Zerodha vs Upstox: Find the best Stock Broker India

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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 2.5% whichever is lower per order. The number of active clients for Zerodha is 6,598,363 as of November 2023, whereas the number of active clients for Upstox stood at 2,237,974. Zerodha is serving more customers compared to Upstox. Zerodha vs Upstox is compared in this article.

Zerodha vs Upstox Stock Broker

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 ChargesZerodhaUpstox
Equity Trading Account Opening ChargesOnline – INR 200
Offline – INR 500
Zero (Free)
Commodity Account Opening ChargesINR 300Zero (Free)
Trading Account AMC ChargesZeroZero
Demat Account Opening ChargesZero (Free)Zero (Free)
Demat Account AMC ChargesINR 300 + GSTINR 150 + GST
Open Account Link Open Account With ZerodhaOpen Account With Upstox
  • Zerodha vs Upstox Brokerage Charges
ParticularsZerodhaUpstox
Equity DeliveryZero per orderINR 20 per order or 2.5%, whichever is lower
Equity IntradayINR 20 per order or 0.03%, whichever is lowerINR 20 per order or 0.05%, whichever is lower
Equity FuturesINR 20 per order or 0.03%, whichever is lowerINR 20 per order or 0.05%, whichever is lower
Equity OptionsINR 20 per executed orderINR 20 per executed order
Currency FuturesINR 20 per order or 0.03%, whichever is lowerINR 20 per order or 0.05%, whichever is lower
Currency OptionsINR 20 per executed orderINR 20 per executed order
Commodity FuturesINR 20 per order or 0.03%, whichever is lowerINR 20 per order or 0.05%, whichever is lower
Commodity Options INR 20 per executed orderINR 20 per executed order
Call & Trade ChargeINR 50 per executed orderINR 20 per executed order
Minimum Brokerage0.03% in Intraday and F&O0.05%
P&L/CMR ChargesINR 20 + INR 100 (courier charge) + 18% GST for subsequent requestsINR 20 per page
  • Upstox vs Zerodha Transaction Charges
ParticularsZerodhaUpstox
Equity Delivery NSE: 0.00325%| BSE: 0.00375% (Both Buy & Sell)NSE: 0.00325% (Both Buy & Sell)
Equity IntradayNSE: 0.00325%| BSE: 0.00375% (Both Buy & Sell)NSE: 0.00325% (Both Buy & Sell)
Equity FuturesNSE: 0.0019%%| BSE: 0NSE: 0.0019% (Both Buy & Sell)
Equity OptionsNSE: 0.05%| BSE: 0.005 (on premium)NSE: 0.050% (on premium)
Currency FuturesNSE: 0.0009%| BSE: 0.0009%NSE: 0.0009%| BSE: 0.00022%
Currency OptionsNSE: 0.035%| BSE: 0.001%NSE: 0.035%| BSE: 0.001%
Commodity FuturesGroup A – 0.0026%MCX: 0.0026
Commodity Options0.05%0.05%
  • Upstox vs Zerodha Other Statutory Charges
  Statutory ChargesZerodhaUpstox
STT/CTT Equity Delivery 0.1% (Both Buy & Sell)0.1% (Both Buy & Sell)
STT/CTT Equity Intraday 0.025% on the sell side0.025% on the sell side
STT/CTT Equity Futures 0.0125% on the sell side0.0125% on Sell-side
STT/CTT Equity Options0.0625% on the sell side (on premium)0.0625% on the sell side (on premium)
STT/CTT Currency Futures & OptionsNoNo
STT/CTT Commodity Futures0.01% on Sell side (Non-Agri)MCX: 0.01% on Sell side
STT/CTT Commodity Options0.05% on Sell side0.05% on Sell side
SEBI Turnover ChargesINR 10/crore + GSTINR 10/crore
GST18% of (Transaction + Brokerage Charges + SEBI Charges)18% of (Transaction + Brokerage Charges + Demat)
Stamp Equity Delivery 0.015% or INR 1500/crore on buy-side0.015% or INR 1500/crore on buy-side
Stamp Equity Intraday 0.003% or INR 300/crore on buy-side0.003% or INR 300/crore on buy-side
Stamp Equity Futures 0.002% or INR 200/crore on buy-side0.002% or INR 200/crore on buy-side
Stamp Equity Options0.003% or INR 300/crore on buy-side0.003% or INR 300/crore on buy-side
Stamp Currency Futures0.0001% or INR 10/crore on buy-side0.0001% or INR 10/crore on buy-side
Stamp Currency Options0.0001% or INR 10/crore on buy-side0.0001% or INR 10/crore on buy-side
Stamp Commodity Futures0.002% or INR 200/crore on buy-side0.002% or INR 200/crore on buy-side
Stamp Commodity Options0.003% or INR 300/crore on buy-side0.003% or INR 300/crore on buy-side
DP (Depository participant) ChargesINR 13.5 per scrip per day only on sellINR 18.5 per scrip per day only on sell
Pledging ChargesINR 30 + GST per scripINR 20 + GST per scrip
Auto Square off ChargesINR 50 + GST per executed orderINR 50 per executed order + 18% GST
API Subscription ChargesINR 2,000 per monthFree

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.

SegmentZerodhaUpstox
Equity Delivery100% of trade value (1x leverage)100% of trade value (1x leverage)
Equity IntradayUpto 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

FeatureZerodhaUpstox
3 in 1 AccountNoNo
Algo TradingYesYes
ChartingYesYes
Trading PlatformKite Web, Kite Mobile for Android/iOS, and CoinUpstox Pro Web, Dartstock, NEST Trader, Fox Trader, iOS, and Algo Lab
SMS AlertsNoYes
Online DemoYesYes
Online PortfolioYesYes
Margin Trading Funding AvailableYesYes
Margin Against Shares (Equity Cash)YesNo
Margin Against Shares (Equity F&O)YesYes
Intraday Square-off Time3:15 PM3:00 PM
NRI TradingYesNo
Other FeaturesDirect Mutual Funds, APIs for Algo TradingOption strategy builder

Also Read: Fyers Brokerage Calculator

Zerodha vs Upstox – Active Clients and Complaints

ParticularsZerodhaUpstox
Number of Active Clients6,598,3632,237,974
Market Shares18.88%6.40%
Number of Complaints324160
Number of Complaints Resolved90.43%94.37%

Zerodha vs Upstox – Pros and Cons

ZerodhaUpstox
Pros·         India’s No. 1 broker in terms of the number of active clients
·         Maximum INR 20 per trade brokerage for all segments
·         Direct Free 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 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 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 the Upstox AMC charge?

Upstox has Annual Maintenance Charges (AMC) of INR 150 + GST.

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