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 day trading in India 2024. You can compare their features and trading conditions.
1
Revolut - Best for day trading 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 day trading 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
Webull - Best for day trading in India
Webull is an American broker-dealer headquartered in New York City and is a FINRA (CRD#: 289063/SEC#: 8-69978), SIPC, NYSE, and NASDAQ member. The company was incorporated in May 2017, and in January 2018 it was already registered with the SEC and CFTC. It is part of Webull Financial LLC and is licensed to carry out brokerage activities in all 50 US states. The broker offers a wide range of stock market assets, futures, professional analytics and an intuitive trading platform with a variety of technical and fundamental analysis tools.
👍 Advantages of trading with Webull for traders from India:
•Zero commission when trading stocks, options, and ETFs.
•No minimum deposit requirements for brokerage and retirement (IRA) accounts.
•Access to professional intelligent analytics and trading tools.
👎 Disadvantages of Webull for traders from India:
•There is no support for trading in mutual funds, futures, bonds or stocks of the OTC markets.
•It doesn’t provide an opportunity to make transactions with currency pairs.
•Cryptocurrency trading is available only in mobile applications.
•Replenish your account from $2,000 to trade with favorable leverage.
4
Robinhood - Best for day trading 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
ETrade - Best for day trading in India
The Etrade broker is a subsidiary of Morgan Stanley, the financial conglomerate, which has been operating since 1982. Today, E*TRADE is the leading online platform for financial instruments trading on the world's major exchanges. It offers operations with stocks, options, futures, bonds, ETFs, as well as investments in mutual funds. The broker is a member of FINRA (CRD#: 29106/SEC#: 8-44112), SIPC, NFA (0401545), and the FDIC, and provides services according to its license with the SEC, the US Securities and Exchange Commission.
👍 Advantages of trading with ETrade for traders from India:
•Fully adaptable to e-commerce through its mobile applications.
•No commissions when working with stock options on American exchanges.
•Twenty-four/seven customer support via online chat.
👎 Disadvantages of ETrade for traders from India:
•The Forex market tools are not available for trading.
•Training is provided in English only,
•Leverage is limited and cannot exceed 50% of the trader's personal funds.
•You cannot open a demo account to test the broker's conditions.
•There is no support, the website is only in English.
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 |
Webull Commissions and Fees
Webull trading terms were analyzed by Traders Union analysts for the explicit and hidden commissions. Transfers via ACH are free, however, the broker will charge a fee of $30 for canceling a deposit due to insufficient balance or incorrect account number. The fee for deposit and withdrawal by bank transfer depends on the direction of payments. The commission is $8 when depositing from accounts in US banks and $12.5 when depositing from institutions in other countries. An American resident pays $25 for withdrawal, a client with a different registration pays $45. SEC, FINRA, and OCC regulators charge trading and clearing fees from $0.01 to $0.045 per trade or contract.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Marginal |
From $0.02 |
Yes |
|
Cash |
From $0.02 |
Yes |
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 |
ETrade Commissions and Fees
The broker's terms analysis for the direct and hidden commissions proved the following: the trading fee amount depends on the assets traded. There are also extra fees for certain types of contracts (index-type options). When working with securities of foreign exchange companies, a tax on financial transactions is collected. It is 0.12-0.3% of the total value of the transaction depending on the specific country. Moreover, the custody of depositary receipts for American shares involves a fee of $0.005 to $0.05 per unit. All information about fees is freely available on the E*TRADE website.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
E*TRADE |
from $1 |
There is a bank commission |
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 day trading 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 Day Trading in India
| Revolut | Interactive Brokers | Webull | Robinhood | ETrade | |
|---|---|---|---|---|---|
|
Overall score |
7.69 |
7.45 |
7.09 |
6.91 |
6.97 |
|
Execution of orders |
9.2 |
8.8 |
8.2 |
7.9 |
8 |
|
Investment instruments |
9.8 |
9.4 |
8.8 |
8.5 |
8.6 |
|
Withdrawal speed |
9.6 |
9.2 |
8.6 |
8.3 |
8.4 |
|
Customer Support work |
9.4 |
9 |
8.4 |
8.1 |
8.2 |
|
Variety of instruments |
9.1 |
8.7 |
8.1 |
7.8 |
7.9 |
|
Trading platform |
9.9 |
9.5 |
8.9 |
8.6 |
8.7 |
|
|
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FAQ
What are the risks of trading in the financial markets?
Any trading in the financial markets carries risks of losing your money due to asset volatility. Therefore, it is important to develop the rules of risk management in your strategy and strictly follow them.
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.
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).
What factors are important when you are choosing a broker?
When you are choosing a broker, it is important to make sure it is a reliable company, consider its fees, the list of trading instruments, deposit and withdrawal methods and other factors. It is important to study a broker in detail, before opening an account with it.
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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.