First Demat vs Zerodha
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
First Demat
VS
Zerodha
First Demat vs Zerodha — quick verdict
Choose First Demat if
You want low-cost, self-directed trading
First Demat review — multiple brokerage packs, brokerage starting at ₹20 per order, digital trading platforms and a wide range of investment options. make this short
Choose Zerodha if
You want low-cost, self-directed trading
Zerodha is a SEBI-registered stock broker offering equity, F&O, currency, and commodity trading through its Kite platform, with ₹0 delivery brokerage.
Company overview
First Demat is a discount broker incorporated in 2026; Zerodha is a discount broker incorporated in 2010.
| Parameter | First Demat | Zerodha |
|---|---|---|
| Type of broker | Discount Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX |
| Year of incorporation | 2026 | 2010 older |
| Number of branches | 1 wider | 0 |
| Active clients | 500 | ~1.6 crore larger |
Charges & AMC
Account-opening and maintenance charges for First Demat and Zerodha compared side by side.
| Parameter | First Demat | Zerodha |
|---|---|---|
| Trading a/c opening | ₹0 online; ₹500 offline | ₹200 (Online) |
| Trading a/c AMC | ₹0 | ₹0 (Free) |
| Demat a/c opening | ₹0 | ₹0 (Free) |
| Demat a/c AMC | ₹0 for the first year lower | ₹300 |
| DP charges (per ISIN, sell) | ₹20 + GST per ISIN | ₹13.5 + GST per debit lower |
Brokerage charges
How First Demat and Zerodha price each trading segment, per executed order.
| Parameter | First Demat | Zerodha |
|---|---|---|
| Equity Delivery | 0.1% or ₹20 per executed order, whichever is lower | ₹0 (Free) |
| Equity Intraday | 0.1% or ₹20 per executed order, whichever is lower | ₹20 or 0.03% (lower) |
| Equity Futures | ₹20 per executed order | ₹20 or 0.03% (lower) |
| Equity Options | ₹20 per executed order | ₹20 / order |
| Currency F&O | — | ₹20 or 0.03% (lower) |
| Commodity F&O | — | ₹20 or 0.03% (lower) |
| Call & Trade | ₹50 per trade | +₹50/order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by First Demat and Zerodha, per segment.
| Parameter | First Demat | Zerodha |
|---|---|---|
| Equity Delivery | NSE: 0.00307% · BSE: 0.00375% | NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) |
| Equity Intraday | NSE: 0.00307% · BSE: 0.00375% | NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) |
| Equity Futures | NSE: 0.00183% · BSE: 0% | NSE Rs 190 per Cr (0.0019%) | BSE Rs 0 |
| Equity Options | NSE: 0.03553% on premium · BSE: 0.0325% on premium | NSE Rs 3503 per Cr (0.03503%) | BSE Rs 275 per Cr (on premium) |
| Currency Futures | Not specified | NSE Rs 90 per Cr (0.0009%) | BSE Rs 45 per Cr |
| Currency Options | Not specified | — |
| Commodity | Current segment-wise rates not verified | — |
Demat & DP charges
Depository (demat) charges for First Demat and Zerodha — AMC, debit transactions, pledging and remat.
| Parameter | First Demat | Zerodha |
|---|---|---|
| Demat Account Opening | ₹0 online | — |
| Demat Account AMC | ₹0 for the first year; thereafter | — |
| DP Source | NSDL, through the intermediary identified in the official regulatory disclosure | — |
| DP ID | IN303921, as listed on the official website | — |
| DP Charges for Debit | ₹20 + GST per ISIN | — |
| Dematerialisation Charges | ₹20 per DRF + ₹3 per certificate | — |
| Rematerialisation Charges | ₹20 per 100 securities or part thereof, subject to a maximum of ₹5,000, or ₹20 per certificate, whichever is higher | — |
| Margin Pledge / Unpledged for Collateral | ₹25 + GST per transaction | — |
| Margin Pledged | ₹3 + GST per transaction, | — |
| Pledge Creation Confirmation | Not specified | — |
| Failed Instruction Charges | ₹20 per intimation per instruction | — |
| Advance Deposit | ✕ No | — |
| Other Charges | Refer to the latest official demat tariff | — |
| Demat Account Opening Charges | — | Rs 0 (Free) |
| Transaction Charges (Sell) | — | Rs 13.5 + GST per scrip (per day) |
| Annual Maintenance Charges (AMC) | — | Rs 300 + GST per year (Rs 75 + GST per quarter) |
| Pledge Creation / Invocation | — | Rs 30 + GST per request |
| Remat | — | Rs 150 + GST per certificate + CDSL charges |
| Failed Transactions | — | Nil |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by First Demat and Zerodha.
| Parameter | First Demat | Zerodha |
|---|---|---|
| Equity Delivery | Not verified (Not verified) | 100% of trade value (1x) |
| Equity Intraday | Not verified (Not verified) | Up to 20% of trade value (Up to 5x) |
| Equity Futures | As per applicable exchange and broker requirements (Not verified) | 100% NRML (Span + Exposure) (1x) |
| Equity Options | As per applicable exchange and broker requirements (Not verified) | — |
| Currency Futures | Not verified (Not verified) | — |
| Currency Options | Not verified (Not verified) | — |
| Commodity Futures | Not verified (Not verified) | — |
| Commodity Options | Not verified (Not verified) | — |
Features & account
Account type and feature availability across First Demat and Zerodha.
| Parameter | First Demat | Zerodha |
|---|---|---|
| 3-in-1 account | ✕ No | ✕ No |
| Automated / API trading | ✓ Yes | ✓ Yes |
| Margin Trading (MTF) | ✓ Yes better | ✕ No |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | First Trade Web, First Mobile | Kite, Console, Coin, Kite Connect |
| Intraday square-off | 3:20 PM | 3:20 PM |
| Other | Free equity delivery, digital onboarding, MTF facility available. | GTT orders, Coin (free direct mutual funds), Varsity education. No MTF, Bracket or Cover orders. |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by First Demat and Zerodha.
| Parameter | First Demat | Zerodha |
|---|---|---|
| Trading platforms offered | First Demat Web Trading Platform, First Demat Mobile Trading, First Demat Android App, First Demat iOS App | Kite, Console, Coin |
| Number of platforms | 4 more choice | 3 |
| Platforms (summary) | First Trade Web, First Mobile | Kite, Console, Coin, Kite Connect |
| Mobile / desktop apps | Web, Mobile, Android, iPhone / iOS | Web + Mobile, Web, Mobile |
User ratings
User ratings for First Demat and Zerodha across the key parameters.
| Rated on | First Demat | Zerodha |
|---|---|---|
| Fees | — | 4.5 |
| Brokerage | — | 4.6 |
| Trading platform | — | 4.6 |
| Customer service | — | 3.8 |
| Research | — | 3.6 |
| Overall | 5 better | 4.5 |
Investment options
Which investment products First Demat and Zerodha let you access.
| Parameter | First Demat | Zerodha |
|---|---|---|
| Stocks / Equity | ✓ Yes | ✓ Yes |
| Commodity | ✓ Yes | ✓ Yes |
| IPO | ✓ Yes | ✓ Yes |
| Mutual Funds | ✓ Yes | ✓ Yes |
| Bonds / NCD | ✓ Yes | ✓ Yes |
Order types offered
Advanced order types supported by First Demat and Zerodha.
| Parameter | First Demat | Zerodha |
|---|---|---|
| Bracket Order | ✕ No | ✕ No |
| Cover Order | ✕ No | ✕ No |
| BTST | ✓ Yes | ✓ Yes |
| After Market (AMO) | ✓ Yes | ✓ Yes |
| GTC / GTT | ✓ Yes | ✓ Yes |
Safety & credibility
SEBI registration, financial strength and complaint record for First Demat and Zerodha.
| Parameter | First Demat | Zerodha |
|---|---|---|
| SEBI registration | INZ000328330 | INZ000031633 |
| NSE member code | 90479 (NSE membership number) | 13179 |
| Year of incorporation | 2026 | 2010 longer track record |
| Net worth | 6952 | ₹13,000+ Cr stronger |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX |
| Latest complaint ratio | 0.016% fewer complaints | 0.030% |
Complaints record
Exchange complaint data for First Demat and Zerodha — the ratio matters more than the raw count.
| Parameter | First Demat | Zerodha |
|---|---|---|
| Latest financial year | 2025-26 | 2025-26 |
| Exchange | NSE | NSE |
| Active clients | 5,00,000 | 80,12,000 larger base |
| Complaints filed | 80 | 2,400 |
| Complaint ratio | 0.016% fewer complaints | 0.030% |
Pros & cons
The main advantages and drawbacks of each broker.
First Demat
▲ Pros
- ✓ Zero online account opening charges.
- ✓ Brokerage of ₹20 per executed order or 0.1%, whichever is lower, on applicable segments.
- ✓ ₹20 per executed order for equity futures and options, according to the official pricing page.
- ✓ Web and mobile trading platforms.
- ✓ AI-assisted market insights and research tools.
- ✓ Option strategy builder and multi-leg strategy tools.
- ✓ Charting and technical indicators.
- ✓ Trailing stop-loss and smart alerts.
- ✓ IPO application facilities.
- ✓ Mutual funds and ETFs, according to the supplied review and platform information.
▼ Cons
- ✕ Brokerage and other fees should be checked against the applicable tariff and account conditions.
- ✕ Call & Trade and auto square-off services attract additional charges.
- ✕ Statutory taxes and exchange transaction charges apply separately.
- ✕ Zero Demat AMC is stated for the first year; charges after the first year should be confirmed.
- ✕ Current active-client figures and net worth have not been independently verified.
- ✕ Individual category ratings and review counts are unavailable.
- ✕ MTF is marked unavailable in the supplied review.
- ✕ A 3-in-1 account is marked unavailable in the supplied review.
- ✕ Some platform features and product availability require confirmation.
Zerodha
▲ Pros
- ✓ Free (₹0) equity delivery investing.
- ✓ Clean, fast and reliable Kite web & mobile platform.
- ✓ GTT (Good Till Triggered) orders and Coin for free direct mutual funds.
- ✓ Strong educational content through Varsity.
- ✓ India's largest retail broker — bootstrapped, profitable and debt-free.
- ✓ Transparent flat pricing with no hidden charges.
▼ Cons
- ✕ No MTF / margin funding (pay-later) facility.
- ✕ No 3-in-1 account and no Bracket or Cover orders.
- ✕ No in-house stock research, tips or relationship manager.
- ✕ Support is largely ticket-based; no branch network.
- ✕ ₹200 account opening charge and ₹50 Call & Trade fee.
- ✕ Occasional load on the platform during high-volatility sessions.
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