Zerodha Vs Upstox – Broker Comparison

I have both Upstox and Zerodha Demat accounts. Zerodha and Upstox are the leading brokers’ amount discount brokers in India. 

I opened a Zerodha account in 2014, and since then, I primarily use the Zerodha account for my investing and trading purposes. I opened the Upstox account in 2020 for my first-hand experience with their service. I felt Upstox needs to work on customer support.

Upstox can be a tempting option because of free account opening and zero annual maintenance charges. Zerodha is a better option in all other aspects as compared to Upstox. 

You can trade in stocks, F&O, currency, and commodities and you can invest in mutual funds, IPOs, and bonds through a Zerodha account. You cannot invest in bonds in the Upstox account. 

Let’s discuss both brokers side by side for each aspect. 

Zerodha vs Upstox Comparison Table 

Upstox Zerodha
Account Opening FreeRs 200+ Rs 100 for Commodity (optional) 
AMC FreeRs 300
Equity deliveryLower of Rs. 20 per executed order or 2.5%0
Equity Intraday, Futures, OptionsLower of Rs. 20 per executed order or 0.05%Lower of Rs. 20 per executed order or 0.03%
Currency & Commodity FNORs. 20 per orderRs. 20 per order
Call and Trade ChargesRs. 50 per orderRs. 50 per order
Intraday Margin Upto 5X on intraday Upto 5X on intraday 
Tradable AssetsStocks, commodities, currency, mutual funds, IPOs Stocks, commodities, currency, mutual funds, IPOs & bonds

Zerodha vs Upstox Account Opening Charges 

#1. Account Opening Charges

Upstox keeps changing its offers regarding account opening charges. Currently, Upstox offers a free Demat & trading account. 

Zerodha charges Rs. 200 for an “Equity + Derivatives” account and an additional Rs. 100 for Commodity trading. Commodity trading is optional in Zerodha. If you want to trade in equity only then you can open only an “Equity + Derivatives” account for Rs. 200.

Trading TypeUpstoxZerodha
Equity+DerivativesZeroRs. 200

& Rs 100 for commodity trading a/c (optional) 

Winner – Upstox

#2. Account Maintenance Charges

Currently, Upstox charges zero AMC fee with its free account opening offer.  Zerodha charges Rs. 300 for the annual maintenance charge. Upstox may start charging AMC in the future, so you must keep this in mind if you are looking for a free Demat account.  

UpstoxZero
ZerodhaRs. 300

Winner – Upstox

Upstox Vs Zerodha Brokerage Charges 

Both Upstox and Zerodha charge a maximum brokerage of Rs 20 per trade, but there is a catch for small traders. Upstox charges a lower of 0.05% or Rs 20, whereas Zerodha charges a lower 0.03% or Rs 20. 

For example, if you place a trade of Rs 20,000 with both brokers, then Upstox will charge Rs 10 (lower of 0.05% or Rs 20), and Zerodha will charge Rs 6 (lower of 0.03% or Rs 20). 

Intraday trading charges are the same for big trades in both, and Zerodha is good for small trade volumes.

Zerodha provides free stock delivery but Upstox charges a lower of 2.5% or Rs 20 which makes Zerodha a better option for long-term investments as well. 

SegmentUpstoxZerodha
Equity Delivery2.5% or Rs. 20 per order
(whichever is lower)
Zero
Equity Intraday0.05% or Rs. 20 per order
(whichever is lower)
0.03% or Rs. 20 per order
(whichever is lower)
Auto Square Off ChargesRs. 50 per orderRs. 50 per order
Futures Trading Charges0.05% or Rs. 20 per order
(whichever is lower)
0.03% or Rs. 20 per order
(whichever is lower)
Options Trading ChargesFlat Rs. 20 per orderFlat Rs. 20 per order

Winner – Zerodha

You can also read our in-depth Zerodha Review article to understand the merits and demerits of the Zerodha Demat account.

Upstox Vs Zerodha Leverage Comparison 

After SEBI regulations on peak margins from 1st September 2021, both Upstox and Zerodha provide the same up to 5x leverage for intraday. 

You can trade equity using Margin intraday square off (MIS) and Cover Order (CO) to get up to 5 times leverage for intraday. So, if you have Rs 50,000 lakh, you can buy or short stocks for intraday up to Rs 2.5 lakh with both Upstox & Zerodha. 

There is no leverage offered by any stockbroker for equity F&O, currency, and commodities segments. 

Winner – both are the same

Margin Trading Facility 

Upstox offers a margin trading facility which is like a short-term loan. On activating MTF, 50% of the transaction value will be used from your deposited funds, and the remaining 50% will be borrowed from Upstox.  

For example, if you place an order of Rs 1,00,000, then Rs.50,000 will be used from your Upstox wallet, and the remaining Rs 50,000 will be paid through Upstox borrowing. In simple words, you can buy shares of 2x the value of your Upstox wallet. 

In Upstox, MTF is fixed at 50% of the transaction value. You can borrow up to Rs. 5 lakhs under MTF in Upstox and you can hold stocks for 150 days under MTF

Upstox MTF charges

You have to pay Rs.20 per day for every Rs. 50,000 borrowed which is separate from the brokerage.

Zerodha doesn’t provide a Margin trading facility. Zerodha only provides collateral margins on pledging stocks, ETFs, and mutual funds that you hold.

Winner – Upstox

You can also know deeper about the Upstox demat account by going through our updated Upstox Review article.

Zerodha vs Upstox Platform User Experience

I like both Zerodha and Upstox trading platforms. Both provide simple, clutter-free, and easy-to-use platforms and keep working on their trading platforms for enhancing the experience. 

Upstox Pro, a web-based platform offers a powerful combination of in-depth research, unlimited watchlists, and smart filters, letting you invest diligently in your favorite asset. You get a range of advanced trading tools, such as in-depth charting, technical indicators, GTT orders, and basket orders. 

Zerodha Kite, a web-based platform provides you with multiple tools like GTT orders, Baskets, stock SIPs, and alerts to enhance your stock trading experience. You can invest in stocks through the Zerodha Kite platform and you have to use Zerodha’s “Coin” platform or Coin app to invest in mutual funds or bonds.

Upstox pro mobile app is one place to invest in stocks, mutual funds, digital gold, and even IPOs. You can subscribe to the IPO from the same app. Zerodha doesn’t provide IPO investment through mobile apps. For mutual funds investment, you need to use Zerodha Coin, a different app from the Zerodha kite app. 

Winner

Zerodha – Only investment in stocks or comfortable to use 2 different platforms for stocks and mutual funds. 

Upstox – for all their investments under a single dashboard. 

Customer Support Comparison 

Poor customer support is a common feature among all discount brokers. Zerodha and Upstox struggle too with their customer support if compared with the full-service brokers. 

But Zerodha provides better customer support as compared to all other discount brokers in India. Zerodha offers a 48 hours ticket window to resolve the customer issue to make sure that every complaint should be addressed within 48 hours. 

Upstox is way behind Zerodha. Many customers complain that their issues remain unaddressed even after multiple attempts. 

Upstox Customer CareZerodha Customer Care
Account opening number 91-22-6130-9999
080 4719 2020 
080 7117 5337
Account opening email[email protected]
Trading issues022 4179 2999, 022 6904 2299, 022 7130 9999080 4718 1888
080 4718 1999
Ticket raiseUpstox ticket to raise Zerodha ticket to raise

Winner – Zerodha

Why Upstox is better than Zerodha

Upstox is better than Zerodha only in terms of account opening charges & annual maintenance charges. You get free account opening with Zero annual maintenance charges. 

You also get a morning newsletter on the market recap which is not offered by Zerodha. 

Why Zerodha is better than Upstox 

Zerodha is better than Upstox on the following counts –

  • Free stock delivery. 
  • Lower trading brokerage charges. 
  • Better trading platforms. 
  • Better customer support. 
  • You can invest in bonds. Not possible in Upstox.
About Rajan Dhawan

Rajan has covered personal finance and investing for over 5 years. Previously, he was in the IT field for 8 years after completing his MCA but his deep interest in personal finance led him to become an investing expert. He is passionate about investing, stocks, startups, and cryptos.

Leave a Comment