Zerodha vs Groww vs Angel One vs Upstox — A Real Comparison

Four of India's most-used discount brokers, compared honestly — including a genuinely interesting current story about who's actually gaining and losing users right now.

The Genuinely Interesting Current Story: Who's Actually Gaining Users

FY26 data shows India's total NSE active client base fell 7% year-over-year to 4.57 crore — the first annual industry-wide contraction in three years, attributed to tighter SEBI F&O regulations, global market uncertainty, and weak IPO sentiment dampening retail activity broadly. Within that decline: Zerodha lost about 9.95 lakh active clients, Angel One about 8.15 lakh, and Upstox saw the sharpest decline at 7.6 lakh. Groww was the notable exception — it gained market share, growing from roughly 26.26% to 28.31%, and dominated new additions in the most recent quarter measured. This is worth knowing not as a verdict on quality, but as current, real context for anyone comparing these platforms right now.

Brokerage and Charges — Broadly Similar, With Real Disagreement in the Details

All four are discount brokers with broadly similar core pricing: typically ₹20 per order flat (or a small percentage, whichever is lower) for intraday and F&O trades, with most offering free or near-free equity delivery. Beyond that headline similarity, sources genuinely disagree on the specifics — some comparison sites report Zerodha as cheapest overall for delivery-heavy investors; others report Groww and Angel One tying for lowest overall charges. This isn't a case where we can give you one confident number — it reflects real, ongoing rate changes and differing methodologies across comparison sources, several of which explicitly date-stamp their own figures because rates shift often.

What's More Reliably Consistent Across Sources

Statutory Charges Apply Regardless of Broker

Beyond brokerage, every trade carries government/exchange charges that don't vary by broker choice: Securities Transaction Tax (STT), exchange transaction charges, SEBI turnover fees, GST, and stamp duty. Worth noting: F&O-specific STT rates changed as of April 1, 2026 (futures sell-side STT moved to 0.05%, options sell-side premium STT to 0.15%) — if you're looking at older comparison content, check whether it's reflecting current rates.

What Actually Matters for Your Decision

• If you're a long-term, low-frequency investor, the brokerage differences between these four are often small in absolute rupee terms — platform comfort and reliability may matter more
• If you trade actively, even small percentage differences compound meaningfully — get current, exact figures directly from each broker's official rate card before deciding
• If you want bundled research/advisory, Angel One's positioning specifically emphasizes this, though verify current offerings directly

The Honest Bottom Line

All four are legitimate, SEBI-registered, exchange-member brokers. The "best" choice depends on your trading pattern more than any small fee differential — and given how much even recent comparison sources disagree on exact current numbers, verify pricing directly on each broker's official website before opening an account, rather than trusting any single comparison (including this one) as the final word on current rates.