Upstox vs Zerodha vs Groww: Brokerage Charges and Hidden Fees Compared (2026)

Why Brokerage Fees Matter More Than You Think

When you trade stocks, mutual funds, or futures and options (F&O), every rupee counts. Brokerage fees, exchange charges, and taxes can silently eat into your profits. For example, if you trade ₹1 lakh worth of stocks 10 times a month, even a small difference in brokerage can cost you ₹1,000–₹3,000 extra per year. That’s why comparing Upstox vs Zerodha vs Groww isn’t just about features—it’s about saving money.

In India, brokerage fees are regulated by the SEBI, but brokers add their own charges on top. These include:

• Brokerage fees: Commission charged per trade.
• Exchange transaction charges: Fees paid to the stock exchange (NSE/BSE).
• STT (Securities Transaction Tax): Tax on buying/selling stocks and F&O.
• GST: 18% on brokerage and transaction charges.
• Stamp duty: State government tax on transactions.
• SEBI turnover fees: Small fee for regulatory purposes.
• DP charges: Fees for demat account transactions.

Upstox vs Zerodha vs Groww: A Quick Overview

All three are SEBI-registered discount brokers, meaning they offer low-cost trading compared to full-service brokers. Here’s how they stack up in 2026:

Brokerage Charges Compared: Equity Delivery, Intraday, and F&O

Brokerage fees vary by trade type. Here’s a breakdown for 2026:

Equity Delivery Trades

All three brokers offer zero brokerage on equity delivery trades (buying and holding stocks for the long term). This is a standard industry practice to encourage long-term investing. However, other charges still apply:

Intraday Trades

Intraday trading (buying and selling stocks on the same day) incurs brokerage fees. Here’s how the brokers compare:

For intraday traders, Zerodha is the cheapest, followed by Upstox and Groww. If you trade frequently, these savings can add up significantly over time.

Futures and Options (F&O) Trades

F&O trading is more complex and incurs higher fees. Here’s the breakdown:

For F&O traders, the brokerage fees are identical across all three brokers. However, Upstox and Zerodha offer more advanced trading tools, which can be crucial for F&O strategies. Groww’s platform is simpler but lacks depth.

Hidden Fees You Might Overlook

Brokerage isn’t the only cost. Here are the sneaky fees that can catch you off guard:

1. Account Opening and AMC Charges

• Upstox: ₹300 one-time account opening fee. AMC is ₹300/year (waived for the first year).
• Zerodha: ₹200 one-time account opening fee. AMC is ₹300/year (waived for the first year).
• Groww: Free account opening and AMC.

If you’re a long-term investor, AMC can add up. Groww’s free model is attractive, but weigh it against the platform’s limitations.

2. Call and Trade Charges

If you place trades via phone instead of the app/website, brokers charge extra:

• Upstox: ₹50 per executed order.
• Zerodha: ₹50 per executed order.
• Groww: Not available (only digital trades).

Pro Tip: Avoid call and trade unless absolutely necessary. Digital trades are faster and cheaper.

3. DP (Depository Participant) Charges

When you sell stocks from your demat account, you pay a small fee to the depository (CDSL/NSDL):

• Upstox: ₹13.50 + GST per ISIN (stock) per sell transaction.
• Zerodha: ₹13.50 + GST per ISIN per sell transaction.
• Groww: ₹13.50 + GST per ISIN per sell transaction.

This fee is the same across all brokers. It’s a small cost, but it adds up if you trade frequently.

4. Margin Pledge and Unpledge Charges

If you use margin trading (borrowing money to trade), you may incur:

• Upstox: ₹50 + GST per pledge/unpledge request.
• Zerodha: ₹50 + GST per pledge/unpledge request.
• Groww: Not available (limited margin trading).

Groww doesn’t offer margin trading, so this fee doesn’t apply to them.

5. Failed Transaction Charges

If a trade fails due to insufficient funds or other reasons, you may be charged:

• Upstox: ₹30 per failed transaction.
• Zerodha: ₹30 per failed transaction.
• Groww: ₹30 per failed transaction.

Always double-check your funds before placing orders to avoid these charges.

6. Reactivation Fees

If your demat account is inactive for 6+ months, brokers may charge a reactivation fee:

• Upstox: ₹100.
• Zerodha: ₹100.
• Groww: Not applicable (free AMC).

Which Broker is Cheapest for Your Trading Style?

Your trading style determines which broker saves you the most money. Here’s a quick guide:

For Long-Term Investors (Equity Delivery)

All three brokers are equally cost-effective since they offer zero brokerage on delivery trades. Choose based on:

• Platform features: Zerodha’s Kite and Upstox’s Pro are more advanced than Groww’s interface.
• mutual fund

  investments: Groww specializes in mutual funds, while Upstox and Zerodha offer them as an add-on.

• Ease of use: Groww’s app is the simplest for beginners.

For Intraday Traders

Zerodha is the cheapest, followed by Upstox and Groww. If you trade frequently, the savings on brokerage can be significant. For example:

• If you trade ₹1 lakh daily, Zerodha saves you ~₹20–₹30 per trade compared to Upstox/Groww.
• Over 20 trading days a month, that’s ~₹400–₹600 in savings.

For F&O Traders

Brokerage fees are identical across all three brokers, but Upstox and Zerodha offer better tools for advanced strategies. Consider:

• Charting tools: Zerodha’s Kite has superior charting compared to Groww.
• Margin trading: Upstox and Zerodha offer higher leverage.
• Research reports: Upstox provides more in-depth market analysis.

For Mutual Fund Investors

Groww is the best choice if mutual funds are your primary focus. They offer:

• Zero commission on direct mutual funds.
• A simple, intuitive app designed for fund investing.
• No hidden fees for SIPs or lump-sum investments.

Upstox and Zerodha also offer mutual funds, but their platforms are more geared toward trading.

Platform Features: What You Get for Your Money

Brokerage fees aren’t the only factor. The trading platform’s features can impact your experience. Here’s how the three brokers compare:

Upstox Pro

• Charting tools: Advanced with 100+ indicators.
• Order types: Bracket orders, cover orders, GTT (Good Till Triggered) orders.
• Market data: Real-time data, heatmaps, and advanced screeners.
• Mobile app: Highly rated for speed and reliability.
• Research: In-house market analysis and recommendations.

Zerodha Kite

• Charting tools: Industry-leading with 100+ indicators and drawing tools.
• Order types: Bracket orders, cover orders, GTT, and basket orders.
• Market data: Real-time data, advanced screeners, and customizable watchlists.
• Mobile app: Smooth and feature-rich, with a clean interface.
• Research: Zerodha Coin for mutual funds, Varsity for educational content.

Groww

• Charting tools: Basic but functional for beginners.
• Order types: Simple buy/sell orders (no advanced order types).
• Market data: Limited screeners and basic charts.
• Mobile app: Extremely user-friendly, ideal for beginners.
• Research: Focuses on mutual funds and SIPs, with basic market updates.

Customer Support: Who Helps You When You Need It?

Good customer support can save you from costly mistakes. Here’s how the brokers stack up:

Upstox

• Support channels: Email, chat, and phone.
• Response time: Typically within 24 hours for emails, instant for chat.
• User reviews: Mixed—some users report slow responses during peak hours.

Zerodha

• Support channels: Email, chat, and phone (priority support for higher-tier accounts).
• Response time: Generally faster than Upstox, with dedicated support for active traders.
• User reviews: Highly rated for reliability and professionalism.

Groww

• Support channels: Email and chat only (no phone support).
• Response time: Can be slow during market hours.
• User reviews: Praised for simplicity but criticized for lack of phone support.

Pro Tip: If you’re new to trading, phone support can be a lifesaver. Zerodha and Upstox are better choices in this regard. For mutual fund investors, Groww’s email support is usually sufficient.

Security: Is Your Money Safe?

All three brokers are SEBI-registered and use bank-grade security. Here’s what you need to know:

Upstox

• Regulation: SEBI-registered, member of NSE/BSE/CDSL.
• Security measures: 2FA (two-factor authentication), encryption, and biometric login.
• Insurance: Your holdings are insured up to ₹5 lakh under the Investor Protection Fund (IPF).

Zerodha

• Regulation: SEBI-registered, member of NSE/BSE/CDSL.
• Security measures: 2FA, encryption, and biometric login. Zerodha also offers a "Kill Switch" to block unauthorized access.
• Insurance: IPF coverage up to ₹5 lakh.

Groww

• Regulation: SEBI-registered, member of NSE/BSE/CDSL.
• Security measures: 2FA and encryption. Groww is backed by a strong parent company (Nextbillion Technology).
• Insurance: IPF coverage up to ₹5 lakh.

How to Switch Brokers Without Losing Money

If you’re unhappy with your current broker, switching is straightforward but requires planning. Here’s how to do it without disrupting your investments:

Step 1: Open a New Account

Choose your new broker (Upstox, Zerodha, or Groww) and complete the KYC process. This takes 10–15 minutes online.

Step 2: Transfer Your Holdings

You have two options:

• Off-market transfer: Sell your holdings in your old account and transfer the cash to the new account. This is the simplest method but may incur taxes if you sell.
• Inter-depository transfer: Transfer shares directly from your old demat account to the new one. This avoids selling and potential tax implications. However, it may take 2–3 days and incur a small fee (₹10–₹50 per ISIN).

Step 3: Update Your Bank Details

Ensure your new broker has your updated bank account details for payouts and withdrawals. This is crucial to avoid payment failures.

Step 4: Close Your Old Account

Once all your holdings are transferred, close your old demat account to avoid AMC charges. Most brokers allow you to do this online.

Final Verdict: Which Broker Should You Choose in 2026?

Here’s a quick decision guide based on your needs:

Remember: The "cheapest" broker isn’t always the best. Consider platform features, customer support, and your trading style. If you’re unsure, start with Groww for its simplicity and switch later if needed.

Frequently Asked Questions