Upstox vs Zerodha
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
Upstox
VS
Zerodha
Upstox vs Zerodha — quick verdict
Choose Upstox if
You want low-cost, self-directed trading
Modern discount broker offering fast trading platforms, flat brokerage and investment products for traders and investors.
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
Upstox is a discount broker incorporated in 2009; Zerodha is a discount broker incorporated in 2010.
| Parameter | Upstox | Zerodha |
|---|---|---|
| Type of broker | Discount Broker | Discount Broker |
| Exchange membership | — | NSE · BSE · MCX |
| Year of incorporation | 2009 older | 2010 |
| Number of branches | Online-first broker | 0 |
| Active clients | 30+ lakh (approx.) | ~1.6 crore larger |
Charges & AMC
Account-opening and maintenance charges for Upstox and Zerodha compared side by side.
| Parameter | Upstox | Zerodha |
|---|---|---|
| Trading a/c opening | ₹0 (Online) | ₹200 (Online) |
| Trading a/c AMC | ₹0 (First Year)* | ₹0 (Free) |
| Demat a/c opening | ₹0 | ₹0 (Free) |
| Demat a/c AMC | ₹300 + GST/year (applicable after promotional period for eligible accounts) | ₹300 |
| DP charges (per ISIN, sell) | ₹20 per scrip per day (on sell transactions) | ₹13.5 + GST per debit lower |
Brokerage charges
How Upstox and Zerodha price each trading segment, per executed order.
| Parameter | Upstox | Zerodha |
|---|---|---|
| Equity Delivery | ₹20 per executed order | ₹0 (Free) |
| Equity Intraday | ₹20 or 0.1% (whichever is lower) | ₹20 or 0.03% (lower) |
| Equity Futures | ₹20 or 0.05% (whichever is lower) | ₹20 or 0.03% (lower) |
| Equity Options | Flat ₹20 per executed order | ₹20 / order |
| Currency F&O | ₹20 or 0.05% (whichever is lower) | ₹20 or 0.03% (lower) |
| Commodity F&O | ₹20 or 0.05% (whichever is lower) | ₹20 or 0.03% (lower) |
| Call & Trade | ₹75 + GST per order | +₹50/order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by Upstox and Zerodha, per segment.
| Parameter | Upstox | Zerodha |
|---|---|---|
| Equity Delivery | NSE: 0.00307% (BSE as applicable) | NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) |
| Equity Intraday | NSE: 0.00307% | NSE Rs 325 per Cr (0.00325%) | BSE Rs 375 per Cr (0.00375%) |
| Equity Futures | NSE: 0.00183% | NSE Rs 190 per Cr (0.0019%) | BSE Rs 0 |
| Equity Options | NSE: 0.03553% (Premium) | NSE Rs 3503 per Cr (0.03503%) | BSE Rs 275 per Cr (on premium) |
| Currency Futures | As per exchange | NSE Rs 90 per Cr (0.0009%) | BSE Rs 45 per Cr |
| Commodity | As per exchange | — |
Demat & DP charges
Depository (demat) charges for Upstox and Zerodha — AMC, debit transactions, pledging and remat.
| Parameter | Upstox | Zerodha |
|---|---|---|
| Demat Account Opening | ₹0 | — |
| Demat Account AMC | ₹300 + GST/year* | — |
| DP Charge (Sell) | ₹20 per scrip per day | — |
| Pledge Creation | ₹20 + GST per request | — |
| Rematerialisation | ₹100 per certificate + applicable charges | — |
| Off-market Transfer | ₹20 + GST per ISIN | — |
| Failed Transactions | Nil | Nil |
| 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 |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by Upstox and Zerodha.
| Parameter | Upstox | Zerodha |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | 100% of trade value (1x) |
| Equity Intraday | Up to 20% of trade value (Up to 5x) | Up to 20% of trade value (Up to 5x) |
| Equity F&O | SPAN + Exposure Margin (1x) | 100% NRML (Span + Exposure) (1x) |
| Currency F&O | SPAN + Exposure Margin (1x) | — |
| Commodity F&O | SPAN + Exposure Margin (1x) | — |
Features & account
Account type and feature availability across Upstox and Zerodha.
| Parameter | Upstox | 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 | Upstox Pro Web, Upstox Mobile App, Upstox Developer API | Kite, Console, Coin, Kite Connect |
| Intraday square-off | 3:15 PM | 3:20 PM |
| Other | GTT Orders, API Trading, Margin Trading Facility (MTF), IPO, Mutual Funds, Option Chain, Advanced Charts, Basket Orders, etc. | 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 Upstox and Zerodha.
| Parameter | Upstox | Zerodha |
|---|---|---|
| Trading platforms offered | Upstox Pro Web, Upstox Mobile App, Upstox Developer API, Upstox Developer Console | Kite, Console, Coin |
| Number of platforms | 4 more choice | 3 |
| Platforms (summary) | Upstox Pro Web, Upstox Mobile App, Upstox Developer API | Kite, Console, Coin, Kite Connect |
| Mobile / desktop apps | Web, Android & iOS, API | Web + Mobile, Web, Mobile |
User ratings
User ratings for Upstox and Zerodha across the key parameters.
| Rated on | Upstox | Zerodha |
|---|---|---|
| Fees | 4.4 | 4.5 better |
| Brokerage | 4.5 | 4.6 better |
| Trading platform | 4.7 better | 4.6 |
| Customer service | 4 better | 3.8 |
| Research | 3.8 better | 3.6 |
| Overall | 4.4 | 4.5 better |
Investment options
Which investment products Upstox and Zerodha let you access.
| Parameter | Upstox | 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 Upstox and Zerodha.
| Parameter | Upstox | 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 Upstox and Zerodha.
| Parameter | Upstox | Zerodha |
|---|---|---|
| SEBI registration | INZ000185137 | INZ000031633 |
| NSE member code | 13942 | 13179 |
| Year of incorporation | 2009 longer track record | 2010 |
| Net worth | Upstox Securities Pvt. Ltd. | ₹13,000+ Cr |
| Exchange memberships | — | NSE · BSE · MCX |
| Latest complaint ratio | 0.038% | 0.030% fewer complaints |
Complaints record
Exchange complaint data for Upstox and Zerodha — the ratio matters more than the raw count.
| Parameter | Upstox | Zerodha |
|---|---|---|
| Latest financial year | 2025–26 | 2025-26 |
| Exchange | NSE | NSE |
| Active clients | 32,45,678 | 80,12,000 larger base |
| Complaints filed | 1,245 | 2,400 |
| Complaint ratio | 0.038% | 0.030% fewer complaints |
Pros & cons
The main advantages and drawbacks of each broker.
Upstox
▲ Pros
- ✓ Flat brokerage model with a maximum brokerage per executed order on eligible segments.
- ✓ Paperless online Demat and Trading account opening.
- ✓ Feature-rich web and mobile trading platforms.
- ✓ Supports investing in Stocks, ETFs, IPOs, Mutual Funds and more.
- ✓ Margin Trading Facility (MTF) available for eligible stocks.
- ✓ GTT (Good Till Triggered) order facility.
- ✓ Developer APIs available for algorithmic trading and third-party integrations.
- ✓ Supports multiple order types and advanced charting tools.
▼ Cons
- ✕ Call & Trade service is chargeable.
- ✕ Physical branch presence is limited compared to traditional full-service brokers.
- ✕ Some advanced services and pricing depend on the selected account plan.
- ✕ Certain trading facilities are available only for eligible exchanges or approved securities.
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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Zerodha vs Angel OneDisclaimer: Investments in the securities market are subject to market risks; read all related documents carefully before investing. This page is for information only and is not investment advice. Brokerage, AMC and other charges change frequently — always verify against the broker's official website before opening an account. Affiliate disclosure: "Open account" links are affiliate links and we may earn a commission at no extra cost to you; this does not influence our ratings.