| Metric | Z Zerodha | U Upstox |
|---|---|---|
| Rating | ★★★★★★★★★★ 3.6/5 | ★★★★★★★★★★ 4.2/5 |
| Account opening fee | ₹0 | ₹0 |
| AMC | ₹300/yr (1st yr free) | ₹300/yr (1st yr free) |
| DP Charges | ₹13 | ₹20 |
| Equity Delivery brokerage | ₹0 | ₹20 |
| Intraday brokerage | ₹20 or 0.03% (whichever is lower) | ₹20 or 0.1% (whichever is lower) |
| F&O Futures brokerage | 0.03% or ₹20 (whichever is lower) | ₹20 or 0.05% (whichever is lower) |
| Options brokerage | ₹20 | ₹20 |
| Currency Futures brokerage | 0.03% or ₹20 (whichever is lower) | ₹20 or 0.05% |
| Options brokerage | ₹20 | ₹20 |
| Commodity Futures brokerage | 0.03% or ₹20 (whichever is lower) | ₹20 or 0.05% |
| Options brokerage | ₹20 | ₹20 |
Zerodha vs Upstox Brokerage Comparison
Here's the brokerage Zerodha vs Upstox charge on a ₹1,00,000 turnover, along with other charges like STT, CTT, stamp duty, SEBI charges, transaction charges and GST — so you can see the real, all-in cost of trading in each segment.
Equity F&O Currency Commodity | ||
|---|---|---|
| Metric | Z Zerodha | U Upstox |
| Turnover | ₹1,00,000.00 | ₹1,00,000.00 |
| Brokerage Rate | ₹0 | ₹20 |
| Brokerage Applicable | ₹0.00 | ₹20.00 |
| STT | ₹100.00 | ₹100.00 |
| Exchange Charges | ₹2.97 | ₹2.97 |
| GST | ₹0.55 | ₹4.15 |
| SEBI Charges | ₹0.10 | ₹0.10 |
| Stamp Duty | ₹15.00 | ₹15.00 |
| Total Tax and Charges | ₹118.62 | ₹142.22 |
* Actual charges may vary slightly by broker plan — always check the contract note.
Zerodha vs Upstox Company Information
Key company facts for Zerodha vs Upstox — broker type, founders, headquarters, depository and the exchanges and instruments each one supports.
| Detail | Z Zerodha | U Upstox |
|---|---|---|
| Company Name | Zerodha Broking Ltd | RKSV Securities India Pvt Ltd |
| Broker Type | Discount Broker | Discount Broker |
| Founded | 15 August 2010 | 2009 (as RKSV Securities; rebranded Upstox in 2016) |
| Founders | Nithin Kamath, Nikhil Kamath | Ravi Kumar, Shrini Viswanath, Kavitha Subramanian, Raghu Kumar |
| Funding | Bootstrapped (self-funded, no external investors) | Venture Funded (Tiger Global, Ratan Tata, Kalaari Capital and others) |
| Headquarters | Bengaluru, Karnataka | Mumbai, Maharashtra |
| Depository | CDSL | CDSL |
| Exchange | NSE, BSE, MCX, MSEI | NSE, BSE, MCX |
| Investment | Stocks, IPO, Mutual Funds, ETFs, Futures, Options, Commodities, Currency, G-Sec | Stocks, IPO, Mutual Funds, Futures, Options, Commodities, Currency, Digital Gold |
Zerodha vs Upstox: Which Should You Choose?
Zerodha and Upstox are both go-to choices for active traders in India, but they've taken different paths to get here. Zerodha, founded on 15 August 2010 by Nithin and Nikhil Kamath, is entirely bootstrapped and has never taken outside investment. Upstox has a longer history than most people realise — it started life in 2009 as RKSV Securities before rebranding to Upstox in 2016 — and is backed by heavyweight investors including Tiger Global, Ratan Tata and Kalaari Capital.
On cost, Zerodha offers free (₹0) equity delivery trading, while Upstox charges a flat ₹20 per order on delivery — a meaningful difference if you invest regularly rather than trade. Both charge similarly on the derivatives side: Zerodha's F&O futures brokerage is 0.03% or ₹20 (whichever is lower), while Upstox charges ₹20 or 0.05% (whichever is lower); F&O options are a flat ₹20 on both. AMC is identical at ₹300/yr with the first year free, but Zerodha's DP charge of ₹13 undercuts Upstox's ₹20.
Zerodha's Kite platform is widely regarded as one of the most stable and feature-rich trading terminals in India, backed by a large ecosystem of third-party tools. Upstox has closed much of that gap with a faster, more modern app, and covers stocks, IPOs, mutual funds, F&O, commodities, currency and digital gold across NSE, BSE and MCX. If platform maturity and third-party integrations matter most, Zerodha is the safer bet. If you're comparing purely on day-to-day delivery costs, Zerodha's free delivery is hard to beat — use the brokerage table above to see the exact per-order costs for the segment you trade most.
Frequently Asked Questions
Is Upstox cheaper than Zerodha?
Not on equity delivery — Zerodha charges ₹0 while Upstox charges a flat ₹20 per order. On F&O and intraday the two are close: Zerodha runs ₹20 or 0.03% (whichever is lower) on futures, Upstox runs ₹20 or 0.05%. AMC is the same at ₹300/yr (first year free) for both, but Zerodha's DP charge (₹13) is lower than Upstox's (₹20).
Which platform is more stable during high market volatility, Zerodha or Upstox?
Zerodha's Kite platform has a longer track record of handling high-traffic trading days, though Upstox has significantly improved its app stability in recent years. Check recent user ratings above for a sense of current experience.
Which is better for F&O trading, Zerodha or Upstox?
Both support F&O with near-identical flat-and-percentage brokerage (Zerodha: 0.03% or ₹20; Upstox: 0.05% or ₹20 on futures, ₹20 flat on options for both). Zerodha offers a wider range of third-party charting and strategy tools, while Upstox focuses on a simpler, faster in-app experience — the better fit depends on whether you rely on external trading tools.
Zerodha vs Upstox Review Comparison
What real users are saying about Zerodha vs Upstox — read verified reviews side by side before you decide.