Top 10 discount stock brokers in India in 2018
Before we tell you about the top 10 discount stock brokers in India let us first tell you a bit about stock brokers like what they do, what type of services they offer, etc.
Stock brokers are agents who are licensed for buying and selling stocks on the behalf of the investors. For trading in stocks these agents need to become the member of stock exchange.
So there are basically 3 types of stock brokers- Full service brokers, discount brokers and online stock brokers.
· Full service stock brokers apart from playing the role of a buyer and seller on behalf of their clients, also offer advice to them regarding ways of researching the market and accordingly investing their money. Most of the full service stock brokers have proper research departments which produce good amount of research data. The research is conducted on various publicly traded organisations. Clients may access these researches and choose to get personalised investment and management advice from the investment professionals of the broker.
The full service stock brokers have a wide network across the nation which helps them in personally attending to the issues of all their clients. All these services attract the clients towards the full service brokers. It is also important to note that for offering all these services, these brokers charge a high commission as compared to online and discount brokers.
· The discount brokers on the other hand offer less research and no advice on investment or management. Resultantly, the commission they charge is also very low as compared to the full service brokers. These brokers are the first choice of the experienced investors because they prefer doing the research on their own. Most of the discount brokers deal with their clients on phone and most of them also have a website which helps the clients to buy and sell their stocks online. They also have a network of support and services offices.
· With the advent of internet, a new type of brokers has also emerged and i.e. online brokers. These brokers are pretty much like the discount brokers who do not offer any advice to their client regarding investment and management and just offer minimum 3rd part research. It is only their extremely low fee which appeals the investors. Most of the online brokers don’t even have a brick and mortar office and they also don’t accept the deals on phone.
Top 10 discount brokers
Here are the top 10 Discount stock brokers:
1. Zerodha– This Bengaluru based firm offers low brokerage convenience to the clients. It was introduced in 2010 and since then has been gaining popularity for its low brokerage pricing model. In 2017 it was declared as the biggest discount broker for contributing approximately 5% to retail trading volume in the Indian stock exchange. It has a daily turnover of more than $2 billion.
2. RKSV– the Mumbai based discount brokerage firm having a membership in BSE and NSE was introduced in 2009. Since then it has been offering low brokerage plans to investors in India. The brokerage structure of the company is very low and simple.
3. TradeJiNi– with just 4 years in the market, TradejiNi has been able to gain customer’s trust. The experience of its founders which exceeds 60 years (combined of both the founders), it has been able to reach the Rs. 1000 crores mark in a day level.
4. TradeSmartOnline– a part of VNS Finance Capital Service Ltd., TradeSmartOnline offers 2 simple brokerage plans of 0.007% brokerage (for those who want to invest in small amount but wish to pay less brokerage) and Rs. 15 per order (for those who trade less often but invest big).
5. SAS Online– India’s True Discount Broker as the firm’s tagline reads, SAS Online let’s investors trade at just Rs.9 per trade. They can also take the package of Rs. 999 per month.
6. CompositEdge– CompositEdge offers smart tools to the traders for investment. It has a comprehensive brokerage model which charges low brokerage on trade. It charges just Rs. 15 per order which is amongst the lowest in the industry.
7. RK Global– RK Global offers a wide range of services which attract the clients. It offers services in more than 150 cities throughout India with an extensive client base of more than 9000 investors.
8. My Value Trade– with 3 very easy brokerage plans, My Value Trade gives one single login to clients to trade in all segments. It has a client base of 1.5 lakh investors and has a turnover of Rs. 4500 cr per day.
9. Achiievers Equities– this brokerage firm offers research reports to the investors which are devised from the top analysts of the industry. This is one of the most important parts of the firm.
10. TradePlus Online– TradePlus Online has made trading very simple and quick. As the name suggests, it offers trading options online. The investors just need to call on the toll free number of the firm. They would get a call from one of the customer care executives who would explain them all the steps of opening a Demat account and steps of trading too.