For most Indians: Zerodha or Dhan
If you're a long-term investor doing SIPs and occasional delivery trades, Zerodha or Dhan are the clear winners. Both charge zero delivery brokerage. Dhan has zero AMC (Zerodha charges ₹88.50/year). Together they cover 95%+ of investors' needs at the lowest possible cost.
The data backs this up: on a ₹50,000 delivery trade, Zerodha and Dhan cost ₹126.26 total. HDFC Securities costs ₹721.51 — that's 5.7× more. For the same trade, same shares, same exchange.
The two questions that matter
Before choosing a broker, answer two questions:
What do you mainly trade?
Delivery (buy and hold)? Intraday? F&O futures? Options? Each type has a different cost structure and different ideal brokers.
How often do you trade?
Light investor (few trades/year) vs active trader (many trades/month) changes which costs matter most — AMC vs per-trade charges.
By investor type
Full-service brokers — when do they make sense?
ICICI Direct, HDFC Securities, Kotak Securities, and Axis Securities are all significantly more expensive than discount brokers. On a ₹50,000 delivery trade:
The only compelling reasons to use a full-service broker:
- You're an ICICI/HDFC/Kotak bank customer who wants everything in one place (3-in-1 accounts)
- You rely heavily on dedicated research and advisory services
- You need in-person branch support
- Your employer or institution has a bulk arrangement
For self-directed investors who research their own trades, paying 5× more in brokerage for these services rarely makes financial sense.
The bottom line
The best broker for most Indians is a discount broker with zero delivery brokerage and low or zero AMC. Dhan and Zerodha are the strongest options — Dhan has a slight edge on annual cost (no AMC), Zerodha has a slight edge on platform maturity and educational resources (Varsity).
For active F&O traders, mStock at ₹5/order is the cost champion. For algo traders who need a free API, Upstox or Fyers. For US stock access alongside Indian markets, INDmoney.
Don't let a slick app or marketing campaign override the cost data. Run your numbers on the comparison calculator with your actual trading frequency and values — and choose accordingly.