Stop losing profits to high fees. We compare the top 10 discount brokers in India including Shoonya, Dhan, and Pocketful. See the full brokerage table inside!
Nowadays, every trader is looking for trading apps that offer low brokerage, clear charges, and a reliable trading experience. This is why low-brokerage apps have seen a rapid increase in interest. In this blog, we'll explain in simple terms what constitutes real costs, which apps are truly cost-effective, and where hidden charges quietly erode your profits.
How Brokerage Fee Models Actually Work?
There are two types of brokerage models in online trading: percentage-based brokerage and flat-fee per order. Percentage models charge based on the value of your trade, while flat-fee models charge a fixed fee of around ₹20 per intraday or F&O trade. The actual cost is made up of several other components GST, STT (Securities Transaction Tax), exchange transaction charges, DP charges (₹10-₹15 per entry), Call & Trade fees, and Margin Trading Facility (MTF) interest, which currently ranges from 9%-18% (varying by broker). For this reason, simply looking at the "lowest brokerage" isn't always the right decision, as the effective cost varies depending on each trader's style. For frequent intraday traders, a flat-fee model may be cheaper, while for long-term investors, delivery-based zero brokerage may be more beneficial.
Top 10 Lowest Brokerage Trading Apps
1. m.Stock
2. Shoonya
3. ProStocks
4. Pocketful
5. Dhan
6. FYERS
7. 5paisa
8. Alice Blue
9. Upstox
10. Zerodha
m.Stock
Intraday Brokerage: ₹5 per executed order
Delivery Brokerage: ₹0
F&O Brokerage: ₹5 per executed order
Options Brokerage: ₹5 per executed order
Reference Link: m.Stock Pricing
Shoonya
Intraday Brokerage: 0.03% or ₹5 per executed order
Delivery Brokerage: ₹0
F&O Brokerage: 0.03% or ₹5 whichever is lower per executed order
Options Brokerage: Flat ₹5 + GST per executed order
Reference Link: Shoonya Pricing
ProStocks
Intraday Brokerage: ₹15 per executed order / Unlimited Monthly Plan ₹899
Delivery Brokerage: ₹0
F&O Brokerage: ₹15 per executed order
Options Brokerage: ₹15 per executed order
Reference Link: ProStocks Pricing
Pocketful
Intraday Brokerage: 0.03% or ₹20 per executed order
Delivery Brokerage: ₹0
F&O Brokerage: ₹20 or 0.03% per executed order, whichever is lower
Options Brokerage: ₹20 per executed order
Reference Link: Pocketful Pricing
Dhan
Intraday Brokerage: ₹20 or 0.03% per executed order
Delivery Brokerage: ₹0
F&O Brokerage: ₹20 or 0.03% per executed order
Options Brokerage: ₹20 per executed order
Reference Link: Dhan Pricing
FYERS
Intraday Brokerage: 0.03% or ₹20 per executed order
Delivery Brokerage: ₹20 per executed order or 0.3%
F&O Brokerage: ₹20 per executed order or 0.3%
Options Brokerage: ₹20 per executed order
Reference Link: FYERS Charges List
5paisa
Intraday Brokerage: ₹20 per executed order
Delivery Brokerage: ₹20 per executed order
F&O Brokerage: ₹20 per executed order
Options Brokerage: ₹20 per executed order
Reference Link: 5paisa Brokerage Charges
Alice Blue
Intraday Brokerage: 0.05% or ₹20 per executed order
Delivery Brokerage: ₹20 per executed order or 2.5%
F&O Brokerage: ₹20 per executed order
Options Brokerage: ₹20 per executed order
Reference Link: Alice Blue Pricing
Upstox
Intraday Brokerage: ₹20 per executed order or 0.1% whichever is lower
Delivery Brokerage: ₹20 per executed order
F&O Brokerage: ₹20 per executed order or 0.1% whichever is lower
Options Brokerage: ₹20 per executed order or 0.05% whichever is lower
Reference Link: Upstox Brokerage Charges
Zerodha
Intraday Brokerage: 0.03% or ₹20 per executed order
Delivery Brokerage: ₹0
F&O Brokerage: 0.03% or ₹20 per executed order whichever is lower
Options Brokerage: Flat ₹20 per executed order
Reference Link: Zerodha Charges
Overview of Top Lowest Brokerage Trading Apps in India
1. m.Stock: m.Stock is Mirae Asset Capital Markets' digital broking platform, launched in 2022. It is popular for its one-time brokerage plan, where traders can choose a lifetime zero brokerage model. Mirae Asset Group's strong global backing gives it an edge in both reliability and transparency.
2. Shoonya: Shoonya is Finvasia Group's zero-brokerage trading platform, launched in 2016 with a no-commission model. It offers zero fees on stocks, commodities, currencies, and derivatives trading. Its modern tech infrastructure and no additional platform charges make it one of the most popular ultra-low-cost brokers.
3. ProStocks: ProStocks, the discount broking brand of Sunlight Broking LLP, has been offering low-cost trading solutions since 2016. It is popular for its zero-delivery brokerage and fixed monthly plans. Its affordable plans and low DP charges make it a strong choice, especially for heavy traders and NRIs.
4. Pocketful: Pocketful was launched in 2022 by Sarvam and Rishabh Goyal under Pace Stock Broking Services Pvt. Ltd. With decades of industry experience, the platform is known for offering zero delivery charges, free account opening, and India's lowest MTF interest rate of 5.99%. It is an affordable option for both new and active traders.
5. Dhan: Launched in 2021 by Pravin Jadhav, Dhan has rapidly emerged as a tech-first broking platform. It features fast execution, flat-fee trading, and robust tools for options traders. Dhan is known for features like API, chart-based trading, and instant margin updates.
6. FYERS: Founded in 2015, FYERS derives its name from "Focus Your Energy and Reform Yourself." The company is based in Bengaluru and is known for providing advanced trading platforms, charting tools, and special low fees for NRI clients. It is popular among tech-oriented active traders.
7. 5paisa: 5paisa Capital, launched in 2016 with the support of the IIFL Group, later became an independent company listed on the NSE and BSE. Its flat-fee model, low brokerage, and multi-investment features such as mutual funds, insurance, gold, and loans makes it an all-in-one affordable platform.
8. Alice Blue: Alice Blue, launched in 2006, is one of South India's leading discount brokers. It is known for its TradingView-based API trading, zero-brokerage mutual fund investments, and affordable commodity trading. Its MTF facility and partner program distinguish it among active traders.
9. Upstox: Upstox, formerly known as RKSV Securities, was founded in 2009. After rebranding in 2016, it has become one of India's fastest-growing platforms. Milestones like low brokerage, fast app performance, and over 100,000 monthly demat openings in 2019 prove its credibility.
10. Zerodha: Zerodha was launched in 2010 by Nitin and Nikhil Kamat and became India's largest retail broker in 2019. Its flat ₹20 intraday/F&O model and digital-first ecosystem make it stable and transparent in terms of costs. Features like Varsity and Kite make it a preferred choice for educated traders.
Impact of brokerage and leverage
A low brokerage is only effective if the broker also offers adequate intraday and derivatives leverage. If leverage is too limited, active intraday traders find it difficult to increase position sizes, even if the fees are low.
The Actual Cost of Margin Trading Facility (MTF): The interest charged on MTFs varies from broker to broker and currently ranges from 9% to 18%. This directly impacts the overall cost of a trade, so simply looking for the "lowest brokerage" isn't enough.
Why the Demand for High Leverage Brokers is Growing: Many traders seek out the highest leverage broker in India because it makes it easier to create large positions with less capital. However, leverage is only beneficial if the platform's liquidity, execution speed, and margin policies are strong.
The Importance of Execution and Risk Controls: Good leverage is only safe if the brokerage platform's risk controls (auto square-off, margin alerts, exposure limits) are reliable. Large leverage combined with poor execution or high slippage can increase losses, not profits.
How Traders Should Compare Brokers
Checking Order Execution: Try a couple of trades during peak hours to see how quickly orders are executed and whether slippage is low. Fast and stable execution is the foundation of reliable trading.
Actual Brokerage Verification: Try a few sample trades and check the contract notes to ensure that the charges match the advertised fees. This gives you a quick idea of any hidden charges.
MTF Rate and Eligibility Comparison: Every broker's MTF interest rate varies, typically ranging between 9% and 18%. Pocketful stands out here because it offers the lowest MTF interest rate in the industry at 5.99%, significantly reducing overall costs.
Platform Stability and Downtime: Check the app's recent uptime, login issues, and issues like order freezes. Only a stable platform is safe for continuous trading.
Check Settlement and DP Charges: Check the timing of fund settlements, DP charges, and the transparency of the contract note to determine whether the long-term costs are appropriate for your trading style.
Conclusion
Overall, when choosing a low-cost brokerage, it's important to consider not just the fees, but also the stability of the platform and its actual costs. Each broker has its own strengths, so choose the one that seems most convenient and reliable for your trading style, budget, and daily needs.