Zerodha vs Upstox 2026: Which Discount Broker is Better?
India's two biggest discount brokers compared on everything that matters — brokerage, annual charges, platform quality, reliability and value for money.
Feature-by-Feature Comparison
| Feature | Zerodha | Upstox |
|---|---|---|
| Brokerage (Delivery) | ₹20/order or 0.03% | ₹20/order or 0.05% |
| Brokerage (Intraday) | ₹20/order or 0.03% | ₹20/order or 0.05% |
| Annual Maintenance (AMC) | ₹300/year | ₹0 (Free) |
| DP Charges | ₹15.34 per sell txn | ₹18.5 per sell txn |
| Account Opening | Free | Free |
| Trading Platforms | Kite (Web & App) | Upstox Pro (Web & App) |
| Mutual Funds | Via Coin (Direct Plans) | In-app (Direct Plans) |
| Stocks & F&O | Yes (BSE, NSE) | Yes (BSE, NSE) |
| IPO Application | Yes (UPI-based) | Yes (UPI-based) |
| Play Store Rating | 4.2 ★ | 4.1 ★ |
Zerodha — Pros & Cons
Pros
- Best-in-class charting tools (ChartIQ)
- Varsity — free, premium-quality learning platform
- Robust API for algorithmic trading
- Largest broker in India — battle-tested reliability
- Lower delivery brokerage percentage (0.03%)
Cons
- ₹300/year AMC — adds cost for inactive users
- Mutual funds on a separate Coin platform
- Can be complex for absolute beginners
Upstox — Pros & Cons
Pros
- Zero AMC — no annual maintenance charge
- Clean, modern Upstox Pro interface
- Mutual funds integrated in the main app
- Fast account opening — Aadhaar-based e-KYC
- Strong promotional offers and cashbacks
Cons
- Higher DP charges (₹18.5 per sell txn)
- Charting tools less advanced than Kite
- No API access comparable to Zerodha's
- Past reliability issues during volatile markets
Our Verdict
Best for Cost-Conscious Investors
Upstox
Zero AMC and free account opening make Upstox the budget-friendly choice for passive or infrequent investors.
Best for Serious Traders
Zerodha
Superior charting, API access, and proven reliability make Zerodha the better pick for active, technical traders.
Frequently Asked Questions
Is Zerodha better than Upstox for trading?
Zerodha is generally considered better for active trading due to its superior charting tools (ChartIQ), robust API, and the Varsity learning platform. Upstox has improved significantly with Upstox Pro but still trails Zerodha in advanced features.
What are the brokerage charges for Zerodha vs Upstox?
Both charge ₹20 per executed order for intraday and F&O trades. For delivery, Zerodha charges 0.03% or ₹20 (whichever is lower) while Upstox charges 0.05% or ₹20 (whichever is lower).
Which broker has lower annual charges — Zerodha or Upstox?
Upstox has zero AMC (annual maintenance charge) for the demat account, while Zerodha charges ₹300/year. This makes Upstox cheaper for passive or infrequent investors.
Do Zerodha and Upstox both offer mutual fund investments?
Yes. Zerodha offers direct mutual funds through its Coin platform, while Upstox provides in-app mutual fund investments. Both support direct plans with zero commission.
Which broker has a better mobile app — Zerodha or Upstox?
Zerodha Kite has a Play Store rating of 4.2★ and is known for its speed and advanced charting. Upstox Pro has a 4.1★ rating and offers a clean, modern interface. Kite is preferred by active traders, while Upstox Pro suits casual investors.
Can I apply for IPOs on both Zerodha and Upstox?
Yes, both support UPI-based IPO applications. The process is straightforward on both platforms and linked to your demat account.