Broker comparison
Upstox vs Shoonya (Finvasia) (2026): Brokerage, API, AMC & Execution Compared
Side-by-side comparison of Upstox and Shoonya (Finvasia) from published official pricing and features — no affiliation with either broker.
- 0 – 4Cheaper on example trades (Upstox – Shoonya (Finvasia))
- 5 – 6Published features (of 9)
| Metric | Upstox | Shoonya (Finvasia) |
|---|---|---|
| Delivery brokerage | ₹20 per order (flat) | ₹0 (free equity delivery) |
| Intraday brokerage | ₹20 or 0.1% per order (whichever is lower) | ₹5 or 0.03% per order (whichever is lower) |
| F&O brokerage | ₹20 per order (options); ₹20 or 0.05% per order for futures (whichever is lower) | ₹5 per order (options); ₹5 or 0.03% per order for futures (whichever is lower) |
| AMC | ₹0 first year, then ₹300 + GST per year | ₹0 (individuals; ₹900 for corporate, trust and LLP accounts) |
| Account opening | Free (online) | Free (online) |
| Trading API | Upstox API — Free (per official developer page) | Shoonya API — Free (per official page) |
| Reported execution speed | ≈ 135 ms (median) | ≈ 140 ms (median) |
| Algo support | Yes - via Upstox API | Yes - free API |
| Platforms | Upstox app, Upstox web (Pro) | Shoonya app, Shoonya web, Shoonya desktop |
| Best for (published) | Intraday and options traders who prioritise app speed and a free API. | High-frequency, cost-obsessed traders who accept a smaller platform. |
Statutory charges (STT, exchange fees, GST, etc.) are not included. Figures are from official pricing pages at our last review — verify before opening an account.
Cost face-off: what real trades cost
| Trade | Upstox | Shoonya (Finvasia) | Cheaper |
|---|---|---|---|
| Intraday: ₹1 lakh buy & sell | ₹82.97 | ₹47.57 | Shoonya (Finvasia) (saves ₹35.4) |
| Delivery: ₹50,000 buy & sell | ₹178.98 | ₹131.78 | Shoonya (Finvasia) (saves ₹47.2) |
| Options: premium ₹100 × 75 | ₹66.43 | ₹31.03 | Shoonya (Finvasia) (saves ₹35.4) |
| Futures: ₹24,000 × 75 | ₹1,067.15 | ₹1,031.75 | Shoonya (Finvasia) (saves ₹35.4) |
Illustrative quantities. Try your own trade in the compare-all brokerage calculator.
Feature check
| Feature | Upstox | Shoonya (Finvasia) |
|---|---|---|
| Free delivery | – | ✓ |
| Zero AMC | – | ✓ |
| Free API | ✓ | ✓ |
| TradingView | – | – |
| MCX commodity | ✓ | ✓ |
| Mutual funds | ✓ | ✓ |
| IPO | ✓ | – |
| Research desk | – | – |
| Published speed | ✓ | ✓ |
What the published data shows
Shoonya (Finvasia) publishes free equity delivery; Upstox does not (per official pricing at review). Both publish execution-speed figures (Upstox: ≈ 135 ms (median); Shoonya (Finvasia): ≈ 140 ms (median)) — methodologies differ; see each profile before comparing on speed alone.
Tools & profiles
- Upstox full profile
- Shoonya (Finvasia) full profile
- Upstox brokerage calculator
- Shoonya (Finvasia) brokerage calculator
- Lowest brokerage brokers in India
- All broker comparisons
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Frequently asked questions
Upstox vs Shoonya (Finvasia): which has lower delivery brokerage?
At our last review, Upstox published delivery brokerage as "₹20 per order (flat)" and Shoonya (Finvasia) as "₹0 (free equity delivery)". Plan-based or percentage pricing cannot always be reduced to a single winner — use the official pricing pages linked below.
Does Upstox or Shoonya (Finvasia) have a trading API?
Both have documented APIs at review time: Upstox (Upstox API), Shoonya (Finvasia) (Shoonya API). Compare pricing and rate limits on each broker's developer page.
Which is faster — Upstox or Shoonya (Finvasia)?
Upstox publishes ≈ 135 ms (median); Shoonya (Finvasia) publishes ≈ 140 ms (median). Sources and methodologies differ (including self-reported vs third-party figures) — they are not directly comparable without reading each source.
Is Upstox cheaper than Shoonya (Finvasia)?
On our four example trades (intraday, delivery, options and futures), Upstox is cheaper on 0, Shoonya (Finvasia) on 4, and 0 are tied. Statutory charges are identical, so any difference comes from brokerage.
Are these comparisons independent?
Yes. Indian Broker Test is not affiliated with, sponsored by, or endorsed by any broker. Rankings and comparisons use only published official data; gaps are shown as Not Disclosed.
Sources
- Upstox - official website - https://upstox.com
- Upstox - official pricing - https://upstox.com/brokerage-charges/
- Shoonya (Finvasia) - official website - https://shoonya.com
- Shoonya (Finvasia) - official pricing - https://shoonya.com/pricing