Investing in the stock market is becoming popular in India, and choosing the right stock broker is very important for new investors. A stock broker is a company or an individual that helps you buy and sell stocks on the stock exchange.
In India, there are many stock brokers, but some are more popular because they have more active clients. In this article, we will look at the top 10 stock brokers in India by active clients.
1. Zerodha
Active Clients: 7.4 million (as of 2023)
Overview: Zerodha is the largest stock broker in India by active clients. It is a discount broker, meaning it offers lower fees compared to traditional brokers. Zerodha’s trading platform, Kite, is easy to use and very popular among retail investors.
Pros:
- Low brokerage fees (free delivery trading).
- Fast and easy-to-use platform.
- Excellent educational resources (Zerodha Varsity).
- Good customer support.
Cons:
- No physical branch offices.
- Some complex features for beginners.
Testimonial:
“I started trading with Zerodha because of the low charges. Their platform is simple and I can see all the important data clearly.” – Rajesh, Bangalore
2. Upstox
Active Clients: 6.5 million (as of 2023)
Overview: Upstox is another popular discount broker in India. It offers trading in stocks, commodities, and derivatives with very low brokerage fees. It has gained popularity due to its easy-to-use app and low charges.
Pros:
- Low brokerage charges.
- Fast and smooth mobile app.
- Easy account opening process.
Cons:
- Customer support can be slow.
- Limited research tools compared to full-service brokers.
Testimonial:
“I love the Upstox app; it’s easy to use, and I don’t have to pay high fees for each trade.” – Priya, Mumbai
3. Angel One (formerly Angel Broking)
Active Clients: 5 million (as of 2023)
Overview: Angel One is a well-known full-service broker that offers both regular and discount broking services. It has a wide range of services, including investment in stocks, mutual funds, and IPOs. It is popular for its research reports and advisory services.
Pros:
- Strong research and advisory services.
- Easy-to-use trading app.
- Good customer support.
Cons:
- Higher brokerage fees for active traders.
- Charges for certain services.
Testimonial:
“Angel One gives me good advice, and their research reports help me make informed decisions.” – Amit, Delhi
4. ICICI Direct
Active Clients: 4.5 million (as of 2023)
Overview: ICICI Direct is part of the ICICI Bank group and is one of the largest full-service stock brokers in India. It offers a variety of investment options like stocks, bonds, mutual funds, and more. It’s known for its reliable and secure services.
Pros:
- Good research and market insights.
- Wide range of investment products.
- Easy integration with ICICI Bank accounts.
Cons:
- High brokerage fees compared to discount brokers.
- The platform may feel a little slow at times.
Testimonial:
“ICICI Direct is reliable, and I like how easy it is to use my bank account for trading.” – Sunil, Chennai
5. HDFC Securities
Active Clients: 3.8 million (as of 2023)
Overview: HDFC Securities is a well-established full-service stock broker. It provides various services like stock trading, mutual funds, bonds, and more. It’s known for its strong research and market analysis.
Pros:
- Good research and market insights.
- Easy-to-use trading platform.
- Strong customer service.
Cons:
- High brokerage charges for active traders.
- Limited educational resources for beginners.
Testimonial:
“I use HDFC Securities for the research they provide. It helps me make better trading decisions.” – Priya, Hyderabad
6. Sharekhan
Active Clients: 3.5 million (as of 2023)
Overview:
Sharekhan is one of the oldest stock broking firms in India. It provides a wide range of services, including stock trading, mutual funds, and portfolio management. Sharekhan also has a good mobile app and online platform for trading.
Pros:
- Reliable and trusted brand.
- Strong research and customer support.
- Good trading tools and features.
Cons:
- High brokerage charges.
- Limited free services compared to discount brokers.
Testimonial:
“I have been using Sharekhan for over 5 years. The research they provide is very helpful.” – Sandeep, Pune
7. Kotak Securities
Active Clients: 2.9 million (as of 2023)
Overview: Kotak Securities is a subsidiary of Kotak Mahindra Bank and provides a wide range of financial services. It’s popular for its research tools and high-quality customer service. Kotak Securities offers both full-service and discount broking options.
Pros:
- Strong research and market analysis.
- Trusted brand name (part of Kotak Mahindra Bank).
- Excellent customer support.
Cons:
- Higher brokerage fees for active traders.
- Mobile app interface can be improved.
Testimonial:
“Kotak Securities has been reliable for me, especially with the research they provide. It makes investing easier.” – Ayesha, Kolkata
8. Motilal Oswal
Active Clients: 2.7 million (as of 2023)
Overview: Motilal Oswal is another trusted name in the stock broking industry. It provides full-service brokerage and investment advisory services. It is also known for its research-based approach to stock picking.
Pros:
- Excellent research and advisory services.
- Good platform for both beginners and experienced investors.
- Offers a wide range of financial products.
Cons:
- Higher brokerage charges.
- The platform can be overwhelming for beginners.
Testimonial:
“Motilal Oswal’s research is top-notch. It really helped me grow my investment portfolio.” – Deepak, Mumbai
9. Edelweiss
Active Clients: 2.5 million (as of 2023)
Overview: Edelweiss is a well-known full-service stock broker. It offers trading in stocks, commodities, and mutual funds. It is known for its wide range of services and good customer support.
Pros:
- Good research tools and reports.
- Wide range of investment options.
- Good customer service.
Cons:
- Brokerage charges are higher compared to discount brokers.
- Trading platform can be slow sometimes.
Testimonial:
“I find Edelweiss to be reliable and the customer support is great.” – Rina, Jaipur
10. 5Paisa
Active Clients: 2.2 million (as of 2023)
Overview: 5Paisa is one of the most affordable discount brokers in India. It offers services like stock trading, mutual funds, and insurance products. It is known for its low fees and user-friendly mobile app.
Pros:
- Very low brokerage charges.
- Good mobile app for trading.
- Easy account opening process.
Cons:
- Limited research and advisory services.
- Customer support can be slow.
Testimonial:
“5Paisa offers low fees, and it’s easy to use. I can trade without worrying about high costs.” – Arvind, Ahmedabad
Comparison Table: Top 10 Stock Brokers in India by Active Clients
| Rank | Stock Broker | Active Clients (Million) | Type of Broker | Brokerage Charges |
|---|---|---|---|---|
| 1 | Zerodha | 7.4 | Discount Broker | Low |
| 2 | Upstox | 6.5 | Discount Broker | Low |
| 3 | Angel One | 5 | Full-Service Broker | Moderate |
| 4 | ICICI Direct | 4.5 | Full-Service Broker | High |
| 5 | HDFC Securities | 3.8 | Full-Service Broker | High |
| 6 | Sharekhan | 3.5 | Full-Service Broker | High |
| 7 | Kotak Securities | 2.9 | Full-Service Broker | High |
| 8 | Motilal Oswal | 2.7 | Full-Service Broker | High |
| 9 | Edelweiss | 2.5 | Full-Service Broker | High |
| 10 | 5Paisa | 2.2 | Discount Broker | Very Low |
Conclusion
Choosing the right stock broker is important for your success in the stock market. If you are a beginner or someone who prefers low fees, discount brokers like Zerodha, Upstox, and 5Paisa are great options. On the other hand, if you are looking for strong research and advisory services, full-service brokers like **