Choosing the right stock broker is crucial for your investment journey. With the rise of discount brokers in India, investors now have access to feature-rich platforms at competitive prices. This comprehensive comparison examines four leading brokers: Zerodha, Upstox, Groww, and Angel One, helping you make an informed decision.
Overview of Each Broker
Zerodha
Founded in 2010, Zerodha pioneered the discount broking model in India. Known for its transparent pricing and robust trading platforms, it has become India’s largest retail broker with over 6 million active clients.
Upstox
Launched in 2012, Upstox (formerly RKSV) focuses on technology-driven trading solutions. Backed by Ratan Tata, it offers competitive pricing and modern trading platforms designed for both beginners and professionals.
Groww
Starting as a mutual fund platform in 2017, Groww expanded to stock trading in 2020. It emphasizes simplicity and user-friendly interfaces, making investing accessible to first-time investors.
Angel One
With roots dating back to 1996, Angel One (formerly Angel Broking) is one of India’s oldest brokers. It has successfully transitioned from traditional to digital, offering comprehensive investment solutions.
Brokerage Charges Comparison
Equity Delivery
- Zerodha: ₹0 (Free)
- Upstox: ₹0 (Free)
- Groww: ₹0 (Free)
- Angel One: ₹0 (Free)
Equity Intraday
- Zerodha: ₹20 per order or 0.03% (whichever is lower)
- Upstox: ₹20 per order or 0.05% (whichever is lower)
- Groww: ₹20 per order or 0.05% (whichever is lower)
- Angel One: ₹20 per order or 0.25% (whichever is lower)
Equity Futures
- Zerodha: ₹20 per order or 0.03% (whichever is lower)
- Upstox: ₹20 per order or 0.05% (whichever is lower)
- Groww: ₹20 per order or 0.05% (whichever is lower)
- Angel One: ₹20 per order or 0.25% (whichever is lower)
Options Trading
- Zerodha: ₹20 per order
- Upstox: ₹20 per order
- Groww: ₹20 per order
- Angel One: ₹20 per order
Winner: Zerodha – Offers the lowest brokerage rates across most segments
Trading Platforms and Technology
Zerodha
Kite Platform: Clean, intuitive interface with advanced charting tools Kite Mobile: Feature-rich mobile app with seamless trading experience Coin: Dedicated platform for mutual fund investments Console: Back-office for reports and account management
Strengths: Excellent user interface, reliable uptime, comprehensive features Weaknesses: Limited research content, basic customer support
Upstox
Upstox Pro: Web-based platform with professional-grade tools Upstox Mobile: Modern mobile app with quick order execution Advanced charting: Technical analysis tools integrated
Strengths: Fast execution, modern design, good mobile experience Weaknesses: Occasional technical glitches, limited educational content
Groww
Groww Web: Simple, beginner-friendly interface Groww Mobile: Intuitive mobile app focusing on ease of use Unified platform: Stocks, mutual funds, and IPOs in one place
Strengths: Excellent user experience, perfect for beginners, educational content Weaknesses: Limited advanced features, newer to stock trading
Angel One
Angel One Platform: Comprehensive trading platform Angel One Mobile: Feature-rich mobile application Angel Broking: Traditional platform still available
Strengths: Comprehensive research, established brand, multiple platforms Weaknesses: Interface can be overwhelming, higher complexity
Winner: Zerodha – Best overall platform experience with reliability
Account Opening Process
Zerodha
- Time: 24-48 hours
- Documentation: Fully digital with e-KYC
- Requirements: PAN, Aadhaar, bank statement
- Account Opening Fee: ₹200
Upstox
- Time: 24-48 hours
- Documentation: Paperless process
- Requirements: PAN, Aadhaar, bank proof
- Account Opening Fee: ₹0
Groww
- Time: 24-48 hours
- Documentation: Completely digital
- Requirements: PAN, Aadhaar, bank account
- Account Opening Fee: ₹0
Angel One
- Time: 24-48 hours
- Documentation: Digital process available
- Requirements: PAN, Aadhaar, address proof
- Account Opening Fee: ₹0
Winner: Upstox, Groww, Angel One – No account opening fees
Research and Analysis Tools
Zerodha
- Varsity: Comprehensive educational content
- Smallcase: Thematic investing platform
- Streak: Algo trading platform
- Limited research reports
Upstox
- Basic research content
- Technical analysis tools
- Market news and updates
- Limited fundamental analysis
Groww
- Investment guides and articles
- Stock information pages
- Market news updates
- Basic research tools
Angel One
- Comprehensive research reports
- Technical and fundamental analysis
- Market recommendations
- Investment advisory services
Winner: Angel One – Most comprehensive research and advisory services
Customer Support
Zerodha
- Support Channels: Email, phone, chat
- Response Time: 24-48 hours for email
- Known Issues: Can be slow during peak times
- Self-Service: Extensive knowledge base
Upstox
- Support Channels: Email, phone, chat
- Response Time: 24-48 hours
- Quality: Generally responsive
- Self-Service: Good help documentation
Groww
- Support Channels: Email, chat, phone
- Response Time: Quick response times
- Quality: Beginner-friendly support
- Self-Service: Easy-to-understand help section
Angel One
- Support Channels: Phone, email, chat, branches
- Response Time: Quick response
- Quality: Comprehensive support
- Physical Presence: Branch network available
Winner: Angel One – Best overall customer support with multiple channels
Additional Features and Services
Zerodha
- Mutual Funds: Direct mutual funds through Coin
- IPO Applications: Available
- Margin Trading: Yes, with competitive rates
- Algo Trading: Through Streak platform
- International Stocks: Not available
Upstox
- Mutual Funds: Limited selection
- IPO Applications: Available
- Margin Trading: Yes
- Algo Trading: Basic features
- International Stocks: Not available
Groww
- Mutual Funds: Excellent mutual fund platform
- IPO Applications: Available
- Margin Trading: Yes
- Algo Trading: Not available
- International Stocks: US stocks available
Angel One
- Mutual Funds: Available
- IPO Applications: Available
- Margin Trading: Yes
- Algo Trading: Available
- International Stocks: Not available
Winner: Groww – Best overall feature set including international stocks
Margin and Leverage
Zerodha
- Equity Margin: Up to 5x leverage
- F&O Margin: Standard SEBI requirements
- Margin Calculator: Available
- Interest Rates: Competitive rates
Upstox
- Equity Margin: Up to 5x leverage
- F&O Margin: Standard requirements
- Margin Calculator: Available
- Interest Rates: Competitive rates
Groww
- Equity Margin: Up to 5x leverage
- F&O Margin: Standard requirements
- Margin Calculator: Available
- Interest Rates: Standard rates
Angel One
- Equity Margin: Up to 5x leverage
- F&O Margin: Standard requirements
- Margin Calculator: Available
- Interest Rates: Competitive rates
Winner: Tie – All offer similar margin facilities
Mobile App Experience
Zerodha Kite
- Rating: 4.4/5 (Google Play)
- Features: Full trading functionality, watchlists, portfolio tracking
- Design: Clean, professional interface
- Performance: Stable and fast
Upstox
- Rating: 4.1/5 (Google Play)
- Features: Complete trading platform, advanced charts
- Design: Modern, user-friendly
- Performance: Generally good with occasional issues
Groww
- Rating: 4.6/5 (Google Play)
- Features: Integrated stocks and mutual funds
- Design: Intuitive, beginner-friendly
- Performance: Excellent, very stable
Angel One
- Rating: 4.2/5 (Google Play)
- Features: Comprehensive trading tools
- Design: Feature-rich but complex
- Performance: Good overall performance
Winner: Groww – Best mobile app experience and ratings
Security and Regulation
All Brokers
- SEBI Registered: Yes, all four brokers
- Depository Participants: NSDL and CDSL
- Investor Protection: Insurance coverage available
- Data Security: SSL encryption and secure protocols
Winner: Tie – All brokers meet regulatory requirements
Pros and Cons Summary
Zerodha
Pros:
- Lowest brokerage charges
- Excellent platform reliability
- Comprehensive educational content
- Large user base and community
Cons:
- Limited research reports
- Customer support can be slow
- No international stocks
Upstox
Pros:
- Competitive pricing
- Modern technology platform
- Fast execution speeds
- Good mobile experience
Cons:
- Limited research content
- Occasional technical issues
- Newer platform, less established
Groww
Pros:
- Best user experience for beginners
- Excellent mobile app
- Integrated mutual fund platform
- US stock trading available
Cons:
- Limited advanced trading features
- Newer to stock broking
- Fewer research tools
Angel One
Pros:
- Comprehensive research and advisory
- Best customer support
- Established brand with long history
- Multiple support channels
Cons:
- Higher complexity for beginners
- Interface can be overwhelming
- Higher brokerage rates in some segments
Final Recommendations
Choose Zerodha if:
- You prioritize the lowest brokerage charges
- You want a reliable, time-tested platform
- You’re interested in educational content
- You prefer a clean, professional interface
Choose Upstox if:
- You want competitive pricing with modern technology
- You prefer fast execution speeds
- You’re comfortable with newer platforms
- You value a good mobile trading experience
Choose Groww if:
- You’re a beginner investor
- You want the best user experience
- You’re interested in both stocks and mutual funds
- You want to invest in US stocks
Choose Angel One if:
- You value comprehensive research and advisory
- You want the best customer support
- You prefer an established, trusted brand
- You need multiple support channels
Conclusion
Each broker has its strengths and serves different types of investors. Zerodha leads in pricing and platform reliability, Upstox offers modern technology, Groww excels in user experience, and Angel One provides comprehensive services. Consider your trading style, experience level, and specific needs when making your choice.
Remember that beyond brokerage charges, factors like platform reliability, customer support, and additional features can significantly impact your trading experience. Most brokers offer free account opening, so you can even maintain accounts with multiple brokers to leverage different strengths.
Disclaimer: This comparison is based on publicly available information as of 2025. Brokerage charges and features may change. Please verify current details on respective broker websites before making investment decisions.