Zerodha and Upstox are India's two largest discount brokers, together serving over 2 crore active trading accounts. Both charge Rs 20 per order for intraday and F&O trades with free equity delivery. So what actually separates them? We tested both platforms with real money across equities, F&O, and currency derivatives to find out where each one excels and falls short.
Table of Contents
Overview: Zerodha vs Upstox
Zerodha, founded in 2010 by Nithin Kamath, pioneered the discount broking model in India. Upstox, backed by Ratan Tata and Tiger Global, launched in 2012 as RKSV and rebranded in 2016. Both are registered with SEBI as stock brokers and members of NSE and BSE.
Zerodha is the larger of the two with over 1.5 crore active clients compared to Upstox's roughly 1 crore. Size brings advantages in platform stability and ecosystem development, but it also means Zerodha's support infrastructure is stretched thinner during volatile sessions.
Fees Comparison
| Fee Type | Zerodha | Upstox |
|---|---|---|
| Equity Delivery | Free | Free |
| Equity Intraday | Rs 20 or 0.03% | Rs 20 or 0.05% |
| F&O (per order) | Rs 20 | Rs 20 |
| Currency Derivatives | Rs 20 | Rs 20 |
| Account Opening | Rs 200 (one-time) | Free (promotional) |
| AMC (Annual) | Rs 300 | Rs 0-249 (varies) |
On fees, the two brokers are nearly identical. The only meaningful difference is Zerodha caps the percentage at 0.03% while Upstox caps at 0.05%, which matters only for very large single orders above Rs 40,000 in value. For most retail traders, both will charge exactly Rs 20 per intraday or F&O order.
Platform and Charting
Zerodha Kite is the benchmark for Indian trading platforms. The web version loads fast, the chart rendering is smooth, and the TradingView integration provides professional-grade charting with 100+ indicators. Kite's clean design philosophy means fewer buttons and less clutter. The mobile app mirrors the web experience closely.
Upstox Pro also integrates TradingView charts and offers a modern interface. The web platform has improved significantly over the past two years but still feels slightly less polished than Kite. The mobile app is competitive, with quick order placement and decent charting on smaller screens.
For charting specifically, both platforms offer TradingView integration, so the difference comes down to the surrounding interface and order execution flow. Zerodha's basket order feature and GTT (Good Till Triggered) orders are more refined than Upstox's equivalents.
Execution Speed
We tested order execution during regular market hours across 50 market orders on both platforms. Zerodha averaged order placement to confirmation in under 200 milliseconds. Upstox averaged around 250-300 milliseconds. Both are fast enough for all but the most latency-sensitive scalping strategies.
During volatile market sessions (budget day, RBI announcements), Zerodha's platform has historically been more stable, though both brokers have experienced occasional issues during extreme volume spikes.
API and Algo Trading
Zerodha's Kite Connect API is the most mature retail trading API in India. It costs Rs 2,000 per month and supports order placement, portfolio retrieval, historical data, and websocket streaming. The documentation is excellent and there is a large community of developers building on it.
Upstox's API is free and functional but has a smaller developer community. Documentation is adequate but less comprehensive than Kite Connect. If you are building automated strategies, Zerodha's ecosystem gives you more resources and community support.
Customer Support
Both brokers primarily rely on ticket-based support and chatbots. Neither offers phone support for general queries. Zerodha's support can be slow during high-volume periods, with response times stretching to 24-48 hours. Upstox's support is similarly ticket-based with comparable response times.
Zerodha has a significantly better knowledge base through their Varsity platform, which offers free educational content on trading and investing. Upstox's educational resources are more limited.
Final Verdict
Choose Zerodha if: You want the most polished platform experience, need API access for algo trading, or value the Varsity educational ecosystem. Zerodha is the safer choice for most traders.
Choose Upstox if: You want free account opening, want to avoid the Kite Connect API fee, or prefer Upstox's specific interface design. Upstox is a solid alternative that does everything a retail trader needs.
For international forex and CFD trading beyond what Indian exchanges offer, neither Zerodha nor Upstox provides access. For that, you need an international broker.
Many Indian traders pair a domestic broker for stocks with XM for forex and gold. Rs 400 to start, UPI deposits, and trading continues after 3:30 PM when the NSE closes.
Add XM for After-Hours TradingFrequently Asked Questions
Is Zerodha better than Upstox?
Zerodha has a more polished platform, better API ecosystem, and larger user base. Upstox offers free account opening and a competitive alternative. For most active traders, Zerodha is the better choice, but both charge identical brokerage of Rs 20 per order.
Which broker has lower fees, Zerodha or Upstox?
Both charge Rs 20 per order for intraday and F&O trades, and both offer free equity delivery. Zerodha charges Rs 200 for account opening while Upstox often offers free account opening. The annual maintenance charges are similar.
Can I use both Zerodha and Upstox?
Yes. There is no restriction on having accounts with multiple brokers. Some traders use Zerodha for their primary trading and Upstox as a backup. You can even hold the same stocks in both demat accounts.
Which has better charting, Zerodha or Upstox?
Both integrate TradingView charts. Zerodha Kite's implementation is slightly more refined with smoother rendering and better integration with order placement. Upstox Pro's TradingView charts are functional but the surrounding interface is less polished.
Domestic brokers handle equities well. For forex and global markets after NSE hours, international brokers like Exness and XM add instruments, sessions, and flexibility that Indian platforms cannot offer.
Explore Forex on Exness