Zerodha vs Upstox: Ultimate Comparison

Are you a stock market enthusiast looking for the best stockbroker in India? To keep it simple, the stock trading platform you choose plays a major role in your trading success and costs associated with it.

 In this blog post, we’ll be doing a detailed comparison between Zerodha and Upstox, the two leading online stock broking firms. When it comes to discount broking firms, these two firms are the two topmost, trusted brands in the country. Here we delve deep into  their backgrounds, platforms, costs, features, and what kind of users should ideally use which particular stock broking platform. By the end, you’ll be in a position to decide which trading platform suits your style better.

Company Background & Market Position

Zerodha

Started in August 2010, Zerodha was the first firm to come up with the concept of discount brokerage model in India. Co-founded by brothers Nithin and Nikhil Kamath, this online stock broking firm has its headquarters in Bengaluru. With close to 7.5 million active NSE clients as of May 2024, Zerodha has grown to become India’s second-largest broker by clientele. Furthermore, in June 2020, the discount broking firm achieved unicorn status through an ESOP-based valuation of approximately $1 billion. 

In April 2025, Forbes released the list of top 10 stock brokers in India. This list was created based on the various broking firms’ active clients in the market. Zerodha with 7.96 million active clients bagged the 2nd position in the Forbes list. Apparently, Zerodha managed to get close to ₹4.5+ lakh crores of equity investments. Apart from this, the stock broking firm contributes to 15 percent of daily retail exchange volumes in the country.

Upstox

The stock broking firm Upstox was launched in 2009. The co-founders of this firm were Ravi Kumar, Raghu Kumar, and Shrinivas Viswanath. In the early days, this firm was known as RKSV Securities. Later, in the year 2016, RKSV Securities was relaunched as Upstox. With its headquarters in Mumbai, Upstox offers discount brokerage services in equities, currencies, and derivatives. Over all these years, the platform has managed to create a user base of more than 1 crore customers. This was made possible through competitive pricing and accessible tech solutions. Upstox is backed by Late Ratan Tata and venture capitalists such as Tiger Global.

In the Forbes 2025 April list, Upstox stands at the 4th position with 2.79 million active clients. 

Feature-Wise Comparison

Major Features

Zerodha

• ₹0 brokerage in the case of equity delivery;
• Flat ₹20 per order for intraday, F&O, currency/commodity trades 
• Strong emphasis on tech and platforms: Kite (web & mobile), Coin (mutual funds), Quant tool, Varsity learning hub, Trading Q&A 
• Supports advanced order types (CO, BO, AMO, GTC) 
• Charting: multiple charts per screen, advanced technical indicators, floating windows, trade-from-chart capability 
• Excellent customer support and educational portals 

Upstox

• Flat ₹20 brokerage (some time-limited offers include zero commission on mutual funds) 
• Offers prepaid brokerage plans (e.g., ₹249 for ₹400 credit) for active traders 
• Platform flexibility: Web-based Upstox Pro, optional third-party tools (Dartstock, NEST Trader, Fox Trader) 
• Charting features: 100+ technical indicators, customizable workspaces, alerts, watchlists, HTML5-based interface 
• Guest login for exploration without account setup.

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Comparison Table of Zerodha vs Upstox

Which Customer Should Choose Which?

Choose Zerodha if you:

• Prefer commission-free delivery trades and flat, transparent pricing.
• Want top-notch in-house tools, educational resources, and strong tech support.
• Desire a long-established, stable broker with consistent tech upgrades.

Choose Upstox if you:

• Want optional prepaid plans to lower per-trade costs for frequent trading.
• Like to explore platforms via guest login before commitment, or use third-party trading tools.
• Want a 3-in-1 account offering integrated banking convenience.

Final Recommendations

Now, you might be thinking about the same question with which we started this discussion. Should you choose Zerodha or Upstox? It ultimately depends on the features you are looking for and the interface you are more comfortable with.

For majority of investors and traders, especially those who are beginners or those who prefer robust education, tech support, and cost transparency, Zerodhais undoubtedly the more reliable and comprehensive option.

For active traders who are looking for flexibility in brokerage plans or want to try out different tools/platforms, Upstox seems to be a more viable option, though its user experience appears mixed based on anecdotal feedback.

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