Both Upstox and Zerodha are well-known discount brokers in India. This means they don’t provide any recommendations or tips. Both brokers are registered with SEBI and offer investment in Equity, F&O, Currency, and Commodities. However, they provide state-of-the-art trading platforms and charge low and flat brokerage charges.
The brokerage of Zerodha is INR 20 or 0.03% whichever is lower per trade while the brokerage of Upstox is INR 20 or 0.05% whichever is lower per order. The number of active clients for Zerodha is 80,67,274 as of 31 October 2024, whereas the number of active clients for Upstox stood at 28,52,978. Zerodha is serving more customers compared to Upstox. Zerodha vs Upstox is compared in this article.
Zerodha vs Upstox – Company Information
Zerodha was founded in 2010 in Bangalore by Nithin Kamath and Nikhil Kamath. It offers trading in NSE, BSE, and MCX exchanges. The company has over 120 partner offices and branches across India.
Upstox was founded in 2010 in Mumbai 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 | Zero (Up to INR 4,00,000) INR 100 + GST (Between – INR 4,00,000 – 10,00,000) INR 300 + GST (Above – INR 10,00,000) Annual | 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 0.05%, 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 50 per executed order |
| Minimum Brokerage | INR 20 or 0.03% in Intraday and F&O trades | INR 20 or 0.05% in Equity Intraday, F&O, Currency & Commodity |
| P&L/CMR Charges | First CMR request is free, INR 20 + INR 100 (courier charge) + 18% GST for subsequent requests | INR 20 per page |
- Upstox vs Zerodha Transaction Charges
| Particulars | Zerodha | Upstox |
| Equity Delivery | NSE: 0.00297% | BSE: 0.00375% (Both Buy and Sell) | NSE: 0.00297% (Both Buy & Sell) |
| Equity Intraday | NSE: 0.00297% | BSE: 0.00375% (Both Buy and Sell) | NSE: 0.00297% (Both Buy & Sell) |
| Equity Futures | NSE: 0.00173%%| BSE: Nil | NSE: 0.00173% l BSE: Nil |
| Equity Options | NSE: 0.03503% | BSE: 0.0325% (on premium) | NSE: 0.03503% | BSE: 0.0325% (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 18.5 per scrip per day only on sell |
| Pledging Charges | INR 30 per scrip | INR 20 per scrip |
| Auto Square off Charges | INR 50 per executed order | INR 50 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/iOS, and Coin | Upstox Pro Web, Dartstock, NEST Trader, Fox Trader, iOS, and Algo Lab |
| 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 | 3:20 PM | 3:15 PM |
| 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 broker in terms of the number of active clients 2. Maximum INR 20 per trade brokerage for all segments 3. Simple flat fee brokerage services across segments and exchanges (BSE, NSE, MCX) 4. The NRI Trading account is available 5. Free equity delivery trades. No brokerage charges for Cash-N-Carry orders 6. Excellent trading platforms (Kite) are available for free 7. Direct Free Mutual Fund Investment is available 8. Good Till Triggered (GTT) orders are available 9. Safe, reliable, and most technologically advanced broker in India | 1. Zero account opening fee 2. Maximum INR 20 per trade brokerage for all segments including equity delivery 3. Offers direct mutual funds 4. Zero brokerage for Mutual Fund investment 5. One app for trading in equity, currency, and commodity 6. Margin Trading Facility (MTF) is available at an interest rate of INR 20/day for slabs of INR 40,000. 7. Margin Against Share is available 8. Online IPO, FPO, Bonds, and NCD’s are available 9. Good-till-triggered (GTT) orders are available |
| Cons | 1. It does not provide stock tips, research, and recommendations 2. It does not offer an AMC Free Demat account 3. Call & Trade is charged an extra INR 50 per order 4. It does not offer a 3-in-1 account 5. Auto Square Off is charged at an extra Rs 50 per order 6. No margin funding 7. It does not offer monthly unlimited trading plans | 1. Doesn’t offer a 3-in-1 account 2. The Call-and-trade fee is INR 20 per executed order extra 3. Doesn’t offer stock tips or recommendations 4. Automatic settlement charges an additional INR 50 per executed order 5. Doesn’t offer margin funding for delivery trades 6. Doesn’t offer API access for automated trading 7. Doesn’t offer 24/7 customer support 8. Doesn’t offer unlimited trading plans 9. Doesn’t offer NRI Trading and Demat account |
Zerodha vs Upstox FAQs
Which is better Zerodha vs Upstox?
Zerodha and Upstox are both discount broker companies. As a result, to determine which stockbroker is best for them, we need to consider a variety of factors, including brokerage fees, account setup costs, trading platforms, and more.
Is Upstox cheaper than Zerodha?
Upstox brokerage for equity delivery is the lower amount of INR 20 per executed order or 0.05% while Zerodha charges no brokerage. Similarly, 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 has Annual Maintenance Charges (AMC) of INR 75 + 18% GST (quarterly) or INR 150 + 18% GST (Annual).
