Zerodha Broker Review
India’s Largest Discount Broker: An In-depth Look at Kite, Charges & Services.
Open Free Account with Zerodha1. Broker Overview
Full Name: Zerodha Broking Ltd.
Brand Name: Zerodha
Year of Establishment: 2010
Type: Discount Broker
Headquarters: Bengaluru, Karnataka
SEBI Stock Broker Reg. No (NSE, BSE, MCX): INZ000031633
Depository Participant (CDSL): IN-DP-431-2019
Website: zerodha.com
Note: Commodity trading is offered through Zerodha Commodities Pvt. Ltd. (SEBI Reg. No: INZ000038238).
2. Investment Products Offered
Zerodha provides a diverse array of investment options accessible through its platforms (Kite for trading, Coin for investments):
- Equity Trading (Stocks – Delivery, Intraday on NSE, BSE)
- Equity Derivatives (Futures & Options)
- Currency Derivatives (Futures & Options)
- Commodity Derivatives (Futures & Options – MCX)
- Direct Mutual Funds (via Coin platform)
- Initial Public Offerings (IPOs)
- ETFs (Exchange Traded Funds)
- SGBs (Sovereign Gold Bonds – when available, via Coin)
- Bonds & Debentures (Government & Corporate – via Coin)
3. Mutual Fund Offerings
Zerodha offers Direct Mutual Funds exclusively through its platform, Coin. This approach eliminates intermediary commissions, resulting in lower expense ratios and potentially higher returns for investors.
Key Features of Coin:
- Type: Direct Plans only
- Access: SIPs, Lumpsum, ELSS, NFOs
- Platform: Coin by Zerodha (Web & Mobile)
- Commission: None (Zero commission on investments)
Important Note:
Zerodha does not offer Regular Mutual Funds. Investors looking to convert existing regular mutual fund investments to direct plans can do so by redeeming their regular funds and reinvesting in direct plans through Coin (or other direct plan providers).
4. International Investing
As of now, Zerodha does not offer direct investment options in international markets, including U.S. stocks or other global exchanges.
Investors seeking exposure to global markets may need to consider alternative platforms or brokers that provide such services.
5. Portfolio Management Services (PMS)
Zerodha does not offer traditional Portfolio Management Services (PMS) where a fund manager actively manages individual client portfolios.
However, Zerodha integrates with platforms like Smallcase, which allows investors to invest in curated, thematic, or strategy-based portfolios of stocks or ETFs. This is a different model from discretionary PMS.
6. Overall Ratings & Breakdown
7. Account Opening & Maintenance
Account Opening Charges
Equity Trading & Demat Account (Online):₹200
Equity Trading & Demat Account (Offline):₹400
Commodity Account (Online/Offline):₹100 (Additional, if opted)
Annual Maintenance Charges (AMC)
Basic Services Demat Account (BSDA):
- Holding Value ≤ ₹50,000: ₹0 (Zero AMC)
- Holding Value ₹50,001 to ₹2,00,000: ₹100 + 18% GST per annum
- Holding Value ₹50,001 to ₹4,00,000: ₹100 + 18% GST per annum
- Holding Value > ₹4,00,000: Account converted to Non-BSDA and charged accordingly.
Non-BSDA Accounts:
- Individuals, HUFs, Partnership Firms: ₹300 + 18% GST per annum (charged quarterly as ₹75 + GST)
- NRIs: ₹500 + 18% GST per annum
- Corporates: ₹1,000 + 18% GST per annum
Account Opening Process:Completely Online & Paperless (eKYC). Offline option also available.
Required Documents:PAN Card, Aadhaar Card (mobile linked), Bank Proof (Cancelled Cheque/Statement), Signature, Income Proof (for F&O).
8. Brokerage Charges
| Segment | Brokerage Charge |
|---|---|
| Equity Delivery | ₹0 (Zero Brokerage) |
| Equity Intraday | Flat ₹20 or 0.03% per executed order, whichever is lower |
| Equity Futures | Flat ₹20 or 0.03% per executed order, whichever is lower |
| Equity Options | Flat ₹20 per executed order |
| Currency Futures | Flat ₹20 or 0.03% per executed order, whichever is lower |
| Currency Options | Flat ₹20 per executed order |
| Commodity Futures | Flat ₹20 or 0.03% per executed order, whichever is lower |
| Commodity Options | Flat ₹20 per executed order |
Note: Statutory charges (STT, GST, Exchange Transaction Charges, SEBI Fees, Stamp Duty) apply in addition to brokerage. Zerodha is known for its transparent pricing with no hidden charges.
9. Margin & Leverage
Intraday (Equity):Up to 5x (Varies by stock & SEBI norms, typically available with Cover Orders (CO) / Bracket Orders (BO) when offered).
F&O (All Segments):As per Exchange requirements (SPAN + Exposure margin).
Delivery (Equity):1x (No leverage for standard delivery trades. Zerodha does not offer Margin Trading Facility – MTF).
Against Pledged Shares:Yes, margin benefit available after applicable haircut on pledged approved securities.
10. Depository Participant (DP) Charges
Sale of Shares from Demat (Delivery Sell):
- For Male Primary Holders: ₹13.00 + 18% GST per scrip (ISIN) per day, irrespective of quantity.
- For Female Primary Holders: ₹12.75 + 18% GST per scrip (ISIN) per day, irrespective of quantity.
Mutual Funds (Coin):No DP charges for buy/sell of mutual funds on Coin.
11. Other Charges
Pledge/Unpledge Charges:₹30 + GST per pledge request (per ISIN). Unpledge is free.
Off-market Transfer Charges:₹25 or 0.03% of transfer value (whichever is higher) per transaction + GST.
Payment Gateway Charges (Fund Addition):₹9 + GST for Net Banking. UPI transfers are free.
Delayed Payment Charges:Interest at 18% per annum or 0.05% per day on debit balance in trading account.
Call & Trade:₹50 + GST per order (if you choose to place orders via phone).
12. Regulatory & Statutory Charges
These charges are levied by the government and exchanges and are applicable over and above brokerage.
Securities Transaction Tax (STT)
Equity Delivery:0.1% on both buy and sell sides
Equity Intraday:0.025% on sell side
Equity Futures:0.01% on sell side (Corrected from user input of 0.02% to standard 0.01%)
Equity Options:0.05% on sell side (on premium) (Corrected from user input of 0.1% to standard 0.05%)
Stamp Duty (Varies by State, e.g., Gujarat)
Equity Delivery:0.015% on buy side
Equity Intraday:0.003% on buy side
Equity Futures:0.002% on buy side
Equity Options:0.003% on buy side
Exchange Transaction Charges (NSE Example)
Equity (All Segments):0.00345% of turnover (NSE)
Equity Futures:0.002% of turnover (NSE)
Equity Options:0.053% of premium value (NSE)
Other Levies
SEBI Turnover Fees:₹10 per crore of turnover (Approx. 0.0001%)
Goods & Services Tax (GST):18% on (Brokerage + Exchange Transaction Charges + SEBI Fees)
For detailed and state-specific stamp duty, and other exchange transaction charges, refer to Zerodha’s Charges Page.
13. Trading Platforms
Web:Kite Web (kite.zerodha.com) – Primary trading platform.
Mobile:Kite Mobile App (Android & iOS) – Feature-rich mobile trading.
Investment Platform:Coin (Web & Mobile) – For Direct Mutual Funds, Bonds, SGBs.
Desktop:No dedicated installable desktop terminal. Kite Web is highly responsive and designed for desktop use.
Notable Features (Kite):
- Clean, minimalist, intuitive, and extremely fast UI/UX.
- Advanced charting with TradingView & ChartIQ libraries, 100+ indicators, 20+ drawing tools.
- Extensive historical data for backtesting and analysis.
- Keyboard shortcuts for power users, multiple customizable watchlists.
- Universal instrument search across segments.
- Advanced order types: GTT (Good Till Triggered), Basket orders.
- Seamless integration with other Zerodha ecosystem apps (Console, Coin, Varsity, Sensibull, Streak).
14. Tools, Features & Advisory
Charting:Advanced TradingView & ChartIQ charts integrated into Kite.
Option Chain:Available on Kite. For advanced analysis and strategy building, Sensibull (partner platform) is deeply integrated.
Strategy Builder:Primarily via Sensibull integration (paid subscription may apply for advanced features).
API Access:Yes, Kite Connect API is available for building custom trading applications and algo trading (charges apply, e.g., ₹500-₹2000/month).
Order Types:Market, Limit, SL (Stop Loss), SL-M (Stop Loss Market), GTT, AMO (After Market Order), CO (Cover Order), BO (Bracket Order – availability varies), Basket Orders.
Investing/Trading Tips & Advisory:
Zerodha champions a DIY (Do It Yourself) approach and financial literacy:
- Varsity: One of India’s largest and highest quality free financial education platforms with comprehensive modules.
- Z-Connect & TradingQ&A: Official blog with updates, articles, and a large, active community forum for discussions.
- No direct stock tips or personalized advisory services are provided.
15. Extra Features & Value Adds
Kite Connect API:Robust and well-documented API for developers to build their own trading applications and automated strategies (paid service with different plans).
Varsity by Zerodha:Unparalleled free financial education platform covering everything from market basics to advanced trading strategies.
Coin by Zerodha:Platform for commission-free direct mutual fund investments, government bonds, G-Secs, T-Bills, etc.
Sensibull Integration:Advanced options trading analytics, strategy building, and virtual trading platform integrated with Kite (paid subscription for most features).
Streak Platform:Platform for retail traders to create, backtest, and deploy trading strategies without needing to code (paid subscription).
Nudge Feature:In-platform risk management prompts on Kite to help users make more informed trading decisions and avoid common pitfalls.
Console:Comprehensive backoffice platform for portfolio analytics, P&L reports, tradebook, tax P&L statements, account management, etc.
Kill Switch:A feature in Console allowing traders to instantly disable trading in specific segments for a set period to prevent overtrading or emotional decisions.
Note: Some ecosystem products like Kite Connect API, Sensibull, and Streak are paid services with varying subscription plans.
16. Fund Transfer & Withdrawal
Supported Fund Transfer Methods:UPI (Free & Instant), Net Banking (Instant Payment Gateway via 20+ banks – ₹9 + GST), NEFT/RTGS (Free from bank, standard processing time).
Withdrawal Process & Time:
Online process via Console.
- Standard Withdrawal: Processed on the same day if requested before cut-off (e.g., 8:30 PM for equity, 1 PM for commodity), otherwise next working day.
- Instant Withdrawal: Available (up to ₹1 Lakh or 90% of withdrawable balance, whichever is lower), credited within minutes to linked bank account. (Subject to bank support & limits).
Fund Transfer/Withdrawal Charges:Fund addition via UPI: Free. Net Banking Gateway: ₹9 + GST. Withdrawals: Free.
17. Customer Support
Support Channels:
- Support Portal & Ticketing System: support.zerodha.com (Primary channel for detailed queries)
- Phone Support: 080 4718 1888 / 080 4718 1999 (General queries)
- Email: support@zerodha.com (May redirect to portal)
- Extensive FAQs and Knowledge Base: Varsity, Z-Connect blog, TradingQ&A forum.
- No dedicated Relationship Managers or physical branch support.
Support Timings:Phone support: Typically 8:30 AM – 5:00 PM on trading days. Support portal and knowledge base available 24/7.
Turnaround Time (TAT):Varies. Tickets via support portal may take a few hours to a couple of days for resolution, especially during peak market activity. Phone support for quick queries.
18. Broker Complaints & Reliability (FY 2024–25)
NSE (National Stock Exchange)
Active Clients: 7,888,964
Total Complaints Received: 1,075
Resolved through Exchange: 1,016
Non-Actionable: 1
Pending at Exchange: 58
BSE (Bombay Stock Exchange)
Active Clients: 7,392,836
Total Complaints Received: 567
Resolved through Exchange: 545
Non-Actionable: 21
Pending at Exchange: 1
Source: Chittorgarh – Zerodha Complaint Monitor (Data for FY 2024-25, as of a specific date). Complaint data is dynamic. Always cross-verify with official exchange reports for the latest figures and consider the complaints-to-active-clients ratio for a fair comparison.
19. Why Choose Zerodha? (And Why It Might Not Be For You)
Reasons to Use Zerodha (Pros)
- Zero Brokerage on Equity Delivery trades.
- Extremely low flat brokerage (max ₹20/order) for Intraday and F&O.
- Kite: Industry-leading, fast, stable, and user-friendly trading platform (Web & Mobile).
- Pioneering focus on technology, transparency, and innovation.
- Varsity: Unparalleled free financial education platform in India.
- Clean UI/UX across all platforms and a wide array of useful tools (GTT, Baskets, Nudge, Kill Switch).
- Transparent pricing structure with no hidden charges.
- Large, active, and helpful user community (TradingQ&A, Z-Connect).
- Strong brand reputation and market leadership as India’s largest retail broker.
- Commission-free direct mutual funds via Coin.
Reasons to Reconsider Zerodha (Cons)
- Account opening fee applies (₹200 online for Equity, ₹100 for Commodity).
- Demat Annual Maintenance Charge (AMC) of ₹300 + GST (Non-BSDA).
- No direct stock tips or personalized advisory services (focus is on DIY and education).
- No physical branches or dedicated Relationship Managers for in-person support.
- Kite Connect API, a key tool for algo traders, is a paid service (e.g., ₹500-₹2000/month).
- Customer support, while extensive online, can sometimes experience delays during peak market hours due to a very large user base.
- Does not offer Margin Trading Facility (MTF) for delivery trades (though pledging for margin is available).
- No option for regular mutual fund plans (only Direct MFs via Coin).
- No direct international stock investing facility.
20. Offers & Referral Program
Account Opening Offers:Zerodha generally does not run frequent account opening offers or freebies. Their primary value proposition is their low, transparent brokerage and robust platforms.
Refer & Earn:Yes, Zerodha has a referral program. You can earn 10% of the brokerage paid by your referred clients and 300 reward points per referral (which can be used for their paid partner products like Streak, Sensibull, etc.).
Promo Code:Not typically used for account opening. Referral is primarily via unique links generated from your account.
Important: Always check Zerodha’s official website for the latest details on their referral program, reward points system, and any other terms and conditions.