Zerodha vs Upstox vs Motilal Oswal 2025 - Brokerage Charges, Demat Account Opening Fee
Account Opening Fees
Zerodha | Upstox | Motilal Oswal |
---|---|---|
₹200 (Equity) + ₹100 (Commodity) | ₹249 | ₹0 (Equity) |
Annual Maintenance Charges (AMC)
Zerodha | Upstox | Motilal Oswal |
---|---|---|
₹300/year | ₹300/year | ₹0 for the first year, ₹400/year thereafter |
Brokerage for Equity Delivery
Zerodha | Upstox | Motilal Oswal |
---|---|---|
₹0 (free) | ₹0 (free) | 0.2% or ₹20 (whichever is higher) |
Brokerage for Equity Intraday
Zerodha | Upstox | Motilal Oswal |
---|---|---|
₹20 per executed order or 0.03% | ₹20 per executed order | 0.05% per order |
Brokerage for Option Trading
Zerodha | Upstox | Motilal Oswal |
---|---|---|
₹20 per order | ₹20 per order | ₹100 per lot |
Brokerage for Futures Trading
Zerodha | Upstox | Motilal Oswal |
---|---|---|
₹20 per order | ₹20 per order | 0.05% or ₹100 (whichever is higher) |
Trading Platforms
Zerodha | Upstox | Motilal Oswal |
---|---|---|
Kite (web, mobile) | Upstox Pro (web, mobile) | MOSIAC (web, mobile) |
Customer Support
Zerodha | Upstox | Motilal Oswal |
---|---|---|
Email, phone (business hours) | Email, phone (business hours) | Email, phone, branch support (extended hours) |
Investment Options
Zerodha | Upstox | Motilal Oswal |
---|---|---|
Equity, derivatives, commodities, mutual funds, bonds | Equity, derivatives, mutual funds, digital gold | Equity, derivatives, mutual funds, bonds, PMS |
Research & Advisory Services
Zerodha | Upstox | Motilal Oswal |
---|---|---|
Basic charts, data | Basic research, news | Advanced research, advisory services |
User Interface & Experience
Zerodha | Upstox | Motilal Oswal |
---|---|---|
Simple, fast interface | Clean, user-friendly interface | Comprehensive, feature-rich |
Additional Features
Zerodha | Upstox | Motilal Oswal |
---|---|---|
Coin (direct mutual funds), Console (reporting) | Free tools, trading API | Research, PMS, branch support |
Zerodha vs Upstox vs Motilal Oswal - Overall Summary
Category | Zerodha | Upstox | Motilal Oswal |
---|---|---|---|
Account Opening Fees | ★★★★☆ | ★★★★☆ | ★★★★★ |
Annual Maintenance Charges (AMC) | ★★★☆☆ | ★★★☆☆ | ★★☆☆☆ |
Brokerage for Equity Delivery | ★★★★★ | ★★★★★ | ★★☆☆☆ |
Brokerage for Equity Intraday | ★★★★☆ | ★★★★☆ | ★★★☆☆ |
Brokerage for Option Trading | ★★★★☆ | ★★★★☆ | ★★☆☆☆ |
Brokerage for Futures Trading | ★★★★☆ | ★★★★☆ | ★★☆☆☆ |
Trading Platforms | ★★★★☆ | ★★★★☆ | ★★★☆☆ |
Customer Support | ★★★☆☆ | ★★★☆☆ | ★★★★☆ |
Investment Options | ★★★★☆ | ★★★★☆ | ★★★★☆ |
Research & Advisory Services | ★★☆☆☆ | ★★★☆☆ | ★★★★★ |
User Interface & Experience | ★★★★☆ | ★★★★☆ | ★★★☆☆ |
Additional Features | ★★★★☆ | ★★★★☆ | ★★★★☆ |
*Above star rating is just for reference while comparing above brokers with each other. Above rating can be wrong as well and we do not take any liability for same.
Zerodha vs Upstox vs Motilal Oswal: Comprehensive Comparison
When choosing a stockbroker, it is essential to compare key aspects like account opening fees, brokerage charges, platform features, and additional services. In this article, we will compare three popular brokerage platforms in India: Zerodha, Upstox, and Motilal Oswal. Each of these platforms offers unique advantages and certain trade-offs that could influence your decision based on your investment needs.
Account Opening Fees
Zerodha charges ₹200 for an equity account and an additional ₹100 for commodity trading. Upstox, on the other hand, has a more straightforward fee structure, charging ₹249 for account opening. Motilal Oswal offers an edge with no fees for equity account opening, making it a more affordable option for those just getting started. However, traders interested in commodities may still find Zerodha’s fees manageable compared to its peers.
Annual Maintenance Charges (AMC)
For annual maintenance, Zerodha and Upstox both charge ₹300 per year, providing a competitive price point for maintaining a Demat account. Motilal Oswal waives the AMC for the first year but charges ₹400 annually from the second year onward, making it a slightly more expensive choice in the long run. Zerodha and Upstox are better options for those who prioritize cost efficiency in maintaining their accounts.
Brokerage for Equity Delivery
Both Zerodha and Upstox offer equity delivery at no brokerage cost, making them ideal for long-term investors who prefer holding stocks over extended periods. Motilal Oswal, however, charges 0.2% or ₹20 per order, whichever is higher, making it less attractive for investors focused on equity delivery. For traders with low transaction volumes, the cost difference could be significant, with Zerodha and Upstox being the clear winners for cost-conscious investors.
Brokerage for Equity Intraday
When it comes to intraday trading, Zerodha and Upstox both charge ₹20 per executed order, ensuring a flat and transparent fee structure for active traders. Zerodha, however, offers an additional option of charging 0.03% of the trade value, which can be more economical for high-volume trades. Motilal Oswal, charging 0.05% per order, can end up being more expensive, especially for frequent intraday traders who execute larger transactions.
Brokerage for Option Trading
Zerodha and Upstox maintain their competitive edge in options trading as well, charging ₹20 per order, making them cost-effective for retail traders. Motilal Oswal charges ₹100 per lot, significantly higher than the flat rates offered by Zerodha and Upstox. For traders involved in options trading, the cost savings can be substantial if using Zerodha or Upstox over Motilal Oswal.
Brokerage for Futures Trading
Zerodha and Upstox offer the same rate for futures trading, charging ₹20 per order, making them equally favorable for futures traders. In comparison, Motilal Oswal charges either 0.05% of the trade value or ₹100 per order, whichever is higher, which can be more expensive for large future positions. For those trading futures frequently, opting for Zerodha or Upstox would result in more significant cost savings.
Trading Platforms
All three brokers provide robust trading platforms tailored for different types of investors. Zerodha offers Kite, a highly popular web and mobile platform known for its simplicity and speed, which makes it suitable for both new and experienced traders. Upstox’s Pro platform is user-friendly and clean, delivering a similar experience for investors. Motilal Oswal’s MOSIAC is a more feature-rich platform, offering a comprehensive suite of tools, although it may feel overwhelming for newer users.
Customer Support
Customer support is an essential factor when choosing a broker. Zerodha and Upstox provide support via email and phone during business hours, sufficient for many retail investors. Motilal Oswal goes a step further by offering extended branch support, making it a suitable choice for investors who prefer in-person assistance or need extended hours of support.
Investment Options
In terms of available investment options, Zerodha, Upstox, and Motilal Oswal offer a wide range of instruments. Zerodha allows investments in equity, derivatives, commodities, mutual funds, and bonds. Upstox offers similar options, along with digital gold. Motilal Oswal extends its range by including portfolio management services (PMS), giving it a slight advantage for high-net-worth individuals seeking personalized investment services.
Research & Advisory Services
One area where Motilal Oswal stands out is its comprehensive research and advisory services. Unlike Zerodha, which provides basic charts and data, and Upstox, which offers limited research, Motilal Oswal delivers in-depth market research and advisory services. This makes it a good choice for investors who rely on extensive research before making investment decisions.
User Interface & Experience
All three brokers provide solid user interfaces, though they cater to different preferences. Zerodha’s Kite is known for its fast, simple design, making it easy to navigate for both beginner and seasoned traders. Upstox Pro’s interface is similarly intuitive, focusing on a clean layout. Motilal Oswal’s platform is more comprehensive and feature-rich, which may appeal to advanced traders but might appear more complicated to newcomers.
Additional Features
Zerodha offers Coin, a platform for direct mutual fund investments, and Console, a reporting tool, which enhances the user experience. Upstox provides free trading tools and APIs, which can be attractive for more tech-savvy traders. Motilal Oswal, on the other hand, stands out for its research capabilities and PMS offerings, giving it a broader scope for wealth management and advisory services.
Conclusion
In summary, Zerodha and Upstox are highly competitive in terms of low-cost brokerage, user-friendly platforms, and free equity delivery trading, making them ideal for new and seasoned retail investors. Motilal Oswal, while more expensive in terms of brokerage fees, offers comprehensive research services, branch support, and additional wealth management services, which could be more appealing to high-net-worth individuals or those seeking personalized advisory.
Choosing the right platform ultimately depends on your trading needs, whether you prioritize low-cost trading or value-added services like research and advisory. For cost-conscious traders, Zerodha and Upstox are the clear frontrunners, while Motilal Oswal is more suited for investors looking for extensive research and wealth management options.