Find out which are the top stock brokers in India in 2025. From discount brokers to full-service firms, compare fees, features, and more to trade smarter
The Indian stock markets have witnessed a surge in market participants (investors and traders) in recent years. With online trading and discount brokers, people can trade using their mobile phones in a matter of seconds at minimal costs.
This blog highlights the five top stock brokers in India and tips on how you can choose the right broker.
What is a Stock Broker?
A stock broker is an intermediary who is registered with the stock exchange and places trades on behalf of investors. The broker charges a small fee for this service. India has many stock brokers, with some having physical offices you can visit and some with online presence. Some brokers might even provide investment advice and portfolio management.
Representation of stock brokers in India, featuring traders analysing stock market charts on monitors and using trading platforms, symbolizing online trading and financial investments.
Top Stock Brokers in India
Let us look at the five top stock brokers in India based on clients as of December 2024 .
- Groww Invest Tech Private Limited: Groww started in 2017 as a direct mutual fund distributor. In the early half of 2020, the company added stock trading, followed by ETFs, gold, and IPOs. It is a discount broker with an online presence.
Groww provides multiple facilities like intraday trading, delivery trading, and most prominently, mutual fund investment. Groww does not offer commodity or currency trading.
As of January 2025, the company has 13.23 million active users and it holds 26.66% market share among stock broking apps in India. The company added 76,135 users in January 2025.
Broking charges for Groww are as follows:
| Product | Brokerage Fees |
| Equity | ₹20 or 0.1% whichever is less (min: ₹2) |
| Futures & Options | ₹20 per order |
| Mutual Funds | ₹0 |
2. Zerodha Broking Limited: Zerodha, the second largest discount broker in India, reaches its clients through online mode. The company started operations in August 2010.
Zerodha offers trading in the cash and derivatives segment of equities, commodities, and currency contracts. Users can use a wide variety of order types to place their trades, such as limit orders, stop-loss orders, etc.
As of January 2025, it has 8.08 million active clients, and it has a 16.28% market share. In FY24, Zerodha earned a revenue of ₹9,372 crores and a net profit of ₹5,496 crores.
Broking Charges for zerodha are as follows:
| Product | Brokerage Fees |
| Equity – Delivery | Free |
| Options: Equity, Currency and Commodity | ₹20 per trade |
| Equity Intraday and Futures – Equity, Currency and Commodity. | 0.03% or ₹20 per trade (whichever is lower) |
3. Angel One Limited: Angel One began operations in 1996, and it is the biggest full-service stock broker in India. Angel One has an online presence and physical branches as well.
Angel One provides a facility for trading in equity, currency, commodity, and mutual funds. Angel One is a listed company, and it also provides a margin trading facility.
The company has 15.65% market share as of January 2025, and it has 7.77 million active users, making it the third biggest stock broker and the biggest full-service stock broker in India.
Broking charges for Angel One are as follows:
| Product | Brokerage Fees |
| Equity – Delivery | Zero brokerage up to ₹500 and then lower of 0.1% or ₹20 per trade. |
| Equity – Intraday. | Zero brokerage up to ₹500 and then lower of 0.03% or ₹20 per trade. |
| Futures and Options – Equity, Currency and Commodity. | Zero brokerage up to ₹500 and ₹20 per trade after that. |
4. Upstox Securities Private Ltd: Upstox started its business in 2010. It is the fourth biggest broker in terms of active clients.
Upstox, which got its funding from Ratan Tata in 2016, provides trading in commodities, equity, currency, and mutual funds. It has a 5.76% market share with over 2.86 million active users.
Broking charges for Upstox are as follows:
| Product | Brokerage Fees |
| Delivery: Equity; Options: Equity, Currency and Commodity | ₹20 per order |
| Futures: Equity, Currency and Commodity | Lower of ₹20 or 0.05% per order |
| Intraday: Equity | Lower of ₹20 or 0.1% per order |
5.ICICI Securities: ICICI Securities is a full-service broker that provides a whole host of services, from trading in various assets like bonds, equity, and commodities to wealth management services. ICICI Securities is a company listed on the stock exchanges.
ICICI Securities also provides its customers with the facility of online trading. The company has 1.95 million active users and a 3.93% market share in January 2025. Here are the broking charges for ICICI securities:
| Product | Brokerage Fees |
| Equity: Futures Equity: Options | 0.05% ₹95 per contract lot |
| Equity – Delivery | 0.29% of turnover |
| Commodity: Futures and Options | Flat ₹20 per order |
How to choose the right broker?
To select the right broker among the wide range of available online trading platforms in India, market participants should look for these factors:
- Trading Fees: Choose a broker that offers competitive broking fees for the products you want to trade.
- Product Offering: Not all brokers allow trading in all asset classes, make sure your broker has trading products available.
- Customer Support: Some traders might prefer brokers with physical branches and better customer response, and some might prefer trading advisory.
- Track Record: Make sure the broker you choose has a track record for regulatory compliance and high operational efficiency.
Conclusion
These are some of the top brokerage firms in India among many brokers available in terms of highest active clients in January 2025. They have been able to provide their users with competitive fees and seamless services. Always remember these ranks keep changing, and their active users might change in the future.
