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Zerodha Logo

Summary

Recommended for traders and investors (including beginners) focusing on the Indian market and looking for low fees

Zerodha was founded in 2010 in India by Nithin Kamath. His aim was to create a high-tech trading platform with affordable pricing. Today Zerodha has over 1.5 million active retail clients, accounting for over 15% of India's retail trading volume.

Zerodha is considered safe because it is regulated by India's top-rated regulator, the Securities and Exchange Board of India (SEBI).

Overall Rating
4.3
Fees
5.0
Account opening
2.0
Deposit and withdrawal
3.0
Trading platform
4.0
Markets and products
2.0
Research
5.0
Customer service
4.0
Education
4.0

Zerodha pros and cons

Zerodha has low fees, it even offers free equity delivery trading. The web and mobile trading platforms are easy-to-use and well-designed. There is a wide range of high-quality research tools.

The account opening is slow and not fully digital. The product portfolio covers only the Indian market. With Zerodha you will not have any investor protection.

Pros Cons
Low fees Slow account opening process
Great trading platforms Only Indian market covered
Solid research No investor protection
Zerodha main features and highlights
🗺️ Country of regulation India
💰 Trading fees class Low
💰 Inactivity fee charged No
💰 Withdrawal fee amount $0
💰 Minimum deposit $0
🕖 Time to open an account >3 days
💳 Deposit with credit card Not available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 1
🎮 Demo account provided No
🛍️ Products offered Stock, ETF, Forex, Fund, Bond, Options, Futures
Gergely Korpos

Gergely Korpos

Co-founder, CPO

Author of this review

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on Brokerchooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Zerodha review
Fees

5.0
Zerodha has low trading fees and low non-trading fees. On the other hand, it charges an INR 300 annual account fee.
Pros Cons
Low trading fees INR 300 annual account fee
Low non-trading fees
Low stock and ETF fees
Zerodha fees snapshot
Assets Fee level Fee terms
US stock - Not available
EURUSD - Not available
Mutual fund - Not available
Inactivity fee Low No inactivity fee

How we ranked fees

We ranked Zerodha's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

In this section, you will find the most relevant fees of Zerodha for each asset class. For example, in the case of stock investing, the most important fees are commissions.

We also compared Zerodha's fees with those of two similar brokers we selected, Sharekhan and Interactive Brokers. This comparison is based on objective factors such as product offers, client profile, or fee structure. See a more detailed rundown of Zerodha alternatives.

To have a clear overview of Zerodha, let's start with the trading fees.

Zerodha trading fees

Zerodha trading fees are low. For equity delivery, it doesn't charge any commission. You can find very transparent fee information on Zerodha's website, supplemented by an easy-to-use fee calculator

As Indian brokers usually offer only a few types of products, we compare brokers by calculating all fees of a typical trade for two assets.

For the assets we chose:

  • Reliance, a large Indian stock
  • USDINR, a popular currency pair

We compared the fees for an equity delivery trading in case of Reliance and currency futures trading at USDINR. The typical trade means buying a position, holding for one week, and selling it. For the volume, we chose a $2,000 position for stocks, and $20,000 for the USDINR.

This super catch-all benchmark includes spreads, commissions and financing costs for all brokers.

Here is the verdict. Zerodha has low stock and currency futures fees. Both Interactive Brokers and Sharekhan have higher fees.

Zerodha fees benchmarked
  Zerodha Sharekhan Interactive Brokers
Reliance benchmark fee $0.0 $0.4 $0.7
USDINR benchmark fee $0.4 $4.0 -

The brokerage fees differ between the asset classes, and between trading scenarios. For example, they are not the same if you hold the positions overnight or not. The broker fees are calculated as per the table:

Zerodha brokerage fees
Asset class Brokerage fee per trade
Equity delivery Free

Equity intraday

Equity futures

Currency futures / options

Commodity options / futures

0.01% of the trade value or INR 20, whichever is the lower
Equity options INR 20

However, beyond the brokerage fees, you should take into account other fees, like taxes or the SEBI charges.

Zerodha non-brokerage fees
  Securities/Commodities transaction tax Transaction/Clearing charges GST SEBI charges
Equity delivery 0.1% on buy and sell

NSE: 0.00325%

BSE: 0.003%

18% of the brokerage and transaction charges INR 10 / crore
Equity intraday 0.025% on sell

NSE: 0.00325%

BSE: 0.003%

Equity futures 0.01% on sell

NSE: 0.0019%

BSE: 0.003%

Equity options 0.05% on sell

NSE: 0.05%

BSE: 0.003%

Currency futures No STT fee

NSE: 0.0009%

BSE: 0.00022%

Currency options No STT fee

NSE: 0.0007%

BSE: 0.001%

Commodity options 0.01% on sell Ranges between 0.0026% to 0.00005%
Commodity futures 0.05% on sell No fees


Non-trading fees

Zerodha has low non-trading fees. It charges no inactivity fee and withdrawal fee, but there is an account fee. 

The account fee is INR 300 + 18% tax per year for Demat accounts, and INR 1,000 + 18% tax per year for corporate accounts. If you open a commodity account, you will be charged INR 100 + 18% tax per year.

Zerodha non-trading fees
  Zerodha Sharekhan Interactive Brokers
Account fee Yes Yes No
Inactivity fee No No Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

Zerodha review
Account opening

2.0
The account opening at Zerodha could be better. It's not fully digital and very slow. As a plus, there is no minimum deposit.
Pros Cons
No minimum deposit Slow
Not fully digital
Only Indian citizens can open an account

Can you open an account?

Visit broker

Only Indian residents and non-resident Indians (NRI) can open an account.

What is the minimum deposit at Zerodha?

The required Zerodha minimum deposit is $0. However, there is an INR 300 fee for opening a Trading & Demat account, while INR 200 for Commodity account

Account types

There are two account types available:

  1. Demat & Trading account - for equity and currency trading
  2. Commodity account - for commodity trading

How to open your account

The account opening process is not fully digital, and it took a long time until our account was approved. On average, the account opening should take ~5 business days, however, it took more than 1 month for us, as we had to send multiple documents for approval.

The 7 steps of Zerodha account opening:

  1. Register an account by giving your email address
  2. Enter your PAN number (Permanent Account Number) 
  3. Pay the account opening fee
  4. Link your identification details with the Online Government website (Digi Locker Facility) and the website automatically pulls the required online documents.
  5. Upload your bank statements.
  6. Sign your documents digitally and then provide a Webcam IPV (In-Person verification)
  7. Finally, mail required documents to Zerodha

The following documents are needed for the account opening: 

  • Photograph
  • Aadhar Card (which can be taken from the Digilocker online website)
  • Pan card
  • Bank Statements (issued within the last 6 months)
  • e-Sign

Zerodha review - Account opening

Zerodha review
Deposit and withdrawal

3.0
Zerodha's deposit and withdrawal are user-friendly and free. However, the only account base currency is INR, and you can only use bank transfers for deposits and withdrawals.
Pros Cons
Free withdrawal Credit/Debit card not available
No deposit fee Only one account base currency
User-friendly

Account base currencies

At Zerodha the only base currency is the Indian Rupee (INR). This is the same as at Sharekhan, but lags behind Interactive Brokers.

Base currencies at Zerodha vs similar brokers
  Zerodha Sharekhan Interactive Brokers
Number of base currencies 1 1 19

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

Zerodha charges no deposit fees. You can deposit through bank transfers, and through the Unified Payment Interface (UPI), an instant payment system. Unfortunately, you cannot use credit/debit cards.

Zerodha deposit options
  Zerodha Sharekhan Interactive Brokers
Bank transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets Yes No No

You can only deposit money from accounts which are in your name.

Zerodha review - Deposit and withdrawal - Deposit

Zerodha withdrawal fees and options

Zerodha charges no withdrawal fees, however, you can only withdraw money through bank transfers. 

Zerodha withdrawal fees and options
  Zerodha Sharekhan Interactive Brokers
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets No No No
Withdrawal fee $0 $0 $0

How long does it take to withdraw money from Zerodha? We tested the credit card/bank transfer withdrawal and it took 2 business days.

You can only withdraw money to accounts in your name.

How do you withdraw money from Zerodha?

  • Login to your account through the Kite platform
  • Click "Funds" on the top 
  • Choose "Withdraw"
  • Choose amount, account and pay method

Compare to other brokers

Zerodha review
Web trading platform

4.0
Zerodha's web trading platform has a beautiful simplistic design, and it's very user-friendly. However, it has limited customizability and there is no two-step login available.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report Limited customizability (for charts, workspace)
Good search function
Zerodha platforms to choose from
Trading platform Score Available
Web 4 / 5 stars Yes
Mobile 4 / 5 stars Yes
Desktop - No

In this review, we tested Kite, Zerodha's own trading platform for all available asset types other than mutual funds. For fund trading, you need to use Coin, which is a separate Zerodha trading platform.

Overall, Kite is beautiful and very easy to use. However, multiple functionalities, such as portfolio reports and notifications, can only be accessed through other platforms provided by Zerodha. These are not integrated in the platform.

Look and feel

The Zerodha web trading platform is user-friendly and well-designed. On the negative side, the platform's not customizable. Zerodha review - Web trading platform

Login and security

Zerodha does not provide a two-step login. Having this would enhance Kite's safety.

When you log in, you need to provide your username, your password, and a 6-digit numerical code. 

Search functions

The search functions are okay. When you start typing the name of a product, a relevant list of recommendations appears. However, you can't see the asset type unless you click on a result, and you also can't filter for asset types.

Zerodha review - Web trading platform - Search

Placing orders

You can use the following order types:

  • Market
  • Limit 
  • Stop-loss
  • Bracket
  • Cover
  • After Market

To get a better understanding of these terms, read this overview of order types.

There are also order time limits you can use:

  • Day
  • Immediate or Cancel (IOC)

Zerodha review - Web trading platform - Order panel

Alerts and notifications

You can set alerts and order notifications through Zerodha's own Sentinel app. The alerts are available for prices, intraday changes, top sell quantity, etc.

Portfolio and fee reports

Zerodha has clear portfolio and fee reports through its app, Console.

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Zerodha review
Mobile trading platform

4.0
Zerodha's Kite mobile platform has the same amazing user-friendliness and functionalities as the web trading platform.
Pros Cons
User-friendly No two-step (safer) login
Good variety of order types
Price alerts

Zerodha offers two mobile trading platforms: Kite and Coin. On Kite, you can trade with assets except for mutual funds. If you would like to trade with mutual funds, you have to use Coin. In this review, we tested the Kite mobile trading platform.

Kite and Coin are both available for Android and iOS.

Look and feel

The Zerodha mobile trading platform is user-friendly and neat. Its design was built on the same basis as the web trading platform.

Zerodha review - Mobile trading platform

Login and security

Zerodha provides only a one-step login. Just as on the web, you have to provide your user name, your password, and the 6-digit pin code. Having a two-step authentication would be safer.

You can log in using biometric authentication. It's a convenient feature.

Search functions

The search functions are okay. The results are relevant, but you cannot filter for the asset types, and you can't see this feature of a product in list view, unless you click on it.

Zerodha review - Mobile trading platform - Search

Placing orders

You can use the same order types and order terms as on the web trading platform.

Zerodha review - Mobile trading platform - Order panel

Alerts and notifications

You cannot set price alerts on the Kite platform itself, but you can do so through the Sentinel app. Order notifications are available directly in the app. 

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Zerodha review
Desktop trading platform

Zerodha doesn't offer a desktop trading platform.

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Zerodha review
Markets and products

2.0
Zerodha provides trading with a lot of asset classes, from stocks to futures. However, this product offer covers only the Indian market.
Zerodha asset classes
  Zerodha Sharekhan Interactive Brokers
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes Yes
Fund Yes Yes Yes
Bond Yes Yes Yes
Options Yes Yes Yes
Futures Yes Yes Yes
CFD No No Yes
Crypto No No Yes

At Zerodha, you can trade with plenty of asset classes. However, Zerodha generally offers a smaller number of products for each class than its competitors.

Stocks and ETFs

Zerodha gives access to two Indian stock exchanges, the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE). It is the same as Sharekhan's offer but lags behind Interactive Brokers which gives access to a lot of stock exchanges globally (including minor ones).

Zerodha stock and ETF selection
  Zerodha Sharekhan Interactive Brokers
Stock markets (#) 2 2 78
ETFs (#) 130 130 13,000

Forex

At Zerodha, you can trade with currencies in the form of futures. There are only a few currency pairs provided: EURINR, USDINR, JPYINR, GBPINR.

Interactive Brokers has a much wider forex offer, however, it doesn't provide currency pairs crossed with INR.

Zerodha forex selection
  Zerodha Sharekhan Interactive Brokers
Currency pairs (#) 4 6 105

Funds

The mutual fund offer is lower than at Interactive Brokers or Sharekhan.

Zerodha mutual fund selection
  Zerodha Sharekhan Interactive Brokers
Fund providers (#) 39 50 260

Bonds

Zerodha offers fewer bonds than Sharekhan or Interactive Brokers. 

Zerodha bond selection
  Zerodha Sharekhan Interactive Brokers
Bonds (#) 145 1,000 72,900

Options

You can trade with options on the NSE and MCX stock exchanges. This is the same as with Sharekhan, but IB provides trading on a much higher number of exchanges.

Zerodha options selection
  Zerodha Sharekhan Interactive Brokers
Options markets (#) 2 2 33

Futures

You can trade on the same stock exchanges as with options.

Zerodha futures selection
  Zerodha Sharekhan Interactive Brokers
Futures markets (#) 2 2 32

Zerodha review
Research

5.0
Zerodha has great research. From trading ideas to APIs, you can find a lot of tools. On the negative side, using many of them incurs a monthly fee.
Pros Cons
Good interactive chart Fees charged for many research tools
Trading ideas
Data on asset fundamentals

Zerodha research tools can be found on its web trading platform. The research tools are available only in English.

Trading ideas

Zerodha provides both technical and fundamental analysis-based trading ideas. Stock reports are provided by Thomas Reuter, however, these have a monthly INR 150 fee.

You can also find trading ideas through an app called Streak. These ideas are based on technical indicators as well, but just like the stock reports, using Streak also has a monthly fee.

Zerodha review - Research - Recommendations

Fundamental data

Zerodha offers fundamental data. It includes financial statements, balance sheets, PE ratio, and many other important information.Zerodha review - Research - Fundamental data

Charting

Zerodha developed good charting on Kite, and you can also use Tradingview, a third-party tool. With both, you can choose from around 110 technical indicators.Zerodha review - Research - Charting

News feed

Through Zerodha's app, Pulse, you can get the latest news on financial markets, stocks, funds, and banks. It's updated every hour, and it's well-organized with tables and global indicators. 

Compare research pros and cons

Zerodha review
Customer service

4.0
You can reach out to Zerodha through e-mail and telephone, and they will give you fast and relevant answers. However, there is no live chat support or 24/7 availability.
Pros Cons
Phone support No live chat
Fast response time No 24/7 support
Relevant answers

You can contact Zerodha via:

  • telephone
  • email

Through phone, we got fast and relevant answers in most cases. We only had one negative experience, where regarding the account opening, we didn't get a clear and accurate answer to what documents and in what form we should mail to Zerodha.

The e-mail support works well. We got answers within 1-2 business days and they were helpful.

We missed the live chat and 24/7 availability. Customer support is available from 9 AM to 5 PM from Monday to Saturday.

Zerodha review - Customer Service

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Zerodha review
Education

4.0
Zerodha has a lot to offer if you want to improve your financial knowledge. You can access articles, webinars, and educational videos. However, there is no option for a demo account.
Pros Cons
Trading platform tutorial No demo account
Educational videos

At Zerodha you can learn in the following ways:

  • Platform tutorial videos
  • General educational videos
  • Webinars
  • Quality educational articles

You can find educational resources in two places: Varsity and Zerodha Educate. Varsity covers 11 modules on investing, each of them containing 10 to 20 chapters of study material.

On Zerodha Educate, you can watch videos which are integrated into the website, but the majority of the videos can be found on Zerodha's YouTube channel.

Zerodha review - Education

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Zerodha review
Safety

Zerodha is a fast-growing discount broker regulated by the top-tier Securities and Exchange Board of India. On the negative side, it provides no investor protection and negative balance protection.
Pros Cons
Majority of clients belong to a top-tier financial authority No investor protection
No negative balance protection
Does not hold a banking license

Is Zerodha regulated?

Yes, it is regulated by the Securities and Exchange Board of India.

Zerodha is based in India and it was founded in 2010.

Is Zerodha safe?

To be certain, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

Zerodha investor protection
Country of clients Protection amount Regulator Legal entity
India - SEBI Zerodha Broking Ltd.

Zerodha does not provide negative balance protection. If the balance on your account goes into negative, you will not be protected.

Background

Zerodha was established in 2010 with the goal of creating an affordable and high-tech trading platform for Indian investors. Its in-house technology and its pricing model has made Zerodha attract the biggest active retail clientele in the country. 

Zerodha is funded by Rainmatter, a reputable Indian fintech fund and incubator. 

Being regulated by a top-tier financial authority and having transparent management and ownership are all great signs for Zerodha's safety.

Find your safe broker

Zerodha review
Bottom line

Zerodha is a newly established discount broker in India.

On the plus side, Zerodha has very low fees. Furthermore, the web and mobile trading platforms are superb, and they provide a wide range of research tools.

There are some drawbacks though. The account opening process is slow, and not entirely online. You can only access Indian markets, and lastly, there is no investor protection.

As there are low fees, no inactivity fee charged, and if you are interested in Indian Markets, feel free to try Zerodha.

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