What is the difference between online bond platforms and stockbrokers?

Online bond platform providers act as a marketplace for bonds. They typically source bonds and hold them on their books.
Traditional stockbrokers act as an intermediary for stocks/bonds. They facilitate trades without holding inventory.

Online bond platform providers offer limited information on current bond prices. Some bonds show yields; for others, a request needs to be sent for a quote. They route orders through request for quote (RFQ) platforms.
Traditional stockbrokers provide detailed information on bond prices. They route orders through trading platforms (NSE, BSE).

Online bond platform providers allow the buyer to decide based on the quote given by the platform. They charge no brokerage and earn through markup.
Traditional stockbrokers allow buyers to place limit orders based on live market data. They charge brokerage fees on trades.

Online bond platform providers primarily sell privately placed listed bonds. Some players offer to sell bonds on investors’ behalf or take them on their books in the absence of market liquidity.
Traditional stockbrokers focus on public issues. Bonds can be sold only through the exchange if the bond has liquidity.

On online bond platform providers, privately placed bonds are available.
On traditional stockbrokers, private placements, unless traded actively in the market, will not be available.

(Text: ET Wealth Edition Feb 2, 2026 - Feb 8, 2026)