Zerodha vs Groww vs Upstox vs Angel One — Best Demat Account India 2026
India added 40 million new Demat accounts between 2021 and 2025. If you are reading this, you probably have at least one trading app on your phone.
But which platform is actually best for you? The answer depends on your trading frequency, investment style, and what you value — low brokerage, good research, or ease of use.
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The First Principle of Broker Selection
A stockbroker is a pipeline between you and the exchange. Their job is to route your order to the NSE/BSE with minimal friction and maximal reliability.
In 2026, all major Indian brokers offer near-zero brokerage for delivery trades. The differences come down to: hidden costs, platform reliability, research quality, and customer service.
| Feature | Zerodha | Groww | Upstox | Angel One |
|---|---|---|---|---|
| Delivery Brokerage | ₹0 | ₹0 | ₹0 | ₹0 |
| Intraday Brokerage | ₹20/trade or 0.03% | ₹20/trade | ₹20/trade | ₹20/trade |
| F&O per lot | ₹20 | ₹20 | ₹20 | ₹20 |
| Account Opening | ₹200 | Free | ₹149 | Free (with conditions) |
| AMC (Annual) | ₹300 | ₹0 | ₹300 | ₹240 |
| Margin (F&O) | Up to 4x (MIS) | Up to 3x | Up to 5x | Up to 10x |
| Platform | Kite (best in class) | Web + App | Web + App | Web + App |
| Research | Minimal, community-driven | Basic fund insights | Basic | ARQ advisory engine |
| DP Depository | CDSL | CDSL | CDSL | CDSL |
Which Broker Should You Choose?
Choose Zerodha if: You are serious about trading or investing. Kite is the most sophisticated platform in India. The Varsity educational resource is unmatched. The ecosystem of third-party tools (Sensibull, Streak, Smallcase) is a massive advantage.
Choose Groww if: You are a complete beginner investing in mutual funds and occasional stocks. The zero-AMC model and clean UX make it the best “set and forget” option. But serious traders will outgrow it quickly.
Choose Upstox if: You want high margin for F&O trading at a low cost. The platform has improved significantly since 2023 and now matches Kite in most features.
Choose Angel One if: You want research recommendations and advisory built into your brokerage. The ARQ engine provides buy/sell signals, which beginners find useful but experienced investors tend to ignore.
The Hidden Costs Nobody Talks About
- STT (Securities Transaction Tax): 0.1% on delivery sells, 0.025% on intraday sells — applies to all brokers equally
- SEBI Turnover Fee: ₹10 per crore of turnover (new in 2025: ₹2 per crore)
- GST on Brokerage: 18% on whatever brokerage you pay
- Call & Trade: ₹50-100 extra per order if you phone in a trade
The Smart Friend’s Verdict
For 90% of people: Zerodha. If you are serious about investing or trading, Zerodha’s Kite platform, Varsity education, and ecosystem are worth the ₹300/year AMC. If you only invest in mutual funds and buy the occasional stock, Groww’s zero-cost model makes more sense.