Hi friends today we will deep dig out on the Best Broker for stocks in India 2023. A genuine list of top share brokers by the number of active clients as well as benefits that they provide in 2023.
Today in the technology world first thing should we consider is the best platform that we can get from our broker.
In Indian stock market there are 4,800 listed companies on BSE and over 1,900 companies on NSE. So to trade in these companies from exchange there are brokers in our India.
Different brokers provide different services. For best broker we have to rely on some key factors like user experience, customer care support, bug free system, good platform as well as good chart support.
Now if we want to see best stock broker by public perception than the list is as follows:

No 1 STOCKBROKER IN INDIA
Zerodha
Free equity investments | Flat ₹20 intraday and F&O trades
BM Rating
★★★★★

GET FREE DEMAT ACCOUNT
Upstox
Rs.0 Brokerage on Equity Delivery | Rs 20 per order for Intraday and F&O trades
BM Rating
★★★★★

GET FREE DEMAT ACCOUNT
5Paisa
Fix brokerage of Rs. 20 per trade
BM Rating
★★★★
In the above list, we have both Discount brokers as well as Full-service brokers. Before 2010 there were only full-service brokers but the game changes after Zerodha.
Discount Broker vs Full-service Broker
These Full-service brokers are also known by the name of traditional brokers. In these, they provide our full services like a research report, share recommendations, as well as relationship manager from which we can talk on call as soon as we needed. The relationship Manager also helps in taking a trade on our behalf.
All these things led to increasing maintenance coast higher. But in 2010 Zerodha came with a new concept of discount broking of flat fee.
In this, the broker will charge you brokerage but very less as compared to a Full-service broker. These discount brokers provide you only the necessary things that are really important in your trading. All other charges and extra services they waived off.
They mostly charge you a flat 20 per order but in the case of a full-service broker, they charge you on your turnover charges.

Zerodha became the market leader with generous speed very soon. In the very short span of time of 10 years, they are leading the industry with a very huge margin.
This discount broking concept was very popular in America as their largest trading platform is Robinhood is a discount broker.
We have researched and analyzed the brokers and prepare a list of the Best stock brokers in India 2023.
So now we will in deep down study the different brokers their advantages and disadvantages.
Best Broker For Stocks Review
Now we will discuss all the famous stock brokers in India. We will compare all of them on some parameters like brokerage, service, user interface, and more.
These reviews are our personal opinion you may disagree with us but we will try to put out facts that
1. Zerodha Stock Broker review
Zerodha is a Bengaluru based stockbroker. They brought the concept of discount broking to India in 2010. Zerodha alone now contributes over 15% of the total retail trading volumes in India. It was founded by Nitin Kamath.
They are having more than a 3 million client base. You can invest in mutual funds, bonds, and IPO (through Bhim UPI). Equity delivery and direct mutual fund investment are free.
Zerodha is best for placing high-volume trades because of its minimal margin requirements. The broker charges a flat Rs. 20 for intraday and F&O trades.

Zerodha is constituted of two words Zero + Rodha which in Sanskrit means barrier. Their main motive was to remove the entry barrier in the stock market. Zerodha promoted financial literacy in the Indian stock market.
Zerodha Brokerage Charges
Equity Delivery Brokerage Charges | Rs. 0 (Free) |
Equity Intraday Brokerage Charges | Rs. 20 per order or 0.03% (whichever is lower) |
Equity Futures Brokerage Charges | Rs. 20 per order or 0.03% (whichever is lower) |
Equity Options Brokerage Charges | Rs. 20 per order |
Commodity Futures & Options Brokerage Charges | Rs. 20 per order or 0.03% (whichever is lower) |
Currency Futures & Options Brokerage Charges | Rs. 20 per order or 0.03% (whichever is lower) |
Zerodha Demat & Trading Account Charges
Demat & Trading account opening charges (Equity) | Rs. 200 |
Demat & Trading account opening charges (Commodity) | RS. 100 |
Demat account annual maintenance charges(AMC) | Rs. 300 |
Zerodha Advantages Over Competitors
- A most trusted stockbroker by the traders
- The PI platform for desktop users
- Fix brokerage of Rs 20/trade on intraday
- Kite is also a reason for the popularity of Zerodha
- Zero brokerage on delivery
- Great client assistance
- Progressed graphs and tools for trading.
Zerodha has a predominantly kite platform for mainly desktop clients and mobile too. Kite 3.0 is a web-based exchanging stage that assists you with looking through 91,000+ stocks and F&O contracts across stock trades without any latency.
For deeper insights into liquidity, we can check on Kite 3.0 20 market depth or level 3 data that is a unique feature in Zerodha other than competition.
Zerodha Pi is an installable desktop trading terminal that is still handy to trade. Zerodha is now promoting the Kite 3.0 platform.
Pi helps you trade across segments at BSE, NSE, and MCX with advanced charting, algo, strategies & backtesting.
In kite, they provide you biometric security as well as 2FA for hustle-free login. The dark mode is the thing that is available in kite desktop version.
2. Upstox Stock Broker Review
Upstox is the leading discount broker in India. When we talk about unique features it is the best choice for high volume traders. Looking for high margins (up to 15X), low brokerages, and smooth and good trading platforms.
You only pay brokerage of Rs. 20 to do an intraday, F&O, currencies, and commodities trading irrespective of the trade volume. The stock delivery is free. [No brokerage is charged in this case]
Most Important thing about this is it is funded by Ratan Tata, Kalari capital, and GVK Davix.

Upstox Brokerage Charges
Equity Delivery Brokerage Charges | Rs. 0 (Free) |
Equity Intraday Brokerage Charges | Rs. 20 per order or 0.05% (whichever is lower) |
Equity Futures Brokerage Charges | Rs. 20 per order or 0.05% (whichever is lower) |
Equity Options Brokerage Charges | Rs. 20 per order |
Commodity Futures & Options Brokerage Charges | Rs. 20 per order or 0.05% (whichever is lower) |
Currency Futures & Options Brokerage Charges | Rs. 20 per order or 0.05% (whichever is lower) |
Upstox Demat & Trading Account Charges
Demat & Trading account opening charges | Rs. 0 (Free) |
Demat account annual maintenance charges(AMC) | Rs. 300 |
Upstox also provides us the monthly prepaid brokerage plans. They have some packs like priority packs in which they provide some extra benefits apart from trading.
Upstox Trading Platforms –
Upstox Pro Web – is a website that helps you to perform in-depth stock and market analysis with advanced features like API integration, algo trading, powerful charts, and 100+ technical indicators.
The one-click trade helps you buy & sell quickly. Just preset your order preference to quickly get in and out of the trade.
The more you get is Pro Web is a browser-based trading platform that uses socket technology that allows access to real-time market data at a faster speed. You have the facility to trade directly from charts.
Upstox Pro Mobile App –
The Upstox Pro mobile trading platform is compatible with both Android and iOS smartphones. It is available on mobile as an app, you can track, monitor, and trade using charting tools and more than 100 technical indicators.
Features of NEST trader
- Multi-monitor view
- Customizable interface
- Advanced charting
- Low latency
- Real-time widgets
- Multiple Watch-list.
3. Angel Broking Full Service Stock Broker Review
Angel Broking is a 31+-year-old full-service broking company. It offers discount brokerage rates of Rs. 20 per trade.
Angel Broking has long experience in the broking industry they provide you seamless ultimate experience. You can invest in Initial public offering [IPO], Offer for sale [OFS], and bonds, and even avail loans against shares.
Angel Broking has a pan India presence covering 18,651 pin codes with over 2.15 million operational broking accounts.

Angel Broking Brokerage Charges
So now when it comes to discussing charges of Angel they are nearly very closer to discount broking firm. They do not have different trading plans.
You just need to pay a maximum of Rs. 20 per trade across the trading segment irrespective of the trading volume. The charges on you the turnover of the transaction recorded.
Equity Delivery | Rs. 0 |
Equity Intraday | Rs. 20 per trade or 0.25% (whichever is lower) |
Futures – Equity / Commodity / Currency | Rs. 20 per trade or 0.25% (whichever is lower) |
Options – Equity / Currency / Commodity | Rs. 20 per trade or 0.25% (whichever is lower) |
Angel Broking Account Opening & AMC Charges
Charges that are related to account opening are as under mentioned below-
Trading account opening charges | Rs. 0 |
Demat Account | Rs. 0 |
Annual maintenance charges | First Year – Free. Second Year onwards – Rs. 20 per month |
Angel Broking Trading Platforms:-
Angel Broking App
Angel Broking mobile app helps you trade through the smartphone. The user interface is very clean and simple. The app is compatible with Android and iOS operating systems.
The app can be used to check multiple indexes, access ledgers, contract notes, P&L statements. The transfer of funds & securities can be also done very seamless way.
Angel Broking Trade
Angel Broking trade is a web-based trading platform where you can trade. Investing in Mutual funds, commodities, currencies, mutual funds, bonds, and IPO can also be done very simple and effective way.
Angel Broking Trade platform can be used to manage the wealth/ account of the entire family with a single login id.
Angel Speed Pro
Angel Speed Pro is a desktop trading software that can be downloaded and used on multiple PCs for trading.
Speed Pro is helpful in tracking your portfolio, get instant market news, and update live market data in excel. It makes your work much simpler and easy to analyze market reports.
Best For the persons who are comfortable with flat brokerages setup. They also provide 6-8 times margins for day trading, which is sufficient for new and regular traders.
If you are looking for an advanced trading platform (Speed Pro) or a mobile app for day trading. Then it can be best for you.
4. 5paisa Stock Broker Review
5paisa is a leading broking firm in discount broking, they are a subsidiary of IIFL. IIFL is a finance corporation. They work on a model of flat 10 per order. In case you are taking delivery trades then you have to pay 20 per order.
5paisa provides you a mutual account for trading, mutual funds, and insurance. In this, you can also hold shares for the long term in Demat account. Their mobile user experience is much similar to other discount broking firms.
They are the 6th largest broker with respect to no. of clients. They are having approx 2 million clients and over 60,000 crores of turnover. They also provide your monthly subscription services to clients to reduce the brokerage cost.

5paisa Brokerage Charges
5paisa charges are also like Zerodha and Upstox, but in the case of delivery trades, the scene is different they charge you 20 flat per order.
If you want to avail of special benefits in the brokerage then you have to subscribe to their monthly plans.
Equity Delivery Brokerage Charges | Upto Rs. 20 per order |
Equity Intraday Brokerage Charges | Upto Rs. 20 per order |
Equity Futures & Options Brokerage Charges | Upto Rs. 20 per order/lot |
Commodity Futures & Options Brokerage Charges | Upto Rs. 20 per order/lot |
Currency Futures & Options Brokerage Charges | Upto Rs. 20 per order/lot |
5Paisa Demat & Trading Account Charges
Demat & Trading account opening charges | Rs. 0 (Free) |
Demat account annual maintenance charges(AMC) | Rs. 25/month |
5paisa Trading Platform
Almost all brokerage firm has 3 platforms like Moile app, Web interface, and Desktop software So 5Paisa also have-
- 5paisa Mobile app
- Trading station [Desktop Installable]
- 5paisa trade station [Web interface]
Some features that you may find intresting are:-
- The charts are very attractive you can say a cutting edge charting where you can study a wide range of functionality and use charting.
- With a single click, you can execute your orders so that your trade becomes more accurate.
- For research purposes, they provide you data, analytics, and provide you best industry research about stocks to when to enter, and when to exit.
- Small investor, Smallcase, Swing Trader, Sensibull are the features that you can enjoy with 5paisa seamless way.
- Trade station EXE provides you best real-time data and analytics free of cost.
- You can also set alerts for real-time instrument prices to get notifications on the mobile app.
- Multiple watchlists can be created which are synced across all devices.
- They are best for those who need low brokerage because they are the lowest in the segment with 10 per lot.
5. Motilal Oswal Stock Broker Review
If you are new to the stock market and don’t know much about it then you can definitely go with Motilal Oswal. Some brokerage charges are on the higher-end but they will not bother you much if you want to learn the market.
In your Investment journey they will assign you a relationship manager that will guide you about your stock pics.
They are also operating equity research in which they are generating more than 10% of total revenue. They have a large dedicated team for equity research and pick out the best stocks for you.
Motilal Oswal was started by Ramdeo Aggarwal in 1987. Motilal Oswal [MOSL] has huge experience in equity research.
They are present in 550+ cities and 2200+ in towns they are serving directly to customers. With MOSL we can invest in IPO’s, OFS’s and Debt funds.
Gold ETF is also that you can add to your portfolio services.

Motilal Oswal Trading Platform Brokerage Charges
In terms of brokerage plans they have different plans.
Equity Delivery Brokerage Charges | 0.50% |
Equity Intraday Brokerage Charges | 0.05% |
Equity Futures Brokerage Charges | 0.05% |
Equity Options Brokerage Charges | Rs. 100 per lot |
Commodity Futures Brokerage Charges | Rs. 20 per lot |
Commodity Options Brokerage Charges | Rs. 20 per lot |
Motilal Oswal Demat & Trading Account Charges
Demat & Trading account opening charges | Rs. 999 |
Demat account annual maintenance charges(AMC) | Rs. 800 |
Motilal Oswal Trading Platform
They are having a huge base of clients so to serve them as a market leader in Full broking service they are having a huge range of product lists in their portfolio.
They are as follows:
- MOSL Desktop Application
- MO smart watch
- Mo trader [Mobile app]
So now when we talk about some salient features of MOSL:-
They are very much updated to today’s technology in this platform.
We can see all the important updates in a single window like orders, positions, and Wallet fund that helps is a hassle-free experience.
You can place your orders on NSE & BSE directly from mobile. In fact, you can call your RM if you are not connected to the Internet.
You can see up to 4 instrument charts at a time on screen. That helps you to track more scripts at a single time.
You can also execute bulk orders with a single click. Very few provide this feature in this industry.
You can watch charts from 1 minute to 5 years. This diversifies the timeframe combination.
Final Thoughts
As we all know that the stock brokers provide you attractive discounts and offer to attract towards their service. Many times you see that brokerage charges are very less but they have various types of hidden charges.
But in the above list provided you will find good service and fewer chances of being charged hidden charges. And if you find somewhere hidden charges then all these brokers are having very good customer service. You can directly connect to your RM.
For discount broking Service I always prefer industry leader Zerodha and Upstox.
But in case if you are very new to the stock market then you can go with Motilal Oswal and Angel Broking. As they are full-service brokers so they will provide you research papers also.