Searching for such information and clicking to reach this page indicates that your intention is to open a demat or trading account for which you are looking for a top stock broker. It is quite confusing as you can discover more than 300 registered stock brokers in India on SEBI and other stock exchanges. But according to a fact, 60% of the entire industry is in the hands of the top five players, that is, the stock brokers. So, stay contented, as you have reached the right platform to get the right piece of information regarding the list of top five stock brokers in India. But before that, understand the workings of a stock broker.
What are Stock Brokers?
Stockbrokers are the market makers and act as the bridge between the share buyers and sellers. They are certified, authorized agents and skilled enough to invest in the securities market. They conduct share trading on clients’ behalf and help one buy or sell the shares. They take the entire responsibility for your account creation and maintenance and charge a fee for every transaction and for being the account custodian.
Best 5 Stock Brokers in India
Here is the list of the top five trading apps in India; all these brokers are listed as the top five because of their top-rated services, intense market research and analytical tools, user-friendly platform, proactive customer care services, and modest service charges.
1- Zerodha
Zerodha is a leading Indian financial and stockbroker company with over 4 million customers. It carries above 12% to 13% trading volume every day. It came up with a zero-brokerage approach and fixed charges of ₹ 20 per trade brokerage price for trades like intraday and other transactions; Zerodha brought and maintained the concept of discount brokerage in the Indian stock market. It stands through the toughest competition in the market and outperforms top-notch competitors like ICICI and HDFC. Still, Zerodha is a market leader in the industry by implementing cutting-edge techniques over the competitors, like charging very nominal fees for every transaction. The negative part of Zerodha is that they do not serve research reports or advisory.
2- ICICI Direct
ICICI Direct is one of the leading brands in the online trading market in India. It is the leading name in the list of full-service stockbrokers and is associated with the ICICI group. This is the primary reason why it is known for its large client roaster. Besides stock trading, it also deals with an extensive range of financial distribution products, wealth management services, loans, mutual funds, insurance products, investment banking, fixed deposits, etc. It was the leading stock trading company until 2019 when the top discount broking firm Zerodha surmounted it to become the lead role player in the stock trading industry. Its 3-in-1 account is a unique feature that offers an ICICI bank account, trading account, and demat account. It captured the market due to its strategy of providing free research and market advisory services. Another unique feature of ICICI Direct is its discounted brokerage plan called ‘ICICI Direct NEO.’ Along with its award-winning research team, it offers a reputed user-friendly platform with various features, including charting, analytics, and comprehensive fundamental static reports. These features enable investors to opt for proper decision-making. If we talk about the cons, it contains high transaction charges and inefficient mobile app performance.
3- Angel broking
Established in 1987, Angel Broking has always been a part of the list of top three broking companies in India and has a large clientele base of over one million. Angel broking offers trading options in stocks, commodities, NSE, BSE, F&O, NCDEX, and MCX currencies. Earlier, it used to provide percentage broking charges to its clients, but later, to outstrip the prevailing competition, it changed the strategy and switched to flat rates. Its flat-rated broking plan’s name is ‘Angel iTrade PRIME.’ They offer delivery trading at no charge but charge ₹ 20 per transaction on intraday, F&O, currencies, and commodities. The best part of Angel Broking is that it provides guidance as well as a research report on companies. It also offers various value-adding tools and services for clients. The biggest drawback of Angel Broking is that it does not provide a 3-in-1 account and takes extra charges on call and trade.
4- Upstox
With more than 1.6 million active customers, Upstox has acquired tremendous popularity as a discount broker in India. Its further strength is that it is backed by a striking group of investors, including Ratan Tata, Kalaari Capital, etc. Upstox has turned out as a significant player in the market. With its cost-effective brokerage services and ever-growing customer base, it gained ample success in the Indian market. It offers competitive brokerage plans and provides access to numerous financial products, including foreign exchange services and margin trading. Upstox is governed by SEBI, NSE, BSE, MCX, and CDSL. They cost merely ₹20 per order on trading. Hence, they are posing a competitive edge over others. The drawback with Upstox is that they do not avail margin trading on delivery trades, and as per the customers’ reviews, the app possesses minute technical glitches.
5- Share khan
Incorporated in 2000, Sharekhan was a part of the SSKI group, Which was further acquired by BNP Paribas in 2015 for Rs 2200 crores. Sharekhan has over 1.4 million active customers and has branches and offices in more than 550 cities across India. They also possess an international presence with offices in Oman and Dubai. It is regarded as one of the reputed investment platforms with a wide array and product and services, including stock quotes, mutual funds fundamental and analytical research report on stocks, stock market updates, IPOs, and a lot more. They deal in stocks, commodities, derivatives, forex, mutual funds, PMS, and IPOs through trading platforms like Sharekhan mobile app, Sharekhan web, Trade Tiger, InstaMF app, comMobile Pro, and Expresso which is one of the top five trading apps in India. The cons of Sharekhan are higher broking charges and not offering a 3-in-1 account facility.
Conclusion
In conclusion, the Indian stock brokerage industry is diverse and competitive, with numerous players offering a range of services to investors. Among the top five stock brokers in India, each has its own strengths and weaknesses. Ultimately, the choice of a stock broker depends on individual preferences, investment goals, and priorities. Investors should carefully assess their needs and consider the strengths and weaknesses of each broker before making a decision. It’s important to research and compare these options to find the one that aligns best with your investment strategy.
