As a new investor like you, while searching for the best stock brokers for beginners in India, I was also confused with the complex UI and terminals of most of the stockbrokers in India. Based on my experience, Groww is the best stock broker for beginners in India as of 2023. I have chosen Groww as the best discount stock broker in India for beginners because of its simplicity in buying and selling stocks. The signup is free, and there is no account maintenance charge (AMC).
In this article, you will learn everything about the best stock brokers for beginners in India 2024 and some other alternatives you can use without any doubt. Read till the end to know coupon codes for signup bonuses.
Most Important Factor To Check While Choosing the Best Stock Brokers In India For Beginners 2024
You can’t just list some popular brokers in India and call them the best beginner stock brokers in India and be done with it. There are some real reasons why I have chosen four discount stock brokers: m.Stock Groww, Fyers.in, and Upstox. Let’s check out why these stockbrokers are the best for a beginner in stock market investing or trading.
Important factors you should consider while choosing the best stock broker in India 2024 as a beginner:
- Simplicity in user interface (UI) and buying/selling of stocks.
- Fees, charges, and pricing.
- Trustworthiness of the stockbroker.
- Regular awareness videos on their social media accounts, particularly on YouTube, to educate you.
- Seamless adding and withdrawal of funds.
- Transparency about everything.
- Easy support for any problem.
Now, let’s discuss each point in detail one by one. Remember, all these are, in my opinion, very important for a beginner stock market investor.
1. Simplicity in UI and buying/selling of stocks.
As a beginner in the stock market, you should always feel easy and friendly about the website or the App. I am sure you are not aware of some of the basic terminologies and most of the brokers look very complex for a beginner. For me, it is the most important factor because a simple UI and process attract new investors, while a complex UI and process repel new users because of the unfriendliness of the interface.
Imagine you are presented like this – here is the reliance stock with a price of today, the last one month, or one year. Do you want to buy at the current market price, or do you want to buy or sell at a specific price for the long term or for intraday? You can also see today’s top losers, gainers, stocks in the news, etc.
Or, you see a blank screen, and you have to add the stock, but there also you see so many options for a single stock, then choose between, Intraday, CNC, OCO, CO, etc. This seems like so many tasks for a beginner. This is why a beginner needs to have a simple, user-friendly interface.
However, once you become familiar with everything, you will need to go through the advanced stuff that is why I have listed the other alternatives because you will need them once you are invested and become familiar with the terminologies of stock markets and are searching for advanced features.
Based on the simplicity of UI and buying/selling of stocks, Groww will be the best stock broker for beginners in India in 2024.
2. Fees and Charges.
As a beginner investor in the stock market, I am expecting you to start with a small amount of money. One of the important roadblocks for someone investing in the stock market is the signup fees and monthly charges levied by the broker as well as brokerage fees.
Another reason is that, since you are starting with a small amount, the fees make a large part of the profits you have. So, as a beginner, starting with an everything-free stock broker is one of the most important factors when choosing a stockbroker in India as a beginner. Remember, there are some charges that every broker will charge like the exchange fees, stamp charges, brokerage charges, STT charges, etc. These fees, you will need to pay everywhere in any broker.
m.Stock offers you complete zero brokerage on all segments, be it long-term investing, intraday, F&O, commodity, currency, etc. All you have to do is pay a one-time fee, and there will be no fees for life. For beginners with small capital, this means a lot. With regards to fees, m.Stock is the best broker in India.
3. Trustworthiness of the stockbroker.
The first question every new investor in the stock market asks is, is his/her money safe? Kabhi leke chala nahi jayega? These are all the typical questions that I believe every beginner should ask. Please make sure that you are choosing a really good brand and trusted broker, not some unknown, never-heard broker.
Every broker I am listing below is trusted in the industry and is one of the fastest-growing brokers in the stock market.
4. Regular awareness videos on their social media account, particularly on YouTube, to educate you.
I believe that it is important for a beginner to receive regular educational videos about the stock market and what is going on in the market. Groww does a really good job by uploading videos like fundamental analysis, basics of the stock market, dividend-paying stocks, daily news before market opening, and market overview after the market is closed.
These videos are never boring, and it is really interesting and fun to watch all the videos. Groww also invites famous billionaires for live streams to share ideas, experiences, and ideas. Upstox also does the same thing and believe me, these videos are really helpful and keep you informed and engaged with the stock market.
However, brokers like Dhan, Fyers, and Upstox are also regularly uploading videos including advanced ideas like algo trading, options trading, etc.
5. Seamingless adding and withdrawal of funds.
Another major concern for any new investor is the withdrawal of funds. Most of the well-known brokers offer instant transfers of funds. Kindly note that you can withdraw funds only after T+1 days. This means that if you sell a share today, you can withdraw the money after two days and when the market is closed. Remember, Saturday and Sunday are closed and won’t count on T+1. This applies to other market holidays.
All the brokers I mentioned in this post are well-known in the market, and I have withdrawn many times without any issue. Also note that m.Stock, Groww, Upstox, and Flyers don’t charge any fees for depositing and withdrawing your money through UPI.
6. Transparency about everything.
You don’t want a broker who claims to be free and then you see some fees you have never seen before. Try to avoid such brokers or know in full detail what the fees are.
To be fair, almost all the major stockbrokers are free to deposit or withdraw your money. I would urge you to read the full fee details before accusing any broker of having hidden fees. For example, AMC, delivery stock sales, STT charges, and most importantly, GST of everything.
Regarding zero brokerage, m.Stock offers zero brokerage on all segments, no questions asked. I am using it, and it doesn’t change any brokerage fees in my account. Read more to see proof.
7. Easy support for any problem.
Finally, you don’t need a broker who never replies to your queries or is not active on social media. You also should understand that an instant reply is almost impossible, and don’t start complaining that no one is replying. The brokers I am mentioning below are replying to my queries regularly.
Best Stock Broker For Beginners In India 2024
m.Stock will replace Groww as the best broker for beginners in India due to zero brokerage plan, easy-to-use UI, easy support, free call to trade, and other features. I am downgrading Groww from the number one position to the second position.
1. m.Stock – the best stock broker for beginners in India
m.Stock is the only broker in India with true zero brokerage fees. You pay a one-time account opening fee which many other brokers charge, and brokerage fees are done for life. Many people have doubts as no other broker is doing it, but it is true that there will be no brokerage fees.
The UI is simple, and there is no complex information that will cause confusion for a beginner. While Groww offers a great service and UI from an investor point of view, sooner or later, you will realize that Groww is good for very, very newbies, and once you become a little aware, you will start searching for a broker with other features.
Groww is also adding more features but zero brokerage fees and simple UI from m.Stock outweighs Groww. Moreover, m.Stock is well-featured for traders. I posted a full review of m.Stock broker, click here to read it. If you use my referral link to sign up m.Stock, I will get Rs. 555. If you refer your friends, you will get Rs. 555 too. Check out why m.Stock is the best stock broker for beginners by checking out the webstory below or by clicking here:
2. Groww – 2nd Best stock broker for beginners in India
Groww is the second-best beginner-friendly discount stock broker in India. It is like, you are shopping on a shopping app, but this time, you are shopping stocks, mutual funds, FD, Gold, etc. All the features I mentioned above are in Groww, and it is really simple.
For a complete beginner, believe me, most of the brokers will look like a very complex thing, and you will be handed a blank page or a very complex page. Once you complete your signup on Groww and log in, you will see two tabs in the mobile App – stocks and mutual funds. In each tab, you can see what the different mutual funds, filtered by tax saving, highest return, and many other categories, are. Similarly, in the stocks section, you will see stocks in the news, the highest gainer, the highest loser in a day, top stocks based on the market cap, etc.
To buy or sell, all you need to do is click on either the mutual fund or the stocks, click on the buy or sell. With this, you can complete your buying or selling process.
Groww is also free to sign up, and also there is no account maintenance charge (AMC). Most of the brokers will charge you a fixed sign-up fee and around ~25+GST per month for maintaining your account.
3. Fyers – Third best stock broker for beginners in India
Fyers.in also has no fees at all for signing up and no AMC. Even though first using the Fyers will look a little overwhelming, you will find it the easiest and most feature-packed broker. The most important thing Fyers offers than the free services is the free service offering of the pro version of TradingView absolutely for free. You can add as many indicators as possible, try strategies, and all other features TradingView Pro subscriptions offer.
If you are thinking of becoming a serious investor or a trader, believe me, you will need the Pro subscription of TradingView.
One major difference between Groww and Fyers is the UI. In Groww, you don’t need to add any stocks or scripts, you are already presented there. But in Fyers, you will see some strange scripts, and you have to add the stocks (scripts) individually to analyze, buy and sell.
In Fyers you will get some advanced features like pledging which other brokers also offers now. Other interesting features are a 30-day challenge, thematic investment, algo trading, etc. You might be thinking all these are not required for you, but you will need them when you become serious about investing.
Switching or transferring stock holdings from one broker to another broker is not an easy task. You will want a broker that provides all the features even though you are not using it now. It will come in handy when you decide to use that feature at any time.
I will be writing a full review on Fyers.in right from how to sign up, how to add scripts, how to buy, sell, add, withdraw funds, etc. Stay tuned. For now, click here to sign up on Fyers.in and get free AMC for life.
Once you get familiarized with Fyers.in, you will like it as a new investor. This is one of the best stock brokers for beginners in India 2024. The withdrawing process in Fyers is a little complex, and I don’t understand why adding money is too easy but not on withdrawal.
If Fyers can provide the complete zero brokerage fees like m.Stock, I will put Fyers in number one spot in the list of best stock brokers for beginners in India.
Best brokers for beginners in India: Comparison between Groww and Fyers
|Intraday equity, F&O
|20 or 0.05% whichever is lower,
and 20 for F&O
|20 or 0.03% whichever is lower,
and 20 for F&O.
|not good as per my experience
|Charting and indicators
|One of the best
|Rs. 100 after activating
|Refer & Earn
|Click here to signup &
get Rs. 100 for free.
|Click here to sign &
enjoy a free account for life.
Another broker I recommend is Upstox. I use all of them. Click here to sign up on Upstox for FREE. On top of this, delivery orders are free, free direct mutual funds, IPO, and other advanced features are there. You can also have a 3-in-1 account with IndusInd Bank, where your trading money earns interest with zero balance savings accounts from IndusInd Bank.
Upstox recently introduced advanced options features to check different Options strategies, option profit details as well as other features.
Which broker do I use as a beginner – m.Stock or Groww or Fyers?
It is recommended to use multiple and use what they have to offer from different brokers. Use m.Stock for trading due to zero brokerage. I also use it in investment if the margin is required For investment, I use Groww, while I use Fyers for trading but mostly to access advanced features like TradingView, Options features, InstaOptions, GoCharting, etc. I strongly recommend you know the risks before starting trading. For charting and analyzing the graphs, I do it all in Fyers, as you can get TradingView Pro for free. I have written a very detailed article on how to get TradingView Pro for free. Click here to know more.
Why are other brokers not on the list of best stock brokers for beginners in India?
This is mainly because of the repulsive UI of most brokers. As a new beginner, I firmly believe that you should be welcomed with a simple app and UI, just like a shopping app where you don’t need to put in an effort. Only Groww provides that. In Fyers, you will feel a little complex, but with time you will become an expert. Once you become familiar with Fyers, you can sign up with other brokers like Zerodha and can use it. However, m.Stock, Groww and Fyers are enough.
Dhan is also one of the new brokers with lots and lots of features. It has no signing up fees, no AMC, and similar brokerage fees with other brokers. Click here to check Dhan App with my referral link.
So, what are you waiting for? Click the links above and sign up for free.
If you are an investment hawk, check out TradeCred, GripInvest reviews where you can invest in invoice discounting and lease financing. If you are new to these, just click on the links, you will know everything in the review post.
Check out the webstory summary for the best stock brokers for beginners in India below or click here to check it.
My Favorite Stock Trading/Investment Tools
Best broker and mutual fund investment for beginners – Groww – Click here to signup, activate your Demat account & Get Rs. 100 for free.
Best charting platform – TradingView.com
Trusted Forex broker for Indians – Exness.com (Zero swap charges).