This Article was fact checked and last updated for accuracy on November 3, 2025 by Mani Karthik
When I moved back to India in 2017, I needed to restart my investment journey.
My 401k stayed in the US. My Vanguard account was still active.
But I wanted to invest in Indian markets now.
Someone in the Citirix alumni group suggested Zerodha. My cousin recommended Upstox.
I opened accounts on both.
Five years later, I still use both. For different reasons.
Let me tell you why.
The Discount Broker Revolution
Remember when opening a trading account meant visiting a broker’s office?
Filling forms. Signing papers. Waiting days for approval.
Zerodha and Upstox changed that.
Both are discount brokers. No commission on delivery trades. Flat fees on intraday.
They arrived when traditional brokers were charging 0.5% per trade.
On a ₹1 lakh trade, that was ₹500 gone. Each way.
Discount brokers killed that model.
Here’s the catch: Lower fees don’t mean better service. Sometimes cheap becomes expensive.
The Head to Head Comparison
| Feature | Zerodha | Upstox |
|---|---|---|
| Founded | 2010 | 2009 |
| Account Opening Fee | ₹200 | ₹0 |
| Annual Maintenance | ₹300 | ₹0 (conditions apply) |
| Equity Delivery | ₹0 | ₹0 |
| Intraday Brokerage | ₹20 or 0.03% | ₹20 or 0.05% |
| F&O Brokerage | ₹20 per order | ₹20 per order |
Numbers verified as of November 2025.
Both look similar on paper.
The real differences emerge when you start trading.
My First Trade on Each Platform
I remember my first Zerodha trade clearly.
Bought 100 shares of Infosys. The interface was confusing. Too many options. Too much data.
I called my wife over. “Does this look right?”
She worked at Druva before we moved back. Tech savvy. Even she found it cluttered.
But the trade went through. Zero brokerage on delivery.
My first Upstox trade was smoother.
Simpler interface. Bought TCS shares. Felt like using a modern app. Less intimidation.
The difference? Zerodha feels like software built by traders for traders.
Upstox feels like an app built by a product team for everyone.
Neither is wrong. Depends what you prefer.
When you’re investing money after returning to India, the learning curve matters. Especially if you’re used to Robinhood or Fidelity.
Platform Features That Actually Matter
| Feature | Zerodha | Upstox |
|---|---|---|
| Desktop Platform | Kite Web | Upstox Pro Web |
| Mobile App | Kite Mobile | Upstox Mobile |
| Advanced Charts | Yes (limited free) | Yes (free) |
| Bracket Orders | No (SEBI banned) | No (SEBI banned) |
| API Access | Yes (₹2000/month) | Yes (free tier available) |
| Customer Support | Ticket based | Phone + Ticket |
Zerodha’s Kite platform is powerful.
If you’re serious about trading. If you understand candlestick patterns. If you use technical indicators.
Kite gives you everything.
But it overwhelmed me initially.
I spent two days just figuring out how to set a stop loss properly.
Upstox was easier.
Open app. Search stock. Buy. Done.
Quick Recap:
✅ Zerodha better for: Serious traders, F&O enthusiasts, data lovers
✅ Upstox better for: Beginners, simple equity investors, clean UI preference
My US born son started investing when he turned 18. Opened an Upstox account.
He tried Zerodha once. Too complicated. Went back to Upstox.
The Hidden Costs Nobody Talks About
Both advertise zero brokerage on delivery.
True. But there are other charges.
| Charges | Zerodha | Upstox |
|---|---|---|
| STT (Sell side) | 0.1% | 0.1% |
| Transaction Charges | NSE/BSE rates | NSE/BSE rates |
| GST | 18% on brokerage | 18% on brokerage |
| DP Charges | ₹13.5 per scrip | ₹13.5 + GST |
| Demat AMC | ₹300/year | ₹0 (conditions) |
These are statutory. Every broker charges them.
The AMC difference matters.
Zerodha charges ₹300 annually no matter what.
Upstox waives it if you trade at least once every 365 days.
I trade regularly. So Upstox AMC stays zero.
My wife has a Zerodha account. Rarely trades. Pays ₹300 every year.
Small amount. But death by thousand cuts is real.
Similar to how credit card annual fees add up if you’re not careful.
Account Opening Experience
Zerodha took me 2 days in 2018.
Upload documents. Wait. Video KYC. Wait more. Account activated.
My cousin opened Upstox in 2024. Done in 3 hours.
They’ve improved since then.
Now both take less than 24 hours typically.
You need PAN. Aadhaar. Bank proof. Signature.
If you’re still an NRI, the process is longer. Additional documentation required.
Check the detailed requirements in my NRI investment guide before starting.
💡Tip: Keep your PAN and Aadhaar linked before opening any trading account. Saves hassle later.
The Customer Support Reality
This is where experiences vary wildly.
Zerodha support is ticket based only. No phone support.
Sounds terrible. But their ticket system works well.
I raised a ticket about dividend not credited. Response in 4 hours. Issue resolved next day.
Upstox has phone support.
Sounds great. But getting through takes time. Hold music. Transfers. Frustration.
Their ticket system is slower than Zerodha’s.
Ironic.
“I wanted to talk to someone. Upstox put me on hold for 15 minutes. Zerodha replied to my ticket while I was still waiting.” – BackToIndia community member
What this really means is: Zerodha optimized for efficiency. Upstox optimized for perception.
Neither is perfect.
Advanced Features for Serious Traders
Zerodha’s Coin platform for mutual funds is excellent.
Direct plans. No commission. Clean interface.
I moved all my SIP investments to Coin. Saving 0.5% to 1% annually on commission.
On ₹10 lakh invested, that’s ₹5,000 to ₹10,000 saved every year.
Compound that over 20 years. Massive difference.
Upstox mutual fund platform is newer. Works fine. Nothing special.
Zerodha also has Varsity. Free trading education.
I learned option strategies there. Well written. Actually useful.
Upstox has educational content too. Not as comprehensive.
When deciding between best trading platforms in India, these extras matter if you’re learning.
The NRI and Returning NRI Angle
If you’re an NRI, both platforms support NRI accounts.
Different process. More paperwork. Longer approval time.
Zerodha NRI accounts are straightforward. Clear documentation. Good support.
Upstox NRI support has mixed reviews in the community.
When I returned in 2017, I opened as a resident. Easier process.
But I had to show my changed status. Updated PAN. Proof of Indian address.
This is similar to converting NRE to resident accounts. Status change requires documentation.
If you’re moving back and want to invest, get your residential status sorted first.
Saves complications later.
My Current Usage Pattern
I use both. Here’s how.
Zerodha for long term equity investing. Mutual funds through Coin. Some F&O when I’m feeling adventurous (rarely).
Upstox for quick trades. IPO applications. Checking prices on mobile.
Think of it like having different shoes for different occasions.
Running shoes for running. Formal shoes for weddings.
Could I use just one? Sure.
Do I want to? No.
The annual cost is ₹300 for Zerodha. ₹0 for Upstox if I trade once a year.
That’s ₹300 total. Less than one dinner at a decent restaurant.
Worth it for the flexibility.
Which One Should You Choose?
Choose Zerodha if:
- You’re serious about trading and investing
- You want the best mutual fund platform
- You don’t mind a steeper learning curve
- You value detailed reports and analytics
- You’re okay with ticket based support
Choose Upstox if:
- You’re starting out with investing
- You want a simple, modern interface
- You prefer phone support availability
- You trade occasionally
- You want zero annual fees
Choose both if:
- You’re optimizing everything (like me)
- You want backup options
- You use different platforms for different strategies
- ₹300 annual cost doesn’t bother you
When I talk to folks in the BackToIndia community, most serious investors eventually have both.
Start with one. Add the other when you see the need.
The Real Bottom Line
Zerodha is the Toyota Corolla of brokers.
Reliable. Feature rich. Not flashy. Gets the job done.
Upstox is the Hyundai Creta.
Modern. Good looking. Easy to use. Growing fast.
Both will take you where you need to go.
Your choice depends on what matters more. Features or simplicity.
I chose both. No regrets.
Your investment returns won’t depend on which broker you pick.
They’ll depend on what you buy. When you buy. How long you hold.
The broker is just the tool.
Focus on the strategy. Not the tool.
Still confused? Post in the community. Someone there has probably tested every possible combination and will give you real feedback.
Sources and References
All data verified as of November 2025 from:
- Zerodha official pricing: zerodha.com/charges
- Upstox official pricing: upstox.com/pricing
- SEBI broker regulations: sebi.gov.in
- NSE trading charges: nseindia.com
- BSE trading charges: bseindia.com
Brokerage and charges subject to change. Verify current rates before opening accounts.
For detailed individual reviews, check my Zerodha review and Upstox review.
TLDR Version
Zerodha:
- Founded: 2010, more established
- Best for: Serious traders, mutual fund investors, F&O traders
- Interface: Powerful but complex
- Support: Ticket based only, but efficient
- Cost: ₹300 annual AMC, ₹200 account opening
- Standout feature: Coin platform for direct mutual funds
- My take: Best overall if you’re serious about investing
Upstox:
- Founded: 2009, aggressive growth
- Best for: Beginners, simple equity investors, casual traders
- Interface: Clean, modern, mobile first
- Support: Phone + ticket, but mixed quality
- Cost: Zero AMC (with conditions), zero account opening
- Standout feature: Simple, intuitive mobile app
- My take: Great starting point for new investors
What I actually do: Use both. Zerodha for serious investing and mutual funds. Upstox for quick trades and price checks. Total annual cost ₹300. Worth every rupee for the flexibility.
Quick decision framework: Starting out? Upstox. Getting serious? Zerodha. Want optimization? Both.
Reality check: Your broker choice matters less than your investment choices. Pick one. Start investing. Adjust later if needed.
Questions? Ask in BackToIndia Groups. Real users. Real experiences. No affiliate pressure.