Is Upstox cheaper than Zerodha?

Upstox charges ₹20/order or 2.5% (whichever is lower) on equity delivery, ₹20/trade or 0.05% (lower) on intraday, and ₹20/trade on F&O. Zerodha charges ₹0 (free), ₹20/trade or 0.03% (lower), and ₹20/trade. MTF interest: Upstox at ~18.25% p.a. vs Zerodha at ~14.6% p.a..

Which broker is better for MTF - Upstox or Zerodha?

Upstox's MTF rate is ~18.25% p.a.. Zerodha's MTF rate is ~14.6% p.a.. On a ₹5 lakh position held 6 months, the cheaper broker saves thousands in interest. See the live MTF rate comparison at /mtf.

Upstox vs Zerodha - Brokerage, MTF Rates & Features Compared (2026)

Side-by-side comparison of Upstox and Zerodha across every charge and feature that matters to Indian retail traders. Data verified April 2026. Use the live MTF comparison for real-time rate checks.

Upstox

upstox

Flat-fee discount broker backed by Ratan Tata

Best for: Active traders wanting speed + good API access

Zerodha

zerodha

India's largest discount broker by active clients

Best for: Serious long-term investors, F&O traders, Kite power users

Charges compared

Fee / Charge	Upstox	Zerodha
Equity delivery	₹20/order or 2.5% (whichever is lower)	₹0 (free)
Intraday	₹20/trade or 0.05% (lower)	₹20/trade or 0.03% (lower)
F&O (flat)	₹20/trade	₹20/trade
MTF interest (p.a.)	~18.25% p.a.	~14.6% p.a.
AMC (annual)	₹150/year	₹300/year

Upstox - pros & cons

Pros

Flat ₹20 pricing across all segments
Fast Upstox Pro Web + Mobile app
Public Upstox V3 API - best among discount brokers
Backed by Ratan Tata, Tiger Global

Cons

Delivery is ₹20/order (free only for pre-Aug-2021 accounts)
₹150 AMC (vs free on some)
No call-and-trade included

Zerodha - pros & cons

Pros

Largest user base - most liquid community
Kite 3 is a benchmark trading platform
Excellent educational content (Varsity)
Profitable, self-funded, no VC pressure

Cons

₹300 AMC (higher than peers)
No free call-and-trade
Onboarding slower than newer brokers

Which broker should you pick?

Pick Upstox if you fit this profile: active traders wanting speed + good api access.
Pick Zerodha if you fit this profile: serious long-term investors, f&o traders, kite power users.
Use the live MTF comparison to check the cheaper broker for the specific stock you want to margin-trade - rates vary per stock.
Run your expected monthly trading volume through the brokerage calculator to see actual all-in cost (brokerage + STT + exchange fees + GST).

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