Zerodha vs Upstox
Charges and features for options traders, side by side. Published rates checked Mon, 2 Nov, 2026.
| Feature | Zerodha | Upstox |
|---|---|---|
| Options brokerage | ₹20 per order | ₹20 per order |
| Equity delivery | ₹0 | ₹20 per order |
| Account opening | ₹0 | ₹0 |
| Demat AMC | Free in year 1; then ₹0–₹300 + GST a year depending on holdings (BSDA) | Free in year 1; then ₹300 + GST a year |
| Platforms | Kite (web and app) | Upstox app and Upstox Pro |
| Options tools | Option chain; Sensibull integration | Option chain |
| NSE active clients | 67.9 lakh (NSE, Sep 2026) | 18.5 lakh (NSE, Sep 2026) |
Zerodha
The discount broker most active traders started with; Kite platform and free Varsity lessons.
- Fast, stable Kite platform
- Free delivery trades
- Large free learning library (Varsity)
- Some analytics tools are third-party add-ons
- AMC after the first year for larger holdings
Upstox
Discount broker with a clean app and a pro trading terminal.
- Simple flat pricing
- Pro terminal for active traders
- Delivery trades cost ₹20 each
- AMC after the first year
Want to see what your own trading would cost at each broker? Use the brokerage calculator.
Frequently asked questions
Is Zerodha or Upstox cheaper for options trading?
Both charge ₹20 per order per options order, and statutory charges such as STT are the same at both. Differences are in delivery charges, AMC and tools.
Are Zerodha and Upstox regulated?
Both are SEBI-registered stock brokers and members of NSE and BSE. Client money and securities are covered by the exchanges' rules on segregation.
Can I have accounts with both Zerodha and Upstox?
Yes. You can hold demat and trading accounts with more than one broker; each charges its own AMC.
Does the broker change STT or exchange charges?
No. STT (0.15% of premium on the sell side), exchange charges, the SEBI fee and stamp duty are the same at every broker. Only brokerage and account charges differ.