Broker Comparison
Upstox vs Zerodha (2026)
A factual, side-by-side comparison of two of India's largest discount brokers — Upstox and Zerodha. Covers brokerage charges, the Upstox Pro vs Kite platform debate, API ecosystems, AMC structures, educational tools, and the investor profiles each broker has historically attracted.
Published: April 2026. Data sourced from publicly available broker pricing pages. Not investment advice. Note: Zerodha discontinued its non-AP referral programme in August 2024 — this page carries an affiliate link for Upstox only.
Quick Verdict
Upstox and Zerodha are nearly identical on brokerage pricing — both charge ₹0 on delivery and ₹20 flat on intraday and F&O. The competition between them is primarily about platform quality and ecosystem maturity. Zerodha (founded 2010) has a longer history, a larger client base, and the more mature Kite Connect API ecosystem. Upstox counters with a natively integrated TradingView charting experience, which is often cited as superior to Kite's native charts. Zerodha's Varsity education platform is widely considered the best free trading education resource in India. Both are SEBI-regulated discount brokers with strong reputations.
At a Glance: Comparison Table
| Feature | Upstox | Zerodha |
|---|---|---|
| Account opening fee | ₹0 | ₹200 (one-time) |
| Equity delivery brokerage | ₹0 | ₹0 |
| Equity intraday brokerage | ₹20 or 0.05%, lower | ₹20 or 0.03%, lower |
| F&O brokerage | ₹20 per order | ₹20 per order |
| Demat AMC | ₹150+GST/yr (from yr 2) | ₹300+GST/yr |
| Trading platform | Upstox Pro (TradingView charts) | Kite (native charts, fast execution) |
| Web platform | pro.upstox.com | kite.zerodha.com |
| API | Upstox Developer API | Kite Connect API |
| Customer support | Chat, email, Help Centre | Chat, email, Help Centre (Zerodha Support) |
| MF investment | Yes — direct plans | Yes — Coin (direct plans only) |
| Research reports | No | No |
| Physical branches | No | No |
| Education platform | Basic content | Varsity (industry-leading free content) |
| Affiliate programme | Yes | No (discontinued Aug 2024) |
Brokerage Charges in Detail
Both brokers charge zero brokerage on equity delivery trades. For intraday equity, both use a ₹20-or-percentage model, though the percentage caps differ slightly: Upstox uses 0.05% and Zerodha uses 0.03% (both capped against the ₹20 flat fee — the lower of the two applies). For most retail trade sizes, the effective charge is ₹20 at both brokers. For very small order values (below approximately ₹40,000 at Zerodha or ₹67,000 at Upstox), the percentage cap may result in a charge below ₹20.
The more notable pricing difference is the account opening fee and AMC. Upstox has historically charged ₹0 to open an account, while Zerodha charged a one-time ₹200 fee. Zerodha's demat AMC is approximately ₹300+GST per year, versus Upstox's ₹150+GST. Both are charged from account initiation or the second year depending on the specific account type and current promotions — verify current terms directly with each broker.
Use our brokerage calculator to compare the full all-in transaction cost at each broker including statutory charges.
Platform: Upstox Pro vs Zerodha Kite
Zerodha's Kite is the platform that redefined user experience standards for Indian retail trading when it launched in 2015. It has a clean, fast interface with a focus on order execution speed and reliability. Kite's native charting is functional and covers most retail trader needs, but it does not use TradingView natively. A TradingView integration is available for Zerodha users through the third-party kite.zerodha.com/chart interface, but it has historically had some latency versus the native chart. Zerodha's Sentinel (alert system) and Console (portfolio analytics) are widely used supporting tools.
Upstox Pro integrated TradingView natively into its mobile and web platform, which gives it access to TradingView's full charting toolkit — 100+ indicators, all drawing tools, multi-timeframe views, and the ability to place orders directly from charts. Options analytics (Greeks, payoff diagrams, strategy builder) and basket orders are also available. Many traders who switched from Zerodha to Upstox have cited the native TradingView chart experience as the primary reason.
API Ecosystem: Kite Connect vs Upstox Developer API
Zerodha's Kite Connect is the reference-standard broker API in the Indian discount broker space. It has been available longer, has more open-source community libraries (Python, Node.js, Go, etc.), more third-party integrations (algo platforms, screeners, strategy builders), and a larger body of community tutorials and documentation. Kite Connect charges a subscription fee for API access — as of 2025, this was approximately ₹2,000+GST per month, which is a consideration for individual retail algo traders.
Upstox Developer API is publicly documented and free to use (no separate subscription fee beyond the broker account). It supports comparable endpoints including order management, live market data via WebSocket, historical data, and portfolio. The community is smaller than Kite Connect's but growing. Traders who want to avoid paying a separate API subscription may find the Upstox Developer API more cost-effective for lower-frequency systematic strategies.
Education: Varsity vs Upstox Learn
Zerodha's Varsity is widely considered the best free investing and trading education platform in India. It covers equity fundamentals, technical analysis, F&O theory and pricing, personal finance, and macroeconomics — all in plain, accessible English. The platform has been available for over a decade and has an established reputation among retail traders. Varsity is available both as a web resource and a mobile app, and its F&O modules in particular are cited regularly by experienced traders as foundational learning material.
Upstox has published educational content through its Help Centre and blog, but does not have a dedicated education platform with the depth and breadth of Varsity. For investors who prioritise access to structured, high-quality free learning material alongside their broker account, this is a meaningful distinction.
Mutual Fund Investing
Zerodha offers mutual fund investing through Coin (coin.zerodha.com), which supports direct mutual fund plans only. Coin has a clean interface and is well-integrated with the main Zerodha Console portfolio view. Upstox Mutual Funds supports direct plans through its app. Both platforms exclude regular (commission-based) mutual fund plans, keeping expense ratios lower for investors.
Customer Support
Both Upstox and Zerodha operate primarily digital support models without physical branch networks. Support at both platforms is through in-app chat, email ticketing, and comprehensive help centres. Zerodha has a well-regarded support documentation portal and has historically invested in self-service support quality. Both brokers have faced feedback about response times slowing during peak market events.
Who Each Broker Is Associated With
Zerodhais associated with a broad, experienced retail investor base that includes India's largest cohort of active traders by absolute count. Its longer history (founded 2010, launched retail brokerage at scale from 2012), the Varsity education ecosystem, and the Kite Connect API have attracted investors at all levels, from complete beginners using Varsity to learn, to professional algo traders on Kite Connect. As of 2024, Zerodha had the largest active client count among Indian discount brokers.
Upstoxis associated with investors who prioritise a mobile-first trading experience, native TradingView charting, and cost-free API access. Backed by Ratan Tata and Tiger Global, it has grown rapidly from 2019 onward and positioned itself as the technologically progressive challenger to Zerodha's market leadership. Its free API and TradingView integration have resonated with the newer generation of retail and algo traders.
Open an account — Upstox
Open an Upstox account online — fully digital, Aadhaar e-KYC, typically takes about 10 minutes
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Zerodha — No affiliate link
Zerodha ended its non-authorised-person referral programme in August 2024. EquitiesIndia.com does not carry a Zerodha affiliate link. You can open a Zerodha account directly at zerodha.com.
Frequently Asked Questions
Is the brokerage the same at Upstox and Zerodha?
Both Upstox and Zerodha charge ₹0 for equity delivery and ₹20 per executed order (or 0.05% whichever is lower) for intraday equity and F&O. The base brokerage structures are identical for most segments.
Which has a better trading platform — Upstox Pro or Zerodha Kite?
Both are considered among the best trading platforms in the Indian discount broker space. Kite (Zerodha) was the benchmark that influenced the market when launched, with clean UI and fast order execution. Upstox Pro later integrated TradingView natively, which many traders consider a significant charting advantage. Both platforms have active user bases and strong reputations.
Which has a better developer API — Upstox or Zerodha?
Zerodha's Kite Connect API has a larger established community, more third-party integrations, and a mature ecosystem of open-source libraries. Upstox Developer API is well-documented and actively maintained. Kite Connect is generally considered the reference-standard broker API in India due to its longer history.
Does Zerodha have an affiliate programme?
Zerodha discontinued its non-AP (non-authorised person) referral program in August 2024. As a result, only Upstox carries an affiliate CTA on this comparison page. This editorial note is disclosed for transparency.
Related Tools and Pages
Use our brokerage calculator to compare full transaction costs. Individual broker profile: Upstox review. Other comparisons: Upstox vs Angel One, Upstox vs Groww.
This comparison is educational only and does not constitute investment or financial advice. Brokerage charges, AMC, and features are sourced from publicly available information as of April 2026 and may change — always verify directly with each broker before opening an account. Zerodha discontinued its non-AP referral programme in August 2024; only Upstox carries an affiliate CTA on this page. EquitiesIndia.com may earn a commission if you open an Upstox account through the affiliate link on this page. Affiliate relationships do not influence the content of this comparison. EquitiesIndia.com is not a SEBI-registered investment adviser.