(Last Updated: May 15, 2019)
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Zerodha Alternatives: Best Discount brokers in India

  • Zerodha ranks quite high in the list of discount brokers in India. Zerodha has increased its customer base to a large extent in the past few years.

    Discount brokers in India have gained massive popularity owing to low brokerage, their simple process and useful services.

    There are a whole lot of discount brokers in India, the true competitors of Zerodha. We can simply call them as Zerodha alternatives:

    • 5paisa
    • Samco
    • Upstox
    • TradeSmartOnline
    • Fyers

    There is a very thin line of margin in the discount broking business. What matters is the technology driven platforms with adequate and timely customer support.
    The discount broker that can offer this combo of user friendly software/app plus great customer service shall emerge to be the winner.

    Don't miss to have a look at 5paisa vs Zerodha Review.

    Which Zerodha alternatives come to your mind? Any discount broker's name that you want to add, share your valuable experiences.

  • @ishu Zerodha is good. I like its services. Sometimes, there are minor technical issues. But, my overall experience has been good with them.

  • There are a number of discount brokers in India. Zerodha is a popular one. Thanks for sharing different alternatives.

  • Hi, Yes I too like Zerodha, they offer great services. I haven't face any technical issues as such. Might be some site maintenance going on at sometime. But, they have quite handy tools and app to support you in having a good investing and trading experience.

  • Hi, I have heard about 5paisa from my friends. I am confused which one to go for: Zerodha vs 5paisa. Which one is better? I am looking for a low fee account to invest some money.

  • You can try sasonline as well. It is one of the best discount brokers and has a very nominal fees. However, if you are doing only delivery trades, noone beats zerodha still, everyone charges for delivery except Zerodha

  • Why not try something like Groww which has got both the direct funds as well as advise built into the product ?

  • I think you should also add Finvasia in your list.
    The broker is giving tough competition to all discount brokers with its unbeatable pricing model. They have zero brokerage across all the segments.Trading platform is highly stable and doesn’t hang or freezes every second day like zerodha. Customer support team is highly responsive.

  • @UniQueme I haven't heard about this broker. Is it a new one? My friends usually discuss about Zerodha only. In fact, I was also thinking to open a demat account with them. But, I am confused. Which one to prefer? I mean, I am looking for a low brokerage account.

  • @UniQueme I think 5paisa is a better discount broker. I opened my account sometime back. But, now they have a quick account opening process. I referred it to my friend. And, the account was opened in just 2 days. The process is entirely online. I really liked such a fast process. No need to go and submit documents, you can e-sign and just get it done online. Also, you can trade @ Rs.10/order only. I personally like their services. What do you think? You can consider this too.

  • @rishabh don’t go with zerodha, haven’t you heard how much problems traders are facing? Zerodha’s platform freezes every other day. It’s just the name left, no service. You can check their official twitter handle.

    Now coming to your low brokerage question, what can be lower than Zero?
    @arunkaushal , every broker has the same account opening process be it 5 paisa or finvasia. How finvasia is better than 5 paisa, again 0 brokerage in all segments, 5 paisa charges 10/- order, why pay so much when a better option is available?
    @rishabh now you decide.

  • @UniQueme Whats the business model of Finvasia then if they are charging zero brokerage ? I don't want to risk my stocks and money with a broker that doesn't charge to keep their business running.

  • Also, Every broker would have problems. Zerodha is facing un-precedented scale. Even finvasia and 5paisa would face problems one day or the other(it's just tech after all). Can any of them give in written that there wont be any problem on any day in life? No, they can't.

  • @UniQueme I like 5paisa, my friend suggested me to open an account there. It is the 2nd largest discount broker in India. I am very satisfied with their overall services. It's a good online platform. I haven't faced any issue in it. It's the quality of services and good experience that matters. Even if there's a nominal charge, that's ok. Free platforms don't always offer the best services altogether.

    Every day I hear new players entering the market with new stock broking platforms. I don't think they can compete or even survive with these big giants like 5paisa.

  • Finvasia is a typical age old platform providing a desktop/mobile software to post your trades and the cost of using that software is 49Rs per month per segment. It's not free. See finvasia pricing page, you will see a link which says, Check Technology cost, so everyone will charge one way or the other. They are also businesses after all.

    Zerodha and 5paisa are modern Saas(Software as a service) type programs. You can chose as per your preference.

    Each of the brokers will have downtimes for sure sometime so instead of blaming the broker for that, align your trading strategy keeping downtime in mind.

  • Yes, I totally agree with your point. Any broker can face such technical problems. These are tech based platforms, and when user base increases there can be new issues arising. And, they are trying to fix that up to avoid inconvenience ahead.

    So, that shouldn't be the deciding factor. You need to consider other important factors while selecting the best stock broker. There are so many of them: A/c opening charges, AMC charges, brokerage etc. Out of this, the most crucial one is how often you wish to use such a platform, occasionally or regularly. I mean you are an active investor/trader or not.

  • I think some of the discount brokers are just over-hyped. I feel they provide somewhat similar platforms only. Every broker charges fee in one way or the other. In fact, nothing is free. The charges vary slightly here and there. Rest its user experience that proves which one is the best of all.

  • True! There are no guarantees. But, the top broker like Zerodha is facing platform freezes back to back that too during news time that certainly does ring an alarm bell. Its the amount of traffic that their servers receive, its impossible for a broker to manage the entire country trading load and this Is bound to repeat again. So, its wise to move to other brokers that provide decent services.

    I now use Upstox and Finvasia. I have split my trading between them.

    @stock_trader , just to correct you can trade with finvasia at no fees. Use scalpert or NOW. I use Scalpert and the recent upgrade of the platform is amazing. I usually trade on my phone and the android scalpert app is at par with uptox's mobile platform. So, with no brokerage and platform charges, they are quiet competitive in terms of fees when compared to others.

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  • @UniQueme Hey, thanks for sharing your views. You didn't seem to have a good experience with Zerodha. I personally had a very good experience with them. That's why I listed them in the best discount brokers in India.

    Of course, a tech driven platform having a huge user base can be difficult to manage at times. Some technical issues here and there are justified and they are fixing those quickly.

    Anyways, all have there good and not so good experiences to share. This is what this financial discussion platform is meant for 🙂 Just keep sharing your genuine feedback so that others can get better ideas to go ahead.

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