In this Zerodha Vs Upstox Review and comparison we will try to find out why they are the top stock brokers in India, and how are there brokerage, trading platform, charges, margin structure and other services makes them apart from other stock brokers.

By the way if you want you can read the separate review in detail of both brokers Zerodha review & Upstox review.

But before we start talking about Upstox and Zerodha, I want to talk in brief about ICICIdirect, reason being the downfall of it.

Once upon a time the leading stock broker of India, who has secured the tag of being No.1 stockbroker, ICICIdirect has sunk to fifth place now in terms of total active client according to NSE latest data.

ICICI Direct have hold the top position for a long period of time until the Zerodha dethroned them in last 4 years. I am ready to give credit to zerodha for their hard work put as they have reached to the top position.

Likewise, Upstox has build it own place in stockbroking industry and now have replaced the ICICIdirect from being at second position.

According to the latest NSE data, Zerodha is at the third position with more than 6.6 million active clients to be precise, 66,91,056 whereas Upstox hold the second position with more than 7.8 million active clients approx. 78,60,861 on the other hand ICICIdirect is now fall to fifth place with more than 2.9 million active clients approx. 29,35,356.

I do not want to go in why ICICIdirect has lost the strong position it hold for several years, there are many other banks in India who offers the broking services, but ICICI is at the top amongst them due the major changes they do internally time to time.

For example with growing competition recently they have made several changes in high brokerages they used to charge earlier, you can read more about it here in detail review of ICICIdirect.

Just to let you know this review guide is going to be long, you can switch from table of contents to look for the relevant info you want to know.

However below is overall comparison points between Upstox Vs Zerodha to tell you in short about who is best by which you can make instant decision to open account instantly.

 

Zerodha Vs Upstox Overall Comparison:

I have already used both their services as well as wrote the reviews about them in detailed way separately, based on my experience and facts below are things you can consider before opening an account with them.

1. You can trade and invest in all segments i.e. stocks (equity) FnO, Commodity, Currency, at NSE, BSE, MCX on both zerodha and upstox.
2. Both stock brokers zerodha and Upstox, have fantastic trading platform for desktop/mobile app, you can do fundamental as well as technical analysis quite easily.
3. Zerodha and Upstox trading platform have also partnered with third party service integration as well such as Tickertape, Streak, Sentinel, Smallcase for portfolio based investments and, Sensibull for option based strategies.
4. Zerodha brokerages are little lower than Upstox brokerages as Upstox charging Rs.20 or 0.05% and Zerodha Rs.20 or 0.03% (whichever is lower). Upstox and Zerodha both also offers free delivery i.e. brokerage free trades.
5. Call and trade service if you use than charges are Rs.50 for Upstox and zerodha both. whereas other charges such as stamp duty, DP, transactions charges remains same for both.
6. You can expect good customer service from both stock brokers. Personally I find Upstox better than Zerodha.
7. Zerodha as well as Upstox offers brokerage or say commission free mutual funds investment and platform for its users.
8. If we talk about Margin at Upstox vs Zerodha, after SEBI Rules on Intraday margin every stockbroker is giving same margin of up to 5X throughout India, hence this does not matter anymore.
9. With Upstox and Zerodha you can also invest and trade in IPO’s, NFO’s, ETF, SGB, and many other financial products with so much ease.
10. Upstox provide digital gold investment and this is missing with Zerodha as of now.
11. Upstox also send free market reports everyday at the market end for analysis, Zerodha does not.
12. Upstox also gives Margin Trading Facility for up to 2X leverage (50% funds) from Upstox for Equity Delivery trading or buying certain stocks and holding them, Zerodha does not have this feature as of now.
13. Other than this you can make investment in T-Bills, SDLs, Fixed Income Bonds & NCDs with Upstox but this is not available as of now with Zerodha as of now.
14. Upstox do charges one time account opening fee of Rs.99 and Rs.25 p.m. for AMC (Annual Maintenance Charge) at the year end. Where as Zerodha charges one time account opening fee of Rs.200 only for equity and Rs.300 for (Equity, FNO, Currency, commodity) and Rs.300 for AMC (Annual Maintenance Charge) at the year end
15. However, for a limited time period you can open a free upstox account here.
16. Overall, Upstox and Zerodha both are offering great tools and services to make hassle free investment in stock market for its users.

 

Now, it is up to you to decide which one you choose as both have everything that is needed to trade and invest in stock market hassle free online.

Overall, Upstox is better stockbroker than Zerodha if you want to invest and trade in stock market without any doubt.

💡 Whether you’re just getting started or scaling your trades, Upstox gives you the edge with lower costs and powerful features.

👉 Join Upstox today and start your investing journey with a winning platform!
Click here to open your FREE account now

🔗 Don’t miss out—start smart, trade smarter with Upstox!

Let us now know some of the reason to open an trading and demat account with Upstox:

 

Reason To Open Upstox Demat & Trading Account?

India’s Highest-Rated Stock Market App with 1.3 Cr+ users and growing 🚀

Looking for a powerful and feature-rich trading platform? Whether you’re a pro trader or a long-term investor, Upstox offers everything you need in one place.

🔁 Modes for Every Type of User

🧠 1. Upstox PRO – For Active Traders

Trade in F&O, Currency, Commodity, and Equity with advanced tools and insights:

🔍 Discover Trades with Ease:

• Option Chain Tool with customizable Greeks, Max Pain, PCR & more
• Smartlists: Top Traded, OI Gainers/Losers, Most Active
• Futures Heatmap: Visualize market trends
• Ready-Made Option Strategies built right into the app
• Currency & Commodity Futures in one platform

📊 Advanced Trade Analysis:

• TradingView + ChartIQ integration with 100+ indicators
• In-depth Open Interest (OI) analysis for indices
• Accurate FII + DII data for smarter decisions

⚙️ Powerful Order Tools:

• Place 20-leg Basket Orders instantly
• Automate risk with GTT + Trailing Stop-Loss
• Margin Pledge: Get up to 90% collateral margin
• 4X Leverage for Equity Delivery
• 5X Intraday Margin on stocks

📈 2. Upstox – For Long-Term Investors

Invest in Stocks, Mutual Funds, ETFs, IPOs, Bonds & more

📌 Stock Investing:

• Browse 5,000+ stocks with curated lists (Top Gainers, Movers, Sector-based)
• Fundamentals: PE ratio, dividend yield, analyst ratings
• Stock SIPs & 365-day limit orders
• 6-point checklist for better decisions
• Easy intraday and delivery trading

📊 Mutual Funds & ETFs:

• 15+ Mutual Fund categories, SIPs from ₹100
• Save more with Direct Plans
• Built-in SIP Return Calculators
• Smart ETF tracking: error, liquidity & more

🪙 Gold & Govt-Backed Investments:

• Sovereign Gold Bonds: 2.5% interest + tax-free maturity
• Access to T-Bills, SDLs, Fixed Income Bonds & NCDs

🚀 IPOs:

• Pre-apply for upcoming IPOs
• Track recently listed IPOs
• Easy UPI payments (GPay, BHIM, etc.)

 

💼 What Makes Upstox the Best Choice?

• ✅ Limited Time Free Account Opening – Zero AMC, online KYC
• ✅ ₹0 Brokerage on Mutual Funds, IPOs, Gold Bonds
• ✅ Flat ₹20/order on Equity, F&O, Currency & Commodity
• ✅ Access to UpLearn – Learn strategies, trading & more
• ✅ Invest in P2P Lending & Fixed Deposits
• ✅ Tools for every level – from beginner to pro

 

🏁 Ready to Get Started?

🎯 Open Your Free Demat + Trading Account in Just 5 Minutes!

✅ 100% Online | ⏱ Quick Setup | 💰 ₹0 Opening Fee

Now, let us go dive deep to cover all different services and features of Upstox and Zerodha step by step and see who is best between Upstox vs Zerodha by doing in-depth analysis.

 

About Zerodha Vs Upstox:

Before we dig deeper to understand the various services offered it becomes utmost import to know in brief about Zerodha and Upstox history.

 

 

Zerodha and Upstox both are depository participant (DP) for both NSDL and CDSL. Zerodha is about to launch their own lending platform to provide loans but the dates are not announced as of now.

Moreover, Upstox and Zerodha both are about to launch international trading facility and users will be able to invest and trade in US stock market as well, this may happen in mid 2022.

 

Zerodha Vs Upstox Brokerages Comparison:

Brokerage is something which as a trader and investor one should always be looking at before choosing the broker. Both the brokers Zerodha and upstox somewhat have similar brokerage structure, however when you compare them Zerodha brokerages are little lower than Upstox.

Checkout in the image below:

Zerodha Brokerage Charges:

 

 

Zerodha brokerage is what make them ahead in the game, as you can see there is no charge for taking delivery of the trades to your Demat account. Whereas for intraday trades across equity, currency, commodity, it is flat Rs.20 or 0.03% (whichever is lower).

What they mean is, suppose you bought stock xyz priced at Rs.100, quantity 100 on intraday basis,

so the total turnover would be bought 100, sold 100(100*200) =  20,000 on this amount they will charge either whichever amount is lower as 0.03% of 20000, is Rs.6 so they will charge that instead of flat Rs.20.

 

Upstox Brokerage Charges:

Brokerage is the most important factor when you trade and invest, both upstox and 5Paisa have quite low brokerages. Brokerage is something which as a trader and investor one should always be looking at before choosing the broker.

Let us first know about the brokerage of upstox,

What they mean is, suppose you bought stock xyz priced at Rs.100, quantity 100 on intraday basis,

so the total turnover would be bought 100, sold 100(100*200)=  20,000 on this amount they will charge either whichever amount is lower as 0.05% of 20000, is Rs.10 so they will charge that instead of flat Rs.20.

Moreover for investing in mutual funds there are no brokerage or commission is charged at upstox at all.

Overall the brokerage charges at upstox are quite low and decent in comparison to other brokers.

 

Zerodha Vs Upstox Account Opening Charges:

If we talk about the trading and Demat account opening charges both zerodha and upstox does charges a one time fee, however Upstox charges are less in comparison to zerodha if you want to open accounts in very segment i.e. Equity, FNO, Currency & Commodities.

If we talk about Zerodha

Where as Zerodha charges one time account opening fee of Rs.200 only for equity and Rs.300 for (Equity, FNO, Currency, commodity) and Rs.300 for AMC (Annual Maintenance Charge) at the year end.

The account opening charges at upstox 

Demat and Trading account – Rs 149

Keep in mind this charges are only a one time fee for opening the account

There will be a monthly maintenance charge of Rs 25 (excluding GST), which will be charged at the end of year.

However, for a limited time you can

🎯 Open Your Free Demat + Trading Account in Just 5 Minutes!

✅ 100% Online | ⏱ Quick Setup | 💰 ₹0 Opening Fee

 

 

Zerodha Vs Upstox Account Opening Process:

The account opening process is online hassle-free and paper less for both stockbroker’s and it’s very seamless and smooth.

Here is what you need to do:

To open an account with Zerodha online, you can sign up using your mobile number

Similarly, to open an account with Upstox and do the registration by entering your name, mobile no. and email on their website.

You will receive an OTP to your number and you can get started with the process.

You will be required to enter your PAN, Bank account details and personal details to continue with the sign-up.

Once you sign up you need to upload certain documents listed below:

1. Your PAN card

2. Your Aadhaar

3. To complete the e Sign process, you will have to authenticate it with an OTP. So, make sure you have the number linked to your Aadhaar handy. If not, you will not be able to complete the process. If the number linked to your Aadhaar is inactive, or if you don’t have any number linked, then you can visit your nearest Aadhaar Seva Kendra to get it updated.

4. Cancelled cheque/Bank statement to link your bank account –
If your cheque is not personalized then the bank statement you upload should have both the IFSC and MICR code printed on it. If not then your application will be rejected. The bank statement has to be self-attested.

5. A photo or scanned copy of your signature proof will be required to be uploaded.

6. Income proof –
It is mandatory to submit income proof if you wish to trade in Futures and options – Equity, Commodity, and Currency.  You can submit one of the below documents.
Form-16
Income tax returns acknowledgment
6-month Bank statement
Latest salary slip
Demat holding statement, or
A CA certifying your net worth

Note: The documents mentioned are for a Resident Individual Account.

 

Zerodha Vs Upstox Trading Platform Comparison:

The most important factor to consider before opening an account with any broker is trading tools and software’s it has to offers its clients. Both Zerodha and Upstox have best trading platform for each devices (Desktop/mobile).

 

 

The most important part of any trading platform is the tools and resources it has to technical analysis. Zerodha and Upstox both has all the indicators and types of chart required to make it possible.

Whether you want to use:

MACD indicator

Bollinger Bands indicator

RSI indicator

Volume Indicator

Support and Resistance indicator

Different Candlestick patterns etc. you name the indicator and it will be there, so all in all Zerodha and Upstox has everything what is needed for a hassle-free trading platform. You can add- withdraw funds directly, create or back-test trading strategies and lot more.

The reason I am not involving all the features of different trading platform, because unnecessary post will be long, however you can read them in detail if you want here for Zerodha trading platform review for Upstox trading platform review.

Having said that Upstox trading platform offers much better user interface as well as they have many other services integrated within the platform such as Sensibull, small case, Tickertape etc.

They also have a free customized option strategy builder with TradingView integration.

The ratings on play store for upstox mobile app is 4.4 which is much better than any other broker including Zerodha Kite App.

 

 

 

 

With Upstox Pro mobile app you can make the most of stock market investment and trading. Apart from this upstox  and Zerodha both also has an API for developers who wants to create their own platform in programming languages such as python.

Upstox is no longer just a low-cost broker—it’s evolved into a smart, trader-focused ecosystem. Whether you’re a beginner, swing trader, or options expert, it offers tools that grow with you.

If you’re tired of minimal tools or outdated workflows (Zerodha), Upstox gives you the perfect edge in the fast-moving world of Indian stock markets.

Upstox and is much better than Zerodha If we do a overall comparison of various charges, features hence I would advise anyone to go with upstox and avoid Zerodha.

and if you’re serious about trading—especially in derivatives, intraday, or using market tools—Upstox is clearly the better platform.

It offers a perfect balance of affordability, functionality, and professional-grade tools that zerodha lacks.

So, if you are more of a trader making intraday trades on daily basis and looking for investing and trading in other segments than you should go with Upstox without any doubt.

If I have to rate upstox overall as an leading discount broker I will give it 9.4 out of 10

👉 Ready to switch or start fresh? Click here to open your free Upstox account now and experience the next generation of trading!

 

Zerodha Vs Upstox Other Charges Comparison:

Zerodha Intraday Auto Square-off Timings:

Equity/Cash is 3:20PM (10 minutes before market close)

Equity Derivatives is 3:25 PM (5 minutes before market close)

Currency Derivatives is 4:45 PM

For Commodities it is 25 minutes before Close

Upstox Intraday Auto Square-off Timings:

Square-off Timing At Upstox for all MIS/BO/CO orders by yourself anytime before 3:25 p.m. for Equity and F&O. 4:45 p.m. for Currency derivatives and 11 p.m. for MCX segment via Upstox trading platform.

Call and Trade Charges At Upstox?

Upstox offers you to place order by call and trade which will be charged Rs.20+GST per order through phone and you can modify an order as many times you want to during a day.

Call and Trade Charges At Zerodha?

Zerodha offers you to place order by call and trade which will be charged Rs.50 per order through phone and you can modify an order as many times you want to during a day.

Fund Withdrawal Timing At Upstox?

If you wish to withdraw funds, you can put a request from our Upstox trading platform or from our Back office portal, from which you can simply place a request for your withdrawal.

Withdrawal request should be placed before 8:45 am for the funds to be transferred on the same day else it will be done on the next day at Upstox.

Fund Withdrawal Timing At Zerodha?

If you wish to withdraw funds, you can put a request from your Zerodha trading platform or from your Back office portal, from which you can simply place a request for your withdrawal.

Withdrawals requests placed before 8:30 PM (for equity) and 8:00 AM (for commodity) on working days are processed on the same day.

Other than above charges there are certain specific charges charged by every broker and remains equal among all brokers.

1. STT- The Securities Transaction Tax is a direct tax levied on every purchase and sale of securities.
2. Transaction charges- This is a charge levied by the exchange on every transaction placed.
3. Clearing charges- This is a charge levied by the exchange for clearing the trade.
4. GST- A Goods & Services rate of 18% is levied on every purchase and sale transaction of securities.
5. State stamp duty- This duty is levied on the value of shares transferred and varies as per the individual state.
6. SEBI turnover fees- This fee is charged by SEBI on the purchase and sale of all securities.

 

Zerodha Vs Upstox Other Services Comparison:

Apart from giving option to invest and trade in equity, derivatives, currency, commodity, IPO’s of stock market, both zerodha and upstox give a separate mutual fund investment platform to its users for free.

Zerodha Coin Mutual Fund Investment Platform:

In Feb, 2020 zerodha applied for mutual fund license as well, In the forth coming months you would see zerodha pioneering in asset management companies(AMC) as well.

They have also launched a dedicated platform by the name COIN, where one can invest in different mutual funds directly, without any commission.

Which means that finally you don’t have to pay up to 1.5% and 1% every year commission to the distributor/platform where you purchased the fund. These % commissions over a longer period of time compound and can become significantly big.

Want to know how much you will get after every month of investing in any mutual fund scheme than check moneycontain monthly mutual fund calculator here.

 

Upstox Mutual Fund Investment Platform:

Investing in mutual funds whether through a regular SIP or Lumpsum investment can be done easily using upstox mutual fund platform and it is free for use.

 

 

There are direct as well as regular funds to choose from, you can also filter and see different categories and types of funds. You can make investment in this mutual fund with as low as Rs.500 per month.

There are lot of options available to make comparison with historical data about the different funds and its growth.

Whereas Zerodha and Upstox both is yet to launch their global investment platform in market.

So overall if you see, Zerodha on one hand covers all the services a discount broker should have, on the other hand Upstox have made sure not to leave any stone unturned to grab the no.1 position from Zerodha.

 

My Opinion On Zerodha Vs Upstox:

I hope you have now thoroughly understood most of the services offered by Zerodha and Upstox, if you ask me in Zerodha vs Upstox who is better?

Whether you are a beginner or experience trader and investor, zerodha has all resources set at one place for you.

Expressing my opinion in terms of all technological tools, advanced platforms, robust management I would rate Zerodha 8.9 out of 10. 

On the other hand Upstox as an stockbroker has made its place in the Indian stock broker industry with their fast and efficient trading platforms, sophisticated charting software’s combined with speed and reliability as well ease of opening the account online paperless.

They are now at the second position in India for having the most active clients and can be trusted without any doubt.

The charges and brokerages are very much reasonable in comparison to any other brokers, if you are thinking of opening a trading/Demat/mutual fund/Bank combined account, than do not put any second thought.

If I have to rate upstox overall as an leading discount broker I will give it 9.4 out of 10.

👉 Ready to switch or start fresh? Click here to open your free Upstox account now and experience the next generation of trading!

🎯 Open Your Free Demat + Trading Account in Just 5 Minutes!

✅ 100% Online | ⏱ Quick Setup | 💰 ₹0 Opening Fee

 

 

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Here is the list of things as a beginner you should know, if you are thinking for doing intraday trading.

A brief understanding of

How share market works?

How To Invest In Indian Stock Market – Explained With Examples For Beginners

Learn about the basics of candlestick chart patterns and how to use them for intraday trading and investing. You should also learn about the best moving averages to use for better trading result.

Checkout Mastering Intraday Trading: A Beginner’s Guide to Profitable Strategies in the Indian Stock Market

If you are a beginner in trading and investing, please read this amazing guide on How stock market works in India?

Learn the basics of option trading step by step here.

6 Reasons Why ETF Going To Be Next Big Thing In India

If, you have liked the content please do share it with your friends or on social media, as sharing do bring the good karma. If you have any questions or feedback you can leave them in comment box below.

Note: Please do your own research and make investment. Moneycontain will not be responsible for any of your losses at all. The point made is for educational purpose only and intended to give information. All investments are subject to risks, which should be considered prior to making any investments.