The best alternatives to Zerodha are
- Sharekhan - India-based stockbroker
- Interactive Brokers - International broker providing all asset classes
Let's see in a bit more detail how the Zerodha alternatives compare to Zerodha and each other:
| Zerodha | Sharekhan | Interactive Brokers | |
|---|---|---|---|
| Overall score | 4.2 stars | 3.4 stars | 4.9 stars |
| Fees score | 4.7 stars | 0.9 stars | 4.5 stars |
| Account opening score | 2.0 stars | 4.2 stars | 3.2 stars |
| Deposit and withdrawal score | 2.8 stars | 2.5 stars | 3.0 stars |
| Web platform score | 3.8 stars | 4.0 stars | 3.8 stars |
| Markets and products score | 2.0 stars | 2.0 stars | 5.0 stars |
| Visit broker | Visit broker |
Why are these brokers considered good alternatives to Zerodha? There are many areas based on which Zerodha can be compared with others. When we say a given online broker is a good alternative to Zerodha we mean these brokers are comparable in the following areas:
- The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
- The type of clients they target, i.e. beginners, experienced investors, or day traders.
Zerodha alternatives recommendations
Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:
- Zerodha is recommended for traders and investors (including beginners) focusing on the indian market and looking for low fees
- Sharekhan is recommended for traders and investors focusing on the indian market
- Interactive Brokers is recommended for traders looking for broad market access and a professional trading environment
Important factors of finding Zerodha alternatives
So far BrokerChooser has reviewed 101 online brokers in detail, which gives this comparison a solid starting point.
Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we
- open a live account
- check over 100 criteria, with weighting based on readers' preferences
- refresh data regularly
Whether Zerodha or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:
Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. Zerodha is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost Zerodha alternative.
Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At Zerodha, the account opening is slower than average, so if you consider this important some Zerodha alternatives can be a good choice.
Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at Zerodha, some alternatives might allow you to do that.
Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.
Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Zerodha alternative is a must.
Now let's dive into the details of how Zerodha and its alternatives perform in the most important areas!
Zerodha alternatives
Sharekhan
Sharekhan is an India-based stockbroker founded in 2000. It is a subsidiary of French banking group BNP Paribas, which is listed on the Euronext Paris stock exchange. Sharekhan is regulated by the Securities and Exchange Board of India.
Sharekhan is considered safe because its parent company has a banking background with a stock exchange listing; it has a long track record; and it is regulated by a top-tier regulator.
Recommended for traders and investors focusing on the indian market
| Pros | Cons |
|---|---|
|
• Great mobile trading platform
|
• Average to high trading fees
|
|
• Strong research
|
• Only Indian markets available
|
|
• Reliable customer service
|
• Funding only via bank transfer
|
Fees
Sharekhan charges no withdrawal fee or inactivity fee, but its stock and forex trading fees are not very competitive, and an account fee kicks in starting your second year.
| Pros | Cons |
|---|---|
|
• Low non-trading fees
|
• High trading fees
|
|
• No withdrawal fee
|
• Not transparent fee structure
|
|
|
• Account fee after one year
|
| Sharekhan | Zerodha | |
|---|---|---|
| Apple benchmark fee | - | - |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark fee | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
Account opening is fully digital and there is no minimum account balance. On the negative side, only Indian residents and non-resident Indians can open an account.
| Pros | Cons |
|---|---|
|
• Fully digital
|
• Only Indian residents and non-resident Indians can open an account
|
|
• No minimum deposit
|
|
|
• User-friendly
|
|
| Sharekhan | Zerodha | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | >3 days |
If you are interested more in Sharekhan minimum deposit, this overview will help you.
Deposit and withdrawal
Deposit and withdrawal at Sharekhan are free, but they're also somewhat limited, as there is only one base currency, and you can only use bank transfer.
| Pros | Cons |
|---|---|
|
• Free withdrawal
|
• Credit/Debit card not available
|
|
• No deposit fee
|
• Only one account base currency
|
| Sharekhan | Zerodha | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
Sharekhan's web trading platform is user-friendly and looks really simple yet sophisticated. However, it lacks customization options and a clear fee report.
| Pros | Cons |
|---|---|
|
• User-friendly
|
• No clear fee report available
|
|
• Two-step (safer) login
|
• Limited customizability (for charts, workspace)
|
|
• Good search function
|
|
| Sharekhan | Zerodha | |
|---|---|---|
| Web platform score | 4.0 stars | 3.8 stars |
| Mobile platform score | 5.0 stars | 4.3 stars |
| Desktop platform score | 3.3 stars | - |
Learn more about Sharekhan's web trading platform in the detailed Sharekhan review.
Markets and products
At Sharekhan, you can trade almost all asset classes, except CFDs and cryptos. On the negative side, only Indian markets are available.
| Sharekhan | Zerodha | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | Yes | Yes |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFDs | No | No |
| Crypto | No | No |
Verdict
Sharekhan is a decent stockbroker in India with a long history.
On the plus side, it has low non-trading fees, the mobile trading app is great, and the company offers superb customer service and useful research tools.
There are some drawbacks though. You can only access Indian markets, trading fees are not the best, and you can use only bank transfer to deposit or withdraw money.
As there is no inactivity fee, no account fee in the first year, and the mobile app is easy to use, we encourage you to give Sharekhan a try.
| Sharekhan | |
|---|---|
| Summary | Sharekhan is one of the first brokers to offer online trading in India and is regulated by the SEBI. It is a privately-held company. |
| Fees score | 0.9 stars |
| Recommended for | Traders and investors focusing on the Indian market |
Zerodha alternatives
Interactive Brokers
Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).
Given that the broker has licenses from multiple top-tier regulators, has a long track record and publicly disclosed financials while being listed on a stock exchange; it all points towards IB being a safe service provider.
Interactive Brokers recently launched a new app for global stock trading:. GlobalTrader is a simple platform where you can trade stocks and ETFs. If you are looking to trade only those two assets, GlobalTrader is the solution for you, since you will not get distracted with the other unnecessary information about other asset classes. In addition, you will have a more convenient time navigating through its simple user interface. It is also easier and quicker to create a GlobalTrader account than to create an Interactive Brokers account. Read our review of IBKR GlobalTrader
In addition, Interactive Brokers also has an app you can use for ESG investing: read our review of IMPACT by Interactive Brokers.
Recommended for traders looking for broad market access and a professional trading environment
| Pros | Cons |
|---|---|
|
• Low trading fees
|
• Complicated account opening process
|
|
• Wide range of products
|
• Complex desktop trading platform
|
|
• Many great research tools
|
• Understaffed customer service
|
Fees
Interactive Brokers has low trading fees and the best margin rates in the industry. For US clients, stock and ETF trading is free if they choose the Lite plan.
| Pros | Cons |
|---|---|
|
• Low trading fees
|
None |
|
• Free stock and ETF trading for US clients
|
|
|
• Low margin rates
|
|
| Interactive Brokers | Zerodha | |
|---|---|---|
| Apple benchmark fee | $2.3 | - |
| Vodafone benchmark fee | $7.6 | - |
| EURUSD benchmark fee | $14.7 | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the process is complicated and account verification takes relatively long.
| Pros | Cons |
|---|---|
|
• Fully digital
|
• Not user-friendly
|
|
• No minimum deposit for most account types
|
|
| Interactive Brokers | Zerodha | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | >3 days |
If you are interested more in Interactive Brokers minimum deposit, this overview will help you.
Deposit and withdrawal
Interactive Brokers offers several account base currencies and one free withdrawal per month. The main drawback is that you can only use bank transfer.
| Pros | Cons |
|---|---|
|
• No deposit fee
|
• Credit/Debit card not available
|
|
• Several account base currencies
|
|
|
• First withdrawal free each month
|
|
| Interactive Brokers | Zerodha | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
The Interactive Brokers web platform is simple and easy to use, even for beginners, however there are some minor but annoying glitches.
| Pros | Cons |
|---|---|
|
• User-friendly
|
• User experience could be better
|
|
• Clear fee report
|
|
|
• Two-step (safer) login
|
|
| Interactive Brokers | Zerodha | |
|---|---|---|
| Web platform score | 3.8 stars | 3.8 stars |
| Mobile platform score | 3.5 stars | 4.3 stars |
| Desktop platform score | 3.8 stars | - |
Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.
Markets and products
At Interactive Brokers, you have access to an extremely wide range of markets and all product types are available.
| Interactive Brokers | Zerodha | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | Yes | Yes |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFDs | Yes | No |
| Crypto | Yes | No |
Verdict
Interactive Brokers is one of the biggest US-based lowest spread brokers, regulated by several top-tier regulators globally. We recommend this broker both for advanced traders and for everyday investors who want to have access to many stock markets.
On the plus side, IB offers very low fees, a vast range of markets and products, and diverse research tools.
There are some drawbacks, however. We weren't satisfied with the quality of the customer service and the account opening process is complicated. Unlike the web and mobile platforms, the desktop platform is complex and hard to get a handle on, especially for beginners.
If you have experience navigating complex platforms and enjoy transparent, low-cost trading, Interactive Brokers is a great fit for you.
| Interactive Brokers | |
|---|---|
| Summary | Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC. |
| Fees score | 4.5 stars |
| Recommended for | Traders looking for broad market access and a professional trading environment |
Zerodha alternatives
Zerodha
Indian stock brokerage Zerodha was set up in 2010 by entrepreneur and stockbroker Nithin Kamath. His aim was to establish 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).
Recommended for traders and investors (including beginners) focusing on the indian market and looking for low fees
| Pros | Cons |
|---|---|
|
• Low fees
|
• Slow account opening process
|
|
• Great trading platforms
|
• Only Indian market covered
|
|
• Solid research
|
• No investor protection
|
Fees
Fees at Zerodha are low. On the other hand, expect to be charged for the account opening and for account maintenance.
| Pros | Cons |
|---|---|
|
• Low trading fees
|
• Account opening and maintenance charges
|
|
• Low non-trading fees
|
|
|
• Low stock and ETF fees / Free stock trading
|
|
| Zerodha | Sharekhan | Interactive Brokers | |
|---|---|---|---|
| US stock | - | - | $1.0 |
| UK stock | - | - | $3.4 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k
Account opening
The account opening at Zerodha is far from seamless. The process is slow and not fully digital. As a plus, there is no minimum deposit.
| Pros | Cons |
|---|---|
|
• No minimum deposit
|
• Slow
|
|
|
• Not fully digital
|
|
|
• Only Indian citizens accepted
|
| Zerodha | Sharekhan | Interactive Brokers | |
|---|---|---|---|
| Minimum deposit | $0 | $0 | $0 |
| Time to open account | >3 days | 1-3 days | 1-3 days |
Learn more about Zerodha minimum deposit here.
Deposit and withdrawal
Zerodha's deposit and withdrawal processes are user-friendly and free. However, there is only one account base currency, 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
|
|
| 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 |
Web trading platform
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.
| Pros | Cons |
|---|---|
|
• User-friendly
|
• No two-step (safer) login
|
|
• Clear fee report
|
• Limited customizability (for charts, workspace)
|
|
• Good search function
|
|
| Zerodha | Sharekhan | Interactive Brokers | |
|---|---|---|---|
| Web platform score | 3.8 stars | 4.0 stars | 3.8 stars |
| Mobile platform score | 4.3 stars | 5.0 stars | 3.5 stars |
| Desktop platform score | - | 3.3 stars | 3.8 stars |
Learn more about Zerodha's web trading platform in the detailed Zerodha review.
Markets and products
Zerodha's product lineup comprises a lot of asset classes, ranging from stocks to futures. However, the portfolio covers only the Indian market.
| Zerodha | Sharekhan | Interactive Brokers | |
|---|---|---|---|
| Stocks | Yes | Yes | Yes |
| ETFs | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes |
| Funds | Yes | Yes | Yes |
| Bonds | Yes | Yes | Yes |
| Options | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes |
| CFDs | No | No | Yes |
| Crypto | No | No | Yes |
Verdict
Zerodha is an Indian discount broker offering very low fees. Its web and mobile trading platforms are superb, featuring a wide range of research tools.
The broker has some drawbacks though. The account opening process is slow and not entirely online. You can only access Indian markets and clients are not covered by investor protection.
If you are interested in Indian markets, we recommend Zerodha as the fees are low and the broker doesn't charge an inactivity fee.
| Zerodha | |
|---|---|
| Summary | Zerodha is one of the biggest discount brokers in India. It is regulated by the SEBI. |
| Fees score | 4.7 stars |
| Recommended for | Traders and investors (including beginners) focusing on the Indian market and looking for low fees |
Zerodha alternatives
Bottom line
Based on our analysis, there are several good alternatives to Zerodha. They all offer similar products and target similar customers. Here's a recap of the results in a table.
| Broker | Info | Recommended for |
|---|---|---|
| Zerodha | India-based discount broker | Traders and investors (including beginners) focusing on the Indian market and looking for low fees |
| Sharekhan | India-based stockbroker | Traders and investors focusing on the Indian market |
| Interactive Brokers | International broker providing all asset classes | Traders looking for broad market access and a professional trading environment |
Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.
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