Upstox vs Zerodha vs Groww: Which is the Best Discount Broker in India for 2025?

Choosing the right stock broker is the first, most critical step in your investment journey. In India, the discount broking space is fiercely competitive, with three names leading the charge: Upstox, Zerodha, and Groww. Each platform offers a unique combination of features, pricing, and user experience. But which one is the best for you in 2025?

This blog provides a detailed, side-by-side comparison to help you make an informed decision. We’ll break down everything from brokerage fees to the power of their trading platforms, focusing on what makes each one a strong contender.

Key Takeaways

• Upstox: A powerhouse for traders and investors, offering a technologically advanced platform, competitive pricing, and a wide range of investment options, including a 3-in-1 account via partnership. It’s an excellent choice for those who want robust tools and a seamless experience.
• Zerodha: The pioneer of the discount broking model in India. Its biggest attraction remains the completely free equity delivery trades, making it a favourite among long-term investors.
• Groww: Now the largest broker in India by active clients, it is extremely popular among beginners for its simple, user-friendly interface and zero account maintenance charges, making it a great entry point for new investors.

The Grand Comparison: Upstox vs. Zerodha vs. Groww

Let’s put these three brokers under the microscope and compare them on the parameters that matter most to you as an investor.

Round 1: Account Opening & Annual Fees

First impressions matter, and in broking, that starts with fees. Here’s how they stack up:

Feature	Upstox	Zerodha	Groww
Account Opening Fee	₹0 (Free)	₹0 (Free)	₹0 (Free)
Annual Maintenance Charge (AMC)	₹150 - ₹300 + GST (Often waived for the 1st year)	₹300 + GST	₹0 (Free)

Analysis: All three brokers have eliminated account opening fees, making it easy to get started. Groww takes a clear lead with zero AMC, a significant advantage for beginners and passive investors looking to minimize costs. Upstox often provides a first-year waiver, giving you ample time to explore its powerful platform before any charges apply.

Round 2: Brokerage Charges

This is where the real battle is fought. Low brokerage is the defining feature of a discount broker.

Segment	Upstox	Zerodha	Groww
Equity Delivery	₹20 or 2.5% (whichever is lower)	₹0 (Free)	₹20 or 0.05% (whichever is lower)
Equity Intraday	₹20 or 0.05% (whichever is lower)	₹20 or 0.03% (whichever is lower)	₹20 or 0.05% (whichever is lower)
Futures (Equity, Currency, Commodity)	₹20 or 0.05% (whichever is lower)	₹20 or 0.03% (whichever is lower)	Flat ₹20 (Equity & Commodity only)
Options (Equity, Currency, Commodity)	Flat ₹20 per executed order	Flat ₹20 per executed order	Flat ₹20 per executed order (Equity & Commodity only)

Analysis: For long-term investors who primarily buy and hold stocks, Zerodha’s free equity delivery is an unbeatable proposition.

For active traders, the charges are highly competitive across the board. Upstox shines with its simple and transparent flat-fee structure across all segments, including currencies, which Groww currently does not offer. This makes Upstox a versatile choice for traders who operate in multiple market segments. The structure is straightforward, ensuring you never pay more than ₹20 per order, which provides predictability and cost-effectiveness. Groww has also expanded into commodity trading, making it more competitive for traders.

Round 3: Trading Platforms & User Experience

A broker is only as good as its trading platform. This is where you’ll analyze charts, place orders, and manage your portfolio.

• Upstox: Upstox offers a highly sophisticated and feature-rich trading platform that caters to both beginners and pro traders. With integrations like TradingView and ChartIQ, it provides over 100 indicators and advanced charting tools. The platform is known for its speed, stability, and a clean UI that makes complex features easy to navigate. For serious traders, features like Options Chain with Greeks, Margin Trading Facility (MTF), and API access make it a true powerhouse.

• Zerodha Kite: Kite is renowned for its minimalist design, speed, and reliability. It’s a lightweight platform that works smoothly even on low bandwidth. Zerodha has built an entire ecosystem around Kite, with platforms like Console for analytics, Coin for direct mutual funds, and Varsity for investor education. While powerful, this can mean switching between different apps for different needs.

• Groww: Groww’s platform is its biggest strength, especially for new investors. It is incredibly simple and intuitive. The focus is on making investing in stocks and mutual funds as easy as online shopping. While it is excellent for beginners, advanced traders might find it lacks the sophisticated tools and order types available on Upstox and Zerodha.

Unique Selling Propositions (USPs)

What is the one thing that sets each broker apart?

• Upstox: The Trader’s Powerhouse. Upstox positions itself as the go-to platform for serious traders who need advanced tools, a wide range of investment products (including commodities and currencies), and a robust, tech-first platform. The backing by industry stalwarts like Ratan Tata also adds a layer of trust and credibility.

• Zerodha: The Pioneer of Free Investing. Zerodha’s biggest draw remains its zero-brokerage on equity delivery. This revolutionary move made it a dominant force and the default choice for many long-term, buy-and-hold investors in India.

• Groww: Simplicity and Scale. Groww’s USP is its unwavering focus on making investing simple and accessible. With zero AMC and a clean, clutter-free app, it has successfully onboarded millions of new investors, making it the largest stock broker by number of active clients.

Pros and Cons at a Glance

Broker	Pros	Cons
Upstox	Advanced trading platform with powerful tools, Wide range of products (Equity, F&O, Commodity, Currency), Strong backing and credibility, 3-in-1 account option.	Equity delivery is not free, AMC is charged after the first year.
Zerodha	Free equity delivery trades, Large and trusted ecosystem (Kite, Coin, Varsity), Excellent for long-term investors.	Separate platforms for different needs, Call & Trade is charged extra.
Groww	Extremely simple and beginner-friendly interface, Zero Annual Maintenance Charges (AMC), Great for direct mutual fund investments.	Lacks advanced trading tools, Does not offer currency trading.

The Final Verdict: Which One Should You Choose?

The “best” broker truly depends on your investor profile.

• Choose Upstox if: You are a trader (or an investor who wants to trade actively) who needs a powerful, all-in-one platform with advanced charting tools and a wide variety of investment options, including currencies and commodities.

• Choose Zerodha if: You are a long-term investor whose primary strategy is buying and holding stocks. The savings from free delivery trades can be significant over time. Its educational platform, Varsity, is also a huge plus for those eager to learn.

• Choose Groww if: You are an absolute beginner looking for the simplest, most cost-effective way to start investing in stocks and mutual funds, with the major benefit of zero account maintenance costs.

Ultimately, all three are excellent, SEBI-registered brokers that have democratized investing in India. Your choice should align with your investment style, technical needs, and long-term financial goals.

Disclaimer: This article is for informational purposes only and should not be considered investment advice. Please conduct your own research before investing.