feed linkedin-square facebook-square twitter-square question-circle-o

Best discount brokers in India in 2020

Zerodha
4.3
Visit broker
TradeStation Global
4.5
Visit broker
Interactive Brokers
4.9
Visit broker
Best discount brokers in India in 2020

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 57 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. Webull. Low trading and non-trading fees, free stock and ETF 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
#2 TradeStation Global UK-based global broker 4.0
#3 Interactive Brokers US discount broker 4.0
#4 Tastyworks US options and stockbroker 5.0
#5 Webull US discount broker 5.0

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 Webull
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 - -
US Treasury bond - $7.5 $5.0 - -
US stock index options - $15.0 $7.0 $12.5 -
Zerodha non-trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Account fee Yes No No No No
Inactivity fee No No Yes No No
Withdrawal fee $0 $0 $0 $45 $0

Visit broker More

#1 Zerodha
Account opening
2.0

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 Webull
Minimum deposit $0 $1,000 $0 $0 $0
Time to open account >3 days 1 day 1-3 days 1 day 1 day

Visit broker More

#1 Zerodha
Deposit and withdrawal
3.0

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 Webull
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 $45 $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 Webull
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes Yes No No
Fund Yes Yes Yes No No
Bond Yes Yes Yes No No
Options Yes Yes Yes Yes No
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
4.0

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 Webull
Web platform score 4.0 4.0 4.0 3.0 5.0
Mobile platform score 4.0 4.0 4.0 4.0 5.0
Desktop platform score - 3.0 3.0 4.0 5.0

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
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

4.5

TradeStation Global is the brand of TradeStation International, which is based in the UK and regulated by the top-tier FCA. TradeStation International is the subsidiary of TradeStation, while introducing broker of Interactive Brokers (IB).  

Therefore, TradeStation Global is a combined product of TradeStation and IB. You can reach IB's markets almost at IB's fees. You can trade on both IB's and TradeStation's desktop platform. The customer service is by TradeStation. 

Both Interactive Brokers and TradeStation are reputable brokers, regulated by top-tier financial authorities. While Interactive Brokers is listed on 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 Not user-friendly deposit and withdrawal
Wide range of products Complicated account opening
Fast and relevant customer service Limited education materials

Visit broker

#2 TradeStation Global
Fees
4.0

TradeStation Global has low trading fees, especially for stock and ETF. It's also great that there is no inactivity fee and the first withdrawal in 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 Webull
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 - -
US Treasury bond - $7.5 $5.0 - -
US stock index options - $15.0 $7.0 $12.5 -
TradeStation Global non-trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Account fee Yes No No No No
Inactivity fee No No Yes No No
Withdrawal fee $0 $0 $0 $45 $0

Visit broker More

#2 TradeStation Global
Account opening
3.0

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 required deposit.
Pros Cons
Fast Minimum deposit is higher than $500
Fully digital Not user-friendly
TradeStation Global minimum deposit and time to open an account
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Minimum deposit $0 $1,000 $0 $0 $0
Time to open account >3 days 1 day 1-3 days 1 day 1 day

Visit broker More

#2 TradeStation Global
Deposit and withdrawal
3.0

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 every month.
TradeStation Global withdrawal fee and options
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
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 $45 $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 Webull
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes Yes No No
Fund Yes Yes Yes No No
Bond Yes Yes Yes No No
Options Yes Yes Yes Yes No
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
4.0

You can use Interactive Brokers' web trading platforms. 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 Difficult to set the alerts
Two-step (safer) login
Best discount brokers - TradeStation Global trading platform
TradeStation Global trading platforms
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Web platform score 4.0 4.0 4.0 3.0 5.0
Mobile platform score 4.0 4.0 4.0 4.0 5.0
Desktop platform score - 3.0 3.0 4.0 5.0

Visit broker More

#2 TradeStation Global
Verdict

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

On the other hand, the deposit and withdrawal process is not user-friendly and you can use only a bank transfer. The account opening is complicated and for full account verification, a minimum deposit of $1,000 is needed. Lastly, the education section could be extended with more materials, as of now, it is limited.

If you prefer low fees with IB's product range, feel free to try TradeStation Global.

TradeStation Global
Summary TradeStation Global is an introducing broker for EU clients. It is regulated by the top-tier UK FCA.
Fees score 4.0
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, the broker is considered safe. Also, 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
Wide range of products Extremely complex desktop trading platform
Many great research tools Complicated account opening process
Regulated by several authorities Funding and withdrawal only via bank transfer

Visit broker

#3 Interactive Brokers
Fees
4.0

Interactive Brokers has low trading fees and 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
Low financing rate
Free stock and ETF trading for US clients
Interactive Brokers trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
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 - -
US Treasury bond - $7.5 $5.0 - -
US stock index options - $15.0 $7.0 $12.5 -
Interactive Brokers non-trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Account fee Yes No No No No
Inactivity fee No No Yes No No
Withdrawal fee $0 $0 $0 $45 $0

Visit broker More

#3 Interactive Brokers
Account opening
3.0

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the online registration is complicated and account verification takes around 2 business days.
Pros Cons
Fully digital Not user-friendly
No minimum deposit for most accounts types Confusing messages throughout the process
Interactive Brokers minimum deposit and time to open an account
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Minimum deposit $0 $1,000 $0 $0 $0
Time to open account >3 days 1 day 1-3 days 1 day 1 day

Visit broker More

#3 Interactive Brokers
Deposit and withdrawal
3.0

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 Webull
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 $45 $0

Visit broker More

#3 Interactive Brokers
Markets and products
5.0

Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.
Interactive Brokers markets and products
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes Yes No No
Fund Yes Yes Yes No No
Bond Yes Yes Yes No No
Options Yes Yes Yes Yes No
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
4.0

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 Webull
Web platform score 4.0 4.0 4.0 3.0 5.0
Mobile platform score 4.0 4.0 4.0 4.0 5.0
Desktop platform score - 3.0 3.0 4.0 5.0

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 a vast range of markets and products available, with diverse research tools and low costs

There are some drawbacks though: you can only fund your account via wire transfer and the account opening process is complicated. The desktop platform is complex and hard-to-understand, especially for beginners.

If you have experience navigating complex platforms and you like 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 4.0
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 upcoming US broker focusing on options trading.

The people behind Tastyworks are the experts who built thinkorswim, now operated by TD Ameritrade. Tastyworks is privately owned, established in 2017 with its headquarters 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 should be improved
Good research tools No demo account

Visit broker

#4 Tastyworks
Fees
5.0

Tastyworks has low trading fees and there is no inactivity fee. On the other hand, you have to pay a withdrawal fee.
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 Webull
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 - -
US Treasury bond - $7.5 $5.0 - -
US stock index options - $15.0 $7.0 $12.5 -
Tastyworks non-trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Account fee Yes No No No No
Inactivity fee No No Yes No No
Withdrawal fee $0 $0 $0 $45 $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.
Pros Cons
Fast None
Fully digital
No minimum deposit
Tastyworks minimum deposit and time to open an account
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Minimum deposit $0 $1,000 $0 $0 $0
Time to open account >3 days 1 day 1-3 days 1 day 1 day

Visit broker More

#4 Tastyworks
Deposit and withdrawal
2.0

Tastyworks's deposit and withdrawal could be better. Although there is no deposit fee and it is user-friendly, you can use only bank transfer and the fee for bank transfer withdrawal is high.
Pros Cons
No deposit fee Credit/Debit card not available
User-friendly High withdrawal fee
Only one account base currency
Tastyworks withdrawal fee and options
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
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 $45 $0

Visit broker More

#4 Tastyworks
Markets and products
2.0

At Tastyworks you can trade with US stocks, ETFs, options and some futures.
Tastyworks markets and products
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes Yes No No
Fund Yes Yes Yes No No
Bond Yes Yes Yes No No
Options Yes Yes Yes Yes No
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
3.0

The Tastyworks web platform is great for experienced traders, especially if you concentrate on options. On the other hand, it takes time to learn its functionalities, and its customizability is limited.
Pros Cons
Clear fee report No two-step (safer) login
Price alerts Limited customizability (for charts, workspace)
Order confirmation Not beginner-friendly
Best discount brokers - Tastyworks trading platform
Tastyworks trading platforms
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Web platform score 4.0 4.0 4.0 3.0 5.0
Mobile platform score 4.0 4.0 4.0 4.0 5.0
Desktop platform score - 3.0 3.0 4.0 5.0

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, hence 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, it can be intimidating for starters. However, its educational and research tools are great for learning. The deposit and withdrawal processes could be better and a demo account would be also great for practicing purposes.

As there is no minimum deposit, no inactivity or monthly fee, and the account opening is seamless, 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 5.0
Recommended for Options and futures traders focusing on US markets

Visit broker More

Webull Logo

#5 Best discount broker
Webull

4.3

Webull is a US-based fintech startup offering zero-fee or discount brokerage services. The broker was founded in 2017 and it is regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA).

Webull is considered safe because it is regulated by the top-tier financial authorities and provides a maximum of $500,000 investor protection including a $250,000 limit for cash as part of the SIPC protection scheme.

Recommended for investors and traders looking for zero-commission trading and focusing on us markets

Pros Cons
Free stocks and ETFs Limited product portfolio
Fast and easy account opening No credit/debit cards and electronic wallets for money transfer
Great trading platforms No live chat and telephone support

Visit broker

#5 Webull
Fees
5.0

Webull offers commission-free trades for US-based stocks and ETFs. It charges no inactivity fee and withdrawal fee if you use ACH. On the negative side, the financing rates are higher and there are high fees for wire transfers.
Pros Cons
Low trading fees High wire transfer costs
Low non-trading fees
Free stocks and ETFs
Webull trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
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 - -
US Treasury bond - $7.5 $5.0 - -
US stock index options - $15.0 $7.0 $12.5 -
Webull non-trading fees
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Account fee Yes No No No No
Inactivity fee No No Yes No No
Withdrawal fee $0 $0 $0 $45 $0

Visit broker More

#5 Webull
Account opening
5.0

Webull account opening is seamless and fully digital. Your account will be opened within a day. However, Webull is available only for clients from the US, China, and India.
Pros Cons
Fast Only available for US, Chinese and Indian clients
Fully digital
No minimum deposit
Webull minimum deposit and time to open an account
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Minimum deposit $0 $1,000 $0 $0 $0
Time to open account >3 days 1 day 1-3 days 1 day 1 day

Visit broker More

#5 Webull
Deposit and withdrawal
2.0

Webull deposit and withdrawal can be improved. You can use only bank transfer, there is only USD as a base currency, and a high fee is charged for wire transfer. As a plus, there is no fee for ACH deposit or withdrawal and transferring money is easy and user-friendly.
Pros Cons
No deposit fee Credit/Debit card not available
User-friendly Only one account base currency
Free ACH deposit and withdrawal High wire transfer fees
Webull withdrawal fee and options
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
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 $45 $0

Visit broker More

#5 Webull
Markets and products
2.0

Webull has a limited product portfolio. It offers only US-based stocks and ETFs. It lacks popular asset classes, like funds, bonds, forex, options, etc.
Webull markets and products
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes Yes No No
Fund Yes Yes Yes No No
Bond Yes Yes Yes No No
Options Yes Yes Yes Yes No
Futures Yes Yes Yes Yes No
CFD No Yes Yes No No
Crypto No Yes Yes No No

Visit broker More

#5 Webull
Web trading platform
5.0

Webull offers a great web trading platform. It's suitable for both beginners and advanced traders as it's easy to use, but offers also advanced features, like customizability or a wide variety of order types. On the negative side, a two-step login is missing.
Pros Cons
User-friendly No two-step (safer) login
Good customizability (for charts, workspace)
Good variety of order types
Best discount brokers - Webull trading platform
Webull trading platforms
Zerodha TradeStation Global Interactive Brokers Tastyworks Webull
Web platform score 4.0 4.0 4.0 3.0 5.0
Mobile platform score 4.0 4.0 4.0 4.0 5.0
Desktop platform score - 3.0 3.0 4.0 5.0

Visit broker More

#5 Webull
Verdict

Webull's fees are great. You can trade with commission-free US stocks and ETFs. The account opening is easy, fully digital, and fast. The platforms are easy-to-use and well-structured.

Webull has some drawbacks though. The product portfolio is really limited, covering only US stocks and ETFs. You can use only bank transfer for deposit or withdrawal, and wire transfer is charged for both direction. Customer support can be contacted only through email and message center on the trading platforms.

As the account opening is seamless, and Webull offers commission-free stock and ETF trades, feel free to try it.

Webull
Summary Webull is a discount US stockbroker regulated by the top-tier SEC and FINRA.
Fees score 5.0
Recommended for Investors and traders looking for zero-commission trading and focusing on US markets

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 Webull
Fees score 5.0 4.0 4.0 5.0 5.0
Account opening score 2.0 3.0 3.0 5.0 5.0
Deposit and withdrawal score 3.0 3.0 3.0 2.0 2.0
Markets and products score 2.0 5.0 5.0 2.0 2.0
Web platform score 4.0 4.0 4.0 3.0 5.0
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.

Tibor Bedő

Tibor Bedő

Co-founder, CEO

Author of this article

Tibor believes having a good stockbroker is everybody's privilege. He worked extensively in the financial industry, including at Morgan Stanley and at The Boston Consulting Group (BCG). He advised leading European banks on strategy, finance and risk management.

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

×