Hi folks,
I wanted to get some information about how Indian discount brokers compare.
Basically, a discount broker is someone who does not charge much by way of brokerage charges.
Zerodha, Upstox and Fyers are among the larger and more visible of those, so I’m using them as examples.
I currently have an account with Upstox. I was wondering if it was worthwhile investigating alternatives. I was considering Fyers.
The first thing that concerns me is basic safety. I know that fraud is an issue with demat accounts. Are all these brokers equal when it comes to those issues?
The other issue is customer service. Upstox customer service is a bit iffy. They do reply to email, and answer the phone, but often don’t seem to know basic things, seem to be easily confused, sometimes contradict each other, and may sometimes provide incorrect information. E.g. I wrote to Upstox to ask them about freezing shares, and I got a reply that it was not possible, but I know it is.
But the question is whether the other discount brokers are any better.
Overall, are there significant differences between the discount brokers?