Tue Apr 25, 2023

Best Stock Brokers in India for Retail Traders & Investors : Good for Intraday Trading

When it comes to trading in the Indian stock market, having a reliable and efficient stockbroker can make all the difference. I have seen that many retail traders in India open accounts with random brokers without knowing how they will be beneficial for them. Sometimes, stockbrokers provide tips that novice traders do not understand, and they end up losing money in the stock market. I opened my first DMAT account with HDFC Securities in 2010, which was allocated to my salary account. I invested in stocks for some time, but the brokerage was high, so I did not use that account for a longer period. Later, I shifted to Angel Broking, Upstox, Alice Blue, Samco, ICICI Direct, and now trading in Zerodha. However, no one told me which broker is best for intraday option buying. Now, I thought to share my ideas with beginners. I would recommend selecting a discount broker that costs you less.

Zerodha: Zerodha is one of the most popular stockbrokers in India, and for good reason. As they are discount brokers, they offer low brokerage fees, user-friendly trading platforms, good for faster execution, and a wide range of investment options, including equity, derivatives, and mutual funds. They also have an active online community and educational resources, but what I experienced is delayed customer service. Zerodha is good for options traders, especially option buyers. Because It provides a buy and sell button that is very easy for the execution of trades. Chart data is provided by chart IQ and Tradingview. Other brokers provide news info and other unnecessary info which is not required during trading. Open Account click.

Upstox: Upstox is another popular stockbroker that offers low brokerage fees and advanced trading platforms for retail traders. They have a range of investment options, including equities, commodities, and currencies. They also offer a range of educational resources, such as webinars and tutorials, to help traders improve their skills. Upstox provides very good data of the option chain with option Greeks like theta delta value along with options chart. Hence it is good for option sellers. Open Account, click here.

5Paisa: 5Paisa is a discount broker that offers low brokerage fees and a user-friendly trading platform. They offer a wide range of investment options, including equities, derivatives, and mutual funds.

Angel Broking: Angel Broking is a full-service broker that offers a wide range of investment options, including equities, commodities, and currencies. They offer advanced trading platforms. When I used it initially, I faced issues for viewing charts, but after Angel One, they have improved it.

Groww: The Groww app focuses on advertising and has captured a new trader market share by giving excellent offers. It’s a good platform easy to use, and account opening is quite easy. The only problem is that they don’t have various features like they don’t have a tie-up with small case.

ICICI Direct: Before the new SEBI margin rules, they were providing more margin, and that's why they became famous among retail traders. It charges very high fees on the name of a full-service broker. I used it for 6 months and closed trading.

India's top 6 stockbrokers control over 60% to 65% of the market.

HDFC Securities is the brokerage arm of India's top private bank HDFC. Launched in 2000, it has come a long way and is now regarded as one of the top full-service brokers in India. It has 10,89,646 active clients as of February 2023. I opened my first DMAT account with this broker.

Kotak Securities is a full-service broker that is a subsidiary of Kotak Mahindra Bank. They provide free intraday trading services. means no brokerage for intraday trading. But some of our students faced issues for delayed execution with high volume. New traders can use it with small quantity. Open Account, click here.

Motilal Oswal is a full-service broker with an active client base of 8,50,842 as of February 2023. The company offers a wide range of investment and trading services across different segments. 

Another popular option is Paytm Money, a good investment platform with over 6,48,251 active clients as of February 2023. Despite being a relatively new player in the industry, they have launched pioneering products and are one of the fastest-growing broking houses. The company's focus on educating retail traders through its Paytm Wealth Community is a great approach to develop business and deliver value to traders and investors.

IIFL is a well-recognized brand known for the quality of its advice and the use of cutting-edge technology. As of February 2023, it has an active client base of 5,52,859.Fyers, founded by the Khoday brothers in 2015, is one of the newer entrants in the discount broking industry with an active client base of 1,69,386 as of February 2023. They have collaborated with Tradingview, which makes order execution very easy. 

Fyers is a great option for options traders. It provides data in very systematic manner. Good for option buyers and option sellers.

Alice Blue is a discount broker that offers trading platforms for different exchanges like BSE, NSE, and MCX. While it can be a little complicated for trading, it is a good option for investors who are looking to build their portfolio. To Open account, click here

Dhan is one of India's fastest-growing technology and product-led stock broking platforms offering lightning-fast investing and trading experience to its active client base of 97,062 as of February 2023. Their collaboration with educators is highly commendable, and they promote live trading. Recently, many educators and YouTubers have been promoting the Dhan app.

SAMCO is another discounted broker that offers trading platforms and investment services across different segments. It also provides margin funding and loan against shares. As of February 2023, it has an active client base of 69,609 and is growing fast. The team is energetic, and the app platform provides news and other information, making it a great option for traders. If they hide unnecessary data in the future, retail traders can use it for trading. Of course, these are just a few of the many brokers available in India. For more information, you can visit www.tradingdirection.in.

Disclaimer : 

This article, blog, Website, Channel or videos or Charts are solely for educational purpose only. We are not advising any trading or investment recommendation. We, Anil Hanegave and Trading Direction, are not SEBI registered advisor/entity. All the views expressed are personal. We do not bear any liability for the same. By viewing this video or channel you agree that any decision to buy or sell any financial product is the sole responsibility of the person initiating such a transaction. Take advice from your financial advisor before making any decision.

Anil Hanegave, Trading Direction
Intraday Trader | Author | Consultant

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As a trader, it's important to understand the various types of trading strategies that can be employed in the stock market. From Technical Analysis to Intraday Trading, Positional Trading to Options Trading, Futures Trading to Day Trading, Swing Trading to Forex Trading, and even Cryptocurrency Trading, there are many ways to make money in the markets. Technical Analysis involves studying charts and using various indicators to predict future price movements. Intraday Trading is all about making quick and fast trades during the day and market hours to take advantage of short-term price movements. Positional Trading, on the other hand, involves holding positions for longer periods of time, usually days or weeks, in order to capture larger price movements. Options Trading is a way to trade the underlying asset without actually owning it, while Futures Trading involves buying and selling futures contracts that allow traders to buy or sell the underlying asset at a predetermined price and date. Day Trading is similar to Intraday Trading, but with a focus on making trades that can be closed out within the same day. Swing Trading involves holding positions for a few days to a few weeks, and is often used to take advantage of longer-term trends in the market. Forex Trading involves trading currencies, with the goal of making a profit from the exchange rate movements between different currencies. And Cryptocurrency Trading involves buying and selling digital currencies, such as Bitcoin or Ethereum, with the goal of making a profit from the price movements in these assets. As a Intraday trader, it's important to learn High probability trading strategies suited to your trading style and goals. With the right strategy and approach, anyone can succeed in the world of stock market trading. For more learning visit www.tradingdirection.in