Zerodha vs Upstox 2026 — Which is Better for IPO?
Side-by-side comparison of Zerodha and Upstox on IPO features, fees, app ratings, and platform capabilities. Updated for 2026.
Zerodha
★ 4.5 · 1.6 Cr+ · Kite
Wins on
- ✓Higher IPO rating (4.8★)
- ✓Higher app rating (4.4★)
- ✓Net Banking ASBA
- ✓Faster IPO application (2 min)
Loses on
- ✗Lower AMC (Free (1st year))
Upstox
★ 4.2 · 1 Cr+ · Upstox Pro
Wins on
- ✓Lower AMC (Free (1st year))
Loses on
- ✗Higher IPO rating (4.8★)
- ✗Higher app rating (4.4★)
- ✗Net Banking ASBA
| Feature | Zerodha★ 4.5 | Upstox★ 4.2 |
|---|---|---|
| IPO Features | ||
| IPO Rating | ★ 4.8 | ★ 4.5 |
| Application Time | 2 min | 3 min |
| UPI ASBA | ✅ | ✅ |
| Net Banking ASBA | ✅ | ❌ |
| SME IPO Support | ✅ | ✅ |
| NRI IPO Support | ❌ | ❌ |
| Fees | ||
| Account Opening | Free | Free |
| Annual Maintenance | ₹300/year | Free (1st year) |
| Equity Delivery | Free | Free |
| Intraday | ₹20/order | ₹20/order |
| F&O | ₹20/order | ₹20/order |
| DP Charge (sell) | ₹15.34 + GST | ₹18.5 + GST |
| Platform | ||
| App Rating | 4.4 / 5 | 4.3 / 5 |
| Trading Platform | Kite | Upstox Pro |
| Founded | 2010 | 2012 |
| Open account | Active traders Open Zerodha | New investors Open Upstox |
Verdict — Which Should You Choose?
Choose Zerodha if you are active traders. Key strengths versus Upstox: Higher IPO rating (4.8★); Higher app rating (4.4★); Net Banking ASBA.
Choose Upstox if you are new investors. Key strengths versus Zerodha: Lower AMC (Free (1st year)).
Frequently Asked Questions
Which is better for IPO — Zerodha or Upstox?
Zerodha has the higher overall IPO rating (4.8/5). Zerodha is best for active traders, while Upstox is best for new investors.
Which broker has lower charges — Zerodha or Upstox?
Upstox has lower AMC charges. Zerodha AMC is ₹300/year; Upstox AMC is Free (1st year). Equity delivery: Zerodha Free; Upstox Free.
Can I apply for SME IPOs on both Zerodha and Upstox?
Zerodha and Upstox support SME IPO applications.
Does Zerodha or Upstox support NRI investors?
Neither Zerodha nor Upstox supports NRI IPO applications. For NRI IPO access, consider Angel One, Kotak Securities, HDFC Securities or Motilal Oswal.
Which broker is better for beginners — Zerodha or Upstox?
Upstox is generally better for beginners. Zerodha platform: Kite (4.4/5). Upstox platform: Upstox Pro (4.3/5).