(Last Updated: May 15, 2019)

Zerodha Alternatives: Best Discount brokers in India



  • 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.



  • Stock_trader said in Zerodha Alternatives: Best Discount brokers in India:

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

    Very rightly said! I do agree that Zerodha and 5paisa are modern day platforms simplifying the investing and trading activities.

    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.

    You have correctly expressed this. So, this factor shouldn't be given much importance while selecting the best discount broker. What do you think? What other crucial factors one should keep in mind while deciding the best stock broker? Any feedback on this.



  • @UniQueme Hey, Is Finvasia a new stock broker? I haven't heard about this. You saying, its giving tough competition to others. But, I think this is a fairly new entrant. How's this possible? Or may be it's not that popular. There are so many new stock brokers coming up. I hardly believe they can stay with very strong players in the market.

    I really wonder what's the business and profit model for the rising number of discount brokers in India? If they offer unbeatable or free pricing offers, how will they survive and grow? Right!



  • @Ishu I am thinking to open an account with 5paisa broker. Is it a good one? I read its reviews and found it to be a decent choice. What do you think about this discount broker? Any suggestions about it.



  • Hey, What about Paytm Money? That's also all set to become one of the big Zerodha alternatives very soon. Any feedback on Paytm money, if anyone can give.



  • @Shalini can you please tell me where did you see the reviews? I stay away from 5paisa after seeing lots of negative reviews about their customer support and hidden charges.

    Finvasia is a good choice, they offer high leverage and zero brokerage in intraday which is a perfect mix for me, not to mention they offer zero brokerage for all segments. I started trading with them more than 3 months ago and liked their services so far.

    @Madhav I really had that same question in the beginning like how they survive and grow. I googled it and found traderji finvasia forum and youtube video where they shared how they make money. In short, they claim that they have many revenue sources and also make money from exchanges when their volume touch above benchmark, even talking about technology that benefitted them.

    Apart from free brokerage on all trades and free platforms (Scalpert, NOW, BEST) and free leverage upto 10x, they charge monthly on NEST platform Rs. 150, Bracket order Rs. 99 monthly, debit (sell) in demat Rs. 9.



  • @Tarun Hey, you seem to be a Finvasia fan. Is it just by reading reviews about it. Or have you actually tried this? And, is it a discount broker or a full service broker? I mean, here the discussion is on best discount brokers in India. So, does it fit into this criteria of discount broking model?



  • @NareshMittal Not really fan lol. But I find their services genuine and good. As I’ve said last time that I’ve been trading with Finvasia for more than 3 months, not just checking reviews. I would never recommend directly without research and testing.

    Yes, it does fit the thread’s criteria because first, it’s not a full service broker, second they offer zero brokerages on all segments which is very competing since some others (Zerodha, Fyers and Upstox) are offering zero on delivery based only. In future, because of Finvasia, others may start to slash out brokerages on all other segments apart from delivery. I have a high feeling that Paytm might come out with this zero brokerage plan that Finvasia has.



  • @Tarun Hey, thanks for adding up to my post. Finvasia sounds to be an interesting platform, hearing such details 🙂
    And yes, I also agree that Paytm is all set to come out with zero brokerage plan. In fact, I believe it is the one giant company, that can give tough competition to all the existing discount brokers may it be Zerodha, 5paisa, Upstox and Finvasia too. Right!



  • @Ishu @Tarun @UniQueme I would like to add WisdomCapital to this list of discount brokers in India. They have good plans that include lifetime zero brokerage freedom plans in equities. They are doing well in providing online trading services. Overall, I think it is a growing competitor to other discount brokers in India. That's my viewpoint! What do you people think?



  • Kirti said in Zerodha Alternatives: Best Discount brokers in India:

    @Ishu @Tarun @UniQueme I would like to add WisdomCapital to this list of discount brokers in India. They have good plans that include lifetime zero brokerage freedom plans in equities. They are doing well in providing online trading services. Overall, I think it is a growing competitor to other discount brokers in India. That's my viewpoint! What do you people think?

    It's really good that Wisdom Capital, one of discount brokers, came out zero brokerage on all segments but unlike finvasia, they are in a tight space like margin is not allowed and their demat AMC is very expensive @ 999, and they only offer NOW trading platform to activate the freedom plan. Finvasia offer 10x margin in equity for free, zero demat AMC, and 3 free platforms.

    Moreover, I have researched the reviews of their support, and I must say that their customer support is not what you expect. Is it true that Wisdom Capital is the franchise of F6online?



  • @Tarun Hey, I think WisdomCapital is a decent stock broker. They might be having franchisees and not the other way round. As far as I know, this discount broker Wisdom Capital was incorporated in 2013 and is doing fine since then.



  • @UniQueme Talking of best Zerodha alternatives, my vote definitely goes to 5paisa. I feel presently this is the toughest competitor to Zerodha. It's client base is a bit lesser than Zerodha, but I believe they are surely going to surpass that. I personally like their discount brokerage platform 🙂



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