Zerodha vs Groww vs Upstox: Which Broker Should You Use in 2026?
Compare Zerodha, Groww, and Upstox on fees, features, and reliability. Find out which broker suits beginners, active traders, or long-term investors in 202
If you’ve been meaning to start investing and you’re stuck on this one question — which app do I actually open an account with? — here’s a straight answer. Not a comparison of 47 features you’ll never use. Just the stuff that actually matters.
The Short Answer Before We Go Deeper
For most salaried Indians who want to invest in mutual funds and occasionally buy stocks, Groww is the easiest starting point. If you’re more serious about stock trading and want professional-grade tools, Zerodha is the better long-term home. Upstox sits in between — decent, but rarely the first choice for either type of investor.
That said, the “right” broker depends on what you’re actually doing with your money. Let’s break it down properly.
What These Three Platforms Actually Are
All three are discount brokers — meaning they charge you less than traditional full-service brokers like ICICI Direct or HDFC Securities, but they also don’t hold your hand or give you personalised advice.
They’re all SEBI-registered, which means they’re regulated by India’s stock market watchdog. Your money and holdings sit with the exchange and a depository (CDSL or NSDL), not with the broker — so even if one of these companies shut down tomorrow, your investments don’t disappear.
The Fees: Where Your Money Actually Goes
This is the one table worth showing you side by side.
| Zerodha | Groww | Upstox | |
|---|---|---|---|
| Account opening | ₹200 | Free | Free |
| Equity delivery (buying stocks to hold) | ₹0 | ₹0 | ₹0 |
| Intraday / F&O trades | ₹20 or 0.03%, whichever is lower | ₹20 or 0.05%, whichever is lower | ₹20 or 0.05%, whichever is lower |
| Mutual funds | Free | Free | Free |
| Annual maintenance charge (AMC) | ₹300/year | ₹0 | ₹0 |
If you’re a salaried professional in, say, Pune earning ₹85,000/month and your main goal is SIPs (Systematic Investment Plans — where you invest a fixed amount every month automatically) plus holding a few stocks, the fee difference is almost meaningless. The bigger question is: which platform won’t frustrate you into quitting?
The User Experience Gap Is Real
Groww was built for people who’ve never invested before. The app is clean, onboarding takes about 10 minutes with your Aadhaar and PAN, and starting a ₹5,000/month SIP in an index fund is genuinely straightforward. If you’ve been procrastinating because it all feels complicated, Groww removes that excuse.
Zerodha’s app (called Kite) is more powerful but has a steeper learning curve. It was designed with active traders in mind. The charts, order types, and data are excellent — but if you open it on day one without context, it can feel like you’ve wandered into a pilot’s cockpit.
Upstox improved its interface significantly in 2024–25, and it’s genuinely usable now. But it still doesn’t do either job — beginner-friendly or power user — as well as the other two.
What About Mutual Funds Specifically?
Here’s something worth knowing: you don’t need a broker at all for mutual funds. Platforms like Kuvera let you invest in direct mutual funds completely free — and direct plans have no distributor commission baked in, which means your expense ratio (the annual fee a fund charges you, expressed as a percentage of your investment) is lower.
On a ₹10,000/month SIP over 20 years, the difference between a regular plan (through most banks or distributors) and a direct plan can be ₹4–6 lakhs at maturity, assuming a 12% CAGR — that’s Compound Annual Growth Rate, which means your money growing at 12% per year on average.
All three brokers — Zerodha, Groww, and Upstox — offer direct mutual fund plans. So you’re not losing out there. But if mutual funds are all you want to do, Kuvera or even RupeePulse’s investment tracker on RupeeRubric might serve you just as well without the clutter of a full brokerage interface.
The Real Reason Most People Pick the Wrong One
People choose based on which app they saw advertised, or which one their colleague uses. That’s fine — but it means they sometimes end up with Groww when they want to trade stocks actively, or Zerodha when they’re too intimidated to even start.
Here’s a simple rule: if you plan to invest passively — SIPs, index funds, maybe some blue-chip stocks you hold for years — start with Groww. If you know you want to get into F&O (Futures & Options, which are contracts that let you bet on where a stock price is going — higher risk, higher complexity), or if you want advanced charting and analytics, open a Zerodha account.
You can always open both. Account maintenance on Groww and Upstox is free. Zerodha charges ₹300/year, which is less than a single dinner out.
One More Thing That Often Gets Ignored
Customer support. When something goes wrong — a failed transaction, a tax document that doesn’t match, a KYC issue — you’ll care deeply about this.
Zerodha’s support has historically been slow but accurate. They have a detailed knowledge base (Varsity) that answers most questions before you need to contact anyone. Groww has gotten better but still gets complaints about resolution times. Upstox support is the most inconsistent of the three.
None of them will win awards. But Zerodha’s self-help resources are genuinely the best in the business.
Frequently Asked Questions
Is Zerodha better than Groww for beginners?
For absolute beginners, Groww is easier to start with. The interface requires less prior knowledge, and you can set up your first SIP in under 15 minutes. Zerodha’s tools are more powerful, but that power can feel overwhelming if you’re just finding your feet.
Can I invest in mutual funds through Zerodha or Groww without paying extra charges?
Yes, all three platforms offer direct mutual fund investments at zero commission. You only pay the fund’s own expense ratio, which typically ranges from 0.1% to 1% annually depending on the type of fund.
Which broker is safest for my money in India?
All three are SEBI-registered and your holdings are held with CDSL or NSDL — national depositories — not with the broker directly. If Zerodha, Groww, or Upstox shut down, your stocks and mutual fund units remain yours. The risk isn’t in which broker you pick; it’s in what you invest in.
Is Upstox good for long-term investing?
It works, but it doesn’t offer anything uniquely better than Groww for beginners or Zerodha for serious investors. If you already have an Upstox account, there’s no urgent reason to switch. If you’re choosing fresh, the other two are better fits depending on your goals.
Do I need a Demat account to invest in mutual funds?
No. Mutual funds can be held without a Demat account — through platforms like Kuvera, or directly through an AMC’s (Asset Management Company’s) own website. A Demat account is only required if you want to buy and sell stocks or ETFs (Exchange Traded Funds, which are funds that trade on the stock exchange like regular shares).