Best broker for options trading
For options traders, two things matter: the per-lot brokerage and the depth of the trading stack (chain views, basket orders, multi-leg builders). This list ranks by per-lot brokerage cost first, with notes on each broker's options-trading capability. Pair with a dedicated options analytics tool like Sensibull or Opstra for serious work.
Per-lot brokerage on the default plan. Where the broker charges flat-per-order rather than per-lot, the flat fee is shown.
- #1
Kotak Securities (broking arm of Kotak Mahindra Bank) operates on the Kotak Neo platform with four plans: Trade Free (0.20% delivery, ₹10 per order intraday and F&O), Trade Free Youth for under-30s (free delivery), Trade Free Pro (₹249/month, 0.10% delivery), and Dealer-Assisted (0.20% delivery, 0.02% intraday/futures, ₹35 per lot options).
Options brokerage / lot₹10.00 - #2
AxisDirect (Axis Securities) is the broking arm of Axis Bank.
Options brokerage / lot₹10.00 - #3
Sahi is a discount broker operated by Aaritya Broking Private Limited (SEBI INZ000317632, CDSL IN-DP-780-2024).
Options brokerage / lot₹10.00 - #4
Indiabulls Securities (also operating as Dhani Stocks; same SEBI license, same rates) offers a flat ₹11-per-order plan across all segments, plus an Unlimited subscription at ₹500/month for zero brokerage on equity, F&O, and currency..
Options brokerage / lot₹11.00 - #5
Stocko (South Asian Stocks Ltd, formerly SAS Online; being acquired by InCred Money, pending rebrand to InCred Stocko) is a Delhi-based deep-discount broker offering a Lite per-order plan (lower of % or ₹12.99) across all segments..
Options brokerage / lot₹12.99 - #6
Alice Blue is a SEBI-registered discount broker (founded 2006, Erode).
Options brokerage / lot₹15.00 - #7
Monarch Networth Capital is a full-service broker offering a traditional percentage-based plan (0.15% delivery, 0.01% intraday, ₹15 per options lot) and a discount-style flat ₹20 plan for intraday and F&O with free equity delivery..
Options brokerage / lot₹15.00 - #8
TradeSmart (operated by TradeSmartFintech Securities Ltd, formerly VNS Finance, founded 1994) is a SEBI-registered discount broker offering a percentage-based Value Plan and a flat ₹15 Power Plan across all segments..
Options brokerage / lot₹15.00 - #9
ProStocks (Sunlight Broking LLP) is a flat-fee discount broker offering brokerage-free equity delivery, ₹15 flat per order on intraday/F&O, and unlimited monthly/yearly subscription plans starting at ₹899/month.
Options brokerage / lot₹15.00 - #10
First-time and casual investors who want one clean app for stocks, mutual funds and FDs.
Options brokerage / lot₹20.00
See the options analytics tools in the Tools section to layer on top of any broker. Open the brokerage calculator.
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Frequently asked
What people ask about best broker for options trading.
Discount brokers with flat ₹20 (or per-lot equivalent) — Zerodha, Dhan, Upstox, Angel One — dominate Indian options trading because options brokerage compounds fast. Pair with Sensibull or Opstra for analytics; the broker is mainly an execution layer once you have a strategy.
Some brokers charge a fixed amount per executed lot (e.g. ₹15 or ₹20 per lot), instead of per order. On a multi-lot trade this can be cheaper or more expensive than flat-per-order, depending on lot count. Most aggressive options traders pick the broker whose pricing model fits their typical trade size.
The broker handles execution; the analytics typically come from a separate tool — Sensibull, Opstra, Quantsapp — which plugs into the broker via API. Strategy building, IV analysis, OI scans and backtesting all live in the analytics tool, not the broker terminal.
No. Equity and F&O trading happens through the same trading account at the same broker. You may need to enable F&O activation (most brokers ask for income proof for this) before placing your first derivatives trade.