Zerodha vs Upstox: which is cheaper in 2026?
Short answer: Zerodha is cheaper for long-term investors because delivery brokerage is ₹0 and its DP charge is lower. For options and large F&O trades the cost is identical, because both charge a flat ₹20 and government charges are the same.
Charges side by side
| Charge | Zerodha | Upstox |
|---|---|---|
| Equity delivery brokerage | ₹0 | ₹20 per order |
| Intraday brokerage | 0.03% or ₹20, whichever lower | 0.1% or ₹20, whichever lower |
| Futures brokerage | 0.03% or ₹20, whichever lower | 0.05% or ₹20, whichever lower |
| Options brokerage | ₹20 flat | ₹20 flat |
| DP charge (per stock sold) | ₹15.34 incl. GST | ₹20 + GST (₹23.60) |
| AMC | Free 1st year, then ₹300 + GST/yr (non-BSDA) | Free 1st year, then ₹300 + GST/yr (non-BSDA) |
Source: Zerodha's and Upstox's officially published charges, checked on .
Example 1: investing (delivery)
Buy 50 shares at ₹1,500 and sell later at ₹1,560 (total turnover ₹1.53 lakh).
| Cost | Zerodha | Upstox |
|---|---|---|
| Brokerage | ₹0.00 | ₹40.00 |
| STT (0.1% both sides) | ₹153 | ₹153 |
| Exchange + SEBI | ₹4.85 | ₹4.85 |
| Stamp duty | ₹11 | ₹11 |
| GST (incl. GST on DP charge) | ₹0.87 | ₹11.67 |
| DP charge | ₹15.34 (incl. GST) | ₹20.00 |
| Total | ₹185.06 | ₹240.52 |
Zerodha saves about ₹55 on this one round trip. For someone who invests every month, that difference adds up over a year.
Example 2: a small intraday trade
Buy 40 shares at ₹250 and sell at ₹253 (order value about ₹10,000 each way).
- Zerodha: 0.03% of ₹10,000 = ₹3 per order, so ₹6 brokerage.
- Upstox: 0.1% of ₹10,000 = ₹10 per order, so ₹20 brokerage.
On small intraday orders, Zerodha is cheaper. Once each order is above about ₹66,700 (Zerodha) or ₹20,000 (Upstox), both hit the ₹20 cap and cost the same.
Example 3: options and futures
For options, both charge a flat ₹20 per order, and STT, exchange fees and stamp duty are fixed by the government and exchange. The total cost is identical. For futures, most trades exceed the order size where both hit the ₹20 cap, so costs are usually the same too.
For F&O traders, the bigger cost is STT, which rose in April 2026. See how much more you now pay →
Verdict
- Long-term investor: Zerodha is cheaper (₹0 delivery and a lower DP charge).
- Small intraday trades: Zerodha is cheaper (0.03% vs 0.1%).
- Options or large F&O trades: a tie on cost. Choose on app, tools, margin and support.
Plug in your own trade in the all-in cost calculator to compare all six brokers.
Some links may be affiliate links. This never affects the numbers above. Disclosure.