Advertisement

Choose the best discount broker in 2020 for citizens in India, we did the research for you. Fees, fees, and fees. We do not like them and surely you do not either. Checking carefully, we uncovered all the hidden fees. After testing 71 brokers, 5 made it to the top. And now, without further ado...

The top 5 picks for the best discount brokers for Indian citizens in 2020:

  1. Zerodha is the best discount broker in India in 2020. Low trading and non-trading fees, low stock and ETF fees.
  2. TradeStation Global is the second. Low trading and non-trading fees, high fund fees.
  3. Interactive Brokers rounded out the top three. Low trading fees, average non-trading fee, free stock and ETF trading for US customers. Third place.
  4. Tastyworks in the fourth place. Low trading fees, average non-trading fees, no inactivity fee.
  5. Firstrade. Low trading and non-trading fees, free stock, ETF, fund and options trading. Just made it to the list with being number five.
Best discount brokers in 2020 for Indian citizens
Broker Info Fees score
#1 Zerodha India-based discount broker 5.0 stars
#2 TradeStation Global UK-based global stockbroker 4.0 stars
#3 Interactive Brokers US discount broker 4.3 stars
#4 Tastyworks US options and stockbroker 4.4 stars
#5 Firstrade US discount broker 4.5 stars

What makes a good discount broker? Certainly, damn low fees. This holds for commissions, financing rates, and a lot of people forget, non-trading fees like inactivity or withdrawal fees. Besides low fees, it also should offer access to a lot of markets and products.

Easy to list, but hard to figure it out. We are testing brokers along more than 100 criteria with real accounts and real money. We know what's up.

Not sure which broker? For a tailored recommendation, check out the broker finder tool. You can enter your country and it will show only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the best discount brokers for Indian citizens in 2020 one by one, starting with the winner, Zerodha.

Zerodha Logo

#1 Best discount broker
Zerodha

4.3

Zerodha was founded in 2010 in India by Nithin Kamath. His aim was to create a high-tech trading platform with affordable pricing. Today Zerodha has over 1.5 million active retail clients, accounting for over 15% of India's retail trading volume.

Zerodha is considered safe because it is regulated by India's top-rated regulator, the Securities and Exchange Board of India (SEBI).

Recommended for traders and investors (including beginners) focusing on the indian market and looking for low fees

Pros Cons
Low fees Slow account opening process
Great trading platforms Only Indian market covered
Solid research No investor protection

Visit broker

#1 Zerodha
Fees
5.0

Zerodha has low trading fees and low non-trading fees. On the other hand, it charges an INR 300 annual account fee.
Pros Cons
Low trading fees INR 300 annual account fee
Low non-trading fees
Low stock and ETF fees
Zerodha trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
US stock - $1.5 $1.0 $0.0 $0.0
UK stock - $2.4 $7.2 - -
EURUSD benchmark fee - $17.9 $17.9 - -
Mutual fund - $25.0 $15.0 - $0.0
US Treasury bond - $7.5 $5.0 - $40.0
US stock index options - $15.0 $6.5 $12.5 $0.0
Zerodha non-trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Account fee Yes No No No No
Inactivity fee No No Yes No No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More

#1 Zerodha
Account opening
1.8

The account opening at Zerodha could be better. It's not fully digital and very slow. As a plus, there is no minimum deposit.
Pros Cons
No minimum deposit Slow
Not fully digital
Only Indian citizens can open an account
Zerodha minimum deposit and time to open an account
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Minimum deposit $0 $1,000 $0 $0 $0
Time to open account >3 days 1 day 1-3 days 1 day 1-3 days

Visit broker More

#1 Zerodha
Deposit and withdrawal
2.8

Zerodha's deposit and withdrawal are user-friendly and free. However, the only account base currency is INR, and you can only use bank transfers for deposits and withdrawals.
Pros Cons
Free withdrawal Credit/Debit card not available
No deposit fee Only one account base currency
User-friendly
Zerodha withdrawal fee and options
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No No No No
Electronic wallets No No No No No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More

#1 Zerodha
Markets and products
2.0

Zerodha provides trading with a lot of asset classes, from stocks to futures. However, this product offer covers only the Indian market.
Zerodha markets and products
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes Yes No No
Fund Yes Yes Yes No Yes
Bond Yes Yes Yes No Yes
Options Yes Yes Yes Yes Yes
Futures Yes Yes Yes Yes No
CFD No Yes Yes No No
Crypto No Yes Yes No No

Visit broker More

#1 Zerodha
Web trading platform
3.8

Zerodha's web trading platform has a beautiful simplistic design, and it's very user-friendly. However, it has limited customizability and there is no two-step login available.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report Limited customizability (for charts, workspace)
Good search function
Best discount brokers - Zerodha trading platform
Zerodha trading platforms
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Web platform score 3.8 stars 4.3 stars 4.3 stars 3.4 stars 4.3 stars
Mobile platform score 4.3 stars 3.5 stars 3.5 stars 4.2 stars 3.3 stars
Desktop platform score - 3.0 stars 3.0 stars 4.4 stars -

Visit broker More

#1 Zerodha
Verdict

Zerodha is a newly established discount broker in India.

On the plus side, Zerodha has very low fees. Furthermore, the web and mobile trading platforms are superb, and they provide a wide range of research tools.

There are some drawbacks though. The account opening process is slow, and not entirely online. You can only access Indian markets, and lastly, there is no investor protection.

As there are low fees, no inactivity fee charged, and if you are interested in Indian Markets, feel free to try Zerodha.

Zerodha
Summary Zerodha is one of the biggest discount brokers in India. It is regulated by the SEBI.
Fees score 5.0 stars
Recommended for Traders and investors (including beginners) focusing on the Indian market and looking for low fees

Visit broker More

TradeStation Global Logo

#2 Best discount broker
TradeStation Global

4.6

TradeStation Global is the brand of TradeStation International Ltd, which is based in the UK and is regulated by the top-tier Financial Conduct Authority (FCA).

TradeStation Global is a combined product offered by Interactive Brokers (IB) and TradeStation. Here are its most important elements:

  • The account opening, deposit/withdrawal options, and available products are the same as at Interactive Brokers.
  • You can use both Interactive Brokers's and TradeStation's own desktop platform.
  • TradeStation Global charges its own fees, and offers its own customer support and educational tools.

Both Interactive Brokers and TradeStation are reputable brokers, regulated by top-tier financial authorities. While Interactive Brokers is listed on the NASDAQ, TradeStation itself is not: only TradeStation's parent company Monex is listed, on the Tokyo Stock Exchange.

Recommended for traders and investors looking for low fees and a wide selection of products

Pros Cons
Low trading fees Only bank transfer allowed for deposit and withdrawal
Wide range of products Complicated account opening
Fast customer service Limited education materials

Visit broker

#2 TradeStation Global
Fees
4.0

TradeStation Global has low trading fees, especially for stocks and ETFs. It's also great that there is no inactivity fee and the first withdrawal each month is free of charge. On the other hand, mutual fund fees are high.
Pros Cons
Low trading fees High fund fees
Low non-trading fees
Low stock and ETF fees
TradeStation Global trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
US stock - $1.5 $1.0 $0.0 $0.0
UK stock - $2.4 $7.2 - -
EURUSD benchmark fee - $17.9 $17.9 - -
Mutual fund - $25.0 $15.0 - $0.0
US Treasury bond - $7.5 $5.0 - $40.0
US stock index options - $15.0 $6.5 $12.5 $0.0
TradeStation Global non-trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Account fee Yes No No No No
Inactivity fee No No Yes No No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More

#2 TradeStation Global
Account opening
2.8

TradeStation Global's account opening is fully digital and fast. On the negative side, the process is complicated and there is a high, $1,000 minimum deposit required in order to use TSG's own desktop platform.
Pros Cons
Fast $1,000 minimum deposit required for desktop platform
Fully digital Not user-friendly
TradeStation Global minimum deposit and time to open an account
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Minimum deposit $0 $1,000 $0 $0 $0
Time to open account >3 days 1 day 1-3 days 1 day 1-3 days

Visit broker More

#2 TradeStation Global
Deposit and withdrawal
2.5

TradeStation Global offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.
Pros Cons
No deposit fee Credit/Debit card not available
Several account base currencies Not user-friendly
No charge for the first withdrawal each month.
TradeStation Global withdrawal fee and options
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No No No No
Electronic wallets No No No No No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More

#2 TradeStation Global
Markets and products
5.0

With TradeStation Global, you can access the same range of product types and exchanges as at Interactive Brokers. This selection is one of the widest among online brokers.
TradeStation Global markets and products
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes Yes No No
Fund Yes Yes Yes No Yes
Bond Yes Yes Yes No Yes
Options Yes Yes Yes Yes Yes
Futures Yes Yes Yes Yes No
CFD No Yes Yes No No
Crypto No Yes Yes No No

Visit broker More

#2 TradeStation Global
Web trading platform
4.3

You can use your TradeStation Global account to log in to the Interactive Brokers web trading platform. The TSG Client Portal is simple and easy to use even for beginners. On the negative side, it is not customizable.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best discount brokers - TradeStation Global trading platform
TradeStation Global trading platforms
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Web platform score 3.8 stars 4.3 stars 4.3 stars 3.4 stars 4.3 stars
Mobile platform score 4.3 stars 3.5 stars 3.5 stars 4.2 stars 3.3 stars
Desktop platform score - 3.0 stars 3.0 stars 4.4 stars -

Visit broker More

#2 TradeStation Global
Verdict

TradeStation Global has low trading fees, provides access to a lot of products and markets and has great customer support. The TradeStation Global desktop platform has great charting tools, plenty of indicators, highly customizable watchlists (Radar Screen) and a great programming tool (EasyLanguage).

On the other hand, the deposit and withdrawal process is not user-friendly and you can use only bank transfer. The account opening is complicated and for full account verification to use the TSG desktop trading platform, a minimum deposit of $1,000 is required. Margin rates are higher than at Interactive Brokers (IB). Lastly, the education section could be expanded with more materials, as it is quite limited.

If you want access to IB's product range and an account without inactivity fees, feel free to try TradeStation Global.

TradeStation Global
Summary TradeStation Global is an introducing broker of Interactive Brokers. It practically means that assets and cash are held with Interactive Brokers, but services, like the fees or customer support are provided by TradeStation Global. TradeStation Global is regulated by the top-tier UK FCA.
Fees score 4.0 stars
Recommended for Traders and investors looking for low fees and a wide selection of products

Visit broker More

Interactive Brokers Logo

#3 Best discount broker
Interactive Brokers

4.9

Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. Having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

Recommended for traders looking for low fees and a professional trading environment

Pros Cons
Low trading fees Complicated account opening process
Wide range of products Complex desktop trading platform
Many great research tools High inactivity fee

Visit broker

#3 Interactive Brokers
Fees
4.3

Interactive Brokers has low trading fees; while for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.
Pros Cons
Low trading fees Inactivity fee
Low stock and ETF fees
Free stock and ETF trading for US clients
Low margin rates
Interactive Brokers trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
US stock - $1.5 $1.0 $0.0 $0.0
UK stock - $2.4 $7.2 - -
EURUSD benchmark fee - $17.9 $17.9 - -
Mutual fund - $25.0 $15.0 - $0.0
US Treasury bond - $7.5 $5.0 - $40.0
US stock index options - $15.0 $6.5 $12.5 $0.0
Interactive Brokers non-trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Account fee Yes No No No No
Inactivity fee No No Yes No No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More

#3 Interactive Brokers
Account opening
3.4

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the process is complicated, and account verification takes relatively long.
Pros Cons
Fully digital Not user-friendly
No minimum deposit for most account types Confusing messages throughout the process
Interactive Brokers minimum deposit and time to open an account
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Minimum deposit $0 $1,000 $0 $0 $0
Time to open account >3 days 1 day 1-3 days 1 day 1-3 days

Visit broker More

#3 Interactive Brokers
Deposit and withdrawal
2.5

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer, and the process is not user-friendly.
Pros Cons
No deposit fee Credit/Debit card not available
Several account base currencies Not user-friendly
First withdrawal each month free
Interactive Brokers withdrawal fee and options
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No No No No
Electronic wallets No No No No No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More

#3 Interactive Brokers
Markets and products
5.0

Through Interactive Brokers you can access an extremely wide range of markets and all product types are available.
Interactive Brokers markets and products
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes Yes No No
Fund Yes Yes Yes No Yes
Bond Yes Yes Yes No Yes
Options Yes Yes Yes Yes Yes
Futures Yes Yes Yes Yes No
CFD No Yes Yes No No
Crypto No Yes Yes No No

Visit broker More

#3 Interactive Brokers
Web trading platform
4.3

Interactive Brokers's web platform is simple and easy to use, even for beginners. On the negative side, it is not customizable.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best discount brokers - Interactive Brokers trading platform
Interactive Brokers trading platforms
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Web platform score 3.8 stars 4.3 stars 4.3 stars 3.4 stars 4.3 stars
Mobile platform score 4.3 stars 3.5 stars 3.5 stars 4.2 stars 3.3 stars
Desktop platform score - 3.0 stars 3.0 stars 4.4 stars -

Visit broker More

#3 Interactive Brokers
Verdict

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.

On the plus side, IB has low fees, a vast range of markets and products available with diverse research tools

There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard to get a handle on, especially for beginners.

If you have experience navigating complex platforms and enjoy transparent, low-cost trading, Interactive Brokers could be a great fit for you.

Interactive Brokers
Summary Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC.
Fees score 4.3 stars
Recommended for Traders looking for low fees and a professional trading environment

Visit broker More

Tastyworks Logo

#4 Best discount broker
Tastyworks

4.7

Tastyworks is a young, up-and-coming US broker focusing on options trading.

The people behind Tastyworks are the same experts who built thinkorswim, now operated by TD Ameritrade. Tastyworks is privately owned; it was established in 2017 and is headquartered in Chicago.

Recommended for options and futures traders focusing on us markets

Pros Cons
Low trading fees Only US options, futures, and stocks
Great educational materials Deposit and withdrawal options limited
Good research tools No demo account

Visit broker

#4 Tastyworks
Fees
4.4

Tastyworks has low trading fees and there is no inactivity fee. On the other hand, you have to pay a high withdrawal fee for wire transfers.
Pros Cons
Low trading fees Withdrawal fee for bank (wire) transfers
Low stock and ETF fees
No inactivity fee
Tastyworks trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
US stock - $1.5 $1.0 $0.0 $0.0
UK stock - $2.4 $7.2 - -
EURUSD benchmark fee - $17.9 $17.9 - -
Mutual fund - $25.0 $15.0 - $0.0
US Treasury bond - $7.5 $5.0 - $40.0
US stock index options - $15.0 $6.5 $12.5 $0.0
Tastyworks non-trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Account fee Yes No No No No
Inactivity fee No No Yes No No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More

#4 Tastyworks
Account opening
5.0

Tastyworks account opening is user-friendly, fast and fully digital. You can open your account without a required minimum deposit.
Pros Cons
Fast None
Fully digital
No minimum deposit
Tastyworks minimum deposit and time to open an account
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Minimum deposit $0 $1,000 $0 $0 $0
Time to open account >3 days 1 day 1-3 days 1 day 1-3 days

Visit broker More

#4 Tastyworks
Deposit and withdrawal
1.9

Tastyworks' deposit and withdrawal functions could be better. Although there is no deposit fee and the process is user-friendly, you can use only bank transfer; and the fee for bank transfer withdrawals (wire transfers) is high.
Pros Cons
No deposit fee Credit/Debit card not available
User-friendly Only one account base currency
High fee for wire withdrawals
Tastyworks withdrawal fee and options
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No No No No
Electronic wallets No No No No No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More

#4 Tastyworks
Markets and products
2.4

At Tastyworks, you can trade US stocks, ETFs, options and some futures.
Tastyworks markets and products
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes Yes No No
Fund Yes Yes Yes No Yes
Bond Yes Yes Yes No Yes
Options Yes Yes Yes Yes Yes
Futures Yes Yes Yes Yes No
CFD No Yes Yes No No
Crypto No Yes Yes No No

Visit broker More

#4 Tastyworks
Web trading platform
3.4

The Tastyworks web platform is great for experienced traders, especially if you focus on options trading. However, it takes time to figure out how its functions work, and its customizability is limited.
Pros Cons
Clear fee report Limited customizability (for charts, workspace)
Price alerts Not suited for beginners
Order confirmation
Best discount brokers - Tastyworks trading platform
Tastyworks trading platforms
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Web platform score 3.8 stars 4.3 stars 4.3 stars 3.4 stars 4.3 stars
Mobile platform score 4.3 stars 3.5 stars 3.5 stars 4.2 stars 3.3 stars
Desktop platform score - 3.0 stars 3.0 stars 4.4 stars -

Visit broker More

#4 Tastyworks
Verdict

Tastyworks is an excellent broker for options trading, but it is a bit complicated if you want to trade stocks only.  

Tastyworks is a US broker, therefore its investor protection scheme is excellent. Trading fees are low, with free stock and average options trading fees. Its trading platform is aimed at experienced options traders, and can be intimidating for beginners. However, its educational and research tools are great for learning. Deposit and withdrawal processes could be better, and a demo account would also be great for practice purposes.

As there is no minimum deposit, no inactivity fee or monthly fee, and the account opening process is seamless, you should feel free to try it.

Tastyworks
Summary Tastyworks is a recently established US options and stockbroker. It is overseen by FINRA, a top-tier regulatory body.
Fees score 4.4 stars
Recommended for Options and futures traders focusing on US markets

Visit broker More

Firstrade Logo

#5 Best discount broker
Firstrade

4.5

Firstrade is a US discount stockbroker regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). The company was founded in 1985 under the name of First Flushing Securities.

Firstrade is considered safe because it has a long track record and is regulated by top-tier regulators.

Recommended for beginners and investors looking for zero-commission trading, focusing on the us market

Pros Cons
Free stock, ETF, fund, and options trading No credit/debit cards and electronic wallets for money transfer
Solid research tools You can trade only on US markets
Quality educational tools No live chat and 24/7 availability

Visit broker

#5 Firstrade
Fees
4.5

Firstrade has low fees. It offers free stock, ETF, funds, and options trading. The non-trading fees are low too. However, the margin rates are high.
Pros Cons
Low trading fees High margin rates
Low non-trading fees
Free stock, ETF, fund and options trading
Firstrade trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
US stock - $1.5 $1.0 $0.0 $0.0
UK stock - $2.4 $7.2 - -
EURUSD benchmark fee - $17.9 $17.9 - -
Mutual fund - $25.0 $15.0 - $0.0
US Treasury bond - $7.5 $5.0 - $40.0
US stock index options - $15.0 $6.5 $12.5 $0.0
Firstrade non-trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Account fee Yes No No No No
Inactivity fee No No Yes No No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More

#5 Firstrade
Account opening
4.4

The account opening is fully digital and user-friendly. Firstrade is available for US and some non-US customers. On the flip side during the test we experienced a slower account opening, that took almost 3 business days.
Pros Cons
Fully digital Slow account verification
No minimum deposit
Low minimum deposit
Firstrade minimum deposit and time to open an account
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Minimum deposit $0 $1,000 $0 $0 $0
Time to open account >3 days 1 day 1-3 days 1 day 1-3 days

Visit broker More

#5 Firstrade
Deposit and withdrawal
1.8

We liked a lot Firstrade's user-friendly deposit and withdrawal process. There is no deposit fee and transferring money is easy. At the same time, there is still room for improvement. You can use only bank transfer and a high fee is charged for wire transfer withdrawals.
Pros Cons
No deposit fee Credit/Debit card not available
User-friendly High outgoing wire transfer fee
Firstrade withdrawal fee and options
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No No No No
Electronic wallets No No No No No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More

#5 Firstrade
Markets and products
2.8

Firstrade offers a good variety of asset classes, from stocks to options. However, the offered products cover only the US market and you cannot trade with futures or forex.
Firstrade markets and products
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes Yes No No
Fund Yes Yes Yes No Yes
Bond Yes Yes Yes No Yes
Options Yes Yes Yes Yes Yes
Futures Yes Yes Yes Yes No
CFD No Yes Yes No No
Crypto No Yes Yes No No

Visit broker More

#5 Firstrade
Web trading platform
4.3

During our testing, we found Firstrade's web platform is simple and easy to use. If you are a beginner, then you can easily navigate it. On the negative side, it lacks a two-step login and the customizability is limited.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best discount brokers - Firstrade trading platform
Firstrade trading platforms
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Web platform score 3.8 stars 4.3 stars 4.3 stars 3.4 stars 4.3 stars
Mobile platform score 4.3 stars 3.5 stars 3.5 stars 4.2 stars 3.3 stars
Desktop platform score - 3.0 stars 3.0 stars 4.4 stars -

Visit broker More

#5 Firstrade
Verdict

Firstrade is one of the biggest discount US stockbrokers regulated by top-tier regulators.

It offers free stock, ETF, mutual funds, and options trading. It doesn't charge inactivity and account fees and there are a lot of quality research and educational tools you can use.

To provide an unbiased picture we have to mention some drawbacks though. Firstrade doesn't provide credit/debit cards and electronic wallets for transferring money. Are you interested only in U.S. market products? If yes, then you will be delighted. Otherwise, you might find insufficient that the product portfolio covers only the US market. The customer service is only 24/5 and you can't contact them via live chat. 

As there are low fees and no inactivity fee is charged, feel free to try Firstrade.

Firstrade
Summary Firstrade is a US discount broker regulated by the top-tier SEC and FINRA.
Fees score 4.5 stars
Recommended for Beginners and investors looking for zero-commission trading, focusing on the US market

Visit broker More

Best discount brokers
What makes a good discount broker?

Now you know the top three discount brokers. You are probably curious about how we came up with this list. Let's go over three points:

  1. What is a discount broker?
  2. Why do we think these brokers are safe?
  3. What are the most important factors when selecting the best discount brokers?

What is a discount broker?

A discount broker is a brokerage company that executes your buy and sell orders at a low trading fee. Discount brokers' fees can be lower since they don't provide extra services like research, personal investment advice, tax planning or robo-advisory as the full-service brokers.

Discount brokers were appearing with the internet and the online broker services. Brokerage companies started to provide their service online and fully automatized. This was the rise of online trading platforms. An online trading platform is basically a website, where you can insert your own orders and you get only a customer support, no investment advice.

The distance between the full-service brokers and discount brokers has been narrowing in the last years. Discount brokers started to provide extra services as well, like research, while full-service brokers started to lower their fees. The full brokerage and wealth management industry is under fee pressure thanks to the more and more cost-effective online broker companies.

Nowadays, the new discount brokers are the free-trade brokers. These provide commission-free trading and charge an extra fee for ancillary services, like after hour trading. The biggest free-trade online broker in the US is Robinhood. In the UK, Freetrade launched its trading app in 2018. Stay tuned, we will come out with the Freetrade broker reviews soon.

Are these brokers safe?

You can be sure none of them is a scam. They are regulated by at least one top-tier regulator.

However, also brokerage companies can go down. Remember Lehman Brothers? In these cases, it is important to know what happens with your securities and cash. These are usually held in segregated accounts, so even in case of a broker bankruptcy, you are safe.

If everything goes very bad and for example, the broker steals your assets, then you have a last resort, the compensation fund of the country where the broker is regulated.

How did BrokerChooser pick the best discount brokers?

At BrokerChooser, we test online brokers along more than 100 criteria, with a real account and real money. When we selected the best discount brokers, the primary selection criteria were fees.

We made the rank based on the trading fees of all asset classes, such as stock fees, and the fees not related to trading, like the withdrawal fees. We also scored positively if the broker provides a wide range of asset classes, because providing low fees in more than one asset class is not an easy job.

Best discount brokers
Bottom line

You saw the details, now let's zoom out. Here are best discount brokers in 2020 for citizens in India:

Best discount brokers in 2020 for Indian citizens
Zerodha TradeStation Global Interactive Brokers Tastyworks Firstrade
Fees score 5.0 stars 4.0 stars 4.3 stars 4.4 stars 4.5 stars
Account opening score 1.8 stars 2.8 stars 3.4 stars 5.0 stars 4.4 stars
Deposit and withdrawal score 2.8 stars 2.5 stars 2.5 stars 1.9 stars 1.8 stars
Markets and products score 2.0 stars 5.0 stars 5.0 stars 2.4 stars 2.8 stars
Web platform score 3.8 stars 4.3 stars 4.3 stars 3.4 stars 4.3 stars
Visit broker Visit broker Visit broker Visit broker Visit broker

Zerodha is our winner, the best discount broker in India in 2020. Low trading and non-trading fees, low stock and ETF fees.

All brokers are considered a great choice. Pick the winner, or any runner-up and save a lot of money on fees. Let us know what you think in the comment section.

Still unsure? Use the broker finder and find the best broker for you or learn more about investing your money.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Share

Comments

×