Comparison of Upstox and Zerodha
| Feature | Upstox | Zerodha |
|---|---|---|
| Broker | ||
| Year Founded | 2011 | 2010 |
| Broker Type | DMA | DMA |
| Dealing | A-book | A-book |
| Execution | Market | Market |
| Regulation | SEBI, NSE, BSE, MCX | SEBI, NSE, BSE, MCX |
| Platforms | Upstox Pro Web, Upstox Pro Mobile | Kite Web, Kite Mobile, Varsity |
| Spread | ⬊ Low | ⬊ Low |
| Maximum Leverage | 1:5 | 1:20 |
| Minimum Deposit | $1 | $1 |
| Base Currencies | INR | INR |
| Funding Methods | UPI, NetBanking, IMPS/NEFT/RTGS, Debit/Credit Card, Cheque | UPI, NetBanking, IMPS, NEFT/RTGS, Cheque |
| Inactivity Fee | ✖ | ₹300 demat AMC per year |
| Interest on Margin | ✖ | ✖ |
| Withdrawal Fee | ✖ | ✖ |
| Investor Protection | Investor Protection Fund (IPF) | Investor Protection Fund |
| Protection Size | ₹2500000 | ₹500000 |
| Segregated Accounts | ✔ | ✔ |
| Negative Balance Protection | ✖ | ✖ |
| Guaranteed Stop Loss | ✖ | ✖ |
| Copy Trading | ✖ | ✖ |
| VPS | ✖ | ✖ |
| MAM/PAMM | ✖ | ✖ |
| Scalping Allowed | ✔ | ✔ |
| EAs/Robots | ✖ | ✔ |
| Depth of Market (DOM) | ✔ | ✔ |
| Tradable Assets (CFDs) | Equities, Futures & Options, Commodities, Currency Derivatives, Mutual Funds, IPOs | Stocks, ETFs, Futures & Options, Commodities, Currency Derivatives, Mutual Funds, IPOs |
| Review | Upstox Review | Zerodha Review |
About Upstox
Upstox is a leading Indian discount broker founded in 2011. Regulated by SEBI and a member of NSE, BSE and MCX, it charges a flat ₹20 per executed order and requires no minimum deposit. Traders get leverage up to 5× intraday, advanced Upstox Pro platforms and market depth data across more than 5000 Indian stocks and derivatives.
Pros
- Flat ₹20 brokerage with zero delivery fee
- SEBI‑regulated; member of NSE, BSE & MCX
- Fast, intuitive Upstox Pro Web & Mobile
- Paperless account opening and no minimum balance
- Comprehensive market depth and charting tools
Cons
- Available only to Indian residents/NRI
- Leverage capped at 5× by regulation
- No global FX, CFD or crypto products
About Zerodha
Zerodha is India’s largest discount stockbroker founded in 2010. The broker lets investors trade equities, F&O, commodities and currency derivatives on Indian exchanges with zero brokerage on equity delivery and a flat ₹20 cap on intraday and F&O trades. Regulated by SEBI and a member of NSE, BSE and MCX, Zerodha offers the sleek Kite platform, segregated client funds, and extensive educational resources through Varsity.
Pros
- ₹0 brokerage on equity delivery
- Flat ₹20 (max) per intraday & F&O order
- Robust Kite platform (web & mobile)
- SEBI‑regulated; segregated client funds
- Extensive free educational content
Cons
- Only for Indian residents
- No compensation above ₹5 lakh
- No 24/7 customer support
Upstox & Zerodha Regulation
| Feature | Upstox | Zerodha |
|---|---|---|
Companies | Upstox Securities Pvt Ltd (ex RKSV Securities India Pvt Ltd) | Zerodha Broking Ltd. |
Countries | India | India |
Regulators | SEBI, NSE, BSE, MCX | SEBI, NSE, BSE, MCX |
Investor Protection | Investor Protection Fund (IPF) | Investor Protection Fund |
Investor Protection Size | ₹2500000 | ₹500000 |
Publicly Traded | ||
Segregated Accounts | ||
Guaranteed Stop Loss | ||
Negative Balance Protection |
Account Types
| Account | Upstox | Zerodha |
|---|---|---|
DMA Account | ||
| Account Name | Equity & F&O | Equity & F&O |
| Min Deposit | $1 | $1 |
| Lot Size | 1 | 1 |
| Spread Type | Floating | Floating |
| Execution | Market | Market |
| Min Spread | 0 | 0 |
| Fee | ₹20 per 1 lot | ₹20 per 1 lot |
| Max Leverage | 1:5 | 1:20 |
| Stop Out | - | — |
| Margin Call | - | — |
| Additional Features | ||
| Demo Account | ||
| VIP Account | ||
| Swap-Free Account | ||
| Copy Trading | ||
| VPS | ||
| PAMM/MAM Accounts | ||
Funding and Fees
| Feature | Upstox | Zerodha |
|---|---|---|
Base currencies | INR | INR |
Deposit and withdrawal methods | UPI, NetBanking, IMPS/NEFT/RTGS, Debit/Credit Card, Cheque | UPI, NetBanking, IMPS, NEFT/RTGS, Cheque |
Inactivity fee | ₹300 demat AMC per year | |
Interest on margin | ||
Withdrawal fee |
Trading Platforms and Conditions
| Feature | Upstox | Zerodha |
|---|---|---|
Trading Platforms | Upstox Pro Web, Upstox Pro Mobile | Kite Web, Kite Mobile, Varsity |
Execution Speed | - | - |
Scalping | ||
Expert Advisors (EAs) | ||
Depth of Market (DOM) | ||
Spread | low | low |
Trading Assets
| Asset | Upstox | Zerodha |
|---|---|---|
Currencies | 4 | 7 |
Indices | 0 | 6 |
Stocks | 5000 | 5000 |
Cryptocurrencies | 0 | 0 |
Bonds | 0 | 0 |
Metals | 0 | 2 |
Energies | 0 | 2 |
Soft Commodities | 0 | 4 |
ETFs | 0 | 100 |
Education and Analytics
| Feature | Upstox | Zerodha |
|---|---|---|
Economic Calendar | ||
Indicators | ||
Robots | ||
Signals | ||
Autochartist | ||
Expert Analytics | ||
News Feed | ||
Education Articles | ||
Webinars | ||
Seminars |
Customer Support
| Contact | Upstox | Zerodha |
|---|---|---|
Email | support@upstox.com | support@zerodha.com |
Phone | 022-41792999 | +918047181888 |
Telegram | Telegram | Telegram |
Whatsapp | ||
Facebook | ||
LinkedIn | ||
YouTube | YouTube | YouTube |
Instagram | ||
Twitter |
Which Broker is Better?
After comparing Upstox and Zerodha, Upstox comes out ahead as our overall pick. It ranks higher in our internal scoring and delivers a stronger balance of pricing (spreads/fees), platform experience, and product range. That said, the runner-up may still be a better fit if you prioritize specific needs—like a particular account type, funding method, or niche instruments. This is not financial advice; always choose a broker that matches your goals and local regulatory requirements.
More Comparisons
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Andriy Bondarenko
Broker Analyst
Andriy is a seasoned expert in broker reviews with over a decade of experience in finance and trading. Under his leadership, the team produces in-depth and unbiased analyses of leading trading platforms.