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Real experience from a trader who has actually used all five. Brokerage charges, platforms, options trading features and which broker fits which trader.
By Anil Hanegave, Founder, Trading Direction | Updated: 24 September 2026
Every week students ask me one question: "Sir, which broker should I open my demat account with?" After training 21,000+ students, I can tell you there is no single "best broker". I have personally traded and invested through Zerodha, Upstox, Angel One, Fyers and Dhan, and each one is better at something different.
Most discount brokers now charge a flat ₹20 per executed order on options and futures. The real difference lies in delivery brokerage, AMC and platform quality.
| Broker | Equity Delivery | Intraday | F&O | Demat AMC |
|---|---|---|---|---|
| Zerodha | ₹0 | ₹20 or 0.03%, lower | ₹20 flat/order | About ₹300/yr |
| Upstox | Check plan (some listings show ₹20/order) | ₹20 or 0.1%, lower | ₹20 flat/order | ₹300/yr (free 1st year) |
| Angel One | Check plan (listed ₹20 or 0.1%, min ₹5) | ₹20 or 0.1%, lower | ₹20 flat/order | ₹240 + GST/yr (free 1st year) |
| Fyers | ₹0 | ₹20 or 0.03%, lower | ₹20 flat/order | ₹0 |
| Dhan | ₹0 | ₹20 or 0.03%, lower | ₹20 flat/order | ₹0 |
Rates compiled from broker rate cards and comparison sites (July–August 2026). Brokers revise plans and run promotions often, so always confirm on the broker's official website before opening an account.
India's largest broker by active clients. In my experience Zerodha is the most dependable choice for building a long-term portfolio. Kite is clean and stable, Coin handles direct mutual funds, and Varsity is one of the best free learning resources.
Pros: ₹0 delivery brokerage, stable platform, Coin for mutual funds, Varsity education, strong reputation.
Cons: Fewer bells and whistles for fast options execution, basic charting compared with Fyers, AMC applies.
Open a free demat account with Zerodha and start investing in stocks, derivatives, mutual funds, ETFs, bonds, IPOs and more.
Open Zerodha AccountWhen I trade options actively, Fyers is my pick. Its TradingView-powered charts and clean trader-first design suit price action and CPR-style analysis, and it offers free APIs for algo traders. Demat AMC is ₹0.
Pros: Excellent charting, zero AMC, ₹0 delivery, free APIs, strong for technical traders.
Cons: Less beginner-friendly learning ecosystem, smaller investing product range than Zerodha.
Upstox has a polished, fast app. I like it when I want to pick strikes and place options orders quickly. The option chain flow is smooth and works well for active traders who value speed of selection.
Pros: Slick mobile app, quick option-chain workflow, flat ₹20 F&O pricing.
Cons: AMC after the first year, delivery pricing depends on plan, so check the current rate card.
Dhan is where I save the most on fixed costs: ₹0 account opening, ₹0 AMC, ₹0 delivery brokerage. It also targets active options traders with fast execution and charting tools.
Pros: Zero AMC, zero delivery brokerage, options-focused tools, modern platform.
Cons: Newer broker (started 2021), so a shorter track record than Zerodha or Angel One. Note that its ₹20 F&O order fee is the same as the others, so the saving comes from AMC and delivery, not from per-order options brokerage.
Angel One is one of India's oldest broking houses and now runs a flat-fee model. It offers research, advisory, the SmartAPI for algo traders, and margin trading funding (MTF) if you want leverage on delivery positions.
Pros: Long operating history, research and advisory, SmartAPI, all-in-one app.
Cons: ₹240 + GST yearly AMC after the first year, MTF interest is high (around 18% a year), and I find the platform busier than the others.
Since brokerage is a flat ₹20 across all five, choose for execution speed, charting and stability:
Many serious traders keep two accounts: one for long-term investing and one for active trading. That is exactly how I use them.
Take a trader who does one options round trip (one buy and one sell order) every trading day. That is ₹40 a day. Over roughly 250 trading days it is about ₹10,000 a year in brokerage alone, before STT, exchange charges, GST and stamp duty. This is why cost per order matters less than avoiding losses, but hidden fixed costs like AMC still add up over years.
Start with the broker that fits your main goal, trade small for a month, and switch if the experience does not suit you. Moving brokers in India is easy.
There is no single best. Fyers suits chart-heavy traders, Upstox suits quick strike selection, and Dhan suits cost-conscious active traders. All charge a flat ₹20 per F&O order.
Zerodha is a popular choice thanks to ₹0 delivery brokerage, the Coin platform for mutual funds and a stable app.
Dhan and Fyers list ₹0 demat AMC. Zerodha charges about ₹300 a year, Angel One ₹240 plus GST after the first year, and Upstox ₹300 after the first year.
Yes. Many traders keep one broker for investing and another for trading. Each account is separate.
Yes. STT, exchange charges, GST and stamp duty are set by the government and exchanges and apply equally. Only brokerage and AMC differ.