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Zerodha and Upstox both are the most popular brokers in the Indian discount broking industry. Both the discount brokers allow free direct mutual funds investment at zero brokerage or commission fee, however, Zerodha is still the best broker due to the following reasons;
| Basis of difference | Zerodha Broking Limited | Upstox Securities |
| Brokerage | No brokerage on MF investment. | Zero brokerage or free MF investment. |
| Direct or Regular | Direct mutual funds are available on Zerodha. | Upstox also offers direct mutual funds on its MF platform. |
| Collaboration with AMCs | Zerodha has partnered with 40+ AMCs therefore, a wide range of scheme choices are available. | Upstox has a tie-up with only 28 AMCs thus, the range of schemes available at Upstox is limited. |
| Investment process | Completely online or paperless investment. | Instant and hassle-free investment process. |
| MF platform | Zerodha coin (web and app) is a dedicated mutual fund investment platform. | Upstox Pro (web and app) is a single platform to meet all trading and investment requirements of users including MF investment. |