I might sound like a hypocrite saying this, but after the experience of the last 13 years of Zerodha, I am unsure if low brokerage helps traders overall. Low brokerage creates an illusion that you can somehow trade in and out quickly and generate profits, which isn’t true. Apart from brokerage, there is impact cost and statutory charges.
Apart from leverage, overtrading is another big reason people lose money in the markets. Low brokerage could, among many things, also be the reason for overtrading. We have had this idea internally; maybe we should give an option to customers to willingly select a higher brokerage so they think twice before entering and exiting a trade. Take the trade only if a customer believes it will move enough to cover the cost; otherwise, sit tight. 