Comparison of Upstox, Zerodha, and Angel One – Which Broker is Best for You?
Introduction
Comparison of Upstox Zerodha and Angel One in India’s trading landscape has evolved rapidly over the past decade. With a rise in retail participation, online stock brokers like Upstox, Zerodha, and Angel One have taken center stage. These platforms offer discount brokerage, low fees, tech-driven tools, and easy onboarding, making them highly popular among both beginners and seasoned investors.
But which broker should you choose? This detailed comparison will help you decide by evaluating all key aspects – brokerage charges, account features, trading platforms, customer support, safety, and more.
Overview of the Brokers
Upstox
Upstox, backed by Ratan Tata and Kalaari Capital, is one of India’s fastest-growing discount brokers. It offers a user-friendly app and web platform with robust charting tools and low fees, making it popular with millennials.
- Founded: 2009
- Headquarters: Mumbai
- Type: Discount Broker
- Target Audience: Beginners and intermediate traders
Zerodha
Zerodha is India’s largest stockbroker by active client base. Known for revolutionizing the discount broking model, it offers low-cost trading with excellent transparency and platform stability.
- Founded: 2010
- Headquarters: Bengaluru
- Type: Discount Broker
- Target Audience: Retail traders, long-term investors, and pro traders
Angel One
Previously known as Angel Broking, Angel One is a full-service broker that also adopted a discount model. It offers traditional services along with AI-based investment advisory, making it ideal for those who want a mix of tech and human touch.
- Founded: 1987
- Headquarters: Mumbai
- Type: Hybrid (Full-service + Discount)
- Target Audience: Long-term investors and semi-active traders
Brokerage Charges on Upstox Zerodha and Angel One
| Feature | Upstox | Zerodha | Angel One |
|---|---|---|---|
| Account Opening Charges | ₹0 | ₹0 | ₹0 |
| Annual Maintenance Charges | ₹0 (1st year), ₹25/month | ₹300/year | ₹240/year |
| Equity Delivery | ₹0 | ₹0 | ₹0 |
| Equity Intraday | ₹20 or 0.05% | ₹20 or 0.03% | ₹20 or 0.05% |
| F&O | ₹20/order | ₹20/order | ₹20/order |
| Currency & Commodity | ₹20/order | ₹20/order | ₹20/order |
Verdict:
All three offer competitive rates, but Zerodha stands out slightly with its lower intraday brokerage cap. Upstox and Angel One are nearly identical in cost.
Trading Platforms and Tools Comparison of Upstox Zerodha and Angel One
Upstox Platform Features
- Upstox Pro (web & mobile)
- TradingView & ChartIQ charting
- Fast order placement
- Option Chain, GTT orders
- Mutual fund investments
Zerodha Platform Features
- Kite Web & Kite Mobile
- Advanced charting tools
- Coin for mutual funds
- Console (back-office reports)
- Varsity (learning platform)
Angel One Platform Features
- Angel One App (mobile & desktop)
- ARQ Prime – AI-based recommendations
- SmartAPI for algo trading
- Margin trading facility
- Robo-advisory support
Verdict:
Zerodha is considered the best for power users and advanced traders. Angel One is great for those who need advisory + trading. Upstox balances both well for intermediate users.
Account Opening Process Comparison of Upstox Zerodha and Angel One
Upstox
- 100% paperless
- Aadhar-based KYC
- Instant verification via DigiLocker
Zerodha
- Online process but may need physical document upload
- PAN, Aadhaar, bank proof needed
- eSign with Aadhaar OTP
Angel One
- Fully online with video KYC
- Takes around 15 minutes to complete
- Free account for a limited period
Verdict:
All are easy to use, but Angel One provides one of the fastest onboarding processes.
Security and Regulations Comparison of Upstox Zerodha and Angel One
All three brokers are:
- Registered with SEBI
- Members of BSE, NSE, and MCX
- Provide 2FA login, TPIN verification, and encrypted data transmission
Verdict:
All are safe and regulated. Zerodha leads in transparency regarding fund segregation and client education on safety.
Customer Support
| Broker | Support Channels | Timings | Languages |
|---|---|---|---|
| Upstox | Email, Chat, Call-back | 8 AM – 6 PM | English, Hindi |
| Zerodha | Ticket-based, Phone Support | 9 AM – 6 PM (Mon–Sat) | English |
| Angel One | Call, Email, Live Chat | 24×7 (for priority) | Multiple Languages |
Verdict:
Angel One provides the widest customer support window. Zerodha is more responsive on email and tickets. Upstox is fast but limited to working hours.
Education & Advisory Tools
- Zerodha Varsity is India’s most trusted trading learning platform – 100% free.
- Angel One offers ARQ Prime for robo-advisory and stock recommendations.
- Upstox provides blogs, webinars, and basic tutorials.
Verdict:
For learning, Zerodha is unmatched. For advisory, Angel One takes the lead.
Products & Services Offered
| Service | Upstox | Zerodha | Angel One |
|---|---|---|---|
| Stocks | ✅ | ✅ | ✅ |
| Mutual Funds | ✅ | ✅ | ✅ |
| IPO Investment | ✅ | ✅ | ✅ |
| Commodities | ✅ | ✅ | ✅ |
| ETFs | ✅ | ✅ | ✅ |
| Insurance | ❌ | ❌ | ✅ |
| Margin Trading Facility | ✅ | ✅ | ✅ |
| Advisory Services | ❌ | ❌ | ✅ |
Best Broker for Different Users
| User Type | Best Broker |
|---|---|
| Beginners | Angel One |
| Traders | Zerodha |
| Investors (Long-Term) | Upstox |
| Advisory-Dependent Users | Angel One |
| Options Traders | Zerodha |
| Mutual Fund Investors | Zerodha/Angel One |
| Margin Traders | Upstox |
Final Comparison Table (Quick Recap)
| Feature | Upstox | Zerodha | Angel One |
|---|---|---|---|
| Account Opening Charges | ₹0 | ₹200 | ₹0 |
| AMC | ₹25/month | ₹300/year | ₹240/year |
| Intraday Brokerage | ₹20 | ₹20 or 0.03% | ₹20 |
| Delivery Brokerage | ₹0 | ₹0 | ₹0 |
| App Experience | Good | Best | Very Good |
| Education & Learning | Average | Excellent | Good |
| Advisory Tools | No | No | Yes |
| Mutual Fund Support | Yes | Yes | Yes |
| AI-Based Tools | No | No | Yes (ARQ) |
| Customer Support | Good | Decent | Excellent |
Business Model, Revenue, and Market Share
What Is the Business Model of These Brokers?
All three platforms—Upstox, Zerodha, and Angel One—follow a discount broking model, which means they charge a flat fee per trade instead of a percentage of transaction value.
Here’s how they earn money:
| Revenue Streams | Upstox | Zerodha | Angel One |
|---|---|---|---|
| Brokerage on Intraday & F&O | ✅ | ✅ | ✅ |
| Interest on Margin Funding | ✅ | ✅ | ✅ |
| Account Maintenance Charges | ✅ | ✅ | ✅ |
| Premium Tools or APIs | ❌ | ✅ (Streak, Sensibull) | ❌ |
| Distribution Commissions (MF, IPO, Insurance) | ✅ | ✅ | ✅ |
| Advisory Subscription | ❌ | ❌ | ✅ (ARQ Prime) |
Annual Revenue (Approximate, Latest Public Data)
| Broker | FY 2023-24 Revenue (INR Crores) | Profit (INR Crores) |
|---|---|---|
| Zerodha | ₹6,875 Cr | ₹2,907 Cr |
| Upstox | ₹1,121 Cr | ₹300 Cr (Est.) |
| Angel One | ₹3,287 Cr | ₹836 Cr |
Number of Active Demat Accounts (2024-25 Estimates) Comparison of Upstox Zerodha and Angel One
| Broker | Active Clients (NSE + BSE) | Total Demat Accounts |
|---|---|---|
| Zerodha | 69+ lakh | ~1.3 crore |
| Upstox | 50+ lakh | ~1 crore |
| Angel One | 47+ lakh | ~85 lakh |
Market Share (By Active Clients) Comparison of Upstox Zerodha and Angel One
| Broker | Market Share (Approx.) |
|---|---|
| Zerodha | 17–20% |
| Upstox | 12–14% |
| Angel One | 10–12% |
Zerodha has maintained a leadership position thanks to strong word of mouth and reliability. Upstox and Angel One are catching up fast due to aggressive marketing and referral programs.
Business Sustainability Comparison of Upstox Zerodha and Angel One
| Broker | Self-Funded? | Profitability | Growth Strategy |
|---|---|---|---|
| Zerodha | ✅ Yes | Highly Profitable | Organic + Word of Mouth |
| Upstox | ❌ No | Moderate | Funded + User Acquisition |
| Angel One | ✅ Listed | Profitable | Mix of Tech + Advisory |
Quick Summary Snapshot: Revenue & Reach
| Feature | Zerodha | Upstox | Angel One |
|---|---|---|---|
| Total Revenue FY24 | ₹6,875 Cr | ₹1,121 Cr | ₹3,287 Cr |
| Profit FY24 | ₹2,907 Cr | ₹300 Cr (Est.) | ₹836 Cr |
| Active Clients | 69+ lakh | 50+ lakh | 47+ lakh |
| Self-Funded | ✅ Yes | ❌ No | ✅ Yes (IPO Listed) |
| Market Position | No. 1 | No. 2–3 | No. 3–4 |
Final Thoughts: Which Broker Wins in Business Performance?
- Zerodha is the most financially solid and profitable broker with zero outside funding. It’s ideal for users who want stability, transparency, and performance.
- Upstox is growing fast with a focus on user experience and mobile-first features, especially among younger investors.
- Angel One, being publicly listed, is highly transparent and offers a good mix of advisory services and self-investing tools.
Conclusion: Which One Should You Choose?
Choosing between Upstox, Zerodha, and Angel One depends on your trading goals and experience level.
- Choose Zerodha if you are a self-driven trader who loves analytics and charting.
- Choose Angel One if you need handholding, advisory, and broad support in multiple investment products.
- Choose Upstox if you want an easy-to-use, low-cost platform for investing and occasional trading.
All three are SEBI-registered, reliable, and trusted brokers. You can’t go wrong with any of them, but the right one for you depends on your unique needs.