BROKER COMPARISON · FY26
IIFL Securities vs Zerodha — which is cheaper + better for you?
We compared IIFL Securities and Zerodha 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
IIFL Securities
Full-service broker with research + wealth-management tie-ins.
Zerodha
Largest discount broker in India — flat ₹20 order pricing set the market standard.
Brokerage rates (FY26)
| Segment | IIFL Securities | Zerodha |
|---|---|---|
| Equity delivery | 0.25% | Free |
| Equity intraday | 0.025% | ₹20 or 0.03% (lower) |
| Futures | 0.015% | ₹20 or 0.03% (lower) |
| Options | 0.015% | ₹20/order |
| AMC / year | ₹250 | ₹300 |
| Account opening | Free | ₹200 |
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.
1995 · Mumbai
IIFL Securities
Platforms
IIFL Markets app · TT desktop
API
No official API
Mutual funds
both
Highlights
- + Broker-assisted advisory if you want a human
- + Established brand since 1995
Downsides
- − Percentage-based brokerage far more expensive than discount peers for active traders
- − No free API
2010 · Bengaluru
Zerodha
Platforms
Kite web · Kite mobile · Console · Coin (MF)
API
Kite Connect — ₹2,000/yr, read + trade. Historical data add-on.
Mutual funds
direct
Highlights
- + ₹0 brokerage on equity delivery
- + ₹20 flat per executed intraday/F&O order
- + Sensibull for options (separate add-on)
- + Varsity — free trader education
Downsides
- − No portfolio advisory
- − Occasional peak-load freeze during budget / expiry days
- − No call-and-trade included
Verdict — which one should you pick?
- Long-term delivery investor: Zerodha is cheaper. You save approximately ₹50 per executed order at typical turnover.
- Active F&O trader: IIFL Securities is cheaper. You save approximately ₹17 per executed order at typical turnover.
- Lowest ongoing cost (AMC): IIFL Securities (₹250/yr)
- Wants an API: Zerodha (Kite Connect — ₹2,000/yr, read + trade. Historical data add-on.)
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.