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Upstox Vs Zerodha

Upstox Vs Zerodha
July 29, 2022

Want to know all about upstox vs zerodha? Then, you have landed on the right article, make sure to read the article carefully to know which one is better in zerodha vs upstox.

Investing in stocks is quite overwhelming, especially when you are a beginner. The right brokerage firm can simplify the learning curve and help you trade efficiently.

When it comes to choosing online brokerage firms, investors have two major choices - Zerodha and Upstox. Though both these firms look similar at the outset, they have key differences.

Zerodha is one of the oldest and most popular online brokerage firms with over 80 lakh clients placing millions of orders every day. Operating since 2010 with its headquarters in Bengaluru, Zerodha contributes to over 15% of all Indian retail trading volumes.

Upstox, on the other hand, is headquartered in Mumbai and commenced operations in 2012. Backed by Tiger Global and Ratan N Tata, Upstox has seen rapid growth to become the second-largest online brokerage with 80 lakh+ investors.

In this article, we compare zerodha and upstox side-by-side to help you decide the right online brokerage firm that best fits your investing and trading needs.

Upstox Vs Zerodha: A Detailed Comparison (2022 Updated)

Overview of Zerodha

Zerodha is one of the oldest and most popular online brokerage firms in India. The brainchild of Nithin Kamath, Zerodha commenced operations on 15th August 2010.

After a decade-long experience as a broker, Nithin founded Zerodha to help traders and investors overcome the hurdles of technology, cost and support in online trading. Nithin Kamath was named as one of the “Top 10 Businessmen in India to Watch Out For” in 2016 by The Economic Times.

The word Zerodha is a play on the words Zero and Rodha (meaning barrier in Sanskrit). True to its name, Zerodha breaks all barriers for trading, making it easy for beginners to get started with stocks.

Today, Zerodha has changed the landscape of the Indian trading sector and has over 80 lakh customers who place millions of orders every day, contributing to over 15% of all Indian retail trading volumes.

Besides offering competitive pricing, Zerodha is a pioneer in developing technology for ease of trading. The company offers a referral program that enables investors to refer other customers, which has helped in boosting the popularity of Zerodha. 

The company has won several awards like:

  1. The Best Retail Brokerage of the Year Award in 2018 by the NSE (National Stock Exchange)

  2. The Young Entrepreneur of the Year 2017 (startup category) by Ernst & Young

  3. The Best Retail Broker of the Year 2017 by Outlook Money.

Salient Features of Kite - Zerodha’s Trading Mobile & Web-based App

Kite is a sleek, fast and efficient trading platform from Zerodha. With excellent usability and efficient features, Kite makes investing in the stock market incredibly easy. 

Here are some of the top features of using Kite for stock market investing:

  1. Universal instrument search: Search from over 90,000+ stocks across multiple exchanges quickly. Add your favourite stocks, derivatives, bonds, metals and commodities to your watchlist and track instantly. 

  2. Sleek and thoughtful UI: The carefully designed interface makes stock buying, selling, tracking and analysing super easy. You can also manage your portfolio with just a few taps. 

  3. Get access to 20 market depth: Kite provides you with deeper insights into the market with 20 market depth or level 3 data. Using this data, you can develop successful intraday trading strategies. 

  4. Advanced charting: Kite also provides access to hundreds of indicators, tools and studies to create customisable charts. By using extensive historical data, you can develop sophisticated trading strategies. 

  5. GTT (Good till triggered) orders: You can place triggers to enter or exit stock holdings until your price is met. Additionally, you can place stop-loss to prevent extensive losses. 

  6. Baskets: You can create, execute and manage multiple stock baskets; and use real margins to spread orders and build futures trading strategies and options trading strategies.

  7. Alerts: In Kite, you can stay in the know 24 x 7 and create powerful market alerts for stocks, futures, options and commodities. 

  8. Build P&L statements: Kite console crunches millions of historical trade breakdowns to help you keep track of corporate actions, transfers and splits to compute the most accurate and up-to-date profit and loss statements.

You can use Kite trading app as a mobile app or via a browser. The mobile app is available for both iOS and Android simplifying your investment and trading needs. 

Overview of Upstox

Upstox is a tech-first online broking firm in India offering trading opportunities at competitive prices. The company makes it easy for investors and traders to trade across different segments like equities, futures, options, currency and commodities.

Backed by some of the biggest investors including Ratan Tata, Kalaari Capital, GVK Davix and Tiger Global, Upstox has grown to become one of the biggest brokerage firms in India.

Upstox was earlier known as RKSV Securities. The company changed its brand name to Upstox in 2016 to reflect its modern technologies. The motto of the company is to provide an easy-to-use trading platform to all at low brokerage fees.

The Upstox trading platform makes it super easy to buy and sell stock by offering trading analysis, charting and other rich trading features.

The platform is built on Omnisys NEST RMS (Risk Management System) and Omnisys NEST OMS (Order Management System).

Ravi Kumar, Kavitha Subramanian and Shrini Viswanath are the three co-founders of Upstox. Ravi Kumar holds a Bachelor’s Degree in Computer Science from the University of California, Irvine, and handles investor and product relations at Upstox.

Kavitha, an alumnus of IIT Bombay and University of Pennsylvania’s Wharton School, is in charge of customer experience, finance and strategy at Upstox. Shrini holds a Bachelor’s Degree in Science from the University of Illinois and leads technology at Upstox.

Upstox empowers users with advanced technological tools, helping them make savvier investment decisions. The zero-brokerage model of Upstox is based on the company’s strategical use of technology and design to cut costs at every level, thereby transferring the benefits of cost-savings to the end-user.

The company promises to deliver glitch-free technology to make trading a breeze. With strong technological background, Upstox is on its way to becoming the leader in low-cost brokerage in India. 

Salient Features of Upstox Trading Platform 

  1. Types of accounts: Clients can open three types of accounts with Upstox: 
    1. Individual account
    2. HUF (Hindu Undivided Family) account
    3. Corporate or partnership account
  2. Paperless account opening: You can open a digital, paperless demat account immediately with just your PAN and Aadhaar details. If you face any difficulties with account opening, the customer service team of Upstox can guide you through the process.

  3. Trading platforms: Upstox offers three trading platforms: 
    1. Upstox Pro Web - Can be accessed from any web browser
    2. Upstox Pro Mobile - A mobile app, available for both iOS and Android to help you trade on the go
    3. NEST Trading Terminal
  4. Trading hours: Upstox has the following trading hours: 
    1. For NSE Cash/NSE F&O/ BSE Cash timings are: from 9.15 am to 3.30 pm
    2. For Currency Derivatives timings are: from 9 am to 5 pm
    3. For MCX timings are in two slots: 10 am to 11.30 pm from April to October and from 10 am to 11.55 pm from November to March

Trading Account and Demat Account Opening Fees and AMC 

Both Zerodha and Upstox allow individual investors to open a demat account for free. However, the AMC (annual maintenance charges) for demat accounts and trading accounts slightly vary between the two brokers.

Zerodha charges Rs. 200 for opening a trading account, while Upstox charges Rs. 249 for the same. The demat account AMC charges at Zerodha is Rs. 300, while Upstox offers this service for free.

Here’s a quick comparison of the trading account and AMC charges at Zerodha and Upstox: 

Charges

Zerodha

Upstox

Demat account opening charges

NIL

NIL

Demat account AMC charges

Rs. 300

NIL

Trading account opening charges

Rs. 200

Rs. 249

Trading account AMC charges

NIL

NIL

Brokerage

Zerodha offers FREE brokerage charges for all equity delivery instruments both at BSE and NSE. Intraday and F&O (Futures & Options) charges are fixed at a flat fee of Rs. 20 per order or 0.03%, whichever is lower on intraday trades across currency, commodity and equity.

Upstox, on the other hand, charges a brokerage fee of Rs. 20 or 2.5%, whichever is lower on equity trades. Upstox charges a brokerage fee of Rs. 20 or 0.05%, whichever is lower on all commodity, currency, futures and options and equity intraday trading.

However, note that the brokerage fee of Rs. 20 or 2.5%, whichever is lower, applies only to customers who created an account with Upstox on or after 21st September 2021.

Here’s a side-by-side comparison of the brokerage charges at Upstox and Zerodha:

Charges

Zerodha Flat Brokerage Plan

Upstox Default

Fixed Charges

NIL

NIL

Equity Delivery

Rs. 0 (Free)

Rs. 20 or 2.5% per executed order, whichever is lower

Equity Intraday and F&O 

Rs. 20 or 0.03% per executed order, whichever is lower

Rs. 20 or 0.05% per executed order, whichever is lower

Equity Options

                                Rs. 20 per order

Currency Futures and Options

Rs. 20 or 0.03% per executed order, whichever is lower

Rs. 20 or 0.05% per executed order, whichever is lower

Commodity Futures and Options

Rs. 20 or 0.03% per executed order, whichever is lower

Rs. 20 or 0.05% per executed order, whichever is lower


*Note that this table lists the charges only for the default account options at Zerodha and Upstox. The brokerage charges are likely to vary slightly if you hold other premium accounts.

Charges

Besides the brokerage and intraday trading charges mentioned above, both Zerodha and Upstox have other charges too. Comparing these additional charges can help you choose the right online brokerage firm that best fits your needs. 


Additional Charges

Zerodha

Upstox

Minimum Brokerage Fee

0.03% on Intraday trading and F&O

0.05% on Intraday trading and F&O

Call and Trade Charges

Flat fee of Rs. 50 per executed order

Flat fee of Rs. 20 per executed order

Other Miscellaneous Charges

Trade SMS Alerts: Rs. 1 per SMS sent; 

Physical Contact Notes: Rs. 20 per executed order

Auto Square-Off Charges: Rs. 50 per executed order

Transaction Charges

Let’s take a look at upstox vs zerodha charges/zerodha vs upstox charges.

Transaction Charges

Zerodha

Upstox

Equity Delivery

0.00345% per trade on a buy or sell on NSE and BSE

0.00345% per trade on buy or sell on NSE;
Charges on BSE vary as per scrip group

Equity Intraday

0.00345% per trade on a buy or sell on NSE and BSE

0.00345% per trade on buy or sell on NSE;
Charges on BSE vary as per scrip group

Equity Futures

Exchange turnover charge is 0.0020% on NSE 

Exchange turnover charge is 0.0020% on NSE and clearing charge is 0.0002%

Equity Options

Exchange turnover charge is 0.053% on NSE for premium

Exchange turnover charge is 0.053% on NSE and clearing charge is 0.005%

Currency Futures

Exchange transaction charge on NSE is 0.0009% and BSE is 0.00022%

Exchange turnover charge is 0.0009% on NSE and clearing charge is 0.0004%;

Exchange turnover charge is 0.00022% on NSE and clearing charge is 0.0004%

Currency Options

Exchange transaction charge on NSE is 0.035% and BSE is 0.001%

For non-agricultural commodities, exchange turnover charge is 0.0026% and clearing charge is 0.0005%

Commodity Futures

Exchange transaction charge for commodities in Group A is 0.0026%; Exchange transaction charge for commodities in Group B are:

  • Castorseed - 0.0005%
  • Pepper - 0.00005%
  • Kapas - 0.0026%
  • RBDPMOLEIN - 0.001%

Exchange turnover charge is zero and clearing charge is 0.002% on buy/sell. It is Rs. 200 per crore

Commodity Options

Exchange transaction charge is 0.05%

Exchange transaction charge is 0.05%

Features

Both Zerodha and Upstox offer a plethora of features for both beginners and advanced traders. Both these trading platforms have mobile apps for both iOS and Android for quick trading on the go.

Besides mobile apps, these platforms also offer additional features like trading software, mutual fund investments, etc. to make it easy for traders to build their wealth and investments in the long run. 


Features

Zerodha

Upstox

3-in-1 account (A 3-in-1 account includes banking, trading and demat account in a single app)

No

(Only trading and demat account available) 

No

(Only trading and demat account available) 

Automated Trading

Yes 

No

Mobile Apps

Yes (Kite Trading Platform is available for both iOS and Android)

Yes (For both iOS and Android)

Mutual Funds

Yes

Yes

IPOs

Yes

Yes

Charting

Yes

Yes

Online Demo for Beginners

Yes

Yes

Intraday Square-off Time

  • Equities Cash: 3.15 pm IST

  • Equities F&O: 3.25 pm IST

  • Currency: 4.45 pm IST

  • Commodities: 25 minutes before close

3.00 pm

Referral Programs

Yes

Yes

Banking & Insurance

No

No

Forex Trading

No

No

NRI Account

Available

No

Trading or Stock Tips

No

No

24/7 Customer Service

No

No

Online Live Chat Facility

Yes

Yes

Email Support

Yes

Yes

Account Opening

Online digital paperless process with eKYC

Online digital paperless process with eKYC

Customer Care Number

080 4718 1888 / 1999

 080 7190 9543 / 9545

+91-22-6130-9999

Customer Care Email

support@zerodha.com 

support@upstox.com 

Leverage (Margin)

The margin for intraday trading is up to 20% of the trade value (5x leverage) at both Zerodha and Upstox. 

Charges

Zerodha

Upstox

Equity Delivery

100% of trade value (1x leverage)

Equity Intraday 

Up to 20% of trade value (5x leverage)

F&O (Equities, Currencies, Commodities)

100% of NRML Margin (1x leverage)

Review

Zerodha and Upstox are two popular discount brokers (also known as budget brokers or flat-fee brokers) in India. They are tech-first online brokers offering low-cost brokerage services.

As they are technology-driven, they maintain low operations costs allowing them to offer trading services to their customers at a very low brokerage fee.

However, unlike full-scale brokers, online discount brokers do not offer add-on services like trading advisory, research, trading suggestions, wealth management, portfolio management, a dedicated relationship manager or local branch support.

When compared with full-service brokers, discount brokers like Zerodha and Upstox charge significantly lower brokerage fees.
In this section, we compare the average customer ratings and reviews of Zerodha and Upstox on several parameters. 

Parameters

Zerodha

Upstox

Overall Experience

8.7/10

8.1/10

Brokerage Charges & Fees

9.5/10

9.0/10

Products & Services

9.4/10

7.9/10

Trading Platform

8.5/10

8.0/10

Stock Research & Advisory

9.6/10

5.0/10

Overall Rating

9.14/10

7.90/10 


**Note that these ratings are based on average customer reviews. 

Investment Offerings Comparison

Here’s a quick run-through of the different investment options available at both Zerodha and Upstox. This table helps you identify the types of investments that can be done through these platforms. 

Investments 

Zerodha

Upstox

Equity Cash and Futures & Options

Yes

Yes

Commodity Trading

Yes

Yes

Currency Derivatives

Yes

Yes

IPO Application

Yes

Yes

Bonds/NCD

No 

Yes

Mutual Funds Investing

Yes

Yes

ETF (Exchange Traded Funds)

Yes

Yes

Insurance

No

No

Banking

No

No

Forex

No

No

Equity SIP Investment

No

No

Portfolio Management Services

Available through Zerodha Coin

No 

Pros and Cons of Upstox

Upstox is one of the easiest and most user-friendly discount brokerage platforms right now. The company offers an easy-to-use mobile app and web-based trading platform.

The low commission fee and frequent improvements and updates have made it one of the fastest-growing brokerage platforms in India.

Helpful trading tools, competitive pricing and easy-to-use features make using Upstox a pleasant experience, even for absolute beginners with no experience in the stock market. Opening a demat account with Upstox is quite easy.

The entire process is paperless and done online. All you have to do is fill out the application form by providing a few key details, upload the essential supporting documents and complete the application process within a day.

Here are the top benefits and drawbacks of using Upstox as your brokerage platform:

Pros:  

  1. Zero brokerage fees for delivery
  2. Excellent and easy to use trading platform
  3. Available as a mobile (iOS and Android) and web-based application 
  4. Fixed, flat brokerage fee, irrespective of trading volume
  5. Zero charges for opening a demat account
  6. Numerous offers from time to time 
  7. Backed by Ratan Tata and Tiger Capital

Cons:  

  1. Does not offer banking or insurance services 
  2. Takes a bit of time for beginners to understand the various features and tools of the platform 
  3. Good till cancelled (GTC) orders are not supported in Upstox

If you are looking for exciting offers and great deals on trading, Upstox is an excellent choice as the platform has numerous offers from time to time. Also, the low brokerage charges and high margins make the platform an excellent choice to build your portfolio in the long run.

Pros and Cons of Zerodha

Zerodha is one of the most trusted and well-known brokerage firms in India. The company kick-started the discount broking model by offering an industry-disrupting pricing model of zero brokerage for delivery and a fixed flat fee of Rs. 20 for other trades.

The biggest reason why millions of customers prefer Zerodha is the intuitive and easy-to-use UI and excellent customer support. You can reach out to the customer care team via email, call or online chat and get an immediate response.

Additionally, Zerodha has an extensive online portal to help beginners understand the ins and outs of the stock market. You can make use of the articles, tutorials and calculators to learn all about shares and build your skills as a smart trader.

Beginners can check out Zerodha Varsity (an extensive online collection of trading resources) and the trading QnA portal to learn all about stocks and share market trading.

Here are the top benefits and drawbacks of using Zerodha as your brokerage platform:

Pros:

  1. Helps customers trade in stocks, futures & options, IPO, derivatives (currency, commodity and stocks), direct mutual funds, government securities and bonds. 
  2. Low-fixed brokerage charges for trading. 
  3. Zero brokerage charges for delivery. 
  4. Zero fees for opening a demat account.
  5. No minimum balance is required in the account. You can add/withdraw funds as and when desired. 
  6. Excellent customer support.
  7. Easy to use trading platform. 
  8. The biggest online stock broker in India with 80 lakh+ customers.

Cons: 

  1. The one complaint that customers have with Zerodha is that there are some delays during trading hours. 
  2. Does not offer a 3-in-1 demat-trading-banking account like some leading banks.

Frequently Asked Questions

1. Which broker is best for trading - Upstox or Zerodha?

The brokerage fee at Zerodha and Upstox is fixed at a maximum of Rs. 20 per trade and both the platforms offer a ton of features that make it easy for traders and investors to build their portfolio. Both these platforms have similar features, albeit a few minor differences.

So, it’s not about which one is better but which one best suits you. You can try both platforms and choose the one that best fits your trading style and usage needs.

2. Who is the best discount broker in India?

Discount brokers are online stock brokers offering low-cost brokerage services to clients. They are primarily tech-first companies with low costs of operations.

In India, Zerodha, Upstox, 5Paise are some of the top discount brokers with Zerodha leading the market with 18.33% market share followed by Upstox with 14.24% market share.

3. Is Zerodha cheaper than Upstox?

Both Zerodha and Upstox charge the same brokerage fees fixed at Rs. 20 per trade. However, the trading account opening charges at Upstox is Rs. 249, whereas Zerodha charges Rs. 200 for the same.

On the other hand, the annual maintenance charge for a demat account is NIL at Upstox, whereas Zerodha charges an AMC fee of Rs. 300 for demat accounts. So, make sure to compare all the charges and choose the right discount broker who offers you the best deal.

4. Which broker offers the highest margin?

When you have a high margin, it boosts your purchasing power and helps to increase your returns. Both Zerodha and Upstox offer a margin of up to 20x times without bracket order or cover order.

Margin trading is a good way to increase your returns and both Zerodha and Upstox offer similar high margins to increase customer returns.


5. Can I use both Upstox and Zerodha?

Yes, you can open an account with Upstox if you already have a Zerodha account or vice versa. As per SEBI (Securities and Exchange Board of India), investors can hold two or more demat accounts for the same PAN.

The PAN is used by SEBI to identify the investments linked to an individual, irrespective of the number of demat accounts they hold. 

I hope you liked our article on upstox vs zerodha, and it must have solved your queries such as zerodha vs upstox(upstocks vs zerodha), which is better zerodha or upstox, upstox charges vs zerodha or which is better upstox or zerodha.

if you have any comments or suggestions do share them in the comments below.

vardhan bhardwaj

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About the Author

Vardhan Bhardwaj reviews health and fitness products at ankuraggarwal.in. He has been with the company since the beginning. He started his career as an intern in Bollywood news based company named Celeb Mantra where he was managing the content editing.

He reviews fitness products including health care devices. He did his graduation in Bachelor of Commerce from Delhi University and has been living in Delhi since his birth. He likes to stay updated on general awareness and hates interrupted internet connections. He likes to stay fit thus is a fitness enthusiast.

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