Interest in options trading has grown exponentially in recent years and one country in particular, India, has led the way: according to the Futures Industry Association, the National Stock Exchange of India (NSE) has been the world’s largest derivatives exchange by number of contracts traded for several years running. That has led to a search for the best brokers for options trading in India.
There are many choices to choose from, with many articles and guides discussing which options brokers are the best in India. At the same time, the regulator, the Securities and Exchange Board of India (SEBI), has tightened the rules for retail derivatives trading since late 2024, and the 2026 Budget raised the tax on futures and options trades, which changes the picture for new traders.
We saw the need for a clear guide on options trading in India: to summarise its leading brokers, their merits and where they fall short. This article delves into our top five picks, and why. Let’s get to it.
What makes a good broker for options trading in India?
Options brokers in India keep up with the global standards set by the US, the world’s most active financial marketplace. Good brokers have these seven virtues in common:
- Low account or trading minimums.
- Competitive and transparent fees.
- Many product options.
- Multiple trading and analytic tools.
- Support for news alerts.
- Ample learning material.
- A Demat (dematerialised securities) account.
One more point matters for Indian residents specifically. Under the Reserve Bank of India’s (RBI) Liberalised Remittance Scheme (LRS), resident Indians are not permitted to trade futures, options or other margin-based products on foreign exchanges: overseas remittances can only be used to buy stocks, bonds and ETFs. In practice, this means that options trading for an Indian resident happens on the NSE and BSE, through a SEBI-registered broker. Foreign options brokers such as tastytrade or TradeStation are therefore not an option for residents, which is why every broker on our list is a SEBI-registered member of the NSE.
Not every options broker will make our list, but it helps us determine the truly best brokers out there.
The best options brokers in India
Interactive Brokers | Best overall
With a history spanning more than 45 years, IBKR is one of the most trusted brokers in the world. In India, it operates through Interactive Brokers (India) Pvt. Ltd. For stocks, futures and options on the NSE, its commission is a standard 1 basis point, with a minimum of INR 6 and a maximum of INR 20 per order.
Zerodha | Best Indian options broker
India’s best-known discount broker, Zerodha offers a wide options trading universe while focusing on a streamlined trading experience for avid retail traders. They offer options trading at INR 20 flat per executed order.
Upstox | Best for trading tools
A broker earning trust through a focus on transparency and fast execution. Upstox provides access to stocks, IPOs, mutual funds, and futures and options. They charge INR 20 per order on options.
Groww | Best for beginners in India
Groww is now the largest broker in India by active NSE clients, with about 1.29 crore active clients. It grew out of a mutual fund app and keeps things simple, charging INR 20 per executed order on futures and options.
Angel One | Best for research and support
One of the three largest brokers in India by active clients, Angel One combines discount pricing (INR 20 per order on options) with research, advisory tools and phone and branch support that the pure app-based brokers do not offer.
#1 Interactive Brokers
Interactive Brokers at a glance
Listed on the Nasdaq and part of the S&P 500 since August 2025, with more than 5.5 million client accounts worldwide, IBKR has come through several financial crises with a rigorous approach to risk management. It earns the top spot on our list thanks to its low commissions, professional tools and global access.
In India, Interactive Brokers (India) Pvt. Ltd. is a trading member of the NSE and BSE, a depository participant of NSDL and registered with SEBI (registration INZ000217730). The platform serves both institutions and individuals, beginners and professionals, with the same tools used by IBKR clients worldwide: Trader Workstation, IBKR Desktop, the Client Portal and IBKR Mobile.
For NSE options, they charge a standard commission of 1 basis point of the order value, with a minimum of INR 6 and a maximum of INR 20 per order, plus the statutory charges (STT, exchange charges, GST). Indian residents can also invest in foreign stocks, bonds and ETFs through the same account under the LRS, but not in foreign options or futures. There are no account opening fees, no inactivity fees and the Demat account is free.
Interested? Read our comprehensive IBKR review.
#2 Zerodha
Zerodha at a glance
Founded in 2010, Zerodha pioneered discount broking in India with a clear goal: to democratise stock and options trading for all Indians through low costs and leading technology. It was India’s largest broker by active clients for years and still ranks second, with around 69 lakh active NSE clients at the end of FY26 (March 2026).
Zerodha charges a flat INR 20 per executed order on options, the lower of 0.03% or INR 20 on futures, nothing on equity delivery and nothing for direct mutual funds through Coin. Its Kite platform offers streamlined trading tools, including charting, alerts and the Sensibull options strategy builder integration, and a Demat account comes as standard.
However, its offering is centred on India’s exchanges. It lacks the global reach of IBKR and therefore earns second place on our list of India’s best options brokers.
#3 Upstox
Upstox at a glance
Designed as a one-stop shop for budding or professional retail traders, Upstox is another disruptor providing India with discount access to a solid trading platform, and it is among the top brokers in the country by active clients.
Upstox offers access to stocks, IPOs, options, futures, commodities and currencies, with a flat INR 20 per order on options and the lower of 0.05% or INR 20 on futures. They separate themselves from other options brokers in India by highlighting their professional trading tools: ready-made options strategies, good-till-triggered orders and embedded TradingView charts, with a reputation for fast order execution during volatile sessions.
Like Zerodha, they’re centred on India’s exchanges, most notably the NSE. They lack global access but remain a solid choice for active traders. They earn third place.
#4 Groww
Groww at a glance
Launched in 2017 by four former Flipkart employees as a mutual fund platform, Groww has become India’s largest stockbroker by active NSE clients, with about 1.29 crore active clients and a market share of 28% at the end of FY26 (March 2026), ahead of Zerodha and Angel One. Its parent company, Groww Invest Tech, listed on the Indian stock exchanges in November 2025.
Groww’s strength is simplicity: a clean app, free direct mutual funds, equity brokerage of the lower of INR 20 or 0.1% per order (minimum INR 5) and a flat INR 20 per executed order on futures and options. The options chain, strategy builder and charting are adequate for beginners, but active options traders will find fewer advanced tools than at Upstox or Zerodha, and research is basic.
If you are new to options and want an app that also handles your mutual funds and long-term stock investments, Groww is the easiest place to start. It earns fourth place.
#5 Angel One
Angel One at a glance
Angel One (formerly Angel Broking) is a listed broker that reinvented itself as a discount broker with a full-service flavour. It is one of the three largest brokers in India by active clients, with around 68 lakh active NSE clients at the end of FY26.
Angel One offers stocks, futures and options, commodities (MCX), currencies, IPOs and mutual funds through its Super App, with a flat INR 20 per executed order on futures and options. What sets it apart from the pure app-based brokers is the research layer: ARQ Prime recommendations, analyst reports, an options strategy builder and the SmartAPI for algorithmic traders, plus phone support and physical branches in major cities.
If you want low-cost options trading but still value research and being able to call someone, Angel One is the pick. It earns fifth place.
Options brokers in India compared
| Broker | Options | Futures | Equity delivery |
| Interactive Brokers | 0.01% (min. INR 6, max. INR 20) | 0.01% (min. INR 6, max. INR 20) | 0.01% (min. INR 6, max. INR 20) |
| Zerodha | INR 20 | INR 20 or 0.03%, whichever is lower | INR 0 |
| Upstox | INR 20 | INR 20 or 0.05%, whichever is lower | INR 20 |
| Groww | INR 20 | INR 20 | INR 20 or 0.1%, whichever is lower (min. INR 5) |
| Angel One | INR 20 | INR 20 | INR 20 or 0.1%, whichever is lower (min. INR 5) |
Brokerage per executed order, excluding STT, exchange charges, SEBI fees, stamp duty and GST. Source: brokers’ websites, October 2026.
What changed for options traders in India since 2024
Whichever broker you choose, keep in mind that the rules for retail derivatives trading have been tightened:
- SEBI’s studies of retail F&O traders: the September 2024 study found that about 93% of individual traders in equity futures and options lost money between FY22 and FY24, with aggregate net losses of over INR 1.8 lakh crore. A follow-up study in July 2025 found that more than 91% still lost money in FY25, with net losses of about INR 1.06 lakh crore, while the number of unique individual traders fell by around 30% between the first and last quarters of FY25.
- Higher Securities Transaction Tax (STT): STT was raised in October 2024 and again by the 2026 Budget. Since 1 April 2026, it is 0.15% of the premium on the sale of options and 0.05% on the sale of futures, up from 0.1% and 0.02%.
- Fewer weekly expiries: since November 2024, each exchange can offer weekly expiries on only one benchmark index (Nifty 50 on the NSE, Sensex on the BSE), and the minimum contract size for index derivatives was raised to around INR 15 lakh.
- Upfront collection of option premiums from buyers and higher margins on expiry day for sellers.
These measures make options trading more expensive and reduce the number of contracts available, which is one more reason to compare brokers on execution quality and tools rather than on the flat INR 20 brokerage alone. On a typical options trade, statutory charges such as STT can now cost more than the brokerage itself.
Bottom line
India remains the world’s most active options market, even after the regulator’s clampdown and the 2026 STT increase. Selecting the best options broker as an Indian resident is not easy, so we’ve narrowed down the selection to five leading choices based on our criteria.
Each of our recommended options brokers in India excels at certain aspects. Do you already know what you’re doing and want a streamlined, low-cost broker? Zerodha or Upstox. Are you starting out and want everything in one simple app? Groww. Do you value research and phone support? Angel One. Do you prefer an established global platform known for reliability, with the ability to invest in foreign stocks and ETFs from the same account? IBKR.
Need more recommendations? Check out our platform finder.
FAQs
Can you buy options in India?
Yes. Indian residents can trade options on the NSE and BSE through a SEBI-registered broker, and the NSE is the world’s largest derivatives exchange by contracts traded. You will need to activate the F&O segment by providing proof of income. See our top five picks above.
What is an options broker?
An options broker is an online intermediary between you and the exchanges that enables the trading of options. The best options brokers offer good execution, options chains and strategy builders, and, where permitted by law, access to several exchanges.
Can Indian residents trade US options?
No. Under the RBI’s Liberalised Remittance Scheme, resident Indians may buy foreign stocks, bonds and ETFs but are prohibited from trading futures, options or other margin-based products on foreign exchanges. Options trading for residents is limited to Indian exchanges such as the NSE and BSE.
How do you open an options trading account?
While the process changes per broker, it remains relatively straightforward and fully online. Be ready to provide your PAN, Aadhaar, a bank account and proof of income (a salary slip, bank statement or ITR), since SEBI requires brokers to check income proof before activating the F&O segment. The broker will open a trading account and a Demat account for you.
How do you buy options?
Thanks to advances in web and mobile trading platforms, trading options remains largely intuitive. Almost all mobile apps guide you through the purchase (opening) process and the selling (closing) process. Web platforms may have a learning curve and require an introductory tutorial.
However, we recommend at least a beginner options course to walk you through calls, puts, strategies, opening, closing and margin trading.
What are the risks in buying, trading and selling options?
When you buy an option you can lose the whole premium paid, and options lose value as expiry approaches. When you sell (write) options you trade on margin and your losses can be many times the premium received. Options are leveraged instruments and SEBI’s own studies found that more than 9 in 10 individual F&O traders lost money, both between FY22 and FY24 and again in FY25. Again, we recommend going through a basic course in options trading, which is usually provided by options brokers in India.
