Both Upstox and Zerodha are discount brokers in India. Both are SEBI registered and offer Equity, F&O, Currency and Commodities. Both companies provide a trading platform at a low and flat brokerage.
Upstox charges INR 20 flat on delivery trades, while Zerodha charges INR 20 per order or 0.1%, whichever is lower. Zerodha has 79,57,128 active clients as of 28 Feb 2025, while Upstox’s figure stands at 27,89,896. Zerodha vs Upstox is compared in this article. Upstox market share is 5.63%, and Zerodha has 16.07% market share.
Table of Contents
Zerodha vs Upstox – Company Information
Zerodha is a Bengaluru-based company founded in 2010 by Nikhil Kamath and Nithin Kamath. This platform allows users to trade in NSE, BSE, and MCX exchanges. The company has over 120 partner offices and branches across India.
Upstox is a Mumbai-based trading platform founded in 2010 by Raghu Kumar, Ravi Kumar, and Shrinivas Viswanath. Like Zerodha, it also offers trading in BSE, NSE, and MCX exchanges.
Zerodha vs Upstox Charges
- Zerodha vs Upstox Account Opening Charges & AMC
| Account Opening and Demat Charges | Zerodha | Upstox |
| Equity Trading Account Opening Charges | Zero | Zero |
| Commodity Account Opening Charges | Zero | Zero |
| Trading Account AMC Charges | Zero | Zero |
| Demat Account Opening Charges | Zero | Zero |
| Demat Account AMC Charges | INR 300 + GST | INR 75 + GST (quarterly) or INR 150 + GST (Annual) |
- Zerodha vs Upstox Brokerage Charges
| Particulars | Zerodha | Upstox |
| Equity Delivery | No brokerage | INR 20 per executed order |
| Equity Intraday | INR 20 per order or 0.03%, whichever is lower | INR 20 per order or 0.01%, whichever is lower |
| Equity Futures | INR 20 per order or 0.03%, whichever is lower | INR 20 per order or 0.05%, whichever is lower |
| Equity Options | Flat INR 20 per executed order | Flat INR 20 per executed order |
| Currency Futures | INR 20 per order or 0.03%, whichever is lower | INR 20 per order or 0.05%, whichever is lower |
| Currency Options | INR 20 per executed order | INR 20 per executed order |
| Commodity Futures | INR 20 per order or 0.03%, whichever is lower | INR 20 per order or 0.05%, whichever is lower |
| Commodity Options | INR 20 per executed order | INR 20 per executed order |
| Call & Trade Charge | INR 50 per executed order | INR 75 per executed order |
| Minimum Brokerage | INR 20 or 0.03% in Intraday and F&O trades | INR 20 or 0.01% in Equity Intraday |
| P&L/CMR Charges | First CMR request is free, INR 20 + INR 100 (courier charge) + 18% GST for subsequent requests | INR 10 per page |
Read Also: Zerodha AMC Charges: A Comprehensive Breakdown
- Upstox vs Zerodha Transaction Charges
| Particulars | Zerodha | Upstox |
| Equity Delivery | NSE: 0.00297% | BSE: 0.00375% (Both Buy and Sell) | NSE: 0.00322% (Both Buy & Sell) |
| Equity Intraday | NSE: 0.00297% | BSE: 0.00375% (Both Buy and Sell) | NSE: 0.00322% (Both Buy & Sell) |
| Equity Futures | NSE: 0.00173%%| BSE: Nil | NSE: 0.00188% l BSE: Nil |
| Equity Options | NSE: 0.03503% | BSE: 0.0325% (on premium) | NSE: 0.0495% | BSE: 0.0495% (on premium) |
| Currency Futures | NSE: 0.00035%| BSE: 0.00045% | NSE: 0.00035%| BSE: 0.00045% |
| Currency Options | NSE: 0.0311%| BSE: 0.001% | NSE: 0.0311%| BSE: 0.001% |
| Commodity Futures | MCX: 0.0021% | NSE: 0.0001% | MCX: 0.0026% |
| Commodity Options | MCX: 0.0418% | NSE: 0.001% | 0.05% |
- Upstox vs Zerodha Other Statutory Charges
| Statutory Charges | Zerodha | Upstox |
| STT/CTT Equity Delivery | 0.1% (Both Buy & Sell) | 0.1% (Both Buy & Sell) |
| STT/CTT Equity Intraday | 0.025% on the sell side | 0.025% on the sell side |
| STT/CTT Equity Futures | 0.0125% on the sell side | 0.0125% on Sell-side |
| STT/CTT Equity Options | 0.01% on the sell side (on premium) | 0.0625% on the sell side (on premium) |
| STT/CTT Currency Futures & Options | No STT | No STT |
| STT/CTT Commodity Futures | MCX: 0.01% on Sell side | MCX: 0.01% on the Sell side |
| STT/CTT Commodity Options | 0.05% on Sell trade | 0.05% on Sell side |
| SEBI Turnover Charges | INR 10/crore | INR 10/crore |
| GST | 18% | 18% |
| Stamp Equity Delivery | 0.015% or INR 1500/crore on buy-side | 0.015% or INR 1500/crore on buy-side |
| Stamp Equity Intraday | 0.003% or INR 300/crore on buy-side | 0.003% or INR 300/crore on buy-side |
| Stamp Equity Futures | 0.002% or INR 200/crore on buy-side | 0.002% or INR 200/crore on buy-side |
| Stamp Equity Options | 0.003% or INR 300/crore on buy-side | 0.003% or INR 300/crore on buy-side |
| Stamp Currency Futures | 0.0001% or INR 10/crore on buy-side | 0.0001% or INR 10/crore on buy-side |
| Stamp Currency Options | 0.0001% or INR 10/crore on buy-side | 0.0001% or INR 10/crore on buy-side |
| Stamp Commodity Futures | 0.002% or INR 200/crore on buy-side | 0.002% or INR 200/crore on buy-side |
| Stamp Commodity Options | 0.003% or INR 300/crore on buy-side | 0.003% or INR 300/crore on buy-side |
| DP (Depository participant) Charges | INR 13 per scrip | INR 20 per scrip |
| Pledging Charges | INR 30 per scrip | INR 20 per scrip |
| Auto Square off Charges | INR 50 per executed order | INR 75 per executed order |
| API Subscription Charges | INR 2,000 per app each month | Zero |
Also Read: Top Stock Brokers in India 2024
Zerodha vs Upstox: Exposure/Leverage (Margin)
Zerodha margin for intraday trading is up to 20% of the trade value (5x leverage) based on the stock whereas the Upstox margin for intraday cash is also up to 20% of the trade value (5x leverage) based on the stock.
| Segment | Zerodha | Upstox |
| Equity Delivery | 100% of trade value (1x leverage) | 100% of trade value (1x leverage) |
| Equity Intraday | Upto 20% of trade value (5x leverage) | Upto 20% of trade value (5x leverage) |
| F&O (Equity, Currency & Commodity) | 100% of NRML margin (Span + Exposure) (1x leverage) | 100% of NRML margin (Span + Exposure) (1x leverage) |
Features of Zerodha vs Upstox Platforms
| Feature | Zerodha | Upstox |
| 3 in 1 Account | Yes | Yes |
| Algo Trading | Yes | Yes |
| Charting | Yes | Yes |
| Trading Platform | Kite Web, Kite Mobile for Android and iOS, and Coin | Upstox Pro Web, Dartstock, NEST Trader, Fox Trader, and mobile apps for iOS and Android |
| SMS Alerts | No | Yes |
| Online Demo | Yes | Yes |
| Online Portfolio | Yes | Yes |
| Margin Trading Funding Available | Yes | Yes |
| Margin Against Shares (Equity Cash) | Yes | Yes |
| Margin Against Shares (Equity F&O) | Yes | Yes |
| Intraday Square-off Time | 15:20 for equity, 15:25 for derivatives | 15:15 |
| NRI Trading | Yes | No |
| Other Features | Direct Mutual Funds, APIs for Algo Trading | Option strategy builder |
| Referral Program | Yes | Yes |
Also Read: Fyers Brokerage Calculator
Zerodha vs Upstox – Pros and Cons
| Zerodha | Upstox | |
| Pros | 1. India’s No. 2 stockbroker by active clients and trading volume 2. Free account opening for residents 3. Free equity delivery trades (Cash-N-Carry) 4. Flat INR 20 or 0.03% per order brokerage across BSE, NSE, MCX 5. No clearing charges (self-clearing broker) 6. Pay-as-you-go pricing, no prepaid plans 7. Free access to platforms: Kite, Console, and Coin 8. Kite 3 mobile app (modern, fast, trader-friendly) 9. Direct mutual fund investment via Coin, no commission 10. Good-Till-Triggered (GTT) orders supported 11. Online IPO application available Safe, reliable, and technologically advanced 12. NRI Trading account available (offline process) | 1. Zero account opening fee 2. INR 20 per trade brokerage for Delivery, Intraday, and F&O 3. Zero brokerage for Mutual Fund investments (Direct Plans) 4. Excellent online trading platform (Website and Mobile App) 5. Single app for equity, currency, and commodity trading 6. Margin Trading Facility (MTF) at INR 20/day per INR 40,000 slab 7. Margin Against Share (MAS) is available 8. Online IPOs, FPOs, Bonds, and NCDs supported 9. Good-till-triggered (GTT) orders available 10. Bracket and Cover Orders available |
| Cons | 1. No research tips or recommendations 2. No lifetime AMC-free Demat account 3. Call & Trade charged INR 50 per executed order 4. Auto Square-Off charged INR 50 per order 5. Monthly unlimited trading plans not available 6. Console is a separate back-office platform with overnight data updates | 1. Charges an additional INR 50 per executed order for automatic settlement 2. Doesn’t offer 24/7 customer support 3. Doesn’t offer monthly unlimited trading plans 4. Doesn’t offer NRI Trading and Demat account 5. No physical branches or neighborhood offices – fully online 6. No personal relationship manager 7. No research and advisory services 8. Doesn’t offer true GTC (Good Till Cancelled) orders 9. Additional INR 75 charged for Call & Trade orders 10. Additional INR 75 charged for auto square-off of intraday positions |
Zerodha vs Upstox FAQs
Which is better Zerodha vs Upstox?
Zerodha and Upstox are both discount broker companies. To determine which stockbroker is best, we need to consider a variety of factors, including brokerage fees, account setup costs, trading platforms, and more.
Which is more affordable, Upstox or Zerodha?
Zerodha’s charges for intraday, futures & options, currency, and commodity segments are marginally lower. In the Zerodha vs Upstox brokerage charges debate, Zerodha wins hands down.
What is the Upstox AMC charge?
Upstox AMC charges stands at INR 75 + GST (Quarterly) or INR 150 + GST (Annual)