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. But 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 2.5% whichever is lower per order. The number of active clients for Zerodha is 63,92,902 as of 31 March 2023, whereas the number of active clients for Upstox stood at 28,80,604. 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 | INR 200 | Zero (Free) |
| Commodity Account Opening Charges | INR 300 | Zero (Free) |
| Trading Account AMC Charges | Zero | Zero |
| Demat Account Opening Charges | Zero (Free) | Zero (Free) |
| Demat Account AMC Charges | INR 300 + GST | INR 150 + GST |
| Open Account Link | Open Account With Zerodha | Open Account With Upstox |
- Zerodha vs Upstox Brokerage Charges
| Particulars | Zerodha | Upstox |
| Equity Delivery | Zero per order | INR 20 per order or 2.5%, whichever is lower |
| 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 | INR 20 per executed order | 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 | 0.03% in Intraday and F&O | 0.05% |
| P&L/CMR Charges | INR 20 + INR 100 (courier charge) | INR 20 per page |
- Upstox vs Zerodha Transaction Charges
| Particulars | Zerodha | Upstox |
| Equity Delivery | NSE: 0.00325%| BSE: 0.00375% (Both Buy & Sell) | NSE: 0.00325% (Both Buy & Sell) |
| Equity Intraday | NSE: 0.00325%| BSE: 0.00375% (Both Buy & Sell) | NSE: 0.00325% (Both Buy & Sell) |
| Equity Futures | NSE: 0.0019% | NSE: 0.0019% (Both Buy & Sell) |
| Equity Options | NSE: 0.05% (on premium) | NSE: 0.050% (on premium) |
| Currency Futures | NSE: 0.035%| BSE: 0.001% | NSE: 0.0009%| BSE: 0.00022% |
| Currency Options | NSE: 0.0009%| BSE: 0.00025% | NSE: 0.035%| BSE: 0.001% |
| Commodity Futures | Group A – 0.0026% | MCX: 0.0026 |
| Commodity Options | 0.05% | 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 | 0.0625% on the sell side (on premium) | 0.0625% on the sell side (on premium) |
| STT/CTT Currency Futures & Options | No | No |
| STT/CTT Commodity Futures | MCX: 0.01% on sell side | MCX: 0.01% on sell side |
| STT/CTT Commodity Options | 0.05% on sell side | 0.05% on sell side |
| SEBI Turnover Charges | INR 10/crore + GST | INR 10/crore |
| GST | 18% of (Transaction + Brokerage Charges + SEBI Charges) | 18% of (Transaction + Brokerage Charges) |
| 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 & 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 13.5 + GST per scrip per day only on sell | INR 18.5 per scrip per day only on sell |
| Pledging Charges | INR 30 + GST per scrip | INR 20 + GST per scrip |
| Auto Square off Charges | INR 50 per executed order | INR 50 per executed order + 18% GST |
| API Subscription Charges | INR 2,000 per month | INR 499 (GST Included) |
Also Read: Top Stock Brokers in India 2023
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 | No | No |
| 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 | No |
| Margin Against Shares (Equity F&O) | Yes | Yes |
| Trading Platform | Kite Web, Kite Mobile for Android/iOS, and Coin | Upstox Pro Web, Dartstock, NEST Trader, Fox Trader |
| Intraday Square-off Time | 3:10 PM | 3:15 PM |
| NRI Trading | Yes | No |
| Other Features | Direct Mutual Funds, APIs for Algo Trading | Option strategy builder |
Also Read: Fyers Brokerage Calculator
Zerodha vs Upstox – Active Clients and Complaints
| Particulars | Zerodha | Upstox |
| Number of Active Clients | 63,92,902 | 28,80,604 |
| Market Shares | 19.57% | 8.82% |
| Number of Complaints | 446 | 402 |
| Number of Complaints Resolved | 92.15% | 95.27% |
Zerodha vs Upstox – Pros and Cons
| Zerodha | Upstox | |
| Pros | · India’s No. 1 broker in terms of the number of active clients · Maximum INR 20 per trade brokerage for all segments · Direct Mutual Fund Investment is available · NRI Trading account is available · Excellent trading platforms (Kite) are available for free · Simple flat fee brokerage services across segments and exchanges (BSE, NSE, MCX) · Free equity delivery trades. No brokerage charges for Cash-N-Carry orders | · Zero account opening fee · Maximum INR 20 per trade brokerage for all segments including equity delivery · Offers direct mutual funds · Zero brokerage for Mutual Fund investment · Doesn’t offer NRI Trading and Demat account · One app for trading in equity, currency, and commodity · Offers margin funding |
| Cons | · It does not offer a 3-in-1 account · Call & Trade is charged an extra INR 50 per order · It does not provide stock tips, research, and recommendations · It does not offer an AMC Free Demat account · No margin funding | · Doesn’t offer a 3-in-1 account · Call-and-trade fee is INR 20 per executed order extra · Doesn’t offer stock tips or recommendations · Automatic settlement charges an additional Rs 50 per executed order |
Zerodha vs Upstox FAQs
Which is better in Zerodha vs Upstox?
Zerodha and Upstox are both discount broker companies. As a result, in order 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 2.5% 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 Upstox AMC charge?
Upstox has Annual Maintenance Charges (AMC) of INR 150 + GST.
