Broker comparison
Zerodha vs Upstox (2026): Brokerage, API, AMC & Execution Compared
Side-by-side comparison of Zerodha and Upstox from published official pricing and features — no affiliation with either broker.
- 1 – 0Cheaper on example trades (Zerodha – Upstox)
- 4 – 5Published features (of 9)
| Metric | Zerodha | Upstox |
|---|---|---|
| Delivery brokerage | ₹0 (free) | ₹20 per order (flat) |
| Intraday brokerage | ₹20 or 0.03% per order (whichever is lower) | ₹20 or 0.1% per order (whichever is lower) |
| F&O brokerage | ₹20 per order (options); ₹20 or 0.03% per order for futures (whichever is lower) | ₹20 per order (options); ₹20 or 0.05% per order for futures (whichever is lower) |
| AMC | Free first year, then ₹300 + 18% GST per year, billed quarterly (non-BSDA; ₹0 for BSDA holdings under ₹4 lakh) | ₹0 first year, then ₹300 + GST per year |
| Account opening | Free (resident individuals); ₹500 for NRI | Free (online) |
| Trading API | Kite Connect — Personal API free; Connect (live data + historical) ₹500/month | Upstox API — Free (per official developer page) |
| Reported execution speed | ≈ 80 ms (median) | ≈ 135 ms (median) |
| Algo support | Yes - via Kite Connect API | Yes - via Upstox API |
| Platforms | Kite (web), Kite (mobile), Console, Coin | Upstox app, Upstox web (Pro) |
| Best for (published) | Self-directed investors and traders who want low, predictable costs and a stable platform. | Intraday and options traders who prioritise app speed and a free API. |
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 | Zerodha | Upstox | Cheaper |
|---|---|---|---|
| Intraday: ₹1 lakh buy & sell | ₹82.97 | ₹82.97 | Tie |
| Delivery: ₹50,000 buy & sell | ₹131.78 | ₹178.98 | Zerodha (saves ₹47.2) |
| Options: premium ₹100 × 75 | ₹66.43 | ₹66.43 | Tie |
| Futures: ₹24,000 × 75 | ₹1,067.15 | ₹1,067.15 | Tie |
Illustrative quantities. Try your own trade in the compare-all brokerage calculator.
Feature check
| Feature | Zerodha | Upstox |
|---|---|---|
| Free delivery | ✓ | – |
| Zero AMC | – | – |
| Free API | – | ✓ |
| TradingView | – | – |
| MCX commodity | ✓ | ✓ |
| Mutual funds | ✓ | ✓ |
| IPO | – | ✓ |
| Research desk | – | – |
| Published speed | ✓ | ✓ |
What the published data shows
Zerodha publishes free equity delivery; Upstox does not (per official pricing at review). Both publish execution-speed figures (Zerodha: ≈ 80 ms (median); Upstox: ≈ 135 ms (median)) — methodologies differ; see each profile before comparing on speed alone.
Tools & profiles
- Zerodha full profile
- Upstox full profile
- Zerodha brokerage calculator
- Upstox brokerage calculator
- Lowest brokerage brokers in India
- All broker comparisons
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Frequently asked questions
Zerodha vs Upstox: which has lower delivery brokerage?
At our last review, Zerodha published delivery brokerage as "₹0 (free)" and Upstox as "₹20 per order (flat)". Plan-based or percentage pricing cannot always be reduced to a single winner — use the official pricing pages linked below.
Does Zerodha or Upstox have a trading API?
Both have documented APIs at review time: Zerodha (Kite Connect), Upstox (Upstox API). Compare pricing and rate limits on each broker's developer page.
Which is faster — Zerodha or Upstox?
Zerodha publishes ≈ 80 ms (median); Upstox publishes ≈ 135 ms (median). Sources and methodologies differ (including self-reported vs third-party figures) — they are not directly comparable without reading each source.
Is Zerodha cheaper than Upstox?
On our four example trades (intraday, delivery, options and futures), Zerodha is cheaper on 1, Upstox on 0, and 3 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
- Zerodha - official website - https://zerodha.com
- Zerodha - official pricing - https://zerodha.com/charges/
- Upstox - official website - https://upstox.com
- Upstox - official pricing - https://upstox.com/brokerage-charges/