Intraday trading is an approach to trading in India that involves purchasing and selling stocks on the same day. It requires a brokerage platform to facilitate trading transactions and fast decision-making. Therefore, choosing the best broker is essential for achieving success. An efficient broking platform provides the necessary trading tools and speeds up order placement.
Many brokers in India offer different features. These features can have a significant impact on your trading performance. In this blog, we’ll explain what to consider when picking the finest broker for intraday trading and the best brokers in India.
A Few of the Best Brokers for Intraday Trading
Here are a few of the best brokers for intraday trading in India, known for their excellent features and services:
HDFC SKY
HDFC SKY is one of India’s leading online trading apps. Offered by HDFC Securities, it is a simple and powerful trading app that supports all your investment needs. You can trade stocks, mutual funds, IPOs, derivatives, currencies, and commodities on a single platform.
For intraday traders, HDFC SKY offers advanced tools like TradingView and ChartIQ. These charting options help you analyse trends and make quick decisions. You can choose the one that works best for you.
The app also keeps trading affordable. For equity intraday orders, the brokerage is just Rs. 20 or 2.5% of the transaction value, whichever is lower. With its easy-to-use platform, smart tools, and low charges, HDFC SKY can be a great choice for intraday traders looking for speed and efficiency.
Zerodha
Zerodha is another leading online trading app. For several years, Zerodha has been a popular option for intraday traders because of its cutting-edge technology and affordable broking fees. Zerodha is a major force in the Indian broking market thanks to its user-friendly trading platform, Kite, and extensive tool and resource library.
Currently, Zerodha charges a brokerage fee of ₹20 or 0.03% per executed order (whichever is lower) for intraday trades across equity, currency, and commodity segments.
Groww
Groww is a stock trading platform that is easy to use for traders. It is a simple trading app that makes buying and selling stocks quick and hassle-free. The platform is designed to make intraday trading smooth and efficient.
Groww also provides helpful learning resources for beginners to help them better understand trading. It does not charge for opening or maintaining an account, making it an affordable option for everyone.
For equity intraday trading, Groww charges ₹20 or 0.1% per order, whichever is lower. If the charge is less than ₹2, a minimum fee of ₹2 is applied. This simple pricing ensures traders can focus on their trades without worrying about high costs.
Motilal Oswal
Motilal Oswal is a trusted full-service brokerage firm known for its strong research support and diverse investment options. It provides services catering to beginners and experienced traders, including trading tools designed for efficiency.
Motilal Oswal offers competitive brokerage rates of 0.02% on the order value for equity intraday traders. Because of its comprehensive features and ease of use, this platform can be a reliable choice for active traders who want to execute orders quickly and easily.
Angel One
Angel One is one of India’s oldest and most trusted brokerage firms. It has successfully adapted to online trading and offers a wide range of intraday trading products and services.
The user-friendly platform provides valuable research reports to help traders make informed decisions. For equity intraday trading, the brokerage fee is ₹20 or 0.03% of the order value, whichever is lower, making it a cost-effective option for traders.
SBI Securities
SBI Securities is the stock broking arm of the State Bank Group and a 100% subsidiary of SBI Capital Markets Ltd. It is a full-service stock broker offering a range of services for traders.
For equity intraday traders, SBI Securities offers a competitive brokerage rate of 0.05% of order value on equity intraday trades. This can become a good choice for those looking to minimise costs while trading on a reliable and trusted platform backed by SBI.
What Makes Brokers Suitable for Intraday Trading?
Choosing the best intraday broker requires considering several factors. One of the most important is the trading platform. A good platform should be simple, quick, and trustworthy so traders can place orders quickly and without issues.
Moreover, the broking firm’s fee structure is also significant. Even minor variations in broking fees can greatly influence total bottom-line profitability when day trading since there are numerous transactions in a single day. In addition, intraday trader frequently prefer brokers that offer reasonable rates with minimal or no fees for day transactions.
Margin facilities are yet another essential aspect when choosing a broker. Day traders frequently rely on the margin that allows them to transact in huge volumes. A broker that provides a large margin or leverage will attract intraday traders looking to make as much money as possible. However, since high leverage also increases vulnerability, you must consider the brokers’ margin policies.
Making educated trading decisions also heavily depends on having access to sophisticated charting tools and technical indicators. The best broking houses for intraday trading typically include various powerful analysis tools that enable traders to assess price changes and market patterns rapidly. Be it intraday trading or delivery trading, choosing the right broker is crucial for maximising profitability and managing risks effectively.
Conclusion
In conclusion, your budget, risk tolerance, and trading preferences will all influence your choice of the best intraday trading broker. Every broker mentioned above has unique features and cost plans. Think carefully about your trading preferences, needs, and the services each broker offers before choosing one. Additionally, it’s a good idea to periodically review your broking options to ensure they still fit your changing trading tactics. Remember that selecting the appropriate broker is only one component of successful intraday trading; other elements are as essential.
Open Free demat account with HDFC SKY and use its robust intraday trading facility. The platform provides advanced trading tools, real-time charting analysis, and expert market insights. With HDFC SKY, you can execute trades swiftly and make informed decisions to enhance your intraday trading experience.
