Zerodha
₹0 brokerage on equity delivery, a clean and fast platform (Kite), strong reporting (Console) and the best free market education in India (Varsity). The ₹300 + GST yearly AMC is the trade-off versus zero-AMC rivals.
Full Zerodha verdict
Broker comparison · Updated June 2026
The Best Stock Brokers in India — An Honest 2026 Comparison
Zerodha, Upstox, Angel One and Groww side by side for long-term stock investing: every charge that actually hits your account, what each platform does well, where each one annoys its users — and a methodology section that tells you exactly how we compared them and how this page earns money.
All four brokers are SEBI-registered. We may earn a commission if you open an account through links on this page — see the methodology section. Not investment advice.
If you only read one section
Quick Verdicts by Investor Type
There is no single best broker — there is a best broker for how you invest. Based on published charge schedules and platform features as of June 12, 2026:
Groww
The least intimidating onboarding and interface of the four, ₹0 account opening and ₹0 AMC, and India's largest active-client base. Delivery orders carry a ₹5 minimum brokerage, which stings on very small orders.
Full Groww verdictAngel One
Flat-fee pricing with the bones of a full-service broker: research reports, advisory, a huge sub-broker network and free trading APIs. Heavier notifications and upselling are the cost of all that service.
Full Angel One verdictUpstox
₹0 AMC on its standard plan and TradingView-powered charting make it a capable second account. Unlike Zerodha and Angel One, it charges brokerage on delivery (up to ₹20/order).
Full Upstox verdict
The numbers that hit your account
Brokerage & Charges Compared
Compiled from each broker's published pricing page, as checked on June 12, 2026. Charge schedules change — and have changed before with little notice — so treat this as a snapshot and re-verify on the broker's own pricing page before opening an account.
Charges checked June 12, 2026 · market context data as of —
| Charge | Zerodha | Upstox | Angel One | Groww |
|---|---|---|---|---|
| Account opening | ₹0 (online) | ₹0 | ₹0 | ₹0 |
| Demat AMC PER YEAR | ₹300 + GST (₹0 under BSDA for small holdings) | ₹0 on the standard plan (plan-dependent) | ₹0 first year, then ~₹240 + GST (billed monthly) | ₹0 |
| Equity delivery PER ORDER | ₹0 | ₹20 or 2.5%, whichever lower | ₹0 on the flat-fee plan (a ₹20 fee announced in 2023 was rolled back — re-verify) | ₹20 or 0.1%, whichever lower (min ₹5) |
| Equity intraday PER ORDER | ₹20 or 0.03%, whichever lower | ₹20 or 0.05%, whichever lower | ₹20 or 0.03%, whichever lower | ₹20 or 0.1%, whichever lower (min ₹5) |
| F&O PER ORDER | ₹20 flat | ₹20 flat | ₹20 flat | ₹20 flat |
| DP charge on sell PER SCRIP / DAY | ~₹13.5 + GST | ~₹20 + GST | ~₹20 + GST | ~₹20 (incl. of charges as published) |
| Direct mutual funds | ₹0 (Coin) | ₹0 | ₹0 | ₹0 |
Charges every broker must pass on, at identical or near-identical rates: STT (0.1% on equity delivery buys and sells; 0.025% on intraday sells), exchange transaction charges, SEBI turnover fees, stamp duty (0.015% on delivery buys) and 18% GST on brokerage and transaction charges. Since SEBI's "true-to-label" circular (effective October 2024), exchange charges are passed through at actual rates, which slightly narrowed the cost gap between brokers. None of these are broker profit and none are avoidable by switching.
Worked example — a one-time ₹50,000 delivery purchase you sell a year later: at Zerodha or Angel One you pay ₹0 brokerage both ways (plus ~₹100 total STT, ~₹7.5 stamp duty, exchange/SEBI fees and one DP charge on the sale). At Groww the same round trip adds ~₹40 brokerage; at Upstox up to ~₹40. On small portfolios the AMC difference (₹0 vs ₹300/yr) can outweigh brokerage entirely.
Platform by platform
Pros, Cons and Who Each Broker Suits
Active-client figures are approximate NSE counts as of mid-2026 and shift monthly. Pros and cons reflect published features, charge schedules and widely reported user experience — not paid placement.
Zerodha
Best for buy-and-holdPros
- ₹0 brokerage on equity delivery — the cheapest structure for long-term investors who trade rarely
- Kite is fast, uncluttered and consistent; Console gives genuinely useful P&L, tax and corporate-action reports
- Varsity is the best free, structured market education in India
- Bootstrapped and consistently profitable, with a conservative risk culture and no spam-calling or tip-pushing
- GTT (good-till-triggered) orders suit investors who don't watch screens daily
Cons
- ₹300 + GST annual AMC while Groww and Upstox charge ₹0
- Support is ticket-first; resolution can feel slow when something urgent breaks
- Past technical glitches on high-volatility days are well documented (much improved, not forgotten)
- No research reports or advisory — by design, but beginners wanting hand-holding get none
Groww
Best for beginnersPros
- Cleanest onboarding of the four — account opening to first order is genuinely simple
- ₹0 account opening and ₹0 AMC: no fixed costs while you learn
- Stocks, direct mutual funds, IPOs and FDs in one uncluttered app
- Largest active-client base on NSE, with rapid product iteration
Cons
- Delivery brokerage has a ₹5 minimum per order — proportionally expensive on very small SIP-style stock buys
- Fewer professional tools: limited order types and charting depth versus Kite or Upstox
- No public trading API for automation; advanced users outgrow it
- Education content is thinner than Zerodha's Varsity
Angel One
Best for research & advisoryPros
- Discount-broker pricing with full-service DNA: in-house research reports and stock ideas included
- ₹0 delivery brokerage on the flat-fee plan, with first-year AMC waived
- Free SmartAPI for algorithmic and automated trading
- Large offline sub-broker network — useful if you ever want in-person help
- Margin trading facility (MTF) is among the more competitively priced
Cons
- The most promotional of the four: expect frequent notifications and cross-selling of loans, insurance and ideas
- AMC of ~₹240 + GST per year kicks in after the first year
- Pricing has been changed and rolled back before (the November 2023 delivery-fee episode) — watch the schedule
- Advisory nudges can encourage overtrading if you follow them uncritically
Upstox
Best low-fixed-cost second accountPros
- ₹0 AMC on the standard plan — no recurring cost for a dormant or backup account
- TradingView-powered charting on web is excellent for the price (free)
- Quick digital onboarding; long-standing institutional backing (early backing by Ratan Tata and Tiger Global)
- Solid IPO application flow and a usable mutual-fund offering
Cons
- Charges brokerage on equity delivery (up to ₹20/order) where Zerodha and Angel One charge ₹0
- Repeated app redesigns have been divisive with existing users
- Customer-support ratings are mixed, similar to other discount brokers
- Smaller active-client base means fewer community resources and third-party integrations
How we compared — and how this page makes money
Our Methodology, Honestly
- What we compared: published charge schedules (account opening, AMC, delivery, intraday, F&O, DP charges, mutual funds), platform features relevant to long-term stock investing, education and research offerings, and approximate NSE active-client counts as a proxy for scale and liquidity of support resources.
- When: every figure on this page was checked against each broker's own pricing page on June 12, 2026. Brokers change schedules — Angel One did exactly that in 2023, and SEBI's October 2024 true-to-label circular reshaped pass-through charges industry-wide — so re-verify before acting.
- What we did not do: we did not run paid benchmarks, we did not test order-execution latency, and we do not rank on customer-support quality beyond widely reported patterns, because we cannot measure it rigorously.
- Affiliate disclosure: the "Open an account" buttons on this page are affiliate links. If you open an account through them we may earn a commission at no extra cost to you. This funds the site. No broker paid for placement, ordering or wording on this page, and the verdicts above would read the same without the links.
- Scope: this comparison is for equity investing and basic trading by retail investors. If you need commodity, currency, advanced derivatives or NRI accounts, check each broker's specific offering — the trade-offs differ.
- Compliance: all four brokers are SEBI-registered members of NSE and BSE with CDSL/NSDL depository participation. We are not SEBI-registered investment advisors and nothing here is investment advice.
Not sure what a demat account even is? Read Demat Accounts, Explained first, then How to Buy Shares in India for the step-by-step process. Once your account is open, our large-cap list and SIP calculator are sensible next stops.
Ready to put research into practice?
Open a free demat & trading account with a SEBI-registered discount broker and start with a small, disciplined SIP.
Good questions
Brokers in India — Frequently Asked Questions
Which broker is cheapest for long-term delivery investing?
On published schedules as of June 2026, Zerodha charges zero brokerage on equity delivery (its ₹300 + GST annual demat AMC is the main recurring cost), and Angel One's flat-fee plan has also kept delivery free. Groww charges the lower of ₹20 or 0.1% with a ₹5 minimum per delivery order, and Upstox charges up to ₹20 per delivery order. For small, frequent SIP-style stock purchases, per-order minimums matter more than headline rates — always re-verify the live pricing page before opening an account.
Is my money safe with a discount broker?
All four brokers compared here are SEBI-registered and are members of NSE/BSE. Your shares are not held by the broker — they sit in your demat account with the depositories (CDSL or NSDL) in your name, and SEBI's quarterly running-account settlement rules require idle funds to be returned to your bank account. Broker failure is rare but not impossible; the practical protections are keeping your shares in your own demat, avoiding large idle cash balances with any broker, and checking your CDSL/NSDL statements.
Can I open demat accounts with more than one broker?
Yes. You can hold multiple demat and trading accounts across different brokers against the same PAN (only one per broker). Many investors keep a primary account for long-term holdings and a second for trading or as a backup during outages. Remember each account can carry its own AMC, and your combined holdings are visible to the tax authorities through your PAN either way.
What hidden charges should I check beyond brokerage?
Six items catch most people: (1) DP charges of roughly ₹13–₹21 plus GST per stock per day when you sell from your demat; (2) annual maintenance charges; (3) statutory levies — STT, exchange transaction charges, SEBI fees, stamp duty and 18% GST on brokerage — which apply at every broker; (4) call-and-trade and auto square-off fees of around ₹50 per order; (5) pledge/unpledge charges if you use margin; and (6) payment-gateway or fund-transfer fees on some platforms. Read the full charge sheet, not just the brokerage line.
Which broker is best for a complete beginner?
It depends on how you learn. Groww has the simplest, least intimidating interface for a first stock or mutual-fund purchase. Zerodha's app is slightly more trader-flavoured, but its free Varsity education platform is the best structured way to actually learn markets in India. Angel One suits people who want research reports and advisory nudges; Upstox sits in between. All four open accounts online with PAN and Aadhaar in under a day.
Do these brokers charge for mutual funds too?
No — Zerodha (via Coin), Groww, Upstox and Angel One all offer direct mutual fund plans with zero commission and zero brokerage as of June 2026. Direct plans have lower expense ratios than the regular plans sold through distributors, which compounds meaningfully over the years. Mutual fund units bought through these platforms are also held in or trackable against your own account, so they remain yours regardless of the platform.