Discount Brokers in India and GTC Orders: A Comprehensive Guide

When it comes to trading in the Indian market, many traders are searching for discount brokers that offer GTC (Good Till Canceled) orders. This article will explore the options available in India, including specific brokers that support GTC orders and those that do not.

The Current Landscape of Discount Brokers in India

While most full-service brokers in India provide a comprehensive suite of trading options, it is critical to understand whether discount brokers are supporting GTC orders. GTC orders are particularly advantageous for traders who want to lock in certain price levels for an indefinite period, ensuring their trades are executed if the desired price is reached.

Finvasia and Commodity Trading

One notable exception to the general rule is Finvasia, a discount broker that offers GTC orders for commodity trading on the Multi Commodity Exchange (MCX). Finvasia is recognized for its zero brokerage model, which can be highly beneficial for traders looking to minimize their costs. This makes it an ideal choice for traders who frequently engage in commodity trading and wish to use GTC orders to lock in advantageous prices without the worry of daily brokerage fees.

Zerodha: Free GTT Facility

Zerodha, another leading discount brokerage in India, has recently introduced the GTT (Good Till Triggered) facility. Currently, this facility is available at no additional cost, providing traders with a valuable option to execute trades when a certain price is triggered. While GTT is not exactly the same as GTC, it serves a similar purpose and can be a viable alternative for traders.

Traditional Broker Options

For those seeking GTC/VTC (Good Till Visually Confirmed) orders, Sharekhan and ICICI Securities are worth considering. These traditional brokers have historically provided these order types to traders. However, it's important to note that these brokers typically fall under the traditional brokers segment, which often means higher costs and less flexibility compared to discount brokers.

Conclusion

While there are no discount brokers in India that currently offer GTC or VTC orders, Finvasia and Zerodha are leading brokers that provide valuable alternatives. Finvasia's zero brokerage model coupled with GTC support for commodity trading and Zerodha's free GTT facility make them solid choices for traders in the Indian market who need to execute trades based on specific price levels.

For traders looking for the traditional GTC/VTC order facility, Sharekhan and ICICI Securities remain reliable options, despite their higher costs. It is always advisable to contact these brokers directly to understand their specific offerings and fees. Whichever broker you choose, ensure it aligns with your trading needs and budget.