo of product.
  2. Check if the broker trades in multiple stock exchanges. Usually most of the Online Trading Websites trade in NSE and BSE in India.
  3. Check the integration of Brokerage account, Demat account and Bank account.
  4. Compare brokerages with other peer companies.

Documents require to open a Trading Account

  1. Proof of residence (Address proof)
    • Driving license
    • Voter's ID
    • Passport
    • Photo credit card
    • Photo ration card
    • Utility Bill (Telephone, Electricity etc)
    • Bank Statement
  2. Proof of identity
    • Driving license
    • Voter's ID
    • Passport
    • Photo ration card
  3. PAN Card
  4. Two photographs
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