Data last verified: June 2026
Best Discount Brokers in India (2026): Zerodha, Groww, Upstox & More Reviewed
Looking for the best discount broker in India? We compare Zerodha, Groww, Upstox, Angel One, and Dhan on brokerage, hidden fees, app UI, and features to help you choose the right Demat account.
Jashmin is a finance professional and founder of AbacusHand. She specialises in EMI & loan planning, income tax under old and new regimes, and SIP investment analysis for Indian households. Every calculator and article on AbacusHand is personally reviewed by her for accuracy.
If you read our previous guide on stock trading charges, you already know that high brokerage fees can silently eat up to 20% of your trading profits. This is exactly why millions of Indian investors are migrating to discount brokers. But with so many options in the market — Zerodha, Groww, Upstox, Angel One, Dhan — which one is actually the best for you?
I’ve spent the last few years opening Demat accounts, testing trading platforms, and analyzing the fine print of broker charge sheets. The truth is, there is no single 'perfect' broker. The best broker for a long-term mutual fund investor is very different from the best broker for an F&O day trader. In this comprehensive guide, I’ll break down the top discount brokers in India, their hidden costs, and help you pick the one that fits your exact investing style.
All brokers mentioned in this article are registered with SEBI and are 100% safe. Your shares are held in your personal CDSL or NSDL Demat account, not with the broker. Even if the broker shuts down, your shares remain safe.
What Exactly is a Discount Broker?
Traditional full-service brokers (like ICICI Direct or HDFC Sec) charge a percentage of your trade volume (usually 0.5% to 0.75%). If you trade ₹1 Lakh, they charge ₹500. Discount brokers, on the other hand, charge a flat fee (usually ₹20 or 0.03%, whichever is lower) or even zero brokerage on certain trades, regardless of the trade size.
They achieve these low costs by providing a self-service online platform and cutting out the 'relationship manager' and expensive research desks. If you are a self-reliant investor, a discount broker will save you tens of thousands of rupees every year.
Top 5 Discount Brokers in India: The Deep Dive
Let’s look at the heavyweights in the Indian discount broking space. I’ve evaluated them based on brokerage, platform stability, UI/UX, and hidden charges.
1. Zerodha: The Reliable Pioneer
Zerodha revolutionized the Indian stock market. Their flagship platform, Kite, is arguably the cleanest, fastest, and most reliable trading app in India. They pioneered the 'free equity delivery' model, which every other broker has now copied.
Zerodha Pros & Cons:
- Pros: Extremely stable platform (rarely crashes during market volatility), excellent 'Nudge' feature that warns you before you make a regulatory mistake, free equity delivery trades, great educational content (Varsity).
- Cons: Account opening fee of ₹200 for equity (no free openings), no free intraday trades (flat ₹20), customer support is strictly ticket-based (no phone support for trading queries), no algorithmic trading API for retail users.
Verdict: Best for long-term investors and serious traders who value platform stability and clean UI over flashy features.
2. Groww: The UI King for Beginners
Groww started as a mutual fund platform and expanded into stocks. Because of this DNA, their app is incredibly intuitive. If you find trading apps confusing, Groww is the most beginner-friendly interface in the market.
Groww Pros & Cons:
- Pros: Zero account opening fees, zero brokerage on equity delivery, incredibly simple and clean UI, seamless integration between mutual funds and direct stocks, great for absolute beginners.
- Cons: Charting and technical analysis tools are very basic, margin funding for intraday is limited, customer support response times can be slow during peak market hours.
Verdict: Best for beginners, casual investors, and those who want a single app for both Mutual Funds and Direct Stocks.
3. Upstox: The Charting & Tech Enthusiast's Choice
Upstox has heavily invested in its technology stack. Their mobile app and web platform offer deep integration with TradingView, making it a favorite for technical analysts who rely heavily on charts and indicators.
Upstox Pros & Cons:
- Pros: Excellent charting capabilities with TradingView integration, very fast order execution, great API for algo traders, free equity delivery, intuitive 'basket orders' feature.
- Cons: Annual Maintenance Charge (AMC) of ₹300 + GST, the UI can feel slightly cluttered for absolute beginners, occasional glitches reported during extreme market volatility.
Verdict: Best for active traders, technical analysts, and those who want advanced charting without leaving the broker's native app.
4. Dhan: The F&O and Super-Trader Platform
Dhan is a relatively newer player but has captured a massive market share among Futures & Options (F&O) traders. They built their platform from scratch specifically for active traders, integrating TradingView natively and offering features like instant account opening and trading view-based order placement.
Dhan Pros & Cons:
- Pros: Unmatched features for F&O traders (options trading directly on charts), zero account opening fee, free equity delivery, excellent API, instant onboarding process.
- Cons: Not ideal for long-term mutual fund investors (their MF platform is basic), high push for F&O trading which might tempt beginners into risky trades.
Verdict: Best for F&O traders, momentum traders, and tech-savvy users who want a highly customizable trading terminal.
5. Angel One: The Hybrid with Advisory
Angel One operates in a grey area between a discount and full-service broker. While they offer flat-fee pricing like a discount broker, they also provide stock recommendations and advisory services, which the pure-play discount brokers avoid.
Angel One Pros & Cons:
- Pros: Free equity delivery, provides free advisory tips and research reports, good margin funding for intraday, robust mobile app.
- Cons: Notorious for aggressive sales calls and pushy account opening agents, DP (Depository) charges can be slightly higher than competitors, hidden fees for account inactivity.
Verdict: Best for investors who want low brokerage but still crave some form of market research and stock tips.
The Hidden Costs Brokers Don't Advertise
Brokers will boldly advertise 'Zero Brokerage' or 'Free Account Opening' in huge fonts. But the real cost of a broker lies in the fine print. Before you open an account, check these three hidden charges:
Hidden fees to watch out for:
- AMC (Annual Maintenance Charge): This is the yearly fee for maintaining your Demat account. Zerodha charges ₹300 + GST yearly. Groww charges ₹0 for the first year, then ₹20 + GST quarterly. Always calculate the 5-year AMC cost.
- Call & Trade Charges: If you prefer calling your broker to place an order instead of using the app, discount brokers charge a hefty penalty of ₹50 per order. This is to force you to use the app.
- DP Charges: As we discussed in the trading charges guide, every time you sell a stock, the depository charges a flat fee (usually ₹13 to ₹18 per scrip). Some brokers add a markup to this DP charge. Always check the 'DP Charge' column in their fee sheet.
Pro tip: Don't just look at the brokerage. A broker charging ₹20 brokerage but ₹300 AMC might be more expensive for a long-term investor than a broker charging ₹20 brokerage but zero AMC.
How to Choose the Right Broker for YOU
Stop looking for the 'best' broker and start looking for the 'best for you' broker. Here is a quick cheat sheet based on your investing personality:
Choose your broker based on your profile:
- The Long-Term Investor (Buy & Hold): Choose Zerodha or Groww. You need a stable app, free delivery trades, and low AMC. You don't care about advanced charting.
- The Absolute Beginner: Choose Groww. The UI is so simple that you won't feel overwhelmed. It's perfect for starting your first SIP or buying your first stock.
- The Active Day Trader / F&O Trader: Choose Dhan or Upstox. You need lightning-fast execution, advanced charting, basket orders, and low margin requirements.
- The Algo / API Trader: Choose Upstox or Dhan. They offer robust, well-documented APIs for automated trading.
Remember, you can always open a second Demat account later. Many experienced investors keep a Groww account for long-term delivery stocks and a Dhan/Upstox account for active intraday trading. Your shares can be easily transferred between brokers if you ever decide to switch.
Before you start trading, know exactly how much your new broker will deduct from your profits. Calculate your exact net profit after brokerage, STT, and DP charges.
Calculate Your Trading ChargesFrequently Asked Questions
Almost all discount brokers offer zero brokerage on equity delivery (long-term) trades. However, for intraday and F&O trades, they charge a flat fee of ₹20 or 0.03% (whichever is lower). No broker is 100% free for intraday trading because they still need to cover exchange and regulatory fees. Always remember that even if brokerage is zero, you still have to pay STT, exchange charges, and DP charges.
Yes, absolutely. All legitimate discount brokers in India are strictly regulated by SEBI. More importantly, your shares are not held by the broker; they are held in your personal Demat account with CDSL or NSDL. Even in the unlikely event that the broker goes bankrupt, your shares remain completely safe and can be transferred to another broker.
Yes, you can easily transfer your existing shares to a new discount broker. This is called an 'off-market transfer'. You just need to open a new Demat account with the discount broker, get your new Client ID and DP ID, and submit a Delivery Instruction Slip (DIS) or initiate an online transfer via CDSL/NSDL Easiest from your old broker. It usually takes 3 to 5 working days.
AMC stands for Annual Maintenance Charge. It is the yearly fee the depository (CDSL/NSDL) charges the broker to maintain your Demat account, which the broker passes on to you. Currently, brokers like Dhan and Angel One often run zero AMC offers for the first year or lifetime. Groww charges a nominal quarterly fee, while Zerodha charges a flat ₹300 + GST per year. Always check the latest AMC structure before opening an account.
For F&O trading, platform speed, advanced charting, and margin are critical. Dhan and Upstox are currently the top choices for F&O traders. Dhan offers native TradingView integration where you can place trades directly from the chart, excellent option chain analysis, and very fast execution. Upstox also offers great charting and a highly stable API for algo traders.