Definition of 'Discount Broker'
A stockbroker who carries out buy and sell orders at a reduced commission compared to a full-service broker, but provides no investment advice.
Investopedia explains 'Discount Broker'
It used to be that only the wealthy could afford a broker and access to the stock market. The internet has brought an explosion of discount brokers which let you trade at a smaller fee. However, it is important to remember that discount brokers don't provide personalized advice. Because of discount brokers, nearly anybody can afford to invest in the market.
For those who wish to do their own research or don't want to invest a lot of money, a discount broker is an excellent way to invest.