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Our top alternative brokers to Zerodha
Interactive Brokers
4.9
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Sharekhan
3.5
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Our top alternative brokers to Zerodha
Interactive Brokers
4.9
Visit broker
Sharekhan
3.5
Visit broker
Zerodha Alternatives

The best alternatives to Zerodha are

  1. Sharekhan - India-based stockbroker
  2. Interactive Brokers - US discount broker

Let's see in a bit more detail how the Zerodha alternatives compare to Zerodha and each other:

Zerodha alternatives comparison
Zerodha Sharekhan Interactive Brokers
Overall score 4.2 3.5 4.9
Fees score 4.7 stars 0.5 stars 4.2 stars
Account opening score 1.8 stars 4.4 stars 3.4 stars
Deposit and withdrawal score 2.8 stars 2.5 stars 3.5 stars
Web platform score 3.8 stars 4.0 stars 4.5 stars
Markets and products score 2.0 stars 2.0 stars 5.0 stars
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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 low fees and a professional trading environment

Important factors of finding Zerodha alternatives

So far BrokerChooser has reviewed 93 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

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Fees
0.5

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
Zerodha vs. Sharekhan: Trading fees
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

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Account opening
4.4

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
Zerodha vs. Sharekhan: Minimum deposit, time to open an account
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.

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Deposit and withdrawal
2.5

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
Zerodha vs. Sharekhan: Withdrawal options
Sharekhan Zerodha
Bank transfer Yes Yes
Credit/debit card No No
Electronic wallets No No
Withdrawal fee $0 $0

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Web trading platform
4.0

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
Web trading platform of Sharekhan, a Zerodha alternative
Zerodha vs. Sharekhan: Trading platform scores
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.

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Markets and products
2.0

At Sharekhan, you can trade almost all asset classes, except CFDs and cryptos. On the negative side, only Indian markets are available.
Zerodha vs. Sharekhan: Markets and products
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

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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 0.5 stars
Recommended for Traders and investors focusing on the Indian market

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Zerodha alternatives
Interactive Brokers

Interactive Brokers review summary

 

Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. 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).

As it has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. Having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

Our overall Interactive Brokers rating

Compare this broker to the best Interactive Brokers alternative here.

Recommended for traders looking for low fees 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

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Fees
4.2

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
Zerodha vs. Interactive Brokers: Trading fees
Interactive Brokers Zerodha
Apple benchmark fee $2.3 -
Vodafone benchmark fee $9.0 -
EURUSD benchmark fee $10.7 -

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

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Account opening
3.4

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 Confusing messages throughout the process
Zerodha vs. Interactive Brokers: Minimum deposit, time to open an account
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.

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Deposit and withdrawal
3.5

Interactive Brokers offers many account base currency options 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 each month free
Zerodha vs. Interactive Brokers: Withdrawal options
Interactive Brokers Zerodha
Bank transfer Yes Yes
Credit/debit card No No
Electronic wallets No No
Withdrawal fee $0 $0

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Web trading platform
4.5

Interactive Brokers's web platform is simple and easy to use, even for beginners.
Pros Cons
User-friendly None
Clear fee report
Two-step (safer) login
Web trading platform of Interactive Brokers, a Zerodha alternative
Zerodha vs. Interactive Brokers: Trading platform scores
Interactive Brokers Zerodha
Web platform score 4.5 stars 3.8 stars
Mobile platform score 3.8 stars 4.3 stars
Desktop platform score 3.0 stars -

Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.

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Markets and products
5.0

Through Interactive Brokers, you can access an extremely wide range of markets, and all product types are available.
Zerodha vs. Interactive Brokers: Markets and products
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

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Verdict

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker mainly for advanced traders.

On the plus side, IB has low fees, a vast range of available markets and products, and diverse research tools

There are some drawbacks, though: we weren't satisfied with the level of customer service and the account opening process is complicated. 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 could be 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 4.2 stars
Recommended for Traders looking for low fees and a professional trading environment

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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
4.7

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 alternatives trading fees
Zerodha Sharekhan Interactive Brokers
US stock - - $1.0
UK stock - - $4.2

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k

Account opening
1.8

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 alternatives minimum deposit and account open times
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
2.8

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 and alternatives withdrawal options and fees
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
3.8

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 - Web trading platform
Zerodha and alternatives trading platform scores
Zerodha Sharekhan Interactive Brokers
Web platform score 3.8 stars 4.0 stars 4.5 stars
Mobile platform score 4.3 stars 5.0 stars 3.8 stars
Desktop platform score - 3.3 stars 3.0 stars

Learn more about Zerodha's web trading platform in the detailed Zerodha review.

Markets and products
2.0

Zerodha's product lineup comprises a lot of asset classes, ranging from stocks to futures. However, the portfolio covers only the Indian market.
Zerodha and alternatives markets and products
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.

Zerodha alternatives
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 US discount broker Traders looking for low fees 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.

Author of this article

Ádám Nasli

Author of this article

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

Ádám Nasli

Broker Expert

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

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

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