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InvestorPizza.
Official Broker Provenance Only • 100% Unbiased Math

Find the Right Broker for Your Trading Style

Compare real costs, hidden charges, platform features, APIs and technology using information verified directly from official broker documentation.

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Official Primary Sources
100% Unbiased Math
Every Number Traceable
Automated Tariff Watchdog
Investor Archetypes

What kind of investor are you?

Every trading style has different fee sensitivities and platform demands. Select your profile to view tailored broker intelligence.

Long-Term Investor

Equity Delivery & Direct Mutual Funds

Zero AMC

Prioritizes zero delivery brokerage, free direct mutual funds, zero demat maintenance (AMC), and low DP withdrawal fees.

  • ₹0 Equity Delivery Brokerage
  • Direct Mutual Funds Free
  • Zero Demat AMC Accounts
Intraday Trader

Cash Equities & High Frequency

₹20 Cap

Requires capped ₹20/order intraday brokerage, high-speed charting, tick-by-tick order execution, and clear auto square-off terms.

  • ₹20 / Trade Intraday Cap
  • Tick-by-Tick Order Execution
  • Transparent Auto Square-off
F&O / Options Trader

Index & Stock Derivatives

Flat ₹20

Demands flat per-order option pricing, zero-cost order cancellations, real-time option chain with Greeks, and low MTF leverage rates.

  • Flat ₹20 / Order on Options
  • Real-time Greeks Option Chain
  • Competitive MTF Leverage Rates
Algo & API Trader

Developer, Quant & AI Systems

API & MCP

Evaluates REST/WebSocket API uptime, API monthly subscription fees, rate limits, Python SDKs, and Model Context Protocol (MCP) readiness.

  • Free / Low-Cost Trading APIs
  • Sub-second WebSocket Feeds
  • Model Context Protocol (MCP)
Benchmark Matrix

Top Brokers Side-by-Side Snapshot

Direct tariff comparison across India's top retail discount brokers, audited with official documentation.

Benchmark Dimension
ZerodhaDiscount Broker
GrowwDiscount Broker
Angel OneDiscount Broker
DhanFull-Service
Equity Delivery
Long-term investment brokerage
₹0 (Free)
₹20 or 0.05% (whichever lower)
₹0 (Free)
₹0 (Free)
Equity Intraday
Per-trade cash intraday cap
₹20 or 0.03% (whichever lower)
₹20 or 0.05% (whichever lower)
₹20 or 0.25% (whichever lower)
₹20 or 0.03% (whichever lower)
F&O Options
Flat fee per executed order
₹20 / order
₹20 / order
₹20 / order
₹20 / order
Demat AMC
Annual account maintenance
₹300 / year + GST
₹0 (Free)
₹0 1st year, then ₹240/yr + GST
₹0 (Free)
CDSL DP Charge
Debit fee per scrip per day
₹19.00 + GST per scrip
₹20.00 + GST per company
₹20.00 + GST per debit transaction
₹14.00 + GST per scrip
Trading API
Developer automated trading
Supported
Supported
Supported
Supported
View Full 4-Broker Comparison Matrix
Cost Realities

See what your broker actually costs

Brokerage is only 35–50% of real trading expenditure. Statutory taxes, exchange transaction fees, and DP charges make up the silent majority.

Simulate Monthly Trade VolumeSelect your estimated frequency
Estimated Annual Trading Leakage₹33,640Based on 600 trades/year
Brokerage vs. Statutory Taxes SplitTaxes & Fees: 64%
Brokerage: ₹12,000
STT/GST: ₹18,400
DP Fees: ₹3,240
Our Contract Note Engine models statutory rates to 4 decimal places with deterministic math (Principle IV).
Launch True Cost Calculator
Constitutional Principle I: Authoritative Provenance

“Don't trust a comparison table. See where every number came from.”

Most financial comparison sites republish outdated marketing claims or invent arbitrary rating scores for affiliate kickbacks. At InvestorPizza, every fee, statutory rate, and feature is backed by an auditable primary source document with exact timestamps.

Explore Audit Provenance SLA
Interactive Provenance DemonstrationCDSL DP Debit Charge
Verified
₹13.50+ 18% GST

Billed per scrip per day on equity delivery sales from demat account.

Zerodha Official Schedule of Charges

Click the shield badge above to inspect full primary source verification details.

Unadvertised Costs

The charges brokers don't put on the billboard

Promoted zero-brokerage models frequently recoup revenue through secondary operational charges. Here are 6 fees every trader should verify.

Risk Penalties
RMS Auto Square-off
₹50 + GST / order

Levied automatically when a broker’s risk management system liquidates intraday or MIS positions at 3:15 PM.

Support Desk
Call & Trade Desk
₹50 / executed order

Charged when an order is placed, modified, or closed by calling the broker’s telephone dealing desk.

Collateral Margin
Pledge & Unpledge Fee
₹20–₹30 + GST / request

Billed per scrip to create or release margin collateral when pledging holdings for derivatives trading.

Margin Funding
MTF / Delayed Payment Interest
Up to 18% p.a. (0.05%/day)

Daily penalty compounding on negative ledger balances or overnight margin trading facility financing.

Account Maintenance
Demat AMC Billing
₹0 to ₹300 / year + GST

Quarterly maintenance debits deducted directly from ledger unless registered under zero-holding BSDA limits.

Developer Access
API Monthly Subscriptions
₹0 (Dhan) vs ₹500/mo (Zerodha)

Monthly recurring platform charges for automated order execution, WebSocket market depth, and algorithmic access.

Explore All 15 Ancillary Fee Categories
Developer & Quant Matrix

Built for the next generation of algorithmic traders

API Availability does NOT equal Model Context Protocol (MCP) Support. We verify official SDKs, sub-second WebSocket streams, and native AI-agent compatibility.

Constitutional Principle V (API ≠ MCP): A published REST trading API does not mean a broker offers native Model Context Protocol tools for AI agents. InvestorPizza verifies true MCP endpoints with official broker schemas.
Dhan
Official MCP
API Pricing₹0 (Free Forever)
Market Data FeedsBinary Ticker Feed
SDK Languages
PythonNode.jsJavaREST
Official MCP Server
Zerodha
API Usable
API Pricing₹500 / month (Kite Connect)
Market Data FeedsUp to 3,000 scrips
SDK Languages
PythonNode.jsGoJavaPHP
API Usable by AI Agents
Angel One
API Usable
API Pricing₹0 (SmartAPI Free)
Market Data FeedsSmart Stream 2.0
SDK Languages
PythonNode.jsJavaR
API Usable by AI Agents
Groww
No MCP
API PricingUndocumented / Partner Tier
Market Data FeedsWeb Platform Only
SDK Languages
REST API (Selected Users)
No Public MCP Server
Explore Complete API & MCP Matrix
Platform Governance

Platform Constitutional Governance Rules

InvestorPizza is governed by an immutable data constitution guaranteeing complete transparency, verifiable math, and source-level accountability.

Principle IPrimary Sources Only
Authoritative Provenance

Every fee, rate, and platform feature must cite an official legal tariff sheet, SEBI filing, exchange circular, or developer portal. Zero third-party blog hearsay.

Principle IIExplicit Status
Missing Info ≠ "No"

When broker documentation does not explicitly confirm a capability or fee, it is classified strictly as NOT_DOCUMENTED (?), never assumed unsupported.

Principle IIIAudited Watchdog
Source Change ≠ Fact Change

Automated Cloudflare crons monitor official broker tariff URLs weekly. When markup shifts, candidate changes are flagged for human audit before platform updates.

Principle IVZero Black Boxes
Deterministic Math

Our Contract Note Engine models statutory taxes (STT, GST, Stamp Duty, SEBI turnover) down to 4 decimal places with fully explainable calculation breakdowns.