BROKER COMPARISON · FY26
Angel One vs Upstox — which is cheaper + better for you?
We compared Angel One and Upstox across the 9 dimensions that actually matter to Indian retail traders: brokerage (equity delivery, intraday, futures, options), AMC, account opening, platform UX, API, research depth, and mutual-fund flow. Rates verified against FY26 official pricing pages.
TL;DR
Angel One
Full-service broker with flat-fee pricing — ISO 27001 compliant research + advisory.
Upstox
Discount broker backed by Ratan Tata — Tiger Global funded, aggressive pricing.
Brokerage rates (FY26)
| Segment | Angel One | Upstox |
|---|---|---|
| Equity delivery | Free | Free |
| Equity intraday | ₹20 or 0.03% (lower) | ₹20 or 0.05% (lower) |
| Futures | ₹20 or 0.03% (lower) | ₹20 or 0.05% (lower) |
| Options | ₹20/order | ₹20/order |
| AMC / year | ₹240 | ₹150 |
| Account opening | Free | Free |
On top of brokerage add exchange transaction charges, STT, GST (18% on brokerage + exchange), SEBI turnover fee, and stamp duty. Use our F&O cost calculator for real break-even math.
1987 · Mumbai
Angel One
Platforms
Angel One mobile · SpeedPro desktop
API
SmartAPI — free, REST + WebSocket, official.
Mutual funds
both
Highlights
- + In-house research with SEBI-registered analysts
- + SmartAPI is robust and free
- + Full-service offerings (PMS, loans) if you want them
Downsides
- − AMC at ₹240/yr from year 2 (year 1 free)
- − UI still feels legacy on desktop
2012 · Mumbai
Upstox
Platforms
Upstox Pro mobile · Upstox Pro web
API
Upstox Developer API — free tier available, OAuth-based.
Mutual funds
direct
Highlights
- + ₹0 brokerage on equity delivery
- + Free account opening (₹0 AOC)
- + Lower AMC than most peers (₹150/yr)
- + Clean, fast mobile UX
Downsides
- − Smaller educational / content ecosystem than Zerodha
- − Occasional login friction with 2FA flow
Verdict — which one should you pick?
- Long-term delivery investor: Tie on this segment — both charge the same.
- Active F&O trader: Tie on this segment — both charge the same.
- Lowest ongoing cost (AMC): Upstox (₹150/yr)
- Wants an API: Both. Angel One — SmartAPI — free, REST + WebSocket, official.. Upstox — Upstox Developer API — free tier available, OAuth-based.
Neither beats a research team. Whichever broker you pick, Axel Markets is the AI research layer on top — NSE/BSE filings, FII/DII flows, deep-research briefs, tax estimator, all India-native. Start free — no card.