Best Stock Brokers and there Services in India, that make Investing Simple

The Indian stock market has seen a significant transformation over the past few years. With the advent of technology and increased competition, brokerage firms have had to innovate and offer competitive pricing to attract traders and investors. One of the most appealing offers in the current market scenario is zero brokerage on Futures and Options (F&O) trading. This blog aims to provide a comprehensive guide to the best stock brokers in India that offer zero brokerage on F&O trades, along with details on their customer base, services offered, and referral programs.

1. Zerodha

Overview

Zerodha, founded in 2010 by Nithin Kamath, is the largest stockbroker in India in terms of active clients. As of 2023, Zerodha boasts over 7 million clients. Known for its low-cost trading and pioneering role in the discount brokerage model in India, Zerodha has set the benchmark for other brokers.

Services Offered

  • Equity Trading: Offers zero brokerage on equity delivery trades and a flat Rs. 20 per executed order on intraday trades.
  • F&O Trading: Zero brokerage on F&O trades with a flat Rs. 20 per executed order.
  • Commodity Trading: Flat Rs. 20 per executed order.
  • Direct Mutual Funds: No commission, only a minimal platform fee.
  • Advanced Trading Platforms: Kite (web and mobile), Console (back-office), and Coin (mutual funds platform).
  • Education: Varsity, a comprehensive learning module for traders.

Referral Program

Zerodha’s referral program allows clients to earn a percentage of the brokerage generated by the referred client. This program can be quite lucrative for active traders with a wide network.

  • Referral Earnings: Up to 10% of the brokerage generated by the referred client.
  • Withdrawal: Earnings can be withdrawn or used to pay for trading fees.

2. Upstox

Overview

Upstox, co-founded by Ravi Kumar, Raghu Kumar, and Shrini Viswanath in 2009, has quickly gained popularity among traders. As of 2023, Upstox has over 4 million clients, making it one of the top brokerage firms in India.

Services Offered

  • Equity Trading: Zero brokerage on equity delivery trades and Rs. 20 per executed order for intraday trades.
  • F&O Trading: Zero brokerage on F&O trades with Rs. 20 per executed order.
  • Commodity and Currency Trading: Flat Rs. 20 per executed order.
  • Advanced Trading Platforms: Upstox Pro (web and mobile).
  • Education and Analysis: Market analysis tools and educational resources.

Referral Program

Upstox’s referral program is designed to reward both the referrer and the referred client.

  • Referral Earnings: Referrers earn Rs. 400 for each new account opened through their referral link.
  • Bonus for Referred Clients: The referred client often receives discounts on account opening charges or initial brokerage credits.

3. Angel One (formerly Angel Broking)

Overview

Angel One, with a legacy dating back to 1987, is one of the oldest and most trusted brokerage firms in India. With a client base exceeding 5 million, Angel One has successfully transitioned to a digital-first approach in recent years.

Services Offered

  • Equity Trading: Zero brokerage on equity delivery trades and a flat Rs. 20 per executed order on intraday trades.
  • F&O Trading: Zero brokerage on F&O trades with Rs. 20 per executed order.
  • Commodity Trading: Flat Rs. 20 per executed order.
  • Advanced Trading Platforms: Angel Broking App, Angel iTrade Prime.
  • Research and Advisory: Comprehensive research reports and advisory services.

Referral Program

Angel One’s referral program is highly rewarding, offering substantial incentives for bringing in new clients.

  • Referral Earnings: Referrers earn Rs. 500 for each successful referral.
  • Additional Rewards: Periodic contests and bonuses for top referrers.

4. 5paisa

Overview

5paisa, part of the IIFL Group, has quickly emerged as a popular choice for traders due to its low-cost trading model. As of 2023, 5paisa has over 2 million clients.

Services Offered

  • Equity Trading: Zero brokerage on equity delivery trades and a flat Rs. 20 per executed order on intraday trades.
  • F&O Trading: Zero brokerage on F&O trades with Rs. 20 per executed order.
  • Commodity and Currency Trading: Flat Rs. 20 per executed order.
  • Advanced Trading Platforms: 5paisa App, Trade Station.
  • Investment Options: Mutual funds, insurance, and personal loans.

Referral Program

5paisa’s referral program offers a straightforward incentive for referring new clients.

  • Referral Earnings: Referrers earn Rs. 555 for each new account opened through their referral link.
  • Bonus for Referred Clients: The referred client often receives brokerage credits or discounts on the first few trades.

5. Groww

Overview

Groww, founded in 2016 by ex-Flipkart employees, has revolutionized investing with its user-friendly platform. As of 2023, Groww has over 3 million clients, primarily attracting millennials and first-time investors.

Services Offered

  • Equity Trading: Zero brokerage on equity delivery trades and Rs. 20 per executed order on intraday trades.
  • F&O Trading: Zero brokerage on F&O trades with Rs. 20 per executed order.
  • Mutual Funds: Direct mutual funds with zero commission.
  • Advanced Trading Platforms: Groww App (mobile and web).
  • Simplified Investing: Easy-to-use interface catering to new investors.

Referral Program

Groww’s referral program is designed to be simple and rewarding.

  • Referral Earnings: Referrers earn Rs. 100 for each new account opened through their referral link.
  • Bonus for Referred Clients: The referred client often receives discounts on account opening charges or initial brokerage credits.

6. Paytm Money

Overview

Paytm Money, a subsidiary of Paytm, has quickly become a favorite among digital-savvy investors. As of 2023, Paytm Money serves over 1.5 million clients.

Services Offered

  • Equity Trading: Zero brokerage on equity delivery trades and a flat Rs. 20 per executed order on intraday trades.
  • F&O Trading: Zero brokerage on F&O trades with Rs. 20 per executed order.
  • Mutual Funds: Direct mutual funds with zero commission.
  • Advanced Trading Platforms: Paytm Money App (mobile and web).
  • Financial Planning: Comprehensive tools for financial planning and investment tracking.

Referral Program

Paytm Money’s referral program is designed to be attractive and straightforward.

  • Referral Earnings: Referrers earn Rs. 300 for each new account opened through their referral link.
  • Bonus for Referred Clients: The referred client often receives discounts on account opening charges or initial brokerage credits.

7. MStock by Mirae Asset

Overview

MStock, a new entrant in the Indian brokerage market, is a part of Mirae Asset, a global financial services company. Despite being relatively new, MStock has quickly made a mark with its competitive pricing and robust trading platform. As of 2023, MStock serves over 500,000 clients.

Services Offered

  • Equity Trading: Zero brokerage on equity delivery trades and a flat Rs. 20 per executed order on intraday trades.
  • F&O Trading: Zero brokerage on F&O trades with Rs. 20 per executed order.
  • Commodity and Currency Trading: Flat Rs. 20 per executed order.
  • Advanced Trading Platforms: MStock App (mobile and web).
  • Investment Options: Mutual funds, SIPs, and systematic investment plans.

Referral Program

MStock’s referral program is designed to attract new clients and reward referrers generously.

  • Referral Earnings: Referrers earn up to Rs. 500 for each new account opened through their referral link.
  • Bonus for Referred Clients: The referred client often receives brokerage credits or discounts on the first few trades.

8. HDFC Securities

Overview

HDFC Securities, a subsidiary of HDFC Bank, is one of the most established and trusted brokerage firms in India. With a customer base of over 2 million, HDFC Securities offers a wide range of financial services and investment options.

Services Offered

  • Equity Trading: Charges a percentage-based brokerage on equity delivery trades and a flat fee on intraday trades.
  • F&O Trading: Zero brokerage on F&O trades for premium plans.
  • Commodity and Currency Trading: Comprehensive services with competitive pricing.
  • Advanced Trading Platforms: HDFC Securities App (mobile and web), ProTerminal, and Blink.
  • Research and Advisory: In-depth research reports and advisory services for informed trading.

Referral Program

HDFC Securities’ referral program is designed to encourage existing clients to bring in new traders.

  • Referral Earnings: Referrers can earn a fixed amount per referral, often up to Rs. 500.
  • Additional Rewards: Periodic contests and bonuses for top referrers.

9. Kotak Securities

Overview

Kotak Securities, a subsidiary of Kotak Mahindra Bank, is a well-known name in the Indian financial markets. With over 2.5 million clients, Kotak Securities offers a comprehensive suite of trading and investment services.

Services Offered

  • Equity Trading: Competitive brokerage rates for equity delivery and intraday trades.
  • F&O Trading: Zero brokerage on F&O trades for select plans.
  • Commodity and Currency Trading: Full-service brokerage with competitive fees.
  • Advanced Trading Platforms: Kotak Stock Trader App (mobile and web), KEAT ProX, and TradeSmart.
  • Research and Advisory: Extensive research and advisory services, including fundamental and technical analysis.

Referral Program

Kotak Securities’ referral program offers attractive incentives for referring new clients.

  • Referral Earnings: Referrers can earn up to Rs. 500 for each successful referral.
  • Additional Rewards: Special bonuses and rewards during promotional periods.

Comparative Analysis of Brokerage Firms

To help you choose the right brokerage firm for your needs, let’s compare the key features, customer base, and referral programs of these firms.

BrokerClientsEquity DeliveryIntraday TradingF&O TradingReferral EarningsPlatform Highlights
Zerodha7 millionZero brokerageRs. 20 per orderRs. 20 per orderUp to 10% of brokerageKite, Console, Coin
Upstox4 millionZero brokerageRs. 20 per orderRs. 20 per orderRs. 400 per referralUpstox Pro
Angel One5 millionZero brokerageRs. 20 per orderRs. 20 per orderRs. 500 per referralAngel Broking App, Angel iTrade Prime
5paisa2 millionZero brokerageRs. 20 per orderRs. 20 per orderRs. 555 per referral5paisa App, Trade Station
Groww3 millionZero brokerageRs. 20 per orderRs. 20 per orderRs. 100 per referralGroww App
Paytm Money1.5 millionZero brokerageRs. 20 per orderRs. 20 per orderRs. 300 per referralPaytm Money App
MStock0.5 millionZero brokerageRs. 20 per orderRs. 20 per orderRs. 500 per referralMStock App
HDFC Securities2 millionCompetitive ratesFlat feeZero for premiumUp to Rs. 500HDFC Securities App, ProTerminal, Blink
Kotak Securities2.5 millionCompetitive ratesFlat feeZero for selectUp to Rs. 500Kotak Stock Trader App, KEAT ProX, TradeSmart

Choosing the right stock broker is crucial for maximizing your trading profits and achieving your financial goals. The brokers listed above provide zero brokerage on F&O trades, making them attractive choices for active traders. Each broker offers a unique set of features, services, and referral programs, allowing you to select the one that best fits your trading style and preferences.

Zerodha, with its extensive client base and robust trading platform, remains a top choice for many traders. Upstox and Angel One also offer competitive services and rewarding referral programs. Newer entrants like MStock and established players like HDFC Securities and Kotak Securities provide diverse options for traders looking for zero brokerage on F&O trades.

When selecting a broker, consider factors such as trading platform usability, customer service quality, additional research and advisory services, and the attractiveness of their referral programs. By doing so, you can ensure that you choose a broker that not only meets your trading needs but also helps you maximize your returns and grow your investment portfolio efficiently.

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