Are you stuck between choosing Zerodha or Upstox for your trading journey? I totally get it – both are popular discount brokers and deciding between them can be super confusing. In this detailed comparison I’ll break down everything about these two trading platforms to help you figure out which one might be better for YOUR specific needs.
The Quick Answer (If You’re in a Hurry)
Both Zerodha and Upstox are excellent discount brokers with their own unique strengths:
- Zerodha excels in: Low-cost trading, superior API access, and comprehensive learning resources (Varsity)
- Upstox shines with: Modern user interface, faster execution speeds, and free trading APIs
Your choice ultimately depends on your personal trading style, investment goals, and what features matter most to you.
Company Profiles: The Basics
Let’s start with a quick overview of both brokers
| Comparison Point | Zerodha | Upstox |
|---|---|---|
| Year Founded | 2010 | 2010 |
| Headquarters | Bengaluru | Mumbai |
| Active Clients (2025) | 1.6 crore+ | 1.3 crore+ |
| Regulatory Registration | SEBI, NSE, BSE, CDSL | SEBI, NSE, BSE, CDSL |
| Brokerage Model | Discount Brokerage | Discount Brokerage |
| Mobile App Rating | 4.0★ (Google Play Store) | 4.4★ (Google Play Store) |
| USP | Simple platform + reliable infrastructure | Smart UI + advanced trading tools |
| Number of Branches | 22 | 4 |
Account Opening Process: How Easy Is It?
Both platforms offer a completely paperless, online account opening experience:
Zerodha vs Upstox Account Opening Comparison
| Parameter | Zerodha | Upstox |
|---|---|---|
| Account Opening Fee | ₹0 (Trading + Demat) | ₹0 (Free Trading + Demat), first year AMC also ₹0 |
| Demat AMC | ₹300/year + GST (charged quarterly) | ₹150/year (CDSL), first year free |
| Process Type | 100% Paperless, Aadhaar e-sign, IPV video verification | 100% Online, Aadhaar OTP e-sign, selfie KYC via DigiLocker |
| Time to Activate | Within a few hours to 24 hours in most cases | Typically 15–30 minutes after e-KYC completion |
| Documents Required | PAN, Aadhaar, Bank Proof, Cancelled Cheque, Selfie (IPV) | PAN, Aadhaar (via DigiLocker), Bank details, Selfie KYC |
As you can see, Upstox has a slightly lower annual maintenance charge (AMC) at ₹150 compared to Zerodha’s ₹300. Plus, Upstox typically activates accounts faster (15-30 mins vs 24 hours for Zerodha).
Brokerage Charges: The Real Cost Comparison
When it comes to trading costs, here’s how they stack up:
| Segment | Zerodha | Upstox |
|---|---|---|
| Equity Intraday | ₹20 per executed order or 0.1% (whichever is lower) | ₹20 per executed order or 0.1% (whichever is lower) |
| Equity Delivery | Zero Brokerage | ₹20 per executed order |
| Equity Futures | 0.03% or ₹20/executed order (whichever is lower) | ₹20 per executed order or 0.05% (whichever is lower) |
| Equity Options | Flat ₹20 per executed order | Flat ₹20 per executed order |
| Currency Futures | 0.03% or ₹20/executed order (whichever is lower) | ₹20 per executed order or 0.05% (whichever is lower) |
| Currency Options | ₹20/executed order | Flat ₹20 per executed order |
| Commodity Futures | 0.03% or ₹20/executed order (whichever is lower) | ₹20 per executed order or 0.05% (whichever is lower) |
| Commodity Options | ₹20/executed order | Flat ₹20 per executed order |
The main difference here? Zerodha offers FREE equity delivery while Upstox charges ₹20 per executed order. For futures trading, Zerodha’s 0.03% rate is slightly cheaper than Upstox’s 0.05%.
Trading Platforms: User Experience Matters
The trading platform is where you’ll spend most of your time, so this is super important!
Zerodha Kite (Web & Mobile)
- Speed & Performance: Users consistently praise Kite for being extremely fast with quick order execution and responsive charting tools.
- Clean Interface: Simple and clutter-free design. TradingView/ChartIQ charts support makes technical analysis easy.
- Multi-language Support: Available in both Hindi and English with special benefits for retail investors.
- Cons: Some users complain about delays in customer support responses.
Upstox Pro (Web & Mobile)
- Modern & Vibrant UI: The Upstox community loves the soothing color themes and slick design elements like the strategy builder.
- Advanced Charts: TradingView + ChartIQ charts available on both web and mobile platforms.
- Mobile-first Experience: Complete trading journey from signup to order execution happens in the app, which mobile users appreciate.
- Cons: Some users report persistent bugs in watchlist sorting that haven’t been fixed despite repeated complaints.
Investment Options: What Can You Trade?
| Investment Segment | Zerodha | Upstox |
|---|---|---|
| Equity (Stocks) | Stocks on NSE/BSE | Stocks on NSE/BSE |
| F&O, Currency & Commodities | Equity, Currency, Commodity derivatives | Equity, Currency, Commodity derivatives |
| Mutual Funds | 2,000+ direct MFs via Coin; SIP and lump sum supported | Direct mutual funds with SIP facility |
| IPOs | Facility to apply for IPO on Kite/Console | In-app IPO dashboard for applying, tracking, and status updates |
| ETFs & Bonds | Sovereign Gold Bonds, Govt. bonds, ETFs via Coin | ETFs and bonds available |
Both platforms offer similar investment options, but I’ve noticed that Zerodha’s Coin platform for mutual funds is a bit more comprehensive with 2,000+ direct mutual funds and better analytics.
Mutual Fund Support: For the Long-term Investors
If you’re into mutual fund investments, here’s what each platform offers:
| Feature | Zerodha (Coin) | Upstox MF Platform |
|---|---|---|
| Commission/Fees | 0% commission on direct mutual funds; no brokerage charges | No brokerage on direct MFs |
| Fund Choices | 2000+ direct mutual funds, ETFs, Govt bonds via Coin | Wide range of direct MFs across equity, debt, hybrid categories |
| SIP Support | Yes, systematic investment plans | Yes, systematic investment plans |
| Tracking & Reporting | Kite updated to show MF holdings; Console analytics dashboard | MF dashboard shows NAV, returns; lacks auto analytics |
| Cut-off Timing & NAV | T-day T+2 NAV rules; SIP cutoff 2 days prior | Standard NAV processing; redemption timelines delay 2–3 days |
| Unique Features | Integrated with trading; easy lumpsum/SIP via Coin and Kite | Basic UI from unit level |
Zerodha takes the lead here with better mutual fund analytics and a more integrated experience between their trading platform (Kite) and mutual fund platform (Coin).
Tools & Research Features: For the Advanced Traders
Advanced traders need specific tools Here’s how they compare
| Feature / Tool | Zerodha | Upstox |
|---|---|---|
| Personal API | Free for orders, portfolio, GTT; market data extra-cost | Full trading & data APIs free |
| Historical Data | Included in Kite Connect ₹0 extra | Available via API without extra charge |
| Order Slicing & Option Chain | Auto-slicing + advanced chain metrics (PCR, IV, Max Pain) | Provides depth insights, no auto-slicing |
| Market Depth Data | Standard | Upgraded Market Feed V3 (depth 30 WebSocket) |
| API Ecosystem | Supported by third-party tools (Streak, Sensibull, etc.) | Includes Smartlists, GTT, MTF via API |
Upstox has an edge with free full trading & data APIs, while Zerodha has better third-party tool integration.
Customer Support: When You Need Help
| Parameters | Zerodha | Upstox |
|---|---|---|
| Support Channels | Ticket, Email, Forums, Blog, Varsity | In‑app Chat, Email, Call, Help Center |
| Response Time | Usually 24–48 hours | Varies; slow response at peak hours |
| User Liking | Tech-savvy users are supportive, stable system | Basic support convenient but inconsistent |
| Education Resources | Varsity, Q&A blog, active community | Help Center tutorials, blog, but limited detail |
Zerodha’s Varsity is hands-down one of the best educational resources for traders in India, but Upstox offers more direct support channels like in-app chat.
The Pros and Cons: Let’s Be Honest
Zerodha Pros:
- Free account opening for people under 25
- India’s leading broker in terms of client numbers and exchange volume
- Zero brokerage on equity delivery trades
- Excellent trading platforms (Kite) available for free
- Direct mutual fund investment with no fees
- GTT (Good Till Triggered) orders available
- NRI trading accounts available
- Strong educational resources through Varsity
Zerodha Cons:
- No stock tips or research recommendations
- Call & Trade costs extra (₹50 per order)
- Auto Square off costs extra (₹50 per order)
- No 3-in-1 account option
- No monthly unlimited trading plans
- No AMC-free demat account option
Upstox Pros:
- Zero account opening fees
- Zero brokerage for mutual fund investments
- Modern, vibrant UI with soothing color themes
- One app for trading equity, currency, and commodities
- Margin Trading Facility available
- Option strategy builder tool
- Good Till Triggered orders available
Upstox Cons:
- Charges ₹20 for equity delivery (which Zerodha offers for free)
- Doesn’t offer unlimited trading plans
- No margin funding for delivery trades
- No stock tips or recommendations
- No 3-in-1 account
- No 24/7 customer support
- No NRI trading accounts
- Earlier intraday square-off time (3 PM vs 3:15 PM at Zerodha)
Who Should Choose Zerodha?
You might prefer Zerodha if:
- You primarily do equity delivery trades (since it’s free)
- You value educational resources (Varsity is excellent)
- You need NRI trading facilities
- You prefer lower futures trading charges (0.03% vs 0.05%)
- You’re a tech-savvy trader who values platform stability
- You trade intraday and want the extra 15 minutes (square-off at 3:15 PM vs 3 PM)
Who Should Choose Upstox?
You might prefer Upstox if:
- You value a modern, vibrant UI
- You prioritize faster account opening (15-30 minutes)
- You want lower demat AMC charges (₹150 vs ₹300)
- You’re a mobile-first trader who appreciates the complete in-app experience
- You need free full trading and data APIs
- You like the option strategy builder tool
My Personal Take
I’ve been using both platforms for a while now, and honestly, they’re both pretty solid. But if I HAD to choose, I’d probably go with Zerodha for a few reasons:
- The free equity delivery is a big money-saver if you’re a long-term investor
- Varsity is just an incredible learning resource (seriously, check it out!)
- The platform stability is rock-solid, which is super important during volatile market days
That said, many of my friends prefer Upstox for its sleeker UI and faster account opening. It’s really a matter of personal preference and trading style.
Final Verdict: It Depends On You!
In the Zerodha vs Upstox comparison, both brokers come with their own strengths. Zerodha is better in low-cost trading, API access and learning resources, while Upstox excels with modern UI, fast execution and free trading APIs. Investors should choose based on their needs, trading style and convenience.
The best way to decide? Think about:
- How do you prefer to trade? (Delivery/intraday/F&O)
- What’s more important to you – lower costs or better UI?
- Do you need educational resources or are you already experienced?
- Are you primarily a mobile trader or desktop user?
Answer these questions honestly, and your choice will become clearer!
Have you used either of these platforms? I’d love to hear your experiences in the comments section below!
Retail exodus: Why millions of investors are leaving Groww, Zerodha, Angel One & Upstox?
FAQ
Which is better Zerodha or Upstox?
Zerodha has stronger algos/third-party ecosystem; Upstox competes on speed and lower-latency claims. Long-term investors: Both work equally well; delivery trades are free on both. Both are SEBI-registered brokers, use CDSL/CDSL/NSDL custodial services, and follow industry-standard protections.
What is the disadvantage of Upstox?
Upstox Cons (Disadvantages)
The brokerage fee for stock deliveries is Rs 20 per trade. Most other brokers offer stock deliveries without brokerage fees. Upstox doesn’t offer unlimited monthly trading plans. Margin funding isn’t available for delivery trades.
Which app is better than Zerodha?
For Beginners: Zerodha Kite, Groww, or Upstox are great choices thanks to their intuitive interfaces and educational resources. For Active Traders: If you`re looking for real-time data and advanced tools, apps like ICICI Direct, Kotak Securities, and Motilal Oswal can offer you the power you need.
What is the disadvantage of Zerodha?
It is a good choice for beginner investors because of its easy-to-use trading platforms. As a drawback, Zerodha is only available to Indian residents, it covers only the Indian market, and it takes quite a long time and some actual paperwork to open an account.