Upstox vs Zerodha Comparison 2023: Find the Best Discount Broker in India

Both Zerodha and Upstox (RKVS) are the most preferred discount brokers in India. Both offer a low flat charge of Rs. 20 for trading. Zerodha offers free stock delivery whereas Upstox charges a lower of 2.5% or Rs 20 per trade.

Zerodha is the largest stock broker with more than 60 lakh customers, on another side, Upstox is the 4th largest broker with more than 30 lakh customers.

Zerodha is always the most trusted and first preference for traders, whereas Upstox is the fastest-emerging discount broker in the last 2 years.

You can expect better customer support from Zerodha. Whereas, there are amazing deals like free account opening with zero AMC from Upstox.

You can open an account with any between Upstox and Zerodha based on your requirements. Both brokers provide a far better service than the other discount brokers.

I have reviewed Zerodha vs Upstox (RKSV) so that you can find out which one is better for your trading style.

Upstox Vs Zerodha Comparison

Can trade-in Stocks, Equity F&O, Currency F&O and Commodity F&O Stocks, Equity F&O, Currency F&O and Commodity F&O Bonds and Govt-Securities
Brokerage ChargesDetails for Upstox Basic PlanDetails for Zerodha Plan
Equity deliveryLower of Rs. 20 or 2.5% per orderRs. 0
Equity Intraday, Futures, Options,Lower of Rs. 20 per executed order or 0.05%Lower of Rs. 20 per executed order or 0.03%
Currency & Commodity FNOLower of Rs. 20 per executed order or 0.05%Lower of Rs. 20 per executed order or 0.03%
Charges for Call and TradeRs. 50 per orderRs. 50 per order
Margin for IntradayUpto 5XUpto 5X
Account Opening ChargesFreeRs 200
AMC FeesRs 0Rs. 300 yearly
Apply NowOpen Upstox accountOpen Zerodha Account

Upstox Charges vs Zerodha Charges Comparison

Upstox Brokerage vs Zerodha Brokerage

Zerodha charges zero brokerage on stock delivery trades whereas Upstox charges a lower of 2.5% or Rs 20 on stock delivery.

Upstox (RKSV) and Zerodha both charge the same brokerage charges of a fixed Rs 20 for Intraday and FNO trades.

Zerodha charges a lower of Rs. 20 per order or 0.03%, whereas Upstox charges a lower of Rs. 20 per order or 0.05%.

If your order value is more than Rs 67,000 then both brokers will charge the same amount i.e Rs 20.

But for trade volume lower than Rs 67,000 Zerodha will charge less.

Upstox Account Charges Vs Zerodha Account Charges

Upstox charges Rs 0 for online account opening. Whereas Zerodha charges a fee of Rs 200 for the account opening.

The annual maintenance charge for Upstox account is also zero.

Zerodha charges Rs 300 per year as a maintenance fee.

Upstox (RKSV) Demat & Trading Account Review

Fastest growing stockbroker
  • Free account opening & Zero AMC
  • Fix Rs. 20 per trade
  • Fast account opening process

Earlier known as RKSV Securities, Upstox is for volume traders looking for lower brokerages, AMC fees and decent trading platforms.

You get intraday trades while paying a fixed brokerage of Rs. 20 per trade irrespective of the trading volume. 

Upstox is backed by Tiger Global, Ratan Tata, and GVK Davix. So, you know that your broking firm is reliable.

Upstox (read full Usptox review) helps you trade in Stocks, Futures & Options, Currency and Commodity trading. You can use Upstox to invest in mutual funds also. 

RKSV (Upstox) Brokerage Charges 

Trading TypeBrokerage Charges
Equity DeliveryLower of Rs. 20 per executed order or 2.5%
Equity Intraday, FNOLower of Rs. 20 per executed order or 0.05%
Currency Futures Lower of Rs. 20 per executed order or 0.05%
Commodity FuturesLower of Rs. 20 per executed order or 0.05%
Currency OptionsRs. 20 per executed order 
Commodity OptionsRs. 20 per executed order 

Upstox Margin Provided

Upstox Margin for Intraday

SegmentMargin Offered
Index Futures1.33X
Stock Futures1.33X
Index Option Sell1.33X
Stock Option Sell 1.33X
NSE Currency1.33X
MCX Futures1.33X

Margins in respect of OC/ OCO Orders are the same as the MIS orders listed above.

Upstox Account Opening Charges 

The account opening process of Upstox is entirely online. The paperless account opening process can be completed in a day using Aadhaar.

  • Upstox Equity Demat and Trading – Rs 0
  • Upstox Demat Yearly Maintenance Charges – Rs. 0


  • No Demat opening charges
  • 0 AMC fee
  • Fix & low brokerage irrespective of trade volume


  • You cannot make G-Sec, Bonds and SDL investments.
  • Customer support could have been better.

Upstox Account Best For

Upstox is best known for offering free account openings with zero AMC charges.

If you are looking for such offers long with low brokerage charges and high margins, then you must open an account with Upstox.

Zerodha Demat & Trading Account Review

Best discount broker in India


  • Fix Rs. 20 per trade on intraday trades
  • Zero brokerage on the stock delivery
  • Good customer support
  • Best charts and tools for technical analysis

Zerodha started the discount broking model in India by offering a disruptive pricing model of zero brokerage for delivery and fix Rs. 20 for other trades. 

Zerodha is the most trusted and reputed discount broker in India. The biggest reason for their success is their customer support.

You can contact their customer support on call, or email and get a positive response.

To answer all your queries, Zerodha also has a resource portal containing calculators, news & circulars and application & other useful forms.

Zerodha Q & A

New traders can check out – Zerodha Varsity and the Trading QnA portal which covers topics from basic to advanced trading.

Other discount brokers copied Zerodha’s price offers but couldn’t deliver good customer support.

Zerodha helps you to trade-in

  • Stocks & IPO 
  • Derivatives – Stocks, Commodity and Currency
  • Direct mutual funds
  • Bonds and Govt-Securities

Brokerage Charges

At Zerodha you need to pay a maximum of Rs. 20 irrespective of the trading volume. 

Trading TypeBrokerage Charges
Equity DeliveryRs. 0
Equity Intraday & FuturesLower of Rs. 20 per executed order or 0.03%
Equity OptionsRs. 20 per executed order 
Currency, Commodity FNOLower of Rs. 20 per executed order or 0.03%

However, Zerodha charges for value-added services like providing stock reports, screeners, and small cases. 

zerodha charges

Margin Provided

Zerodha offers margin/ leverage on Margin Intraday Square off (MIS), Cover orders (CO) and Bracket orders (BO) products.

The Margin for Intraday (MIS) is as under;

Equity DeliveryNo Margin
Intraday EquityUp to 5X depending on the scrip
Index F&O1X
Stock F&O1X
Currency Futures 1X 
Commodity Futures 1X

In Cover Orders (CO) and Bracket Orders (BO) a stop loss is placed with the initial order. That makes the trade comparatively less risky.

To know the exact margin provided you need to make use of BO&CO margin calculators before you trade.

For example, if you want to place an Equity futures sell order for the scrip Asian Paints. Then you need to indicate the quantity, price and stop-loss price. 

When you click “Add” the calculator will give the margin required on the top right-hand corner as shown below.

Zerodha Margin Calculator

Zerodha Account Opening Charges 

Following are the charges for opening an account online –

Trading and Demat account opening chargesRs. 200
Commodity AccountRs. 100
Annual maintenance chargesRs. 300


  • No brokerage charges for delivery.
  • Low fixed brokerage charges for trading
  • No minimum balance is required to open and maintain the a
  • ccount.
  • Good customer support.
  • Provides best trading platforms


  • Some customers face delays and service down during trading hours.

Best For

Zerodha is best for traders who is looking for good online trading platforms, lower brokerage charges and good customer support.

Zerodha vs Upstox vs 5paisa Comparison

Can trade-in Stocks,
Equity F&O, Currency F&O,Commodity F&O, Bonds and
Equity F&O, 
Currency F&O, 
Commodity F&O 
Equity F&O, 
Currency F&O 
Brokerage ChargesDetails for Zerodha PlanDetails for Upstox Plan5paisa Platinum/titanium Plan
Equity DeliveryFreeLower of Rs. 20 per executed order or 2.5%Free
Equity Intraday, FNO,Lower of Rs. 20 per executed order or 0.03%Lower of Rs. 20 per executed order or 0.05%Rs. 10 per executed order under special plan
Commodity FuturesLower of Rs. 20 per executed order or 0.03%Lower of Rs. 20 per executed order or 0.05%N.A.
Commodity OptionsLower of Rs. 20 per executed order or 0.03%Rs. 20 per executed order N.A.
Margin for Intraday5X5X5X
Account Opening ChargesZerodhaUpstox 5paisa
Demat & Trading AccountRs.200FreeFREE
Demat AMC FeesRs. 300Rs 150 Rs. 45 per traded month Rs. 540 yearly*
Best For Biggest broker with good customer supportZero account opening, lower AMC & brokerage offer Cheapest brokerage charges
Open AccountOpen Zerodha A/cOpen Upstox A/cOpen 5paisa A/c

Why You Might Prefer Zerodha

Zerodha is for a cost-conscious trader beginning his journey into the world of stock investing and trading.

The flat Rs. 20 per trade brokerages, a simple yet powerful trading platform and the best customer support are what Zerodha is known for.

Why You Might Prefer Upstox

Upstox brokerage plans (similar to Zerodha) and margin structure supports both new and intermediate traders and investors.

The biggest benefit is that Upstox provides one of the fastest trading platforms which is an essential requirement for intraday trading. 

You save with free account opening and zero annual maintenance charges.


What documents are needed to open an account online?

For online Demat and Trading account opening you will need to upload a scanned copy of the following documents;

PAN card

Aadhaar Card

Canceled cheque

A photo or scanned copy of your signature proof 

Income proof if you want to trade in F&O 


IT acknowledgment

6-month bank statement

Latest salary slip

CA-certified net worth statement

What is the power of attorney (PoA) and why is it needed?

PoA is a document that gives your broker the right to debit shares from your Demat account on your behalf.

PoA is required whenever you want to sell your shares. Without PoA, your broker will not be able to sell your shares.

How can I add money to my trading account?

You can add money using NEFT, IMPS, and RTGS through your Net Banking facility.

For that, you need to add your broker as Beneficiary (Payee) and then you can transfer the funds.

What are limit and market orders?

A limit order is an order to buy or sell a stock, F&O at a specified price. The trade gets executed only when the specified price is hit. 

A market order is an order to buy or sell at the prevailing market prices. The trade gets executed instantly after the orders are placed.

What is stop loss?

A stop-loss order is a buy/ sell order placed to limit losses in case of adverse price movements.

For example, if you have bought a share at Rs 150 and you want to limit your loss at 145 in case the market goes down.

You can place a stop-loss order at Rs. 145.

The system will automatically sell your shares in case the price falls to Rs. 145. You stop from making further losses in case of a down market.

About Pardeep Goyal

I talk about saving & investing money. You would love my articles related to Credit Cards, Travel, Shopping, Tax Saving. I share transparently how I am making passive income from multiple sources online.

3 thoughts on “Upstox vs Zerodha Comparison 2023: Find the Best Discount Broker in India”

  1. Zerodha Account opening process is much complicated. I’m always getting message “PAN Already Exists” and unable to create accont. Customer support is very worst.

  2. Upstox account opening process & customer care support is really pathetic.
    I am trying to open an account on Upstox but still nothing. They don’t register your PAN with KRA which is must for opening a demat account. All other brokers take care of this thing but not upstox.


Leave a Comment

Save Upto 90% on brokerageOpen FREE Demat Account Now