Upstox vs Zerodha
Compare Upstox and Zerodha on brokerage, account opening, AMC, mobile app, F&O charges. Detailed analysis to help you choose the right broker.
Last updated: May 2026
Upstox
Founded 2009
Zerodha
Founded 2010
Quick Verdict
- ✓ Want lowest AMC (₹150 vs ₹300)
- ✓ Prefer modern, slick UI
- ✓ Good for IPO investing
- ✓ Backed by Tata, Ratan
- ✓ Free equity delivery
- ✓ Best charting (Kite platform)
- ✓ Massive ecosystem (Coin, Varsity)
- ✓ More reliable platform
| Feature | Upstox | Zerodha | Winner |
|---|---|---|---|
| Account Opening | FREE | FREE | Tie |
| Annual AMC | ₹150 | ₹300 | Upstox |
| Equity Delivery | ₹20 or 2.5% | ₹0 | Zerodha |
| Intraday | ₹20 or 0.05% | ₹20 or 0.03% | Zerodha |
| F&O | ₹20 flat | ₹20 flat | Tie |
| Mutual Funds | Direct, Free | Direct via Coin, Free | Tie |
| Charting Platform | Upstox Pro (Good) | Kite (Best) | Zerodha |
| UI/UX | Modern, Slick | Functional | Upstox |
| IPO Investment | Excellent | Good | Upstox |
| Customer Support | Average | Average | Tie |
| Education Content | Limited | Varsity (Best in industry) | Zerodha |
| API Access | Yes | Kite Connect | Tie |
💰 Cost Comparison: ₹10,000 monthly delivery investing for 10 years
| Cost Item | Upstox | Zerodha |
|---|---|---|
| Equity Delivery (120 trades × ₹20) | ₹2,400 | ₹0 |
| AMC (10 years) | ₹1,500 | ₹3,000 |
| Total 10-year Cost | ₹3,900 | ₹3,000 |
Final Verdict
For most investors, Zerodha wins overall:
- • Free equity delivery (huge benefit for long-term investors)
- • Better charting and trading platform
- • Larger ecosystem (Coin, Varsity, Kite Connect)
- • More reliable with rare downtime
Upstox wins if you primarily care about:
- • Lower AMC charges (₹150 vs ₹300)
- • Modern, slick UI
- • Better IPO allocation
The 2-Minute Comparison That Saved Mahesh ₹15,000
Mahesh, a part-time options trader, was about to open a Zerodha account in 2023. Before signing, we did a quick comparison with Upstox. For his trading volume (~30 trades/month, ₹50k average size), Zerodha would charge ~₹6,000/year. Upstox at the time was offering free intraday and ₹20 F&O — would cost him ~₹2,000/year. He chose Upstox. After 1 year: saved ₹4,000. After 2 years: saved another ₹6,000. Plus Upstox's app worked smoothly during the volatile 2024 election week when Zerodha had brief outages. Match the broker to YOUR trading pattern — generic recommendations rarely work for active traders.
Our Honest Recommendation
What We Recommend
Zerodha wins on charts (TradingView integration), educational tools (Varsity), trust (oldest discount broker). Upstox wins on free equity delivery, mobile UX, occasional promo offers. For most: Zerodha. For mobile-first traders watching costs: Upstox.
Written by
Priya Sharma
Frequently Asked Questions
Upstox vs Zerodha - which is better?
Zerodha is better overall for most investors due to free equity delivery, better charting (Kite), and larger ecosystem. Upstox has lower AMC (₹150 vs ₹300) and slicker UI. For active traders, Zerodha wins. For occasional investors who care about AMC, Upstox is fine.
Is Upstox safer than Zerodha?
Both are equally safe. They are SEBI-regulated and your shares are held by NSDL/CDSL directly in your name. Both have insurance up to ₹25 lakhs for client funds. Your money/shares are not at risk if either broker has issues.
Which has better mobile app - Upstox or Zerodha?
Upstox app has more modern UI and is rated slightly higher by users (4.4 stars). Zerodha Kite is more functional and feature-rich. For beginners, Upstox is more intuitive. For traders, Zerodha is more powerful.
Can I do F&O on both Upstox and Zerodha?
Yes, both offer full F&O trading at ₹20 flat per order. Brokerage is identical. Choose based on platform preference. Zerodha Kite has slightly better F&O analysis tools.
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Disclaimer: Information on this page is for educational purposes only. Rates, fees, and features are based on publicly available data as of May 2026 and may change. Please verify with respective providers before making decisions. We are not affiliated with any of the products listed.