Indian brokerage industry experienced an incredible 34% year-on-year growth rate over the first 5 months of 2020 due to an increase in retail participation, so here we present an exhaustive list of India’s best discount brokers offering various services and rapidly increasing customer bases. Take a look at these Top 10 Discount Brokers which have done just that.
Unbelievably, 24 lakh new demat accounts were opened from April to June in 2019. Most of this growth came from Discount Brokers due to their tech-driven business models.
Now, what exactly is a Discount Broker, why do they gain widespread acceptance in India, and who are the top providers? Let us explore this intriguing field further in search of answers to such queries.
Who Is a Discount Broker? As its name implies, Discount Broker is a broker who provides discounted brokerage charges to its clients.
Zerodha was one of the pioneers in discount broking industry when they initiated this trend in 2010, drawing many traders due to its flat fee regardless of trade size. Investors started switching away from full time service brokers such as ICICI Direct and HDFC Securities who charged on a percentage basis of trade size.
Discount brokers aimed to give users the ability to trade quickly with minimal infrastructure; as customers were often more responsive than traditional brokers. Therefore, many traditional brokers switched over to basic plans with flat fee structures for trading purposes.
Once we understand what a discount broker is, let’s quickly move onto our list of Top Discount Brokers without further delay.
Here is our Top 10 Discount Brokers in India list; featuring some of the most acclaimed brokerage houses.
1. Zerodha: Best Discount Broker in India
Zerodha was established by Kamath Brothers as one of the pioneers in discount broking, becoming India’s largest stock broker with more than 30 lakh clients and accounting for 15% of retail volumes.
Zerodha trading platforms feature advanced charts and tools. In addition, they can integrate seamlessly with other tools like Smallcase, Streak, or Sensibull for increased trading convenience.
In 2020 itself, The Economic Times awarded it with Startup of the Year honors.
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