Upstox vs Zerodha 2026 — Which is Best for IPO?
Quick Verdict
Navigating the world of stockbrokers in 2026 can feel like a maze, right? Especially when you're eyeing those exciting IPOs and looking for the best platform to grow your wealth. With so many options, how do you pick the one that truly fits your financial journey?
This is where we step in. We're breaking down two of the most popular names in the Indian broking space – Upstox and Zerodha – to help you make an informed decision. Let's see who comes out on top for your specific needs.
Company Overview — Upstox vs Zerodha
| Parameter | Upstox | Zerodha |
|---|---|---|
| Rating | 4.5★ | 4.6★ |
| Founded | 2009 | 2010 |
| Broker Type | Discount Broker | Discount Broker |
| Headquarters | Mumbai | Bengaluru |
| Customer Base | 1 Cr+ | 1.5 Cr+ |
| SEBI Registered | ✅ Yes | ✅ Yes |
| Parent / Backed By | RKSV Securities (Ratan Tata backed) | Zerodha Broking Ltd |
Brokerage Charges — Who's Actually Cheaper?
Now, let's talk about the nitty-gritty – the charges. This is where it gets interesting, and often, where the real savings can be found. Understanding these fees is crucial, as they can silently eat into your profits over time. So, let's dissect what Upstox and Zerodha are charging.
| Charge Type | Upstox | Zerodha |
|---|---|---|
| Account Opening | Free | Free |
| Annual Maintenance | Free | ₹300 |
| Equity Delivery | ₹20 per order or 0.05% | Zero (Free delivery) |
| Intraday | ₹20 per order or 0.05% | ₹20 per order or 0.03% |
| IPO Application | Free | Free |
| Futures | ₹20 per order | ₹20 per order |
| Options | ₹20 per order | ₹20 per order |
| Mutual Funds | Free | Free (Coin) |
Looking at the charges, it's clear that both brokers are quite competitive. Upstox shines with its free Account Opening and, importantly, free AMC, which is a huge win for long-term investors who don't want to pay an annual fee. Zerodha, on the other hand, charges a ₹300 AMC, which is a recurring cost to keep in mind. For equity delivery, Zerodha’s ‘Zero’ brokerage is a fantastic deal, meaning you don't pay anything for buying and holding stocks. Upstox's ₹20 per order or 0.05% is also very reasonable, especially for smaller trades. For intraday trading, both are neck-and-neck with ₹20 per order, though Zerodha has a slightly lower percentage at 0.03%. The good news? Both are free for IPO applications, and both support UPI mandates, making IPO investing a breeze.
Statutory Charges — Same for All Brokers
Beyond brokerage, every trade attracts government-mandated charges. These are identical regardless of which broker you use:
| Charge | Equity Delivery | Intraday | F&O Futures | F&O Options |
|---|---|---|---|---|
| STT | 0.1% buy+sell | 0.025% sell | 0.02% sell | 0.1% sell premium |
| Exchange | 0.00345% | 0.00345% | 0.002% | 0.05% |
| GST | 18% on (brokerage + exchange charges) | |||
| SEBI | ₹10 per crore of turnover | |||
| Stamp Duty | 0.015% buy | 0.003% buy | 0.002% buy | 0.003% buy |
Platform & Features — Where They Really Differ
Charges are one thing, but your daily trading experience depends on the platform. Here's where each broker stands out — and falls short:
| Feature | Upstox | Zerodha |
|---|---|---|
| IPO Application | ✅ Yes | ✅ Yes |
| UPI Mandate | ✅ Yes | ✅ Yes |
| ASBA Support | ✅ Yes | ✅ Yes |
| Mobile App | ✅ Upstox Pro | ✅ Kite |
| Advanced Charts | ✅ TradingView | ✅ ChartIQ |
| Algo Trading | ❌ No | ✅ Streak |
| Research Reports | ❌ No | ❌ No |
| 3-in-1 Account | ❌ No | ❌ No |
| NRI Trading | ✅ Yes | ✅ Yes |
| Mutual Funds | Free | Free (Coin) |
What's worth noting is that none of these discount brokers offer in-house research reports — if that's a priority, you'll need a full-service broker like ICICI Direct. For IPO applications specifically, all are equally smooth — the UPI mandate process takes under 2 minutes on each platform.
Pros & Cons — The Honest Truth
Upstox
Pros
- ✅ Free account opening and zero AMC
- ✅ Pro trading platform with TradingView charts
- ✅ Free IPO application via UPI
- ✅ Backed by Ratan Tata and Tiger Global
Cons
- ❌ Brokerage on equity delivery (not free like Zerodha)
- ❌ App can lag during market opening hours
- ❌ Limited research and advisory
Zerodha
Pros
- ✅ Zero brokerage on equity delivery trades
- ✅ Excellent Kite trading platform and mobile app
- ✅ Free IPO application via UPI mandate
- ✅ Largest broker in India — trusted by 1.5 Cr+ users
Cons
- ❌ ₹300 annual maintenance charge
- ❌ No research reports or advisory services
- ❌ Call & trade charges ₹50 per order
So, Which One Should You Actually Pick?
If you're a long-term investor:
For those of you who believe in buy-and-hold strategies and want to build wealth over the years, Upstox likely edges out Zerodha here. The biggest differentiator is Upstox's free Annual Maintenance Charges (AMC). This means you won't have to pay a yearly fee to keep your demat account active, which can add up significantly over a decade or more. While Zerodha's platform is excellent, that ₹300 AMC is a recurring cost that long-term investors can avoid with Upstox, making it the more economical choice for holding investments for the long haul.
If you're a complete beginner:
If you're just starting your investment journey and feeling a bit overwhelmed, Zerodha often gets the nod. Their platform, Kite, is known for being user-friendly and intuitive, which can make learning the ropes much less daunting. Plus, Zerodha has a wealth of educational resources, including their Varsity platform, which is fantastic for understanding market concepts. While Upstox is also quite accessible, Zerodha's reputation for beginner support and ease of use gives it a slight edge for those taking their first steps into trading and investing.
If you're an active trader:
For the day traders and frequent traders out there, Zerodha is usually the preferred choice. Their Kite trading platform is renowned for its speed, stability, and advanced charting tools. The low brokerage charges for intraday trading at ₹20 per order or 0.03% are very attractive. While Upstox also offers competitive intraday pricing at ₹20 per order or 0.05%, many active traders find Zerodha's platform to be more robust and feature-rich, offering a smoother and more efficient trading experience when every second counts.
If you only care about IPO applications:
Honestly, if your primary focus is just applying for IPOs, you'll be in good hands with either Upstox or Zerodha. Both brokers offer a completely free experience for IPO applications. They both support the crucial UPI mandate, which simplifies the application and payment process significantly. You can expect a smooth and hassle-free experience with either. So, for IPO-specific investors, the choice between the two might come down to other factors like their trading platform or additional services, rather than IPO application charges.
Frequently Asked Questions
Which is better — Upstox or Zerodha for IPO?
For IPO applications, both Upstox and Zerodha are excellent choices. They both offer a completely free application process and support the UPI mandate, which makes subscribing to new issues very convenient. You won't find a significant difference in the IPO experience between the two.
Which broker has zero brokerage on equity delivery?
Zerodha is the broker that offers zero brokerage on equity delivery. This means when you buy shares for investment and hold them for more than a day, Zerodha doesn't charge you any brokerage fees. Upstox charges a nominal fee of ₹20 per order or 0.05% for equity delivery.
Can I have accounts with multiple brokers?
Yes, you absolutely can have accounts with multiple brokers. Many investors do this to leverage different platforms or for specific trading needs. However, keep in mind that your PAN card is linked to all your demat accounts, and for IPO applications, you can only apply once per PAN across all brokers.
Which broker has the best mobile app?
Both Upstox and Zerodha have highly-rated mobile apps. Zerodha's Kite app is often praised for its speed, user-friendliness, and comprehensive features, making it a favorite among traders. Upstox's app is also robust and easy to navigate, offering a great experience for both new and experienced investors.
Are discount brokers safe for IPO application?
Yes, discount brokers like Upstox and Zerodha are very safe for IPO applications. They are registered with SEBI (Securities and Exchange Board of India) and adhere to strict regulatory guidelines. Your investments and applications are handled securely through these regulated entities.
Upstox vs Zerodha — which has fastest IPO allotment?
The speed of IPO allotment is primarily determined by the IPO registrar and the stock exchange, not the broker itself. Both Upstox and Zerodha facilitate the application process efficiently, but the actual allotment of shares happens after the IPO closes and is managed by the registrar. So, neither broker has an inherent advantage in allotment speed.
How to switch from one broker to another?
To switch brokers, you first open a new demat account with your preferred broker. Then, you can initiate a transfer of your existing holdings from your old account to the new one. This process is called an account transfer and usually involves filling out specific forms with both brokers. It's a straightforward process but can take a few days to complete.
Which broker is cheapest overall in 2026?
In 2026, the cheapest broker overall depends on your trading style. For long-term investors, Upstox is likely cheaper due to its free AMC. For active traders, Zerodha offers competitive intraday rates. If you don't trade often and focus on delivery, Zerodha's zero delivery brokerage is unbeatable.
Ready to Open Your Demat Account?
All brokers listed offer free account opening. Pick the one that fits your investing style.