Angel One vs Upstox vs Zerodha — Charges, MTF & Features Compared (2026)
A neutral, side-by-side comparison of Angel One, Upstox and Zerodha across every charge that matters. For live per-stock MTF rates use the MTF comparison.
| Fee / Feature | Angel One | Upstox | Zerodha |
|---|---|---|---|
| Equity delivery | ₹20/trade or 0.1% (lower, min ₹5) | ₹0 (free) | ₹0 (free) |
| Intraday | ₹20/trade or 0.1% (lower, min ₹5) | ₹20/trade or 0.05% (lower) | ₹20/trade or 0.03% (lower) |
| F&O | ₹20/trade | ₹20/trade | ₹20/trade |
| MTF interest (p.a.) | ~14.99% p.a. | ~18.25% p.a. | ~14.6% p.a. |
| AMC | ₹0 first year, then ₹240/year | ₹150/year | ₹300/year |
| Best for | Investors who want research and advisory bundled with low-cost trading | Traders wanting free delivery + good API access | Serious long-term investors, F&O traders, Kite power users |
Angel One
Top-3 broker by clients — research + advisory alongside flat fees
Pros
- One of India's largest brokers (~7M+ clients)
- Free research, ARQ Prime advisory and stock ideas
- SmartAPI for algo trading
Cons
- Delivery is ₹20/0.1%, not free like Upstox/Zerodha/Dhan
- ₹240/year AMC from the second year
Upstox
Flat-fee discount broker backed by Ratan Tata
Pros
- Zero brokerage on equity delivery
- Fast Upstox Pro Web + Mobile app
- Public Upstox V3 API — best among discount brokers
Cons
- ₹150 AMC (vs free on some)
- No call-and-trade included
Zerodha
India's largest discount broker by active clients
Pros
- Largest user base — most liquid community
- Kite 3 is a benchmark trading platform
- Excellent educational content (Varsity)
Cons
- ₹300 AMC (higher than peers)
- No free call-and-trade