Both brokers offer investments in equity, F&O, currency, and commodities and are registered with SEBI. While Upstox’s brokerage is limited to Rs 20 per trade, Zerodha’s is limited to Rs 20. They are both discount brokers. Both brokers had the same overall score of 4.5 out of 5. There are 65,90,699 active customers with Zerodha, compared to 38,64,087 active customers with Upstox. In comparison to Upstox, Zerodha serves a larger customer base.
Here, we compare Indian share brokers Zerodha vs Upstox side by side. For easy decision-making, the comparison is based on more than 100 parameters.
Read :- Zerodha Stock Trading, Demat, Brokerage and Reviews 2025
Zerodha Vs Upstox History
| Zerodha | Upstox | |
| About | Zerodha is No.1 Broker discount broker in India with more than 5 Millions Active user. The Company founded in 2010 by Nitin and Nikhil Kamath. It offer trading at NSE, BSE, MCX and NCDEX. | Upstox is No.2 Broker discount broker in India with more than 4 Millions Active user. The Company founded in 2012 by Raghu Kumar, Ravi Kumar, S Vishwanath. It offer trading at NSE, BSE, MCX. |
| Type of Broker | Discount Broker | Discount Broker |
| Year of Incorporation | 2010 | 2012 |
| Founders | Nithin Kamath, Nikhil Kamath | Raghu Kumar, Ravi Kumar, S Vishwanath |
| Head Quarter | Bangalore | Mumbai |
| Users | 5 Millions | 4 Millions |
Compare Zerodha vs Upstox on Trading & Demat Account Opening Charges 2025
AMC and trading and demat account opening fees between Zerodha and Upstox. Zerodha costs Rs 200, Rs 300 online for starting a trading account, while Upstox charges Promotional offer: No cost to open an account. Charges for Demat AMC – Upstox offer Zerodha charges Rs. 300 PA AMC for Demat accounts; free AMC for Demat accounts.
Read :- Upstox Stock Trading, Demat, Brokerage and Reviews 2025
| Trading Account Opening Charges | Rs 200 and Rs 300 ( Commodity ) | Rs 0 ( Free ) |
| Trading Account AMC Charges | Rs 0 (Free) | Rs 0 (Free) |
| Demat Account Opening Charges | Rs 0 (Free) | Rs 0 (Free) |
| Demat Account AMC Charges | Rs 300 | Rs 0 (Free) |
Compare Zerodha Vs Upstox Brokerage Charges 2025
Detail of the Zerodha Brokerage Plan: Zerodha charges Rs 20 for equities intraday, F&O, commodity, and currency trading on the NSE, BSE, and MCX, or.03%, whichever is lower. No commitments to pay upfront brokerage or turnover on your deal. The most brokerage you must pay for any executable order is Rs 20. For equity delivery trading, there is no brokerage.
Equity Delivery Free and Rs 20 Per Executable Order for Others under the Upstox Brokerage Plan.
| Equity Delivery | Rs 0 (Free) | Rs 20 per executed order or 2.5% whichever is low |
| Equity Intraday | Rs 20 per executed order or 0.03% whichever is lower | Rs 20 per executed order or 0.05% whichever is lower |
| Equity Futures | Rs 20 per executed order or 0.03% whichever is lower | Rs 20 per executed order or 0.05% whichever is lower |
| Equity Options | Rs 20 per executed order | Rs 20 per executed order |
| Currency Futures | Rs 20 per executed order or 0.03% whichever is lower | Rs 20 per executed order or 0.05% whichever is lower |
| Currency Options | Rs 20 per executed order or 0.03% whichever is lower | Rs 20 per executed order |
| Commodity Futures | Rs 20 per executed order or 0.03% whichever is lower | Rs 20 per executed order or 0.05% whichever is lower |
| Commodity Options | Rs 20 per executed order or 0.03% whichever is lower | Rs 20 per executed order |
| Special Offer |
