Upstox vs Zerodha
Brokerage, charges, app and account-opening compared side-by-side for Upstox and Zerodha — the verified numbers, not the marketing pitch.
Who each broker fits
Cost-conscious DIY traders and investors who want a flat Rs 20 per-order broker with strong charting, direct mutual funds, and an API.
Cost-conscious self-directed Indian investors and active traders who want a low-cost, well-designed platform with free equity delivery, flat-fee intraday/F&O, and free direct mutual funds.
Upstox vs Zerodha at a glance
The verified numbers side-by-side — broker size, account cost and headline brokerage on each broker’s default plan. The lower cost (or larger client base) in each row is highlighted. STT, exchange transaction charges, SEBI fee, stamp duty, GST and DP charges apply on top — see the full landed cost on the brokerage calculator.
| Feature | Upstox | Zerodha |
|---|---|---|
| Active clients (NSE) | 19.62 L | 68.84 L |
| Account opening | Rs 0 (free) | Free for resident individual and minor accounts (online); NRI, Partnership/LLP/Corporate accounts ₹500; HUF free online / ₹500 offline |
| Demat AMC | Rs 0 first year; Rs 354/year (Rs 300 + GST) for non-BSDA thereafter | First year free for new resident individuals; non-BSDA ₹300/year + GST from year 2; BSDA tiered (free up to ₹4 lakh) |
| Equity delivery | Flat ₹20 | Free |
| Equity intraday | ₹20 / 0.1% | ₹20 / 0.03% |
| Futures | ₹20 / 0.05% | ₹20 / 0.03% |
| Options | Flat ₹20 | Flat ₹20 |
| DP charges (sell side) | ₹20 | ₹13 |
| Default plan | Flat ₹20 | Flat ₹20 |
The apps compared
- Charts with technical indicators
- Flat ₹20 pricing surfaced on the order ticket
- Equity, F&O, currency, mutual funds, IPO
- Basket, cover, and bracket orders
- Charts with technical indicators and drawing tools
- GTT (Good Till Triggered) orders for delivery
- Basket orders and option chain with strike-wise OI
- Margin pledging from inside the app
Which one should you pick?
No single broker wins for every investor. The right pick depends on what you actually trade — and the “cheaper” broker on one segment can be the more expensive one on another. Use the calculators below to plug in your typical trade size and see the real landed cost for each.
Frequently asked
What people ask about Upstox vs Zerodha.
On equity delivery, Upstox charges Flat ₹20 and Zerodha charges Free. On intraday, Upstox is ₹20 / 0.1%, Zerodha is ₹20 / 0.03%. On options, Upstox is Flat ₹20, Zerodha is Flat ₹20. Brokerage is one side of the story — STT, exchange transaction charges, SEBI fee, stamp duty, GST and DP charges also apply. Compare the all-in landed cost on the brokerage calculator before deciding.
Cost-conscious DIY traders and investors who want a flat Rs 20 per-order broker with strong charting, direct mutual funds, and an API. Cost-conscious self-directed Indian investors and active traders who want a low-cost, well-designed platform with free equity delivery, flat-fee intraday/F&O, and free direct mutual funds. Beginners typically care more about the app experience and the onboarding flow than the last ₹2 of brokerage — open the apps on the Play Store or App Store and look at the one you would actually use every week.
Yes. SEBI allows multiple trading accounts. Your demat can be with one broker and a separate trading account with another. Many active traders keep two — a low-cost discount broker for execution and a full-service broker for research. Watch the AMC and inactivity charges on whichever account you use less.
Both are SEBI-registered and members of NSE / BSE. Demat sits with CDSL or NSDL — the broker doesn't hold your shares, the depository does. Funds are in a SEBI-regulated client bank account separate from the broker's own funds. The bigger risk to manage is account-level fraud (phishing, OTP sharing), which is identical across brokers.
Open the Zerodha account online with PAN, Aadhaar and bank details. Then use the CDSL / NSDL "off-market transfer" / DIS or the new EASI-EASIEST transfer flow to move shares from Upstox's demat to Zerodha's. You don't need to sell anything. Close the old account afterwards to stop the AMC.