Five best discount brokers for GenZ and Millennials

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Five best discount brokers for GenZ and Millennials
Five best discount brokers for GenZ and Millennials

Introduction

Today, with little or no commission on buying and selling of stocks, discount brokers have affected a significant paradigm shift in the stock trading landscape. Boasting an emphatic 87% FinTech adoption rate, India has emerged as a leader in providing innovative financial solutions to the masses, and the rise of discount brokers has revolutionised trading, opening up the financial markets for a larger population to participate in. Eliminating the monopoly exercised by full-service brokers in the stock market, today’s platforms have made trading transparent, providing easy access to exchanges including NSE, BSE, MCX, NCDEX, and many others. Here, we take a brief look at some of the leading discount brokers in India that have transformed stock trading for the better:

Zerodha

Providing all-round services to its customers, Zerodha is the first discount broking firm that brought the concept to India as early as 2010. The platform provides free equity delivery, and a flat charge of INR 20 on intraday trades across equity, currency, and commodity trades over markets including NSE, BSE, and MCX. Through its practical and innovative approach, Zerodha has emerged as a leader in the discount broking space, outranking big broking corporates such as ICICI Direct, HDFC Securities, Sharekhan, and others.

Shoonya by Finvasia

A disruptive player in online trading, Shoonya by Finvasia provides zero-brokerage facilities on stocks, derivatives, currencies, commodities, mutual funds, SIPs, bonds and ETFs across NSE, BSE, MCX and NCDEX. Relieving traders from the burden of traditional brokerage costs, Shoonya by Finvasia has emerged as a popular choice for both, active as well as inexperienced traders. The platform enables users with access to direct mutual funds across categories such as equity, debt, hybrid, liquid, tax saving, balanced, etc. without the hassles of commissions or fees.

Angel One

Formerly known as Angel Broking, Angel One provides all services of a full-service broker at discounted brokerage rates. Standing out as one of the best stock brokers in India, Angel One offers intraday trading, investment advisory, portfolio management, Demat accounts, IPO, portfolio health score, and much more, on a user-friendly platform with a range of trading and investment options.

Groww

Groww broke onto the scene as a popular platform to invest in mutual funds, and expanded its services further to include stock trading as a discount broker. It has quickly become one of the fastest-growing investment platforms in India, and offers options including mutual funds, Demat services, trading services, intraday services, IPO, and trading exposure. It also offers investing facility for US stocks.

Upstox

With a commitment to low-cost trading, Upstox has rapidly grown its user base, offering free-of-cost equity delivery trades, and significantly low rates on intraday trading across NSE, BSE, MCX, and F&O. The platform also provides a suite of trading tools to empower users and enhance their trading experience.

Conclusion

The world of trading has been transformed with the advent of digital technologies, and emerging discount brokers such as Zerodha, Shoonya by Finvasia, Angel One, Groww, Upstox, among others are availing unique, low-cost, and tech-driven solutions for new-age investors, democratising India’s trading landscape.