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
Zerodha1,206,812Open AccountZerodha Review
ICICI Direct987,517Open AccountICICI Direct Review
HDFC Securities662,851Open AccountHDFC Securities Review
Kotak Securities521,548Open AccountKotak Securities Review
Sharekhan514,346Open AccountSharekhan Review
Upstox500,944Open AccountUpstox Review
Angel Broking490,628Open AccountAngel Broking Review
5paisa351,325Open Account5paisa Review
Motilal Oswal346,092Open AccountMotilal Oswal Review
AxisDirect282,351Open AccountAxisDirect Review
Karvy264,470Open AccountKarvy Review
SBI Securities221,809Open AccountSBI Securities Review
IIFL202,931Open AccountIIFL Review
Geojit156,800Open AccountGeojit Review
Edelweiss120,154Open AccountEdelweiss Review
Reliance Securities112,678Open AccountReliance Securities Review
Religare111,413Open AccountReligare Review
SMC Global106,299Open AccountSMC Global Review
Nirmal Bang90,528Open AccountNirmal Bang Review
Marwadi Shares76,236Open AccountMarwadi Shares Review
Anand Rathi72,932Open AccountAnand Rathi Review
Ventura71,288Open AccountVentura Review
Tradebulls61,749Open AccountTradebulls Review
IDBI Capital50,075Open AccountIDBI Capital Review
SAMCO47,616Open AccountSAMCO Review
Jainam Share45,733Open AccountJainam Share Review
Aditya Birla Money43,856Open AccountAditya Birla Money Review
Indiabulls43,688Open AccountIndiabulls Review
JM Financial38,190Open AccountJM Financial Review
Master Trust36,921Open AccountMaster Trust Review
Bonanza33,405Open AccountBonanza Review
Sushil Financial31,046Open AccountSushil Financial Review
Choice Equity Broking30,616Open AccountChoice Equity Broking Review
Arihant Capital30,233Open AccountArihant Capital Review
Alice Blue29,885Open AccountAlice Blue Review
Shah Investors Home28,137Open AccountShah Investors Home Review
Globe Capital27,208Open AccountGlobe Capital Review
TradingBells26,916Open AccountTradingBells Review
LKP Securities25,765Open AccountLKP Securities Review
Shri Parasram Holdings25,502Open AccountShri Parasram Holdings Review
Way2wealth24,980Open AccountWay2wealth Review
Trade Smart Online23,265Open AccountTrade Smart Online Review
Prabhudas Lilladher22,975Open AccountPrabhudas Lilladher Review
Eureka Broking21,844Open AccountEureka Broking Review
Asit C.Mehta19,064Open AccountAsit C.Mehta Review
KIFS Securities18,731Open AccountKIFS Securities Review
Ase Capital15,989Open AccountAse Capital Review
Ashika Broking15,004Open AccountAshika Broking Review
Emkay Global13,814Open AccountEmkay Global Review
Alankit Assignments13,459Open AccountAlankit Assignments Review
Arcadia12,908Open AccountArcadia Review
Yes Securities12,904Open AccountYes Securities Review
SAS Online12,506Open AccountSAS Online Review
Goldmine Stocks12,432Open AccountGoldmine Stocks Review
Phillipcapital12,226Open AccountPhillipcapital Review
Ratnakar Securities11,883Open AccountRatnakar Securities Review
ISE Securities11,678Open AccountISE Securities Review
Trustline11,282Open AccountTrustline Review
BgSE Financials11,154Open AccountBgSE Financials Review
Tradeplus10,559Open AccountTradeplus Review
SS Corporate10,547Open AccountSS Corporate Review
Bansal Finstock10,000Open AccountBansal Finstock Review
SSJ Finance8,811Open AccountSSJ Finance Review
BP Equities8,555Open AccountBP Equities Review
Anugrah Broking8,377Open AccountAnugrah Broking Review
RK Global7,577Open AccountRK Global Review
Inventure7,366Open AccountInventure Review
Mangal Keshav7,274Open AccountMangal Keshav Review
Fyers7,099Open AccountFyers Review
Wisdom Capital6,762Open AccountWisdom Capital Review
Joindre Capital6,558Open AccountJoindre Capital Review
Sunidhi Securities6,535Open AccountSunidhi Securities Review
Indira Securities6,385Open AccountIndira Securities Review
Rikhav Securities6,333Open AccountRikhav Securities Review
Prostocks6,000Open AccountProstocks Review
Finvasia4,964Open AccountFinvasia Review
Tradejini4,923Open AccountTradejini Review
Systematix4,890Open AccountSystematix Review
Marfatia Broking4,841Open AccountMarfatia Broking Review
SPFL Securities4,807Open AccountSPFL Securities Review
Sajag Securities4,782Open AccountSajag Securities Review
Pace4,471Open AccountPace Review
Peerless Securities3,760Open AccountPeerless Securities Review
Manubhai Mangaldas3,734Open AccountManubhai Mangaldas Review
Indus Portfolio3,648Open AccountIndus Portfolio Review
Satco Capital2,924Open AccountSatco Capital Review
Share India2,419Open AccountShare India Review
Bhumika Consultancy2,289Open AccountBhumika Consultancy Review
Integrated Master2,226Open AccountIntegrated Master Review
Kantilal Chhaganlal2,153Open AccountKantilal Chhaganlal Review
RMoney1,981Open AccountRMoney Review
Modex International1,611Open AccountModex International Review
Paterson Securities1,466Open AccountPaterson Securities Review
Compositedge1,452Open AccountCompositedge Review
Gogia Capital1,431Open AccountGogia Capital Review
Just Trade1,421Open AccountJust Trade Review
Achiievers1,195Open AccountAchiievers Review
Amrapali Capital192Open AccountAmrapali Capital Review
BCB Brokerage0Open AccountBCB Brokerage Review
Badjate Stocks0Open AccountBadjate Stocks Review
CPR Capital0Open AccountCPR Capital Review
Dalal Broacha0Open AccountDalal Broacha Review
DB International0Open AccountDB International Review
Microsec Capital0Open AccountMicrosec Capital Review
SIC Stocks0Open AccountSIC Stocks Review
Star Finvest0Open AccountStar Finvest Review
Rudra Shares0Open AccountRudra Shares Review
Progressive0Open AccountProgressive Review
SW Capital0Open AccountSW Capital Review
Wellworth0Open AccountWellworth Review
Vedika VanijyaOpen AccountVedika Vanijya Review
Vijeta BrokingOpen AccountVijeta Broking Review
Sykes RayOpen AccountSykes Ray Review
TechnoOpen AccountTechno Review
SVS SecuritiesOpen AccountSVS Securities Review
Rajvi StockOpen AccountRajvi Stock Review
Sanghavi BrothersOpen AccountSanghavi Brothers Review
Sunflower BrokingOpen AccountSunflower Broking Review
South Gujarat SharesOpen AccountSouth Gujarat Shares Review
Morgan StanleyOpen AccountMorgan Stanley Review
MaverickOpen AccountMaverick Review
Mansi ShareOpen AccountMansi Share Review
MansukhOpen AccountMansukh Review
Manashvi SecuritiesOpen AccountManashvi Securities Review
Kamal Kumar Jalan SecOpen AccountKamal Kumar Jalan Sec Review
Kaynet CapitalOpen AccountKaynet Capital Review
J. G. Shah FinancialOpen AccountJ. G. Shah Financial Review
J. L. Shah SecuritiesOpen AccountJ. L. Shah Securities 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
DestimoneyOpen AccountDestimoney Review
Durga Prasad CoOpen AccountDurga Prasad Co Review
Dani SharesOpen AccountDani Shares Review
Crosseas CapitalOpen AccountCrosseas Capital Review
Focus SecuritiesOpen AccountFocus Securities Review
Harjivandas NemidasOpen AccountHarjivandas Nemidas Review
Hem SecuritiesOpen AccountHem Securities Review
India AdvantageOpen AccountIndia Advantage 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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