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Sharekhan Alternatives

May 2019
Our top picks for Sharekhan alternatives
Interactive Brokers
Saxo Bank

The best alternatives to Sharekhan are

  1. Interactive Brokers - US discount broker
  2. Saxo Bank - Danish investment bank

Let's see in a bit more detail how the Sharekhan alternatives compare to Sharekhan and each other:

Sharekhan alternatives comparison
Sharekhan Interactive Brokers Saxo Bank
Overall score 4.2 4.8 4.7
Fees score 3 stars 4 stars 3 stars
Account opening score 4 stars 3 stars 3 stars
Deposit and withdrawal score 3 stars 2 stars 5 stars
Web platform score 4 stars 4 stars 5 stars
Markets and products score 1 stars 5 stars 4 stars
Visit broker Visit broker Visit broker

Why are these brokers considered good alternatives to Sharekhan? There are many areas based on which Sharekhan can be compared with others. When we say a given online broker is a good alternative to Sharekhan we mean these brokers are comparable in the following areas:

  • The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
  • The type of clients they target, i.e. beginners, experienced investors, or day traders.

Sharekhan alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

  • Sharekhan is recommended for traders and investors focusing on the indian market
  • Interactive Brokers is recommended for traders who prefer low fees and a professional trading environment
  • Saxo Bank is recommended for investors and traders looking for a great trading platform and solid research

Important factors of finding Sharekhan alternatives

So far Brokerchooser has reviewed 56 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

  • open a live account
  • check over 100 criteria, with weighting based on readers' preferences
  • refresh data regularly

Whether Sharekhan or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. The amounts Sharekhan charges you are considered average. When picking an alternative, you could prioritize brokers that are cheaper than Sharekhan.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at Sharekhan, some alternatives might allow you to do that.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Sharekhan alternative is a must.


Now let's dive into the details of how Sharekhan and its alternatives perform in the most important areas!

Sharekhan alternatives
Sharekhan

4.2 4 stars

Sharekhan logo

Sharekhan was founded in 2000 and it is India-based stockbroker. Sharekhan is subsidiary of BNP Paribas which has a banking background and listed on the Euronext Paris Stock Exchange. It is also regulated by the Securities and Exchange Board of India.

Sharekhan is considered safe because its parent company has a banking background with a stock exchange listing, has a long track record, and regulated by a top-tier regulator.

 

Recommended for traders and investors focusing on the indian market

Pros
  • Great mobile trading platform
  • Reliable customer service
  • Outstanding research
Cons
  • High trading fees
  • Access to only Indian markets
  • Only bank transfer

Visit broker

Fees 3 stars

Sharekhan has high trading and average non-trading fees.
Pros
  • No withdrawal fee
  • No inactivity fee
Cons
  • High trading fees
  • Not transparent fee structure
  • Account fee of INR 400
Sharekhan alternatives trading fees
Sharekhan Interactive Brokers Saxo Bank
Apple benchmark fee - $2.2 $20.0
Vodafone benchmark fee - $17.9 $15.0
EURUSD benchmark fee - $23.0 $58.4

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker

Account opening 4 stars

Account opening is fully digital and there is no minimum account balance. On the negative side, only Indian residents and non-resident Indians can open an account.
Pros
  • Fully digital account opening
  • No minimum deposit
  • User-friendly
Cons
  • Only Indian resident and non-resident Indian can open an account
Sharekhan alternatives minimum deposit and account open times
Sharekhan Interactive Brokers Saxo Bank
Minimum deposit $0 $0 $725
Time to open account 1-3 days 1-3 days 1-3 days

Learn more about Sharekhan minimum deposit here.

More Visit broker

Deposit and withdrawal 3 stars

For the withdrawal and deposits, Sharekhan doesn't charge any fees. However, you can only use bank transfers and there is only one base currency.
Pros
  • Free withdrawal
  • No deposit fee
Cons
  • Credit/Debit card not available
  • Only one account base currency
Sharekhan and alternatives withdrawal options and fees
Sharekhan Interactive Brokers Saxo Bank
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets No No No
Withdrawal fee $0 $0 $0

More Visit broker

Web trading platform 4 stars

Web trading platform is user-friendly and looks really simple yet sophisticated. However, it lacks customization and clear fee report.
Pros
  • User-friendly
  • Two-step (safer) login
  • Good search function
Cons
  • No clear fee report available
  • Limited customizability (for charts, workspace)
Sharekhan - Web trading platform
Sharekhan and alternatives trading platform scores
Sharekhan Interactive Brokers Saxo Bank
Web platform score 4 stars 4 stars 5 stars
Mobile platform score 5 stars 4 stars 5 stars
Desktop platform score 3 stars 3 stars 5 stars

Learn more about Sharekhan's web trading platform in the detailed Sharekhan review.

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Markets and products 1 stars

At Sharekhan you can trade with almost all asset classes, except bond, CFD, and crypto. On the negative side, it gives access only to Indian markets.
Sharekhan and alternatives markets and products
Sharekhan Interactive Brokers Saxo Bank
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes Yes
Fund Yes Yes No
Bond Yes Yes Yes
Options Yes Yes Yes
Futures Yes Yes Yes
CFD No Yes Yes
Crypto No Yes Yes

More Visit broker

Verdict

Sharekhan is a decent stock broker in India with a long history.

On the plus side, it has a great mobile trading platform, has superb customer service, and offers a lot of research tools.

There are some drawbacks though. The trading fees are high, you will get access only to Indian markets, and you can use only bank transfer. 

As there is no inactivity fee and if you are prone to pay a bit higher price for wide and great services, feel free to try Sharekhan.

Sharekhan
Summary Sharekhan is one of the first broker in India to offer online trading in India and is regulated by SEBI. It is a privately help company.
Fees score 3 stars
Recommended for Traders and investors focusing on the Indian market

More Visit broker

Sharekhan alternatives
Interactive Brokers

4.8 5 stars

Best online broker

Interactive Brokers logo

Interactive Brokers was founded in 1978 and it is one of the biggest US-based discount brokers. It is regulated by several regulators globally, including top-tier authorities like FCA and SEC. Interactive Brokers Group is listed on the New York Stock Exchange.

Interactive Brokers is considered safe because it has a long track record, is listed on a stock exchange, discloses its financials, and is regulated by top-tier regulators.

Recommended for traders who prefer low fees and a professional trading environment

Pros
  • Broad product portfolio
  • Low fees
  • Great and diverse research tools
Cons
  • Funding and withdrawal only through bank transfer
  • Complicated account opening process
  • Not user-friendly and complicated desktop trading platform

Visit broker

Fees 4 stars

Interactive Brokers has low trading fees and high non-trading fees. The fees are transparent.
Pros
  • Low trading fees
  • Transparent fee structure
Cons
  • Inactivity fee
Sharekhan vs. Interactive Brokers: Trading fees
Interactive Brokers Sharekhan
Apple benchmark fee $2.2 -
Vodafone benchmark fee $17.9 -
EURUSD benchmark fee $23.0 -

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker

Account opening 3 stars

The account opening process is fully digital, but slow and complicated.
Pros
  • Fully digital account opening
  • No minimum deposit for most accounts
Cons
  • Slow account opening
  • Not user-friendly
  • Confusing messages throughout the process
Sharekhan vs. Interactive Brokers: Minimum deposit, time to open an account
Interactive Brokers Sharekhan
Minimum deposit $0 $0
Time to open account 1-3 days 1-3 days

If you are interested more in Interactive Brokers minimum deposit, this overview will help you.

More Visit broker

Deposit and withdrawal 2 stars

Interactive Brokers offers a lot of base currencies and one withdrawal per month is free. On the negative side, only bank transfer is available.
Pros
  • Several account base currencies
  • No charge for the first withdrawal each month
Cons
  • Credit/Debit card not available
  • Slow funding and withdrawal - over 3 days
Sharekhan vs. Interactive Brokers: Withdrawal options
Interactive Brokers Sharekhan
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No No
Withdrawal fee $0 $0

More Visit broker

Web trading platform 4 stars

The Interactive Brokers web platform is simple and easy to use, even for beginners. On the negative side, it is a bit complicated to customize.
Pros
  • User-friendly
  • Clear fee report
  • Two-step (safer) login
Cons
  • Limited customizability (for charts, workspace)
Web trading platform of Interactive Brokers, a Sharekhan alternative
Sharekhan vs. Interactive Brokers: Trading platform scores
Interactive Brokers Sharekhan
Web platform score 4 stars 4 stars
Mobile platform score 4 stars 5 stars
Desktop platform score 3 stars 3 stars

Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.

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Markets and products 5 stars

Interactive Brokers allows you access to a very wide range of markets and you can trade with all product types. IB's product range is the widest available.
Sharekhan vs. Interactive Brokers: Markets and products
Interactive Brokers Sharekhan
Stock Yes Yes
ETF Yes Yes
Forex Yes Yes
Fund Yes Yes
Bond Yes Yes
Options Yes Yes
Futures Yes Yes
CFD Yes No
Crypto Yes No

More Visit broker

Verdict

IB is one of the biggest discount US brokers regulated by top-tier regulators. If you like low-cost trading and easily navigate on a really complicated platform, Interactive Brokers is for you. We mainly recommend IB for traders.

It has low trading fees, a wide range of product portfolio, and diverse research tools. 

On the flip side, only bank transfer is available for deposit and withdrawal. The account opening and the desktop platform are not user-friendly and complicated.

Interactive Brokers is definitely recommended if you want low fees, a lot of products and you are experienced to cope with a complicated platform.

Interactive Brokers
Summary Interactive Brokers is a US discount broker. IB is listed on stock exchange and regulated by several authorities, like the top-tier FCA and SEC.
Fees score 4 stars
Recommended for Traders who prefer low fees and a professional trading environment

More Visit broker

Sharekhan alternatives
Saxo Bank

4.7 5 stars

Best trading platform

Saxo Bank logo

Saxo Bank is a Danish investment bank providing online trading and investments. It is a leading European retail brokerage innovator. Saxo is privately owned, established in 1992, and headquartered in Copenhagen.

Saxo is considered safe as it is regulated worldwide by more than 10 financial regulators, including top-tier regulators, like the UK FCA.

Recommended for investors and traders looking for a great trading platform and solid research

Pros
  • Outstanding research
  • Great trading platform
  • Broad product portfolio
Cons
  • High forex, bond, options, and futures fees
  • Slow account opening
  • Missing live chat

Visit broker

Fees 3 stars

Saxo Bank has average trading and non-trading fees.
Pros
  • No withdrawal fee
  • Transparent fee structure
  • Lower fees for Platinum and VIP clients
Cons
  • Inactivity fee
  • High financing rate
  • High forex, bond, options and futures fees
Sharekhan vs. Saxo Bank: Trading fees
Saxo Bank Sharekhan
Apple benchmark fee $20.0 -
Vodafone benchmark fee $15.0 -
EURUSD benchmark fee $58.4 -

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker

Account opening 3 stars

Account opening is available for residents of almost every country and is fully digital.
Pros
  • Fast account opening
  • Fully digital account opening
  • Available for residents of almost every country
Cons
  • Minimum deposit is higher than $500
  • Sales team pushy
  • Classic accounts available only in a single currency
Sharekhan vs. Saxo Bank: Minimum deposit, time to open an account
Saxo Bank Sharekhan
Minimum deposit $725 $0
Time to open account 1-3 days 1-3 days

If you are interested more in Saxo Bank minimum deposit, this overview will help you.

More Visit broker

Deposit and withdrawal 5 stars

Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
Pros
  • Free withdrawal
  • No deposit fee
  • Several account base currencies
Cons
  • Credit/Debit card withdrawal not available
Sharekhan vs. Saxo Bank: Withdrawal options
Saxo Bank Sharekhan
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No No
Withdrawal fee $0 $0

More Visit broker

Web trading platform 5 stars

Saxo Bank's web trading platform is easy-to-use and well-designed. However, it doesn't provide a two-step login and the customizability is limited.
Pros
  • User-friendly
  • Good search function
  • Looks appealing
Cons
  • No two-step (safer) login
  • Limited customizability (for charts, workspace)
Web trading platform of Saxo Bank, a Sharekhan alternative
Sharekhan vs. Saxo Bank: Trading platform scores
Saxo Bank Sharekhan
Web platform score 5 stars 4 stars
Mobile platform score 5 stars 5 stars
Desktop platform score 5 stars 3 stars

Learn more about Saxo Bank's web trading platform in the detailed Saxo Bank review.

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Markets and products 4 stars

At Saxo Bank you can reach many markets and trade with a lot of different products, except for funds.
Sharekhan vs. Saxo Bank: Markets and products
Saxo Bank Sharekhan
Stock Yes Yes
ETF Yes Yes
Forex Yes Yes
Fund No Yes
Bond Yes Yes
Options Yes Yes
Futures Yes Yes
CFD Yes No
Crypto Yes No

More Visit broker

Verdict

Saxo Bank is a great broker, providing a complex and good service.

It has the best trading platforms backed by great research. The product portfolio is covering all important international markets and asset classes.

It has some drawbacks though. The fees for forex, bond, options, and futures are high. The account opening can take long and the live chat is missing.

In general, Saxo Bank is one of the best online brokerage companies you can choose. By opening an account, you end up with a broad, well-developed service.

Saxo Bank
Summary Saxo Bank is a Danish investment bank. It is regulated by more than 10 financial authorities, including the top-tier FCA.
Fees score 3 stars
Recommended for Investors and traders looking for a great trading platform and solid research

More Visit broker

Sharekhan alternatives
Bottom line

Based on our analysis, there are several good alternatives to Sharekhan. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Sharekhan alternatives
Broker Info Recommended for
Sharekhan India-based stockbroker Traders and investors focusing on the Indian market
Interactive Brokers US discount broker Traders who prefer low fees and a professional trading environment
Saxo Bank Danish investment bank Investors and traders looking for a great trading platform and solid research

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

AUTHOR

Dan Sallai
Dan Sallai
CMO
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
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