In this article, we analyze the top 10 demat stock brokers in India based on their active client base in 2025. We compare their key features, brokerage charges, investment options, and trading platforms to help investors choose the best broker for their needs. From leading discount brokers like Zerodha and Groww to full-service players like ICICI Direct and HDFC Securities, this guide provides insights into the strengths and offerings of each broker in the Indian stock market.
1. Groww
- Active Clients: 12,594,877
- Overview: Groww has rapidly become the largest stock broker in India, appealing to millennials and first-time investors with its user-friendly platform.
- Key Features:
- Investment Options: Direct mutual funds, stocks, ETFs, and digital gold.
- Platform Accessibility: Seamless experience across mobile and web platforms.
- Educational Resources: Blogs, videos, and webinars to educate investors.
- Charges: Zero account opening fee; competitive brokerage charges.
2. Zerodha
- Active Clients: 8,124,738
- Overview: Pioneering the discount broking model in India, Zerodha is renowned for its transparent pricing and robust trading platforms.
- Key Features:
- Investment Options: Equities, derivatives, mutual funds, bonds, and government securities.
- Trading Platforms: Kite (web and mobile), Coin (mutual funds), and Console (dashboard).
- Educational Initiatives: Varsity offers in-depth market education modules.
- Charges: Flat ₹20 per trade for intraday and F&O; zero brokerage on equity delivery.
3. Angel One
- Active Clients: 7,631,012
- Overview: Transitioning from a traditional broker to a fintech platform, Angel One combines full-service offerings with competitive pricing.
- Key Features:
- Investment Options: Stocks, commodities, currencies, mutual funds, and insurance.
- Trading Platforms: Angel One App, Angel SpeedPro, and web-based trading.
- Advisory Services: Personalized investment recommendations and portfolio management.
- Charges: Zero brokerage on equity delivery; ₹20 per order for intraday and F&O.
4. Upstox
- Active Clients: 2,872,615
- Overview: Known for its tech-driven approach, Upstox offers a range of investment options with a focus on affordability.
- Key Features:
- Investment Options: Equities, commodities, currencies, mutual funds, and digital gold.
- Trading Platforms: Upstox Pro mobile app and web platform with advanced charting tools.
- Educational Content: Webinars and tutorials for investor education.
- Charges: Zero brokerage on equity delivery; ₹20 per order for intraday and F&O.
5. ICICI Direct
- Active Clients: 1,941,462
- Overview: A part of the ICICI Group, ICICI Direct is one of the most popular stock brokers in India, offering online trading and investment services such as equity, commodity, and currency trading.
- Key Features:
- Investment Options: Equities, derivatives, mutual funds, IPOs, bonds, and NCDs.
- Trading Platforms: Trade Racer (terminal-based), mobile app, and web platform.
- Research and Advisory: Comprehensive research reports and personalized advisory services.
- Charges: Percentage-based brokerage; various plans to suit different investor needs.
6. Kotak Securities
- Active Clients: 1,462,281
- Overview: Part of the Kotak Mahindra Group, it provides a 3-in-1 account and a range of investment services.
- Key Features:
- Investment Options: Equities, derivatives, mutual funds, ETFs, and fixed deposits.
- Trading Platforms: Kotak Stock Trader app, KEAT ProX trading terminal, and web-based platform.
- Research and Tools: Access to detailed research reports and trading tools.
- Charges: Competitive brokerage plans; free intraday trading in some plans.
7. HDFC Securities
- Active Clients: 1,335,188
- Overview: A subsidiary of HDFC Bank, offering a 3-in-1 account with a focus on reliability and extensive research.
- Key Features:
- Investment Options: Stocks, derivatives, mutual funds, bonds, and NCDs.
- Trading Platforms: HDFC Securities app, Blink trading terminal, and web platform.
- Research and Advisory: In-depth market research and investment advisory services.
- Charges: Percentage-based brokerage; various plans to suit different investor needs.
8. Paytm Money
- Active Clients: 722,755
- Overview: Leveraging the brand trust of Paytm, Paytm Money offers a simplified investment platform for retail investors.
- Key Features:
- Investment Options: Direct mutual funds, stocks, ETFs, and NPS.
- Platform Accessibility: User-friendly mobile app with real-time tracking.
- Charges: Zero commission on mutual funds; competitive brokerage on stock trading.
9. 5paisa
- Active Clients: 506,960
- Overview: 5paisa is a prominent discount broker in India, known for its cost-effective trading solutions and a wide array of investment options.
- Key Features:
- Investment Options: Equities, derivatives, commodities, currencies, mutual funds, and insurance products.
- Trading Platforms: User-friendly mobile app and web platform equipped with advanced charting tools and real-time data.
- Research and Advisory: Offers research reports, stock recommendations, and portfolio analytics to assist investors in making informed decisions.
- Charges: Flat fee of ₹20 per order across all trading segments, with zero brokerage on mutual fund investments.
10. AxisDirect
- Active Clients: 423,206
- Overview: AxisDirect is the retail brokerage arm of Axis Bank, providing a comprehensive suite of investment services with the convenience of a 3-in-1 account.
- Key Features:
- Investment Options: Equities, derivatives, mutual funds, IPOs, bonds, and ETFs.
- Trading Platforms: Offers a robust mobile app and web-based platform with features like real-time market data, research reports, and customizable watchlists.
- Research and Advisory: Provides in-depth research reports, market analysis, and personalized investment advice to cater to diverse investor needs.
- Charges: Percentage-based brokerage fees with various plans tailored to different trading frequencies and volumes.