Here are #5 Fintech Platforms that are Unburdening Indian Traders from Broking Charges Stockbroking today is not more about just trading… it's also about customer experience and appropriate pricing

From banking to wealth management, technology is literally changing the way we handle our finances and stock broking is not immune to this trend.

Today, stock broking is all about technology and in fact, fintech brokers have disrupted and forced traditional brokers like Angel Broking and Axis Direct to adopt discount broking as a business model.

Here are five fintech platforms that are acing at the discount broking game.

Zerodha

Started by Nikhil Kamath and Nitin Kamath, Zerodha is presently the largest stockbroker in the country.

The Bangalore-based startup doesn't charge a penny for equity trading. While on the other hand, it charges INR 20 for intraday and F&O trading In a previous interview with Entrepreneur India, Nikhil Kamath said that new-age brokers are competing on technology and usability while the competition has moved away from price.

"Technology prowess of each participant has come to the forefront, and that's what determines the market leaders in the broking space today," he added.

Upstox

Ratan Tata-backed Upstox was started by Ravi Kumar and Shrini Vishwanath. The company was set up as a proprietary firm in 2008 and it entered the retail broking business in 2012.

Upstox's rates are similar to Zerodha,i.e, there no charges on equity deliveries and flat INR 20 charge on intraday trades and other instruments.

The startup claims that it contributes INR 14000 to 18000 crores to the exchanges' daily notional turnover.

5Paisa

IIFL-owned 5Paisa claims to be the second largest discount broker in the country.

While just like the other two, it charges zero brokerage on the equity trades, however, to trade in other instruments traders need to pay a flat charge of INR 10.

Apart from discount stock brokerage services, 5paisa also has a robo advisory platform which also users to deal with mutual funds. Additionally, it also provides insurance advisory services.

Samco Securities

Samco Securities is founded by Jimeet Modi and unlike its competitors, the discount broker doesn't levy zero charges. However, instead, it charges flat INR 20 across also instruments such as stocks, future, options, etc.

Furthermore, with the same charge of flat INR 20, Samco also allows traders to deal with commodities via its sister company.

Apart from stock brokerage services, Samco also provides mutual fund advisory services through its mobile app RankMF.

ProStocks

Unlike its peers, ProStocks offers a very different pricing model for its customer. There are three options for traders to choose – for equity, it charges INR 899 per month and INR 499 for currency or the second option is to pay INR 15 per trade across all segments.

Lastly, for active traders with large volumes, ProStock offers an annual plan – INR 8999 for equity and equity derivatives while for currency traders, it would charge INR 4999.