m.Stock vs Zerodha
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
m.Stock
VS
Zerodha
m.Stock vs Zerodha — quick verdict
Choose m.Stock if
You want low-cost, self-directed trading
One Account. Zero Brokerage. Lifetime Investing.
Choose Zerodha if
You want low-cost, self-directed trading
India's largest discount broker — ₹0 equity delivery, flat ₹20 intraday/F&O and the clean, reliable Kite platform.
Company overview
m.Stock is a discount broker incorporated in 1985*; Zerodha is a discount broker incorporated in 2010.
| Parameter | m.Stock | Zerodha |
|---|---|---|
| Type of broker | Discount Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX |
| Year of incorporation | 1985* older | 2010 |
| Number of branches | 196+ wider | 0 |
| Active clients | 12 Lakh+ | ~1.6 crore larger |
Charges & AMC
Account-opening and maintenance charges for m.Stock and Zerodha compared side by side.
| Parameter | m.Stock | Zerodha |
|---|---|---|
| Trading a/c opening | ₹0 | ₹200 (Online) |
| Trading a/c AMC | ₹0 | ₹0 (Free) |
| Demat a/c opening | ₹0 | ₹0 (Free) |
| Demat a/c AMC | ₹999 + GST (One-time Lifetime AMC Plan)* | ₹300 lower |
| DP charges (per ISIN, sell) | ₹13.5 + GST per debit transaction | ₹13.5 + GST per debit |
Brokerage charges
How m.Stock and Zerodha price each trading segment, per executed order.
| Parameter | m.Stock | Zerodha |
|---|---|---|
| Equity Delivery | ₹0 (Zero Brokerage Plan) | ₹0 (Free) |
| Equity Intraday | ₹5 per executed order* | ₹20 or 0.03% (lower) |
| Equity Futures | ₹5 per executed order* | ₹20 or 0.03% (lower) |
| Equity Options | ₹5 per executed order* | ₹20 / order |
| Currency F&O | ₹5 per executed order* | ₹20 or 0.03% (lower) |
| Commodity F&O | ₹5 per executed order* | ₹20 or 0.03% (lower) |
| Call & Trade | ₹20 per executed order | +₹50/order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by m.Stock and Zerodha, per segment.
| Parameter | m.Stock | Zerodha |
|---|---|---|
| Equity Delivery | NSE: 0.00297% • BSE: 0.00375% | NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) |
| Equity Intraday | NSE: 0.00297% • BSE: 0.00375% | NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) |
| Equity Futures | NSE: 0.00173% | NSE Rs 190 per Cr (0.0019%) | BSE Rs 0 |
| Equity Options | NSE: 0.03503% (on premium) | NSE Rs 3503 per Cr (0.03503%) | BSE Rs 275 per Cr (on premium) |
| Currency Futures | NSE: 0.00035% | NSE Rs 90 per Cr (0.0009%) | BSE Rs 45 per Cr |
| Currency Options | NSE: 0.03110% (on premium) | — |
| Commodity Futures | MCX: 0.00210% | — |
| Commodity Options | MCX: 0.04180% (on premium) | — |
Demat & DP charges
Depository (demat) charges for m.Stock and Zerodha — AMC, debit transactions, pledging and remat.
| Parameter | m.Stock | Zerodha |
|---|---|---|
| Demat Account Opening | ₹0 | — |
| Annual Maintenance Charges (AMC) | ₹999 + GST (One-time Lifetime AMC Plan) | Rs 300 + GST per year (Rs 75 + GST per quarter) |
| Debit Transaction Charges | ₹13.5 + GST per debit transaction | — |
| Pledge / Unpledge Charges | ₹20 + GST per request | — |
| Dematerialisation (Demat) | ₹150 per certificate + GST | — |
| Rematerialisation (Remat) | ₹150 per certificate + GST | — |
| Failed Transactions | Nil | Nil |
| Demat Account Opening Charges | — | Rs 0 (Free) |
| Transaction Charges (Sell) | — | Rs 13.5 + GST per scrip (per day) |
| Pledge Creation / Invocation | — | Rs 30 + GST per request |
| Remat | — | Rs 150 + GST per certificate + CDSL charges |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by m.Stock and Zerodha.
| Parameter | m.Stock | Zerodha |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | 100% of trade value (1x) |
| Equity Intraday | VAR + ELM Margin (Up to 5x*) | Up to 20% of trade value (Up to 5x) |
| Equity Futures | SPAN + Exposure Margin (As per available margin) | 100% NRML (Span + Exposure) (1x) |
| Equity Options (Buy) | Premium Value (Not Applicable) | — |
| Equity Options (Sell) | SPAN + Exposure Margin (As per available margin) | — |
| Currency Futures & Options | SPAN + Exposure Margin (As per available margin) | — |
| Commodity Futures & Options | SPAN + Exposure Margin (As per available margin) | — |
Features & account
Account type and feature availability across m.Stock and Zerodha.
| Parameter | m.Stock | 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 | m.Stock Web, m.Stock Mobile App, m.Stock Desktop | Kite, Console, Coin, Kite Connect |
| Intraday square-off | 3:15 PM | 3:20 PM |
| Other | Option Chain, Advanced Charting, Basket Orders, API Trading, Algo Trading Support, Price Alerts, eDIS, Margin Trading Facility (MTF), Smart Watchlists | 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 m.Stock and Zerodha.
| Parameter | m.Stock | Zerodha |
|---|---|---|
| Trading platforms offered | m.Stock Web, m.Stock Mobile App, m.Stock Desktop | Kite, Console, Coin |
| Number of platforms | 3 | 3 |
| Platforms (summary) | m.Stock Web, m.Stock Mobile App, m.Stock Desktop | Kite, Console, Coin, Kite Connect |
| Mobile / desktop apps | Web, Mobile, Desktop | Web + Mobile, Web, Mobile |
User ratings
User ratings for m.Stock and Zerodha across the key parameters.
| Rated on | m.Stock | Zerodha |
|---|---|---|
| Fees | 4.9 better | 4.5 |
| Brokerage | 5 better | 4.6 |
| Trading platform | 4.5 | 4.6 better |
| Customer service | 4.3 better | 3.8 |
| Research | 4.1 better | 3.6 |
| Overall | 4.6 better | 4.5 |
Investment options
Which investment products m.Stock and Zerodha let you access.
| Parameter | m.Stock | 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 m.Stock and Zerodha.
| Parameter | m.Stock | 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 m.Stock and Zerodha.
| Parameter | m.Stock | Zerodha |
|---|---|---|
| SEBI registration | INZ000163138 | INZ000031633 |
| NSE member code | 13198 | 13179 |
| Year of incorporation | 1985* longer track record | 2010 |
| Net worth | ₹2,611.66 Cr | ₹13,000+ Cr stronger |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX |
| Latest complaint ratio | 0.002% fewer complaints | 0.030% |
Complaints record
Exchange complaint data for m.Stock and Zerodha — the ratio matters more than the raw count.
| Parameter | m.Stock | Zerodha |
|---|---|---|
| Latest financial year | 2025–26 | 2025-26 |
| Exchange | NSE | NSE |
| Active clients | 12,18,457 | 80,12,000 larger base |
| Complaints filed | 19 | 2,400 |
| Complaint ratio | 0.002% fewer complaints | 0.030% |
Pros & cons
The main advantages and drawbacks of each broker.
m.Stock
▲ Pros
- ✓ Zero brokerage plans available for eligible customers.
- ✓ Low-cost trading across multiple segments.
- ✓ Backed by the globally recognized Mirae Asset Financial Group.
- ✓ Supports stocks, F&O, commodities, IPOs, mutual funds, ETFs, and bonds.
- ✓ Margin Trading Facility (MTF) and advanced trading platforms available.
- ✓ Fully digital and paperless account opening.
▼ Cons
- ✕ Research offerings are comparatively limited versus full-service brokers.
- ✕ Call & Trade service is chargeable.
- ✕ Some pricing benefits are available only under specific subscription plans.
- ✕ Physical branch presence is smaller than traditional full-service brokers.
- ✕ Advanced advisory services are limited compared to research-focused brokers.
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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