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Top 10 Discount Stock Brokers in India 2020

Top 10 Discount Brokers in India 2020 (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
ProStocks-Open Account ProStocks Review
10TradeSmart36,808Open Account TradeSmart Review
9Master Trust48,645Master Trust Review
8SAMCO77,173Open Account SAMCO Review
7Paytm Money85,827Open Account Paytm Money Review
6Alice Blue125,223Open Account Alice Blue Review
5Groww780,570Groww Review
45paisa870,405Open Account 5paisa Review
3Angel One1,564,667Open Account Angel One Review
2Upstox2,141,095Open Account Upstox Review
1Zerodha3,602,074Open Account Zerodha 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.


4. Suman   I Like It. |Report Abuse|  Link|Oct 9, 2020 12:07:24 AMReply
I have investing through Motilal Oswal since May 2020.They not follow their commitment.I fed-up very much .Even no person contact for any transaction.I suggest not to trade through moti lal Oswal.
4.1. Mahender Goriganti   I Like It. |Report Abuse|  Link|Nov 16, 2020 9:18:17 AM
I too had very bad experience with MOFSL ,verypoorsericeeventoclosethe account with them too many months & complaints to Gov.administors likeSebi, BSE, CSDL to resolve the issues -perpetual lies about everything they say.
3. mcxbulliontips.in   I Like It. |Report Abuse|  Link|Sep 28, 2020 11:21:38 AMReply

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2. Raja   I Like It. |Report Abuse|  Link|Sep 2, 2020 6:47:19 PMReply
I have account with SAMCO and there Phone support is worst. Except Call& Trade no other departments Call will connect. You need to wait very long time to connect. Many times in between talking to customer service call get disconnect. Even if you send mail you will not proper response.
1. Serrao. G   I Like It. |Report Abuse|  Link|Aug 24, 2020 1:00:30 AMReply
Very very poor customer service from Angel Broking. They never attend Customer care phone numbers for hours. Its very difficult to contact Angel broking if you have any issues. I regret opening my account with Angel broking.