Zerodha vs m.Stock – Which Broker Should You Choose in 2025?

Your online trading journey can be significantly impacted by your choice of broker. So brokers are the people who initiate transactions between you and the financial market.

So in the category of zero brokerage model, two very prominent names are Zerodha, the largest discount broker in India, and m.Stock by Mirae Asset, an emerging player in this category.

So what are we covering here in this Zerodha vs m.Stock match. So you can make a smart choice in 2025.

We will cover brokerage fees, trading platforms, investment options, account opening fees, customer support, etc.

Company Overview

Zerodha

Zerodha was founded in 2010 and is popular for its low-cost trading & fast trading platforms. It is known to introduce flat broking or trading. It has over 1.2 crore (as of 2025). It provides an online trading platform that makes it easier to trade stocks, bonds, mutual funds, commodities, derivatives, and currencies.

Retail broking in India was revolutionised by Zerodha’s flat-rate strategy and user-friendly Kite platform.

It remains a well-liked choice for traders of all skill levels. It also recently reduced brokering for non-PIS NRI accounts and streamlined onboarding.

USP: Pioneered discount broking in India with a flat ₹20 per trade.

m.Stock

m.Stock, which was founded in April 2022 by Mirae Asset Capital Markets (India) Pvt Ltd, provides retail customers with a wide range of stockbroking services via its platform. It provides stock, derivatives, ETF, initial public offerings, and direct mutual fund investment alternatives.

With over one crore deals processed every day, m.Stock is made for both novice and seasoned investors, guaranteeing a secure and user-friendly trading environment.

Competitive commission rates that are frequently below industry averages are provided by m.Stock. There is no account opening cost for users to open a mStock Demat & Trading Account. m.Stock charges a flat broking of ₹5 per order for F&O, intraday, and MTF transactions, and offers zero broking on equity delivery, mutual funds, and initial public offerings.

Brokerage Charges Comparison

Broker Name	Active no. Of clients	A/C opening charge	AMC charge	Delivery Brokerage	Intraday, F&O Brokerage
m.Stock	4,22,973	FREE	Zero	₹0	Flat ₹5 per order

Trading Platforms

Zerodha Kite Web & Mobile App – 

• Minimalist User Interface 
•  Lightning-fast and advanced charting tool with TradingView & ChartIQ

Console 

• Back office for P&L statements and other tools.
• Helps in generating tax reports for filing purposes.

Varsity is an app developed by Zerodha, a great initiative to provide free education to beginners & pro traders. They can learn from the best from anywhere at any time.

m.Stock

m.Stock Web & App 

• Sleek user interface
• Advanced charting tools
• Real-time market data and news

Smart Portfolio Tracking 

• Gives insights into investments
•  P&L and diversification ideas. 

Verdict

Thanks to years of improvement, more reliable APIs, and instructional assistance, Zerodha enjoys a slight advantage. But with its smooth execution and modern user interface, m.Stock is rapidly catching up.

Investment Products

Products Offering	Zerodha	m.Stock
Equity	Yes	Yes
Derivative	Yes	Yes
IPOs	Yes	Yes
Mutual Funds	Yes (via coin)	Yes
ETFs, Bonds, Gold bonds	Yes	Yes

Verdict

Both brokers are fully packed with a wide range of financial products.

Research & Advisory

Zerodha 

• They provide minimal research features

• focuses on execution. 
• Provides tools like Sensibull for options trading and Streak for algo-trading.

m.Stock 

• Offers in-app stock screeners and charting tools.
• Provides analyst ratings
• Provides basic research and technical analysis tools.

Customer Support

Zerodha 

• Ticket-based support system
• Call & chat are slightly slower due to a large user base, an area where they should improve. 

m.Stock

• They are relatively quicker than Zerodha in responding due to a smaller user base and an aggressive support strategy.

Pros & Cons

Zerodha Pros

• Proven track record with a massive user base and still counting 
• Zerodha provides free equity delivery trades
• Robust, reliable platforms.
• Vast and free learning resources at Varsity.

Zerodha Cons

• Charges per order (can add up for active traders).
• Research & advisory are minimal, making it difficult for beginners as they lack guidance.

m.Stock Pros

• Zero brokerage across all segments for lifetime
• No AMC charges.
• Mirae Asset, a trusted global financial institution, backs it.

m.Stock Cons

• As a new player, it has a smaller user base.
• Limited educational resources.

What’s best for you?

Choose Zerodha if:

• You are a beginner to the game or a moderate trader.
• You value a proven, stable platform with learning resources to clear your doubts.
• You prefer free delivery trades and are not a frequent trader in F&O.

Choose m.Stock if:

• You frequently trade in intraday and F&O.
• You want to avoid brokerage charges completely.
• You’re comfortable learning the workings of a newer platform.

Final Verdict 

Zerodha vs m.Stock

Both Zerodha and m.Stock are excellent discount brokers, but they have slightly different audiences.

Zerodha wins for its reliability, established ecosystem, and years of trust from the people of India. Whereas m.Stock shines for active traders who are frequent traders and can save big with zero brokerage.