Best Discount Brokers in India 2026 — Zerodha vs Groww vs Dhan vs Upstox vs Angel One

Jump to section

In short: India’s top discount brokers in 2026 — Zerodha, Groww, Dhan, Upstox, and Angel One — all charge ₹0 for equity delivery and ₹20 flat for intraday and F&O. The real difference lies in the app experience, charting tools, customer support, and ancillary features. Zerodha remains the safest, most mature choice for buy-and-hold investors. Dhan stands out for active traders and F&O users with fast execution, 2,500 price alerts, and 1 crore MTF funding. Groww has the friendliest UI for true beginners. This guide compares all five across 12 dimensions so you can pick the right one without later regret.

Affiliate disclosure: This article contains referral links to Dhan and Zerodha. If you open an account through them, I may earn a small commission at no extra cost to you. All recommendations are based on independent comparison of features and pricing.

What makes a discount broker different

Discount brokers emerged in India after SEBI’s 2010 brokerage reforms and exploded after Zerodha launched in 2010 with the radical proposition: zero brokerage on equity delivery, ₹20 flat on everything else. Before this, full-service brokers like ICICI Direct and HDFC Securities charged 0.3 to 0.5 percent of transaction value — meaning a ₹1 lakh trade cost ₹300 to ₹500 in brokerage alone.

Discount brokers run a no-frills model. No research reports, no advisory, no relationship manager, no physical branches. Instead, they invest in technology — fast apps, low-latency execution, robust APIs — and pass the cost savings to users. The trade-off: you get cheaper trading but you are on your own for what to buy.

For a buy-and-hold investor making 20-30 trades a year, this is a no-brainer. The brokerage savings alone — typically ₹15,000 to ₹50,000 per year on a moderate-sized portfolio — exceed any value a full-service broker’s research adds for most retail investors.

The 12 dimensions that actually matter

1. Equity delivery brokerage — ideally ₹0
2. Intraday and F&O brokerage — most charge ₹20 flat or 0.03 to 0.05 percent, lower of the two
3. Account opening fee — should be ₹0
4. Annual Maintenance Charge (AMC) — ranges from ₹0 to ₹450 per year
5. Order execution speed — matters mostly for intraday and F&O
6. App reliability during market hours — major brokers have all had outages; track record matters
7. Charting tools — depth and quality of TradingView-style charts
8. Mutual fund offering — direct plan availability, range of funds, SIP setup
9. Margin and pledge facility — interest rates, ease of pledging
10. Customer support — response time, channels, quality
11. Educational content — only meaningful if you are a beginner
12. Hidden charges — DP charges, call-and-trade fees, payment gateway fees

The five major discount brokers compared

1. Zerodha — the market leader

Active clients (Mar 2026): approximately 7.5 million (largest in India by margin)
Founded: 2010 by Nithin and Nikhil Kamath
Best for: Long-term investors, mutual fund SIPs, anyone wanting the safest pick

Zerodha’s Kite app is the most polished trading interface in India. The web version handles complex order types, basket orders, and GTT (Good Till Triggered) orders that other brokers do not match. Coin — their direct mutual fund platform — was the first in India to offer zero-commission direct MF plans when other brokers were charging 1 percent commission. Console, their reporting dashboard, generates clean profit and loss statements, capital gains reports, and pre-filled ITR data.

Pricing (2026):

• Equity delivery: ₹0
• Equity intraday: ₹20 or 0.03 percent (lower)
• F&O futures: ₹20 or 0.03 percent (lower)
• F&O options: ₹20 flat per executed order
• Account opening: ₹200 (one-time)
• AMC: ₹300 per year

What is good: Most reliable platform, lowest churn rate, strongest brand trust. Zerodha Varsity is genuinely the best free Indian investor-education resource. Coin is best-in-class for direct mutual funds. No conflict of interest — Zerodha does not sell its own funds.

What could be better: Customer support is email-only with 24 to 48 hour response time. Slower to add new features compared to younger competitors. App downtime during major market events has happened.

Open account: Zerodha sign-up link

2. Dhan — built for active traders

Active clients (Mar 2026): approximately 1.5 million (one of the fastest-growing)
Founded: 2021, by the team behind Moneylicious
Best for: Active traders, F&O users, people who want power features

Dhan launched in 2021 and took the trader-focused niche that Zerodha had partially vacated as it matured. The Dhan app puts power features front and centre: 2,500 free price alerts, advanced TradingView charts, options chain analyser with Greeks visible by default, fast pledge-margin facility (instant), and 1 crore MTF (Margin Trading Facility) funding for eligible users. Order placement is genuinely faster than most competitors — important for momentum trading and F&O.

Pricing (2026):

• Equity delivery: ₹0
• Equity intraday: ₹20 or 0.03 percent (lower)
• F&O futures: ₹20 or 0.03 percent (lower)
• F&O options: ₹20 flat per executed order
• Account opening: ₹0
• AMC: ₹0 first year, ₹300 per year after

What is good: Best-in-class charts, fast execution, generous free-tier features, instant pledge margin, free Forever AMC option available. UPI auto-pay for direct mutual fund SIPs. Smart Order Routing for best execution prices. Has its own publicly-available DhanHQ API which is one reason many fintech sites (including EquityPandit) source their data from Dhan.

What could be better: Newer brand — less name recognition than Zerodha or Groww. Mutual fund offering, while functional, is not as polished as Coin. Tax reporting (capital gains statement) is decent but improving.

Open account: Dhan sign-up link

3. Groww — the beginners choice

Active clients (Mar 2026): approximately 9 million (highest by raw count, includes many MF-only users)
Founded: 2016 by ex-Flipkart founders
Best for: First-time investors, mutual fund focus, mobile-first users

Groww began as a mutual fund platform and added stockbroking only in 2020. The mobile app is unambiguously the most beginner-friendly — simple categorisation, clean interface, no overwhelming options. The Explore tab surfaces investment ideas tailored to your level. For someone who has never bought a stock before, Groww feels closer to an e-commerce experience than a trading platform.

Pricing (2026):

• Equity delivery: ₹20 or 0.05 percent (lower) — NOT zero, unlike Zerodha and Dhan
• Equity intraday: ₹20 or 0.05 percent (lower)
• F&O futures: ₹20 or 0.05 percent (lower)
• F&O options: ₹20 flat
• Account opening: ₹0
• AMC: ₹0

What is good: Cleanest, most beginner-friendly UI. Zero AMC permanently. Best-in-class mutual fund discovery experience. SIPs are particularly easy to set up.

What could be better: Charges ₹20 on equity delivery (Zerodha and Dhan are free) — costs add up for active investors. Charting tools are basic compared to Dhan or Zerodha Kite. F&O options chain and Greeks data is rudimentary. No advanced order types like GTT.

4. Upstox — the Ratan Tata-backed option

Active clients (Mar 2026): approximately 2.3 million
Founded: 2009 (originally RKSV, rebranded to Upstox in 2015). Investors include Ratan Tata, Tiger Global, GVK Reddy.
Best for: Users wanting mid-tier features at competitive prices

Upstox sits in the middle of the pack. The Pro app has more advanced features than Groww but less polish than Zerodha Kite or Dhan. They were aggressive on customer acquisition during 2020 to 2022 (offering free account opening plus cashback), which gave them a large user base, but feature-wise they have not kept pace with Dhan’s recent advances.

Pricing (2026):

• Equity delivery: ₹20 or 2.5 percent (lower) — first ₹1L worth of trades may be free under promotional terms
• Equity intraday: ₹20 or 0.05 percent (lower)
• F&O futures: ₹20 or 0.05 percent (lower)
• F&O options: ₹20 flat
• Account opening: ₹0
• AMC: ₹150 to ₹300 per year (varies by plan)

What is good: Strong brand backing (Ratan Tata, Tiger Global). Decent app. Has improved a lot in 2024-2025. Cashback offers when funded via UPI.

What could be better: Charges ₹20 on delivery. AMC is not free. Customer service had a rocky period in 2023 with long resolution times — improving but not at Zerodha’s level.

5. Angel One — the oldest discount broker

Active clients (Mar 2026): approximately 5.4 million
Founded: 1987 as a sub-broker, transitioned to discount in 2019
Best for: Hybrid users wanting research plus low brokerage

Angel One (previously Angel Broking) is the only broker that successfully transitioned from a full-service model to discount broking. It retained the advisory infrastructure — research reports, smart suggestions, the ARQ Prime rule-based portfolio advisor — while moving to flat ₹20 brokerage. The Angel One Super App tries to be everything: stocks, mutual funds, insurance, loans, US stocks. Sometimes this works, sometimes it feels bloated.

Pricing (2026):

• Equity delivery: ₹0
• Equity intraday: ₹20 or 0.03 percent (lower)
• F&O futures: ₹20 or 0.03 percent (lower)
• F&O options: ₹20 flat
• Account opening: ₹0
• AMC: ₹0 first year, ₹240 per year after

What is good: ARQ Prime provides automated rule-based portfolio recommendations (handy if you want some guidance). Free research reports. iTrade Prime web platform is feature-rich. Long brand history.

What could be better: Super App can feel busy with notifications. UX is less polished than Zerodha or Dhan. Sales calls and cross-sell pitches can be aggressive.

Quick comparison table

Which broker should you choose — by use case

You are a true beginner with mutual fund focus: Groww. Its UI removes complexity. Once you are comfortable, you can switch later if needed.

You want the safest, most-tested option with the best mutual fund platform: Zerodha. Coin is genuinely the best MF platform in India.

You are an active trader or planning to use F&O: Dhan. Fast execution, free advanced charts, generous price alerts, instant pledge margin, and 1 crore MTF funding for eligible accounts.

You want some research with low brokerage: Angel One. ARQ Prime gives automated portfolio recommendations.

You want a feature-rich alternative with brand backing: Upstox.

Why open multiple demat accounts

There is no SEBI limit on the number of demat accounts you can hold. Many seasoned investors keep two:

• Primary account for long-term holdings, SIPs, and bulk of capital. Usually with Zerodha or Groww.
• Secondary account for active trading, F&O, and short-term positions. Often with Dhan or Upstox.

The advantage: if one broker’s platform goes down on a critical market day (Budget, Fed announcement), you have a backup. The disadvantage: two AMCs to pay. Worth it for portfolios over ₹5 to ₹10 lakh.

Switching brokers — what it actually involves

If you have outgrown your current broker, switching is possible via a CMR (Closure-cum-Transfer) request:

1. Open the new account first. Do not close the old one until the new one is active.
2. Initiate transfer of holdings via CMR. Charges: ₹15 to ₹25 per ISIN (stock) being transferred.
3. Wait 7 to 15 working days for shares to land in new demat account.
4. Update bank mandate, nominee, and tax filings to reflect the new broker.
5. Close the old account only after verifying all holdings have transferred.

For very large portfolios (50+ stocks), the per-ISIN charges add up. Some brokers offer to reimburse transfer fees as a customer-acquisition promotion — ask about this before initiating.

Red flags to watch for in any broker

• Free brokerage forever promises — they always have a catch (margin interest, hidden DP charges, payment gateway fees)
• Aggressive sales calls for advisory services or premium subscriptions
• SMS or WhatsApp tips with buy/sell recommendations (only SEBI-registered advisors can legally do this)
• Poor reviews around fund withdrawal delays (signal of liquidity issues at the broker)
• Frequent app downtime during market hours (search recent NSE/BSE outage reports)
• No transparent fee schedule on website (forces you to call to find out costs)

Frequently Asked Questions

Is my money safe with a discount broker?

Yes, provided you stick with SEBI-registered, established brokers. Your shares are held at NSDL/CDSL, not by the broker. Even if the broker shuts down, your shares remain in your name at the depository. Money in your trading account is technically broker-held — SEBI mandates strict segregation between client funds and broker funds, and the Investor Protection Fund covers up to ₹25 lakh per investor in case of broker default.

Can I have a Zerodha and Dhan account simultaneously?

Yes. There is no SEBI restriction on the number of demat accounts. Each broker is a separate Depository Participant — you can have one demat account with each.

Which broker has the lowest total cost of ownership over 10 years?

For a buy-and-hold investor making 12 to 15 trades per year with 5L average portfolio: Zerodha or Dhan, roughly tied. Both charge ₹0 brokerage on delivery plus ₹300 AMC. Total 10-year cost: approximately ₹3,000 to ₹3,500. Groww saves you AMC (around ₹3,000) but charges ₹20 per delivery trade (around ₹2,400 over 10 years for 12 trades per year) — roughly net-equal. For active traders making 100+ trades per year, Dhan and Zerodha tie at ₹20 flat per intraday/F&O trade.

Does Zerodha allow F&O for everyone?

Yes, but you must declare income via 6-month bank statement, salary slip, or ITR to activate F&O. The same applies to Dhan, Groww, and all other brokers. SEBI mandates income proof for derivatives because of the leverage involved.

Are NRI demat accounts available with discount brokers?

Yes, but with extra paperwork. Zerodha, ICICI Direct, HDFC Securities, and Kotak Securities offer NRI demat with PINS (Portfolio Investment Scheme) integration. NRI accounts require PAN, OCI/PIO card, NRE/NRO bank account, and a few additional forms.

Can I trade US stocks via Indian brokers?

Yes. INDmoney, Vested, and Groww (via Groww International) allow Indian residents to invest in US stocks under the Liberalised Remittance Scheme (LRS). Dhan and Zerodha do not currently offer this directly. There is a 250,000 USD per-financial-year limit per individual under LRS, plus 20 percent TCS on remittances above ₹7 lakh per year.

Sources & Further Reading