discount broker

1. An agent who discounts a bill, note, or other commercial paper.
2. A stockbroker or brokerage house that gives a discount on commission fees.

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 Says:
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.

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Brokerage house that executes orders to buy and sell securities at commission rates sharply lower than those charged by a Full Service Broker.

Cut-rate brokerage service, involving execution of securities buy or sell orders, without giving investment advice. Discount brokerage through affiliated companies has been an approved banking activity for bank holding companies since 1983, by an amendment to Federal Reserve Regulation Y. Trades executed by a discount broker are cleared through a securities exchange, normally by a clearing broker.

A licensed broker who provides brokerage services for a lower commission than that typical in the market. Generally, the services provided are less extensive than those of a full service broker or may be unbundled, so that a client may contract for specific services. Many discount brokers charge a flat fee rather than a percentage of the selling price. See Flat Fee Broker.
Example: Henson, a discount broker, offers to list a property for a 3% commission. Henson will refer prospective buyers to the seller and prepare a sales contract. The seller is expected to show the property and negotiate directly with the buyer.