In order to trade successfully, it is very important to choose the right broker. in India, a large number of companies provide access to trading and you will have to choose the one for you among them. It is important to work only with reliable brokers providing all the required instruments for trading based on your trading strategy. TU analysts have selected the best stock brokers for beginners in India 2024. You can compare their features and trading conditions.
1
Revolut - Best for beginners in India
Revolut is a British fintech company that has been providing investors with accounts for trading precious metals, cryptocurrencies, and stocks listed on U.S. exchanges since 2015. The broker offers its clients access to investing in stocks and ETFs on European stock exchanges. For organizations and private clients, the company offers a multi-currency account with the possibility of exchanging currencies at the current inter-bank exchange rate. Revolut is supervised by the Financial Services Authority (FSA).
👍 Advantages of trading with Revolut for traders from India:
•In addition to stock trades, customers can trade cryptocurrencies and precious metals.
•The broker offers commission-free trading plans.
•The minimum number of shares to buy is 0.00000001.
•There are no minimum deposit requirements.
•Social trading is available, which allows newcomers to the stock market to copy trades of successful traders.
•Communication with the support service via chat is available in the mobile application 24 hours a day.
•There is no fee for opening and maintaining a trading account.
👎 Disadvantages of Revolut for traders from India:
•Stock trading is currently only available to UK residents.
•Operations in precious metals and cryptocurrencies are not regulated by supervisory authorities.
•The company does not offer fiduciary management of its investment portfolio.
2
Interactive Brokers - Best for beginners in India
Interactive Brokers is among the best-known US investment companies, operating since 1977. The broker offers to trade currency pairs, but its basic instruments are stocks, CFD, indices, metals, ETF, futures, and other exchange market assets. The company is regulated by the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), the UK Financial Regulatory Authority (FCA, 208159), and other international financial regulation commissions. In 2020, the broker was awarded the "Best Online Broker” (Barron's) and "Best Broker for Economical Investments" (NerdWallet) titles and got five stars in the Online Stock Trading for Traders category (Canstar). Also, the broker is popular in other countries. Here you can read reviews of Interactive Brokers in Canada, Singapore, Australia, Hong Kong, Ireland.
👍 Advantages of trading with Interactive Brokers for traders from India:
•wide range of training materials;
•access to 135 markets in 33 countries;
•a huge subset of trading instruments.
👎 Disadvantages of Interactive Brokers for traders from India:
•website interface is only partially translated into other languages;
•you have to pay for an inactive account;
•Support service does not work on Saturday and Sunday;
•long and complex registration procedure;
•no cent accounts for novice traders.
3
Ninjatrader - Best for beginners in India
Ninja Trader is a Forex broker that has been providing brokerage services in the derivatives and foreign exchange markets since 2003. The main specialization of the company is in the futures and futures options markets. The broker is a licensed company with domicile in the United States. Ninja Trader also has offices in Germany and the Netherlands, but these are more representative functions.
👍 Advantages of trading with Ninjatrader for traders from India:
•availability of algorithmic trading using proprietary systems; there are more than 850;
•proprietary trading platform, which is one of the best products for trading in the derivatives markets (like MetaTrader 4 for Forex).
👎 Disadvantages of Ninjatrader for traders from India:
•high trading costs. In addition to the commission for the contract, there are exchange and regulatory fees, a fee to the trade provider (intermediary broker);
•the initial deposit is from USD 400. But that amount has nothing to do with fees associated with the US stock market;
•the broker is tailored exclusively for the US futures and options markets;
•a deep understanding of the principles of the derivatives market and the rules for working with exchanges is required;
•chat and phones contacts are missing;
•there are cases of neglect of client risks. Ninja Trader was fined in 2014 by its regulator for irregularities under its rules.
4
Robinhood - Best for beginners in India
Robinhood is an investment company that has provided services on the stock market for over ten years. Its owners engaged in software development for hedge funds ab initio and then teamed up to create a company that makes investing available to all. The broker is licensed to provide its services and is a member of the Financial Industry Regulatory Authority (FINRA, CRD#: 165998/SEC#: 8-69188) in the United States. There is no information about the broker receiving awards for their activities.
👍 Advantages of trading with Robinhood for traders from India:
•trading stock market instruments without paying commissions;
•the ability to trade from mobile devices;
•hassle-free registration procedure.
👎 Disadvantages of Robinhood for traders from India:
•the broker does not offer Forex instruments for trading;
•there are no offers for receiving passive income;
•training materials on the website are limited;
•the company works with clients exclusively from the US;
•lack of online support.
5
Zerodha - Best for beginners in India
The Zerodha brokerage company was registered in India on August 15, 2010, by professional trader Nitin Kamata. Its registration number is INZ000031633. This stockbroker allows you to trade securities and make short-term and long-term investments on the stock exchange. It is the number one stockbroker in India in terms of trading volume and the number of its clients. About 4 million traders place orders daily through zerodha.com investment platforms, which accounts for over 15% of India's total retail trade in this sector.
👍 Advantages of trading with Zerodha for traders from India:
•The existence of several proprietary trading platforms, including for mobile devices (iOS and Android), that are designed for both beginners and experienced traders.
•There is no minimum deposit requirement.
•According to customer reviews, the company offers the most transparent and understandable conditions: low commissions on real accounts, the possibility of intraday trading, access to the formation of your own mutual fund.
•The interface of all terminals and the broker's website are available in Hindi and English.
👎 Disadvantages of Zerodha for traders from India:
•You cannot trade on Forex through this broker.
•It does not provide an opportunity to work on MT4 and MT5.
•A fee is charged for opening and maintaining an account.
•Trading platforms periodically freeze and do not display trade statistics.
Commissions & Fees
Brokerage fees are the amount of money that you pay for using the services that a brokerage offers in order to perform trading and manage investments. The brokerage fee structure and regulations vary from broker to broker, and there are two primary fee types which are:
Trading Fees: This type of fee is only charged when you perform a trade. It can be a conversion fee, margin rate, financing rate, spread, or commission.
Non-Trading Fees: This type of fee isn't directly related to your trading activity, and it can include inactivity fee, withdrawal fee, deposit fee, etcetera.
Revolut Commissions and Fees
During our analysis of trading conditions, it was found that Revolut limits the number of trades without commissions. Depending on the account type, 1-5 transactions per month are free. There is a monthly subscription fee of £2.99-£12.99 on different accounts, which can be reduced by 20% if you pay in advance for a year. The broker charges a fee of 1 USD for additional orders. Since stocks listed on American exchanges are offered for investment, the fees are calculated in USD and then the funds are converted to the account currency at the current exchange rate. For transactions in cryptocurrency, the commission is 1.5-2%, and for transactions in precious metals, it’s 0.5-1.5% of the transaction volume. The amount of interest depends on the selected trading account. No additional hidden commissions were revealed.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
From £2.99 |
No |
|
Plus |
From £2.99 |
No |
|
Premium |
From £2.99 |
No |
|
Metals |
From £2.99 |
No |
Interactive Brokers Commissions and Fees
Traders Union analysts have verified Interactive Brokers for hidden fees and assessed the commission level in the company. The company charges $20 for an inactive account if there is less than $2,000 on the account and $10 if there is more than $2,000. You can withdraw funds for free once a month; if you withdraw funds more often, you’ll have to pay a commission, the amount of which varies depending on the base currency of the account and the payment system.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Real |
From $2 |
Depending on the currency and withdrawal method |
Ninjatrader Commissions and Fees
Experts at Traders Union have analyzed NinjaTrader conditions for explicit and implicit fees. There are no hidden fees. Since the broker is an intermediary on the US and European stock exchanges, it is not responsible for the level of the spread and there is no data on the site. There are additional commissions of exchanges, banks, partners, and brokers-partners.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Futures |
$50 for ‘mini’ contracts |
Yes |
|
Options |
From $0,59 |
No |
Robinhood Commissions and Fees
Analysts of the Traders Union have reviewed the trading conditions of Robinhood Markets for implicit and explicit commissions and fees. Hidden commissions were not revealed. The broker does not charge a trading fee for the replenishment of the deposit or the withdrawal of funds. No commission is charged for order execution. Please note: there is no commission for assets from the US market only. A trading fee is charged to traders for trading European stocks.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Robinhood Instant |
From $1.5 |
No |
|
Robinhood Gold |
From $1.5 |
No |
|
Robinhood Cash |
From $1.5 |
No |
Zerodha Commissions and Fees
A brokerage fee of 0.25% applies to all trades entered into cash-settled commodity contracts in the last two trading days. Regardless of the trading volume, the fixed fee for each trade is Rs 20. There is an account maintenance fee of 300 rupees + 18% tax per year for Demat accounts and 1000 rupees + 18% tax per year for corporate accounts. The one-time fee for opening an account is Rs 200.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Demat |
From $ 0.5 |
Yes |
Summary
Many brokers are available for traders from India, but not all of them offer good conditions. In this review, TU experts chose the Best stock brokers for beginners in India 2024. These are the most trusted companies that offer the best conditions for traders. You will also be able to review the general assessment of each broker.
Overall score of the best Stock Brokers For Beginners in India
| Revolut | Interactive Brokers | Ninjatrader | Robinhood | Zerodha | |
|---|---|---|---|---|---|
|
Overall score |
7.69 |
7.45 |
7.03 |
6.91 |
6.73 |
|
Execution of orders |
9.2 |
8.8 |
8.1 |
7.9 |
7.6 |
|
Investment instruments |
9.8 |
9.4 |
8.7 |
8.5 |
8.2 |
|
Withdrawal speed |
9.6 |
9.2 |
8.5 |
8.3 |
8 |
|
Customer Support work |
9.4 |
9 |
8.3 |
8.1 |
7.8 |
|
Variety of instruments |
9.1 |
8.7 |
8 |
7.8 |
7.5 |
|
Trading platform |
9.9 |
9.5 |
8.8 |
8.6 |
8.3 |
|
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FAQ
How much money do I need in order to start working in the financial markets?
The initial capital depends on the assets you plan to trade. However, in the majority of cases, $300-500 is a good amount for a start.
Can you earn passive income in the financial markets?
Yes, the best brokers in India offer passive income options. These could include copy trading, PAMM accounts, managed portfolios, etc.
What commissions and fees should I take into consideration when I am choosing a broker?
The commissions and fees in the financial markets are divided into trading and non-tradings ones. Trading fees are the fees that are charged directly during trading (spread, commission per lot, etc.), while non-trading fees are the ones charged outside the trading process (for example, account fee, inactivity fee, deposit and withdrawal fee).
Is it possible to work with offshore brokers?
It is best not to work with offshore brokers. However, if you have chosen such a company, you need to check and analyze it very thoroughly. There are offshore brokers with good reputations. Before you start working with such a company, deposit the minimum amount and start trading. Once you’ve worked with the broker for a little while and checked how it operates and how quickly it processes withdrawals, you can start depositing higher amounts.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.