Zerodha Review 2023

  • 8.4

Zerodha review summary

Zerodha is one of the biggest discount brokers in India. 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. It is a good choice for beginner investors. The account opening is slow and not fully digital. The product portfolio covers only the Indian market. At Zerodha, you will not be covered by investor protection. BrokerChooser gave Zerodha a 4.2/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Zerodha is a regulated broker, it is overseen by a top-tier financial regulator in India . and it offers negative balance protection We at BrokerChooser always test brokers with real money, including the withdrawal process.

You can’t open an account at Zerodha if you live in Pakistan. See the best alternative available in your country.

Zerodha pros and cons

Pros Cons
Low fees Slow account opening process
Great trading platforms Only Indian market covered
Solid research No investor protection

Zerodha main highlights

🗺️ Country of regulationIndia
💰 Trading fees classLow
💰 Inactivity fee chargedNo
💰 Withdrawal fee amount$0
💰 Minimum deposit$0
🕖 Time to open an account>3 days
💳 Deposit with bank cardNot available
👛 Depositing with electronic walletAvailable
💱 Number of base currencies supported1
🎮 Demo account providedNo
🛍️ Products offeredStock, ETF, Forex, Fund, Bond, Options, Futures
Our overall zerodha-review rating
  • 8.4

  • Fees
  • Account opening
  • Deposit and withdrawal
  • Web Trading platform
  • Mobile trading platform
  • Markets and products
  • Research
  • Customer service
  • Education
Zerodha review


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 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.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, 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. The selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Zerodha alternatives.

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

Zerodha trading fees

Zerodha trading fees are low. For equity delivery, it doesn’t charge any commission. There is exceptionally transparent information on fees on Zerodha’s website, supplemented by an easy-to-use fee calculator. As other charges may apply, we have put together a table featuring catch-all costs.

Given that Indian brokers usually offer only a few types of products, we compared the brokers by calculating all the fees of a typical trade for two assets.

We chose the following assets:

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

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

The resulting catch-all benchmark includes spreads, commissions and financing costs for all brokers.

Now, let’s see the verdict. Zerodha has super low stock and currency futures fees. 

Zerodha benchmark fees for a $2,000 stock and $20,000 USDINR trade
 ZerodhaSharekhanInteractive Brokers
Indian stock $0.0 $4.00 $0.20
USDINR benchmark fee $0.5 $4.0
                                        Zerodha non-brokerage fees
 Brokerage chargeSecurities/Commodities transaction taxTransaction/Clearing chargesStamp chargesGSTSEBI charges
Equity deliveryNone0.1% on buy and sell

NSE: 0.00325%/trade

BSE: 0.003%/trade

0.015% or ₹1500 / crore on buy side18% of the brokerage and transaction chargesINR 5 / crore
Equity intraday0.03% or Rs. 20/executed order, whichever is lower0.025% on sell

NSE: 0.00325%/trade

BSE: 0.003%/trade

0.003% or ₹300 / crore on buy side
Equity futures0.03% or Rs. 20/executed order, whichever is lower0.01% on sell

NSE: 0.0019%/trade

0.002% or ₹200 / crore on buy side
Equity optionsFlat Rs. 20 per executed order0.05% on sell

NSE: 0.05%/trade

0.003% or ₹300 / crore on buy side
Currency futures0.03% or Rs. 20/executed order, whichever is lowerNo STT fee

NSE: 0.0009%/trade

BSE: 0.00022%/trade

0.0001% or ₹10 / crore on buy side
Currency options0.03% or Rs. 20/executed order, whichever is lowerNo STT fee

NSE: 0.035%/trade

BSE: 0.001%/trade

0.0001% or ₹10 / crore on buy side
Commodity options0.03% or Rs. 20/executed order, whichever is lower0.01% on sellRanges between 0.0005% to 0.001%/trade0.002% or ₹200 / crore on buy side
Commodity futures0.03% or Rs. 20/executed order, whichever is lower0.05% on sellNo fees0.003% or ₹300 / crore on buy side

Non-trading fees

Zerodha has low non-trading fees. While the broker charges no inactivity fee and withdrawal fee, 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
 ZerodhaSharekhanInteractive Brokers
Account feeYesYes No
Inactivity fee No No No
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0
Zerodha review

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

At Zerodha, 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 $0However, there is an INR 200 fee for opening a Trading & Demat account, and an INR 100 fee opening for a 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 for our account to be approved. On average, expect the account opening to take ~5 business days. For us, it took more than 1 month as we had to send multiple documents for approval.

The 7 steps of the 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) following which the website automatically pulls the required online documents
  5. Upload your bank statements
  6. Sign your documents digitally and 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

Our best alternatives to Zerodha are:

The highest ranking competitors are:

  1. Sharekhan full review
  2. Interactive Brokers full review
Zerodha review

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

Account base currencies

At Zerodha the only base currency is the Indian Rupee (INR).

Base currencies at Zerodha vs similar brokers
 ZerodhaSharekhanInteractive Brokers
Number of base currencies 1 1 23

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 opening a multi-currency bank account at a digital bank. Digital banks 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.

Deposit fees and options

Zerodha charges no deposit fees. You can deposit via bank transfers and the Unified Payment Interface (UPI), an instant payment system. Unfortunately, credit/debit cards are not supported.

Zerodha deposit options
 ZerodhaSharekhanInteractive Brokers
Bank transferYesYesYes
Credit/debit cardNoNoNo
Electronic walletsYesNoNo

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that 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
 ZerodhaSharekhanInteractive Brokers
Bank transferYesYesYes
Credit/debit cardNoNoNo
Electronic walletsNoNoNo

How long does it take to withdraw money from Zerodha? Our bank transfer 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”
  • Enter the amount, account number and payment method
Zerodha review

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 platforms to choose from
Trading platform Score Available
Web 3.8 stars Yes
Mobile 4.3 stars Yes
Desktop No

We tested Kite, Zerodha’s own trading platform that supports all available asset types except mutual funds. For fund trading, you need to use Coin, which is a separate Zerodha trading platform. APIs are also available at Zerodha through Kite Connect API.

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

Look and feel

Zerodha’s Kite is has a nice touch to it. On the other hand, the elements can’t be customized on the platform.

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 the 6-digit numerical code you set up at the time of account opening. 

Search functions

The search functions are fine. When you start typing the name of a product, a relevant list of recommendations will be displayed. However, you can’t see the asset type unless you click on a result. 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 Sentinel app. There are various types of alerts, including prices, intraday changes, top sell quantity, etc.

Portfolio and fee reports

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

Zerodha in times of volatility

In March 2020, Zerodha had a platform outage due to heavy market volatility. We have experienced this ourselves, but also learnt about it from the news and other outlets. We think such events have temporary effects on brokers, therefore we did not update the respective scores in this review. If you happen to experience an outage at this (or any) broker, contact us at

Zerodha review

Mobile trading platform

Zerodha’s Kite mobile platform has the same user-friendly 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 all available assets except mutual funds. If you would like to trade with mutual funds, you have to use Coin. 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 is similar to that of 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.

Nevertheless, you can log in using biometric authentication, which is a highly convenient feature.

Search functions

The search functions are okay. The results are relevant, but you cannot filter for asset types, and you can’t see the asset class 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. 

Zerodha review

Desktop trading platform

Zerodha doesn’t offer a desktop trading platform.

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 asset classes
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  

At Zerodha, you can trade with a wide range of assets, however the broker offers fewer products in each asset 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). The number of markets is the same as Sharekhan’s offer but lags behind Interactive Brokers, which provides access to a lot of stock exchanges globally (including minor ones).

Zerodha stock and ETF selection
 ZerodhaSharekhanInteractive Brokers
Stock markets (#) 2 2 83
ETFs (#) 66 130 13,000


At Zerodha, you can trade currencies in the form of futures. The lineup of available currency pairs is slim: EURINR, USDINR, JPYINR, GBPINR.

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

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


Zerodha mutual fund selection
 ZerodhaSharekhanInteractive Brokers
Fund providers (#)




Zerodha bond selection
 ZerodhaSharekhanInteractive Brokers
Bonds (#)




You can trade options on the NSE and the MCX stock exchanges. 

Zerodha options selection
 ZerodhaSharekhanInteractive Brokers
Options markets (#)2234


The same stock exchanges are available as with options.

Zerodha furures selection
 ZerodhaSharekhanInteractive Brokers
Futures markets (#)2232
Zerodha review


Zerodha’s research tools are great and varied, ranging from trading ideas to APIs, but many come with a monthly price tag.

Pros Cons
Good interactive chart Fees charged for many research tools
Trading ideas
Data on asset fundamentals

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

Trading ideas

Zerodha provides trading ideas based on technical and fundamental analysis. Stock reports are provided by Thomson Reuters at INR 150 per month.

You can find further trading ideas based on technical indicators on an app called Streak, which also has a monthly fee.

Zerodha review – Research – Recommendations

Fundamental data

Zerodha offers fundamental data, including financial statements, balance sheets, PE ratios, and many other useful information.

Zerodha review – Research – Fundamental data


Zerodha developed good charting capabilities on Kite, but you can also use Tradingview, a third-party tool. Both have a selection of around 110 technical indicators.

Zerodha review – Research – Charting

News feed

If you want to be up to date with the latest news on financial markets, stocks, funds, and banks, check out Zerodha’s app, Pulse. The feed is updated every hour, it’s well-organized, the items include tables and global indicators. 

Zerodha review

Customer service

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

The phone support is fast and efficient, we received relevant answers in most cases. We only had one negative experience, where we didn’t get a clear and accurate answer as to what documents we should submit and in what format if we want to open an account. Sadly, customer service is only available to clients.

The e-mail support works well. Our questions were answered within 1-2 business days and the replies 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

Zerodha review


Zerodha has a lot to offer if you want to improve your financial knowledge. You can read articles, watch webinars and educational videos. However, there is no option to open 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

The educational resources are located in two places: Varsity and Zerodha Educate. Varsity has 11 modules on investing, each 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 also be found on Zerodha’s YouTube channel.



Zerodha review – Education


Zerodha review


Zerodha is a fast-growing discount broker regulated by the top-tier Securities and Exchange Board of India. On the negative side, it provides neither investor protection nor 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 clientsProtection amountRegulatorLegal entity
IndiaNo protectionSEBIZerodha Broking Ltd.

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


Zerodha was established in 2010 with the aim of creating an affordable and high-tech trading platform for Indian investors. Thanks to its in-house technology and pricing model, Zerodha has attracted 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 testament to Zerodha’s safety.

Zerodha review

Bottom line

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 review


We recommend Zerodha for traders and investors (including beginners) focusing on the indian market and looking for low fees.

Below you can find links to all aspects of Zerodha in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our Zerodha fees article.

What about the minimum deposit?

Our ultimate guide to the Zerodha minimum deposit is updated regularly.

How to start your Zerodha account?

Look no further than our evaluation of the Zerodha account opening.

How’s their trading app?

Here’s our expert view after checking the Zerodha trading app.

Is the quality of customer service satisfactory?

All you need to know about the Zerodha customer service.

Legit or scam?

Is Zerodha legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether Zerodha is really free.

Is this broker good for beginners?

We checked it in Is Zerodha good for beginners.

Should you buy your silver bullets on Zerodha?

Research for silver bugs in the Silver buy on Zerodha guide

I want to trade options, are they available at Zerodha?

We explored the topic in Can you trade options on Zerodha?

What is the minimum account balance at Zerodha?

Check out the current account balance requirements at Zerodha in our What is the minimum account balance at Zerodha article.

Looking for commission and fees data for Zerodha?

We collected them in Zerodha commission and fees.

How do you withdraw money from Zerodha?

We tested it and collected the options and costs in How to withdraw money on Zerodha.

Zerodha review
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