Indian brokerage industry experienced an astounding 34% year-on-year growth rate during the first 5 months of 2020 due to increasing retail participation. To cover this thriving sector we created this list of Top 10 Discount Brokers offering services and expanding their customer base significantly.
One may be stunned to learn that 24 lakh new demat accounts were opened between April’2020 and June’2020, the majority being acquired by discount brokers due to their tech-driven business models.
Now let’s find out exactly what is a Discount Broker and why they have become popular in India, as well as which broker stands out amongst them all – and which discount broker stands out among them all as being the most suitable. Let’s hunt down answers for such intriguing queries.
Who Is a Discount Broker? A discount broker provides its clients with discounted brokerage charges.
Zerodha was one of the pioneers in discount brokerage, and quickly captured many traders thanks to its flat fee regardless of trade size. They began migrating away from full time service brokers such as ICICI Direct and HDFC Securities because their fees are calculated as a percentage of trade size.
Discount brokers were initially established with the aim of providing users with access to trade with minimal infrastructure requirements and as the customer is always right, this led many traditional brokers to implement basic plans with flat fee structures in response.
Assuming you now understand what a discount broker is, let’s quickly proceed to our list of Top Discount Brokers without further ado.
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