10 Best Options Trading Platforms in India 2024

Options Trading Platforms in India: While considering any broker or platform, always choose the best quality broker because you will stick to a particular platform only if it’s easy to navigate and provides a good user interface to the user.

Every broker can’t give you the best user interface, at least whatever things you want like many traders want that they can easily do the analysis of the market, can see easily option chain, charts, and Indicators, there should be no problem in volumes. If they see all these things then it’s good for them.

Similarly, many trader’s needs and demands may be different, then you have to make sure that it’s matching the quality that you want. But for a new investor or a beginner in the stock market, the relevant question arises that which app should we use where we can invest? 

Ideally, it should be easy where you can invest. There should be a user-friendly interface, there should be low charges and apart from US stocks, you should get other options like investing in that stock SGB etc.

But the problem is that people don’t have so much time that after trying different types of apps, they came to a conclusion that yes this app is the best, that’s why to save your time, we have written this article about the 10 best options trading platforms or brokers. 

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How to select the best options trading platforms?

There are many brokers in the stock market, out of which it’s difficult for you to choose the best broker, so how to choose a good broker or option trading platform? 

Specifically, if you are entering in the stock market or you are already in the stock market, then on that basis I will tell you some such points through which you will be able to decide which broker you have to prefer.

Rule 1: First of all, whenever you decide a broker there you have to see the financial stability of that broker. If the broker is in lot of debt and the financials are not right, then you should avoid such brokers.

Rule 2: The most important factor as a trader or investor you should pay attention to is whether your broker is providing you high-quality customer support or not. 

Rule 3: It’s also very important for you to see the quality of the platform, choose a platform which is easy to navigate and offers a good user interface. 

Rule 4: You should check whether there is a clean track record or not whether transparency is being maintained and the contract notes are being sent to you on time.

Rule 5: You have to see that if you take a broker nowadays, so your broker providing you sufficient research tools or not. There are many brokers when there is a lot of volatility in the market then you take the existing position there is a lot of lag and it hangs that day, so choose the platform carefully. [Options Trading Platforms in India]

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Comparative Analysis Based on Downloads, Reviews & Ratings:

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10 best options trading platforms in India: Features

1. Zerodha Kite

Zerodha Kite is the biggest and most popular trading platform for options trading in India. It’s an excellent choice for beginners because this platform is easy to use. 

Through Zerodha Kite, you can buy and sell shares in the stock market, along with this you can also invest in equity and commodities. This app is the largest based brokerage application in India. Most of the people in India use this app for trading and investing. 

• Zerodha kite was launched in 2019 
• Active users – 65,92,902
• DP Charge – ₹ 13.5 + GST
• Auto Square off Charge – ₹ 50 + 18% GST per position.

Pros 

• The deposit and withdrawal process is user-friendly and free of cost.
• Modern platform and app for free of cost.
• Zerodha charges are very low and don’t charge anything regarding equity delivery.
• Partner platforms like Smallcase, Sensibull, Streak etc. 

Cons

• Rs. 300 account opening charge and high call and trade charges.
• Zerodha doesn’t offer bracket orders. 
• Doesn’t provide intraday tips, research, reports or recommendations.

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2. Upstox

Uptox is a very good platform where you get a lot of facilities. In this platform, you get cover orders, bracket orders, limit orders, GTT orders. It’s a very good tool for long-term investors.

Along with this, it also provides equity, delivery, futures & options, IPO, Mutual Funds, currencies, commodities and Sovereign Gold Bonds, all these services are also provided without any charges.

If you want to invest in US stocks, i.e. want to invest in the global market, then you can do it through Upstox. [Options Trading Platforms in India]

• Upstox was launched in 2009.
• Active users – 28,00,000
• DP Charge – ₹ 18.5 + GST
• Auto Square off Charge – ₹ 50 + 18% GST

Pros 

• No charges for account opening.
• Advanced order types including AMO, CO, SL and GTT are available.
• Margin trading facility MTF is available at an interest rate of Rs. 20/day, margin against shares is also available. 

Cons

• Margin funding isn’t available for delivery trades.
• They do not offer Demat, Trading and Banking -3-in-1 accounts.
• No free research reports, stock tips and weekly recommendations.

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3. Fyers

Fyers company was started in 2015, it’s a Bangalore-based company. The name of the CEO and founder of this company is Tejas Khoday. 

In 2019, Fyers launched a Demat account and Fyers is a SEBI-registered company. In 2021 within 2 years, the company had acquired 1 lakh+ clients, which is a very good thing for a company and within the next 4 years, this number has become 5 lakh+, Fyers is a discount broker. [Options Trading Platforms in India]

In this platform, you can trade in Equity, Futures & Options and Commodities along with other investments like Mutual Funds, IPOs, ETF’s, you can invest in all these.

Many web portal links are available here through which you can invest in SGB i.e. Sovereign Gold Bonds, you get many investment options in this app.

• Active users – 2,19,169
• DP Charge – ₹ 12.5 + GST
• Auto Square off Charge – ₹ 20 

Pros 

• You can place cover orders, bracket orders, market orders, limit orders, after-market orders as well as gate orders in Fyers.
• Start Algo trading and integrate with a third-party platform using Fyers API, you get it here absolutely free, along with this you also get the feature of API bridge.
• You also get research, reports, margin funding, margin against shares and Fyers smart exit alert here, but this Fyres smart exit alert is only an app of Fyers, whose name is Fires One, it’s available only in this app.
• Fyers gives you another app called School of Stocks which is a free learning platform through which you can learn about the stock market.

Cons

• You don’t get US stock and SIP options here.
• GTT order is not available. 

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4. Dhan

Dhan is a discount broker in India. In this platform, you can trade in Commodity & Currency, Equity and Future & Options.

You can reduce your brokerage charge up to 50% and for this you get an offer in Dhan app where if you open any demat account in the name of a female then your brokerage charge can be reduced up to 50%. That means if you place an order in intraday or futures & options you have to pay ₹10. 

If you like to trade in options then Dhan has launched a special app for you which name is Options Trader by Dhan. [Options Trading Platforms in India]

• Dhan was launched in 2021. 
• Active users – 4,34,798
• DP Charge – ₹ 12.5 + GST
• Auto Square off Charge – ₹ 50 + 18% GST

Pros

• You can place after-market orders in Dhan.
• Dhan provides GTT which is valid for 1 year.
• If you want to set a price alert of any stock, then the option of price alert is also available on this app, but it will inform you only through your email.
• In Dhan app, you also get the option of Smallcase and you will not have to pay any charge for this.

Cons

• You don’t get any relationship manager i.e. RM in Dhan.
• No tips and advisory.
• You cannot invest in mutual funds in Dhan.

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 5. Angel One 

Angel One is a full-service broker which provides research, tips and offline pages to its clients with low brokerage, also you can get support or help by visiting their offline stores.

• Angel One was launched in 1996 and this is the oldest platform in the Indian share market. 
• Active users – 43,19,684
• DP Charge – ₹ 20 + GST
• Auto Square off Charge – ₹ 20

Pros

• Provides full-service brokerage services at low brokerage fees.
• Free advisory tips for mutual funds and equities.
• Free consultations and research.

Cons

• They do not offer Demat, Trading and Banking 3-in-1 accounts.
• GTC and GTT facilities are not available.
• Angel One doesn’t offer trading in SME shares. 

Read Also: 12 Best Stocks to Invest During Elections 2024

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6. Groww

Groww is a very good and simple app where you get mutual funds, stocks, US stocks, gold investment and along with this they are also launching loans.

The demat account of Groww is actually a very easy and smooth demat account. If you don’t want to keep too much hassle and want to keep your investing very simple, then you can open your demat account in Groww. [Options Trading Platforms in India]

• Groww was launched in 2017. 
• Active users – 91,85,024
• DP Charge – ₹ 13.5 + GST
• Auto Square off Charge – ₹ 50 + 18% GST

Pros

• You can invest in IPO/Mutual Funds and Sovereign Gold Bonds on Groww.
• Here you also get market orders, after-market orders and GTT orders.
• Groww enables US stocks investing along with futures & options.
• Provides margin for intraday.

Cons

• If you want to trade in currency & Commodities then this facility is not available.
• You do not get cover orders and bracket orders in Groww.
• Groww doesn’t provide margin for delivery.
• You do not even get the facility of Algo trading.

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7. 5paisa

IIFL had started an online discount brokerage service company named 5Paisa. The CEO of this platform is Narayan Gangadhar, this platform is a very popular online stock broker which you can use on mobile and website.

5Paisa deals in many products like stock trading, derivatives, commodities, currencies, SIP, loans, wealth, bonds etc options are also available in it. [Options Trading Platforms in India]

• 5Paisa was launched in 2016.
• Active users – 5,27,107
• DP Charge – ₹ 12.5 + GST
• Auto Square off Charge – ₹ 50 + 18% GST

Pros

• 5paisa brokerage plans have something for everyone novice, investor or professional trader.
• All in one account to invest in stocks, mutual funds, commodities, currency, research and advisory. 
• Lowest DP charges.

Cons

• Server down issue in the peak hours of trading.
• They do not offer Demat, Trading and Banking -3-in-1 accounts.
•  Broker assistant transactions (call and trade) incur an additional fee of Rs. 100 per executed orders. 

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8. Motilal Oswal

Motilal Oswal Company was started by Motilal Oswal and Raamdeo Aggarwal in 1987. Motilal Oswal is a full-service broker and it provides you its service in Equity, Derivatives, Commodities, Currency, Mutual Funds, Bonds, Corporate Fixed Deposits, PMS, Invest in US Equities, Smallcases and Margin Trading has been there for the last 36 years. [Options Trading Platforms in India]

Motilal Oswal has two mobile apps, one for traders named Motilal Oswal Trader and the other for investors named MO Investor.

• Active users – 8,74,230
• DP Charge – ₹ 75 (whichever is higher)

Pros

• Here you get free depth analysis and stock recommendations to make informed investment decisions.
• Get proper customer support via emails and calls to resolve queries.
• Research, reports, market and sector analysis are also available, due to which you can make your investment decision properly.
• Here you get this all-in-one platform service so you can invest in multiple assist classes like equity, derivatives, mutual funds etc.

Cons

• No plan offers for flat brokerage and discount broker. 
• You can invest only in regular mutual funds, the option of direct mutual funds is not available here.
• Higher brokerage charges and DP charges are also higher compared to other brokers.

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9. Paytm Money

Paytm Money is a SEBI-registered stock broker where you can invest. Paytm Money provides its stock broking services to you in both NSE and BSE exchanges. 

Paytm Money provides you Mutual Funds, Stock Market, NPS Retirement Funds, IPOs all these investment services. [Options Trading Platforms in India]

• Paytm Money was launched in 2017.
• Active users – 6,44,125
• DP Charge – ₹ 13 + GST
• Auto Square off Charge – ₹ 50 + 18% GST

Pros

• Simple and robust trading platform.
• Instant digital account opening. 
• Mutual Fund investment advisory services.
• Option to invest online in digital gold and NPS along with stocks, derivatives and MFs.

Cons

• Broker assistant transactions (call and trade) incur an additional fee of Rs.100 per executed order.
• Commodity and currency trading options are not available on Paytm Money.
• Equity delivery brokerage is not free unlike popular brokerage.

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10. Sensibull

Sensibull is one of the largest options trading platforms in India and was launched in 2017. Sensibull providing services for years and also a user-friendly interface.

Beginners can also start the journey in sensible of options trading. There are also strategy wizards where if you know the view, it will tell you the strategy itself.

Sensibull also has the option of Strategy Builder through which you can build your own strategy and this is for advanced traders. [Options Trading Platforms in India]

Pros 

• You can do virtual trading/paper trading in this platform.
• Very good tutorials are available to learn options.
• Option chains are well-visible with lots of features.
• Provides FII and DII data.

Cons

• Only free for Zerodha users.
• This platform requires practice to master options strategies.
• Charts are not as advanced as other platforms.

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Conclusion 

If you want a beginner-friendly user interface and all the features are available and new tools are available then Zerodha is best for every type of investor.

If you want to open a second demat account, two platforms Grow and 5 Paisa can be good for you because of the account opening and account maintenance charges are free here.

If you want to open an account for options trading then Paytm Money and Zerodha can be best for you because of the lowest brokerage charges in this. If you want a full-service broker with guidance then you should open an account with Angel One.

People choose platforms like Zerodha and Angel One because these platforms provide the best quality services and do not care about brokerage charges.

Hope you have liked the information we have shared in this article, to know more about options trading you can read our other articles too.  [Options Trading Platforms in India]

Read Also: 10 Great Ways to Learn Option Trading 2024

Read Also: 12 Best Paper Trading Apps in India for 2024

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FAQ

Which is the best trading app in India 2024?

10 best trading apps in India 2024:

• Zerodha 
• Upstox
• Fyers
• Dhan 
• Angle One
• Groww
• 5Paisa
• Motilal Oswal
• Paytm Money
•  Sensibull 

Which platform is best for option trading in India?

Zerodha Kite is the best platform for option trading in India. This platform is the largest based brokerage application in India and it’s an excellent choice for beginners and also easy to use.

Which Demat account is best?

7 best Demat accounts in India:

• Zerodha
• Upstox
• Dhan 
• Sensibull 
• Groww
• Angle One
• 5Paisa

Which is India’s number one Demat account? 

Zerodha is India’s number one Demat account because it’s easy to use and this platform is the largest based application in India.