BROKER COMPARISON · FY26
Groww vs Upstox — which is cheaper + better for you?
We compared Groww 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
Groww
Mobile-first broker that started with direct MFs, now fastest-growing by active clients.
Upstox
Discount broker backed by Ratan Tata — Tiger Global funded, aggressive pricing.
Brokerage rates (FY26)
| Segment | Groww | Upstox |
|---|---|---|
| Equity delivery | ₹20 or 0.1% (lower) | Free |
| Equity intraday | ₹20 or 0.1% (lower) | ₹20 or 0.05% (lower) |
| Futures | ₹20/order | ₹20 or 0.05% (lower) |
| Options | ₹20/order | ₹20/order |
| AMC / year | Free | ₹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.
2016 · Bengaluru
Groww
Platforms
Groww mobile · Groww web
API
Groww MCP (AI-native trading API) — recent, still early.
Mutual funds
direct
Highlights
- + ₹0 AMC — permanent
- + Best-in-class direct MF UX (started there)
- + Fastest-growing active client base in India
- + US stocks + IPO application integrated
Downsides
- − ₹20 delivery brokerage is NOT ₹0 (differs from Zerodha/Upstox)
- − Thinner research content than Angel One / ICICI Direct
- − F&O tooling is basic
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: Upstox is cheaper. You save approximately ₹20 per executed order at typical turnover.
- Active F&O trader: Tie on this segment — both charge the same.
- Lowest ongoing cost (AMC): Groww (₹0/yr)
- Wants an API: Both. Groww — Groww MCP (AI-native trading API) — recent, still early.. 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.