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Top 10 Discount Stock Brokers in India 2020

Top 10 Discount Brokers in India [[yyyy]] (Most Popular)

An authentic list of top discount brokers in India 2020 by the number of active clients. Zerodha is the top most stock broker among all the brokers. Zerodha is followed by discount brokers like 5paisa, upstox and Samco.

There are 3 top discount brokerage firms who have over 1 lakh active customers. The year wise list of top 10 discount stock brokers in India helps you find the big discount brokers.

Top 10 Discount Brokers 2020

Rank Broker Active Clients Request Callback Review
1Zerodha1,941,293Open AccountZerodha Review
2Upstox777,754Open AccountUpstox Review
35paisa565,778Open Account5paisa Review
4SAMCO60,418Open AccountSAMCO Review
5Alice Blue60,162Open AccountAlice Blue Review
6Master Trust40,473Open AccountMaster Trust Review
7TradeSmart28,208Open AccountTradeSmart Review
8Prostocks18,506Open AccountProstocks Review
9Tradeplus17,884Open AccountTradeplus Review
10SAS Online14,020Open AccountSAS Online Review

Brokers in India are classified into two types based on the services they offer and the fee they charge:

  1. Full-service Broker (Top 10 Full-service Brokers)
  2. Discount Broker

The discount brokers (flat fee brokers or budget brokers) are online stock brokers offering low-cost brokerage services. They are technology driven brokers with low operations cost. Most discount brokers do not offer add-ons like research, advisory (trading tips), PMS, Wealth Management, dedicated relationship manager and local branch support. This allows them to offer trading at a very low brokerage charges.

The discount brokerage firms charge over 60% lower brokerage fees in comparison to full-service brokers. They offer free online trading software to all the customers.

The most popular discount brokers include Zerodha, 5paisa and upstox.

Most discount brokers including Zerodha and Upstox offer brokerage free equity delivery trading and direct mutual funds. For all other segments, they charge a flat rate brokerage i.e. Rs 20 per executed order irrespective to the size of the trade.

A discount broker like 5paisa also offers free research and advisory to all customers.

Some discount stock brokers like ProStocks also offer fixed monthly unlimited trading plans. These plans allow the customer to trade literally unlimited time in a month for a fixed low monthly cost.

Zerodha is the most famous discount broker with over 10 lakh customers. They are the most popular broker in India with excellent product and services.


  • The data for this report is compiled from BSE and NSE stock exchanges.
  • The best broker ranking is updated every month.
  • Click on the broker name to read broker review.


1. SHRIPAL B SHAH  Nov 5, 2019 18:57 I Like It. 1 | I Don't Like It. | Report Abuse Reply
Motilal Oswal is the only broker. Which charges an annual trading charge. Secondly, the late payment charge is 24%. Motilal Oswal is a very expensive broker for a small investor.
2.1. PRABHU  Jan 17, 2020 09:11 I Like It. | I Don't Like It. | Report Abuse
abhishek kumar
2.2. abhishek kumar  Jul 13, 2020 10:03 I Like It. | I Don't Like It. | Report Abuse
i am ABHISHEK from angel broking and charges of late fine is 18%


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