If you are on the hunt for the Best Stock Broker in India or best Brokers in India 2023, get your eyes hooked on this article.
The comfort and reliability that stockbrokers provide have sparked a new trend in the trading culture. And some of these brokers help you make a successful investment strategy in the market.
Below we have rounded up a list of the best 10 Stock Brokers in India to guide you over the features and values served differently by each of them.
Top Brokers in India – List of Best Stock Broker of 2023
| Rank | Broker Name | Ratings |
|---|---|---|
| 1 | Zerodha | 9.36 / 10 |
| 2 | Upstox | 9.18 / 10 |
| 3 | SMC Global | 9.16 / 10 |
| 4 | Angel One | 9.15 / 10 |
| 5 | Kotak Securities | 9.03 / 10 |
| 6 | Groww | 9.00 / 10 |
| 7 | Sharekhan | 8.86 / 10 |
| 8 | Motilal Oswal | 8.82 / 10 |
| 9 | HDFC Securities | 8.75 / 10 |
| 10 | IIFL / India Infoline | 8.48 / 10 |
On this walkthrough of the Top 10 Stock Brokers in India, we will be glancing at some critical metrics first.
Not all brokers serve the similar user experience you desire. And whether or not the broker you select start a trading career with will be up to mark is difficult to find.
Therefore, to help you find the best stock broker from over 100 options, we would like you to catch a glimpse of the certain parameters below.
Each parameter discloses the broker’s potential and overall success rate in the industry. From brand trust to the best broker for mutual funds, we have covered every essential info like –
- Brand Trust
- Brokerage & other Charges
- Quality of Trading Platforms
- Most Active Clients
- Innovative Products
- High-Quality Service
- Research & Advisory
- Innovative Programs
- Stock Broker for Beginners
- Broker for Intraday Traders
- For Small Investors
- IPO Investment
- Long Term Investment
- Portfolio Management Services
- Mutual Fund Investment
So, without further ado, let’s begin the exploration & find out which stock broker suits you the most.
Best Stock Broker in India with High Brand Trust
| Broker | Expert Rating |
| Zerodha | 9.36 |
| Angel One | 9.18 |
| Upstox | 9.16 |
| SMC Global | 9.15 |
| Kotak Securities | 9.03 |
| ICICI Direct | 9.00 |
| Sharekhan | 8.86 |
| Motilal Oswal | 8.82 |
| IIFL / India Infoline | 8.75 |
| Groww | 8.48 |
First of all, let’s discuss the rating on Brand Trust each top share broker garners for themselves through diverse metrics.
Brand Trust parameter is determined by 5 major features of any stock broking company –
- Products Performance
- Customer Service
- Complaints Handling
- Pricing or Charges
- Experience
The brand you are trusting for trading must have strong credentials. They must have a strong base, and some credible names and investors should be their active users. A Company’s valuation is equally essential to measure to identify the best broker.
In our review, we found Zerodha leading with a slight margin. The brand makes its appearance in the financial market first in 2010 and has achieved a self-assessed valuation of over $1 billion (as per ESOP)
Upstox is the runner-up in terms of brand trust. India’s biggest name in the financial market – Ratan Tata helped the brand raise $25 million in 2019. Many other big investors as well are using Upstox giving an upswing into the brand’s reputation.
Angel one also earns a notable spot on the list as the brand is in business since 1987. HDFC securities are also famous for their good customer service and trusted parent company. Similar reviews are for Kotak Securities.
But, when it comes to complain handling, Zerodha and Kotak Securities don’t receive a satisfying rank. All other brokers seem to be working pretty well in this area, especially Angel One.
However, HDFC Securities is not that satisfying in terms of pricing and charges. In contrast, other brokers are doing a great job on it.
Top Brokers in India with Lowest Brokerage Charges
| Broker | Expert Rating |
| Zerodha | 9.36 |
| Angel One | 9.18 |
| Upstox | 9.16 |
| IIFL / India Infoline | 9.15 |
| Groww | 9.03 |
| SMC Global | 9.00 |
| Kotak Securities | 8.86 |
| Sharekhan | 8.82 |
| Motilal Oswal | 8.75 |
| HDFC Securities | 8.48 |
Higher charges always lead to a drop in profitability. Mainly when you want to take an early exit from the market, the loss is possible.
So, Brokerage, trading charges, deposit, and withdrawal fees, each need to be reviewed to ensure you don’t make an unexpected loss.
Brokerage Charges in India
| Zerodha | Angel One | Upstox | IIFL | Groww | |
| Equity Delivery Trading | Rs 0 (Free) | Rs 0 (Free) | Rs 20 per Order | Rs 0 (Free) | Rs.20 per Order |
| Equity Intraday Trading | Rs.20 per Order | Rs.20 per Order | Rs.20 per Order | Rs 20 per Order | Rs.20 per Order |
| Commodity Trading | Rs.20 per Order | Rs.20 per Order | Rs.20 per Order | Rs 20 per Order | NA |
| Equity Futures Trading | Rs.20 per Order | Rs.20 per Order | Rs.20 per Order | Rs 20 per Order | Rs.20 per Order |
| Equity Options Trading | Rs.20 per Order | Rs.20 per Order | Rs.20 per Order | Rs 20 per Order | Rs.20 per Order |
| Currency Futures Trading | Rs.20 per Order | Rs.20 per Order | Rs.20 per Order | Rs 20 per Order | NA |
| Currency Options Trading | Rs.20 per Order | Rs.20 per Order | Rs.20 per Order | Rs 20 per Order | NA |
| Minimum Brokerage | Zero | Zero | Zero | Rs.0.05 per Share | Rs.20 per Order |
We analyzed each broker carefully and found some positive reviews on trading charges. Almost all brands in our top 10 share brokers list provide free delivery trading charges except for Upstox & Groww.
But when it comes to intraday trading, Zerodha, Angel One, Upstox, Groww and IIFL all are charging Rs.20 per day orders.
Commodity trading includes charges of Rs.20 per order in all four, except for Groww that doesn’t provide commodity trading.
Trading in Equity Futures, Equity Options, Currency Futures, and Currency Options comes at charges of Rs.20 per order in all brokers. Only Groww doesn’t provide currency trading.
Zerodha is considered to be the pioneer in Flat brokerage charges in India.
Best 10 Stock Brokers in India with High-Quality Platforms
| Broker | Expert Rating |
| Zerodha | 9.36 |
| Groww | 9.18 |
| Angel One | 9.16 |
| Upstox | 9.15 |
| SMC Global | 9.03 |
| Kotak Securities | 9.00 |
| Sharekhan | 8.86 |
| Motilal Oswal | 8.82 |
| HDFC Securities | 8.75 |
| IIFL / India Infoline | 8.48 |
This expert rating is based on 6 extremely useful features of Trading Platforms today –
- Fast Trade Completion
- Bulk Trade Processing
- Trade without Errors
- Top Tools & Charts
- Quick Interaction
- Easy to Use
A trading platform that lacks essential features isn’t workable. How well a broker can offer what it commits to its clients is essential to spot. Expectations for smooth features and responsiveness are all we have in common.
A responsive user interface makes a platform a well-suiting option for big traders. They can invest ample capital in the market and take prompt action when trend-reversal is possible. And despite higher charges, some Share Brokers in India are winning traders just because of the quality of their mobile trading apps & features.
Zerodha, Groww, Angel One, Upstox, and ICICI Direct, are the best examples. Each of these platforms is famous for its quality trading services. Coming to Groww, traders love the simplicity of its App. Easy-to-use features on Groww App are a cherry on the top. On the flip side, Zerodha Kite App and Angel One App emerge as the no.1 choice for traders.
But it seems that both these brokers are competing with each other. Zerodha and Angel One garners positive reviews for their Mobile Trading Apps. It is mainly for the reason that you access advanced trading features on their trading platforms.
Best Stock Broker in India having most Active Clients
| Zerodha | 66,09,384 |
| Upstox | 49,80,139 |
| Groww | 46,74,263 |
| Angel One | 41,11,606 |
| SMC Global | 31,24,775 |
| 5Paisa | 15,06,966 |
| Kotak Securities | 11,79,053 |
| HDFC Securities | 11,76,526 |
| IIFL / India Infoline | 11,24,976 |
| Motilal Oswal | 9,06,828 |
The more active clients a broker has the maximum the chances are that it will never be facing any issue with the services a broker provides.
In short, as of the year 2023, Zerodha achieves the first rank with maximum active user-base.
It is because Zerodha has been one of the first brokers to make trading culture easy for beginners and new traders.
The rising popularity of Zerodha is also a big reason that got its reward of NSE Retail Broker of the Year in 2018 for being the Best Stock Broker in India.
Upstox achieves the second rank and a big credit goes to its solid marketing. By serving the best trading experience, Groww is in 3rd position with 46 lakh active clients.
But we are expecting that broker will cross the bar as well through its new upgrades.
The active client base of Angel One is also mounting up. In the year 2023, the app crossed 41 lakh active users base, and expectations are that it may turn out to be a tough competitor of Groww as well.
ICICI Direct is the leading Banking broker in the country followed by Kotak Securities & HDFC Securities.
5Paisa is also growing fast & along with IIFL Securities, the India Infoline Group is also making statement in the Top 10 Stock Broker ranking.
Motilal Oswal is the only Full Service broker in this ranking with 9 lakh plus active client.
Top 10 Brokers in India providing highly Innovative Products
| Broker | Expert Rating |
| Angel One | 9.36 |
| Zerodha | 9.18 |
| Upstox | 9.16 |
| Kotak Securities | 9.15 |
| SMC Global | 9.03 |
| ICICI Direct | 9.00 |
| Groww | 8.86 |
| Sharekhan | 8.82 |
| HDFC Securities | 8.75 |
| IIFL / India Infoline | 8.48 |
Here are the various Innovative Products provided by these brokers –
- Equity Trading
- F&O Trading
- Commodity Trading
- Currency Trading
- International Stock Trading
- Crypto Trading
- Mutual Fund Investment
- Digital Gold Investment
- NCD Investment
- Social Trading
- Algo Trading
- Basket Trading
- Robo Advisory
- Trading APIs
- Stock Market Education
With the developing interest of clients towards digital trading platforms, brokers are bringing more product range and trading facilities to their clients with every passing year.
And some of the top 10 stock brokers in India built a notable spot in this area.
Such as equity trading, commodity, Future, and Options trading has turned simple by many brokers. Mainly, Groww as the broker makes its features beginners friendly.
However, currency trading isn’t available on every app except Angel One, Kotak Securities, and Motilal Oswal. International stock trading is also available on all these three. Mutual Fund investment option is available on almost every stock broker in India.
Hence it isn’t that surprising thing. But Trading APIs and Algo Trading Platforms are provided by Angel One, Zerodha, and Upstox.
Similarly, stock market education is provided by all brokers. In addition to the trading products, these brokers have been found coming with new features and offers for traders as well. It’s no surprise that such wise moves by these brokers are benefiting them a lot.
Best Broker in India providing High-Quality Services
| Broker | Expert Rating |
| Kotak Securities | 9.36 |
| SMC Global | 9.18 |
| Groww | 9.16 |
| Zerodha | 9.15 |
| Upstox | 9.03 |
| Angel One | 9.00 |
| Sharekhan | 8.86 |
| Motilal Oswal | 8.82 |
| HDFC Securities | 8.75 |
| IIFL / India Infoline | 8.48 |
In this stockbrokers list, high-quality services are unarguably an important segment of the whole discussion. Here are various services provided by these brokers –
- Demat Account
- Trading Account
- 3 in 1 Account
- Intraday Trading Account
- IPO Account
- Digital Gold Account
- Research & Advisory
- Portfolio Management Services
- Margin Account
- Loan against Shares
- Sub Broker Franchise
- Partner Program
- Referral Program
Standard trading facilities are no longer admired for both short-term and long-term trading.
People’s interest has shifted towards advanced trading modules, thus everyone seeks high-quality services from their broker.
Services that mitigate hassles and streamline the overall trading process are being admired.
Such as, most brokers let you open a Demat account and trading account at once; you don’t apply them additionally.
You can hold a long-term position and conduct day trading at the same time. Some famous brokers that set a high-quality bar are Kotak Securities, ICICI Direct, Groww, Zerodha, and Upstox.
Margin Account and IPO Investment are also available in all these brokers. But Kotak securities and ICICI Directs add more benefits here. To simply put, in its high-quality services Kotak Securities, HDFC securities, and ICICI Direct offer you loans against shares that no other trading platform provides.
Apart from that, Partner Program and Referral are also offered by many brokers in which you need to promote the broker and its services to other clients online.
Find the List of all Top Brokers in India
| Axis Direct | 5Paisa | SBICap Securities |
| Paytm Money | Angel Broking | Espresso |
| Indiabulls Ventures | Edelweiss | SAMCO |
| Anand Rathi | Geojit Finance | Tradebulls |
| Aditya Birla Money | SMC Global | Yes Securities |
| Ventura Securities | Reliance Securities | Religare Securities |
| Alice Blue Online | Nirmal Bang | Profitmart |
| IDBI Direct | Canmoney | Astha Trade |
| Choice Broking | Standard Chartered Securities | Zerodha |
| Arihant Capital | JM Financial | Mastertrust |
Top Stock Brokers in India with Top-Notch Research & Advisory
| Broker | Expert Rating |
| Motilal Oswal | 9.36 |
| Kotak Securities | 9.18 |
| Angel One | 9.16 |
| SMC Global | 9.15 |
| Sharekhan | 9.03 |
| HDFC Securities | 9.00 |
| IIFL / India Infoline | 8.86 |
| Zerodha | 8.82 |
| Upstox | 8.75 |
| Groww | 8.48 |
If you have no data available on the screen, there’s no reason to randomly park your money for the stock. Share Market Tips provided by the broker are meaningful to the traders.
It helps them derive critical insights from the market, a particular Stock, or a company behind it. Most full-service brokers provide this facility, but few of them set a high benchmark in this area.
Such as, in this Stock Brokers Comparison, we discover some of the best names Motilal Oswal, Kotak Securities, Angel One, ICICI Direct, and Sharekhan.
Each of these brokers makes an in-depth observation available on your screen. You can keep your eyes on the stock’s current position, profit and loss ratio of a company.
Moreover, you can even access suggestions and advisory across numerous verticals in trading.
Angel One is, however, working a bit better here than other good players in our top five in research and advisory.
Top 5 Stocks Brokers in India with Innovative Programs
| Broker | Expert Rating |
| Angel One | 9.36 |
| Zerodha | 9.18 |
| Upstox | 9.16 |
| IIFL / India Infoline | 9.15 |
| SMC Global | 9.03 |
| Kotak Securities | 9.00 |
| Sharekhan | 8.86 |
| Motilal Oswal | 8.82 |
| HDFC Securities | 8.75 |
| Groww | 8.48 |
Here are some of the innovative programs based on which this rating is determined are –
- Sub Brokership or Authorised Person
- Master Franchise
- Business Partner or Remisier
- Influencer Program
- Referral Program
Not just trading but extra money-making opportunities have been a talk of the financial world. Such as partner programs and sub broker franchise models are a few things traders look for in their brokers.
And we are happy to share that a few of the brokers achieve some satisfying rates based on our analysis that is as follows.
Angel One Franchise offers all types of business models, covering Sub Brokership, Master Franchise, Business Partner Program, and Referral Program. They are the largest franchise providers in India.
IIFL also offers you similar business programs but since the broker isn’t that popular, earning potential from the IIFL business program is quite low.
ICICI direct also has all business models except the master franchise that is only available in Angel one.
Moreover, Zerodha Partner and Upstox Partner are also in this queue but have only a business partner and influencer program. Zerodha is the flag bearer for the Partner program in India.
We did compare top share brokers and found Angel One giving us more than others.
Best Share Broker in India for Beginners
| Broker | Expert Rating |
| Zerodha | 9.36 |
| Upstox | 9.18 |
| Angel One | 9.16 |
| IIFL / India Infoline | 9.15 |
| SMC Global | 9.03 |
| Kotak Securities | 9.00 |
| Groww | 8.86 |
| Sharekhan | 8.82 |
| Motilal Oswal | 8.75 |
| HDFC Securities | 8.48 |
A beginner-friendly stock broker is the first thing traders look for, ever since digital trading made a big hit in the financial market.
Brokers are coming with exciting tools, streamlining their services to ensure each user could trade easily.
We can view some of the best online share brokers in India doing great work on it. Such as, Zerodha which makes trading hassle-free for clients by making every needy feature available on a single screen.
Upstox, and Angel One, are also doing great work by turning their trading platforms friendly to beginners.
However, IIFL and Edelweiss also serve a good user experience as the platforms are easy to use.
Best Online Broker in India for Intraday Traders
| Broker | Expert Rating |
| Zerodha | 9.36 |
| Angel One | 9.18 |
| Upstox | 9.16 |
| SMC Global | 9.15 |
| Kotak Securities | 9.03 |
| Groww | 9.00 |
| Sharekhan | 8.86 |
| Motilal Oswal | 8.82 |
| HDFC Securities | 8.75 |
| IIFL / India Infoline | 8.48 |
Intraday or day trading has evolved into a full-time career for many traders around the world.
Hence, it’s worth choosing a day-trader-friendly broker if you also want to be a part of this quick revenue-generating stream.
On this walkthrough, we did compare the best stockbrokers in the industry that we believe are doing much great work for day traders.
Zerodha and Angel One are emerging as impressive options for intraday traders, mainly for big traders.
Both Zerodha and Angel One are well known for their technical and charting tools. However, Groww and Edelweiss are popular for their cheaper services.
Still, Zerodha and Angel One garner great appreciation among intraday traders. Both these brands keep their trading services day-traders friendly.
Both offer you advanced features for day trading, while others are suitable for beginners. Upstox gets an average rating.
Top Brokers in India for Small Investors
| Broker | Expert Rating |
| Kotak Securities | 9.36 |
| Zerodha | 9.18 |
| Angel One | 9.16 |
| Upstox | 9.15 |
| IIFL / India Infoline | 9.03 |
| SMC Global | 9.00 |
| Groww | 8.86 |
| Sharekhan | 8.82 |
| Motilal Oswal | 8.75 |
| HDFC Securities | 8.48 |
Small investors hesitate to invest their money in the stock market. In comparison to big traders, they are more concerned about brokerage and trading costs.
But on this stock brokers’ comparison, we found some best suiting-option for small investors.
If you don’t have ample capital available for investment, then Groww, Zerodha, and Angel One are unarguably the best options for you.
Groww and Angel One are advisable in the mainstream because account opening is free on both apps.
Being a small investor, you also have other alternatives available such as Upstox and IIFL. But account opening may or may not be free, so make sure you check this out first.
You can start investing in the stock market with a mere Rs.500 and enter SIPs and Day Trading plans.