Zerodha and m.Stock are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. Zerodha is listed as a Private Discount Broker , established in 2010 and headquartered in Bangalore, India, while m.Stock is listed as a Private Discount Broker , established in 1997 and headquartered in Mumbai.
This comparison reviews brokerage, Demat charges, product availability, platforms, features, support, ratings, and complaints. Use the side-by-side tables below to see whether Zerodha or m.Stock is a better fit for your investment style, platform preference, and budget.
Zerodha is listed as a Private Discount Broker established in 2010 with headquarters in Bangalore, India and founded by Nithin Kamath. The broker highlights access to equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures through mobile app access, web trading and algo trading support and promotes features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market tracking. It follows a Standard Plan brokerage structure.
m.Stock is listed as a Private Discount Broker established in 1997 with headquarters in Mumbai and founded by Park Hyeon-Joo. It offers equity delivery, equity intraday, equity futures, equity options, currency futures, currency options and mutual funds using mobile app access and web trading and supports traders with features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, stock tips and interactive charts. Its brokerage model is structured as Zero Delivery Plan.
Both brokers use technology-driven platforms to attract active traders and investors, but the better option depends on the combination of pricing, products, services, and support that matters most to you.
Zerodha vs m.Stock — A Comprehensive Company Overview
| Company Overview | Zerodha | m.Stock |
|---|---|---|
| Company Type | Private | Private |
| Broker Type | Discount Broker | Discount Broker |
| Headquarters | Bangalore, India | Mumbai |
| Founder | Nithin Kamath | Park Hyeon-Joo |
| Establishment Year | 2010 | 1997 |
| Brokerage Plan | Standard Plan | Zero Delivery Plan |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Zerodha and m.Stock.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. Zerodha charges Free while m.Stock charges Free.
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. Zerodha charges Rs.20 per Trade or 0.03% (whichever is low) while m.Stock charges Rs. 5 per Trade.
Equity futures: This charge applies to futures contracts on stocks and indices. Zerodha charges Rs.20 per Trade or 0.03% (whichever is low) while m.Stock charges Rs. 5 per Trade.
Equity options: This charge applies to equity option contracts. Zerodha charges Rs.20 per Trade while m.Stock charges Rs. 5 per Trade.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. Zerodha charges Rs.20 per Trade or 0.03% (whichever is Low) . m.Stock does not currently list a charge for this segment.
Commodity options: This charge applies to option contracts on commodity instruments. Zerodha charges Rs.20 per Trade . m.Stock does not currently list a charge for this segment.
Currency futures: This charge allows participation in forex price movements on the exchange. Zerodha charges Rs.20 per Trade or 0.03% (whichever is Low) while m.Stock charges Rs. 5 per Trade.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Zerodha charges Rs.20 per Trade while m.Stock charges Rs. 5 per Trade.
Zerodha vs m.Stock — Detailed Brokerage Comparison
| Brokerage | Zerodha | m.Stock |
|---|---|---|
| Brokerage Plan | Standard Plan | Zero Delivery Plan |
| Subscription Charges | Zero | Zero |
| Equity Delivery | Free | Free |
| Equity Intraday | Rs.20 per Trade or 0.03% (whichever is low) | Rs. 5 per Trade |
| Equity Future | Rs.20 per Trade or 0.03% (whichever is low) | Rs. 5 per Trade |
| Equity Option | Rs.20 per Trade | Rs. 5 per Trade |
| Commodity Future | Rs.20 per Trade or 0.03% (whichever is Low) | NA |
| Commodity Option | Rs.20 per Trade | NA |
| Currency Future | Rs.20 per Trade or 0.03% (whichever is Low) | Rs. 5 per Trade |
| Currency Option | Rs.20 per Trade | Rs. 5 per Trade |
Zerodha provides mobile app access, web trading and algo trading support for order placement, portfolio tracking, and market monitoring. m.Stock provides mobile app access and web trading for its users.
Android app: Zerodha and m.Stock both list an Android trading app.
iOS app: Zerodha and m.Stock both list an iOS trading app.
Web trading platform: Zerodha and m.Stock both list a web trading platform.
Desktop trading terminal: Neither broker currently highlights a desktop trading terminal.
Algo trading: Zerodha lists algo trading support, while m.Stock does not currently mention it.
Basket trading: Zerodha lists basket trading, while m.Stock does not currently mention it.
Foreign stocks platform: Neither broker currently highlights foreign stocks access.
Mutual fund platform: Zerodha and m.Stock both list a mutual fund investment platform.
Digital gold platform: Neither broker currently highlights digital gold investing.
Bonds platform: Zerodha lists a bonds investment platform, while m.Stock does not currently mention it.
Zerodha vs m.Stock — Complete Comparison of Trading Platforms
| Trading Platform | Zerodha | m.Stock |
|---|---|---|
| Android App | Zerodha Android App Link | m.Stock Android App Link |
| iOS App | Zerodha iOS App Link | m.Stock iOS App Link |
| Web Trading Platform | Zerodha Web Trading Link | m.Stock Web Trading Link |
| Trading Terminal | NA | NA |
| Algo Trading Platform | Available | NA |
| Foreign Stocks Platform | NA | NA |
| Basket Trading Platform | Available | NA |
| Mutual Fund Platform | Available | Available |
| Digital Gold Platform | NA | NA |
| Bonds Platform | Available | NA |
Zerodha highlights trading features including watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market tracking, while m.Stock promotes watchlists, real-time updates, portfolio tracking, online mutual fund access, stock tips and interactive charts. The table below shows the full feature set for both brokers side by side.
Wishlist: Monitor specific stocks or assets by adding them to a watchlist for close tracking. Both Zerodha and m.Stock offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Zerodha and m.Stock offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Zerodha and m.Stock offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Both Zerodha and m.Stock offer this feature.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. m.Stock offers this; Zerodha does not currently highlight it.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Zerodha and m.Stock offer this feature.
Live market: Live updates on market movements and trends. Both Zerodha and m.Stock offer this feature.
Secure platform: A secure trading environment with next-generation security controls. Both Zerodha and m.Stock offer this feature.
Zerodha vs m.Stock — Comprehensive Comparison of Trading Features
| Trading Feature | Zerodha | m.Stock |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | Yes | Yes |
| Research Reports | No | No |
| Global Indices | No | No |
| Customised Recommendations | No | No |
| Stock Tips | No | Yes |
| Interactive Charts | Yes | Yes |
| Live Market | Yes | Yes |
| Multi Profile Management | No | No |
| Robust & Secure Platform | Yes | Yes |
Stockbrokers use promotional offers to attract and retain clients. Below is a side-by-side comparison of the offers currently listed by Zerodha and m.Stock.
Free account opening: Neither broker currently highlights free account opening.
Free AMC: Neither broker currently highlights free Demat AMC.
Free brokerage: Zerodha and m.Stock both list free brokerage.
Flat brokerage: Zerodha and m.Stock both list flat brokerage pricing.
Flexible brokerage plans: m.Stock lists flexible brokerage plans, while Zerodha does not currently mention it.
Happy trading hours: Neither broker currently highlights happy trading hours.
Free delivery trading: Zerodha and m.Stock both list free delivery trading.
Free intraday trading: m.Stock lists free intraday trading, while Zerodha does not currently mention it.
Free F&O trading: m.Stock lists free F&O trading, while Zerodha does not currently mention it.
Free research reports: m.Stock lists free research reports, while Zerodha does not currently mention it.
Free trading calls: m.Stock lists free trading calls, while Zerodha does not currently mention it.
Zero brokerage for loss trades: Neither broker currently highlights zero brokerage for loss-making trades.
Referral offers: Zerodha offers 10% + 300 Points per Client while m.Stock offers Upto Rs.500 per Client for referrals.
Zerodha vs m.Stock — Comparison of Latest Offers
| Offer | Zerodha | m.Stock |
|---|---|---|
| Free Account Opening | No | No |
| Free AMC | No | No |
| Free Brokerage | Yes, Limited | Yes, Limited |
| Flat Brokerage | Yes | Yes |
| Flexible Brokerage Plans | No | Yes |
| Happy Trading Hours | No | No |
| Free Delivery Trading | Yes | Yes |
| Free Intraday Trading | No | Yes, Limited |
| Free F&O Trading | No | Yes, Limited |
| Free Research Reports | No | Yes |
| Free Trading Calls | No | Yes |
| Referral Offers | 10% + 300 Points per Client | Upto Rs.500 per Client |
| Margin Funding / Pledging | Yes | Yes |
| Brokerage Cashback | No | No |
| Zero Brokerage for Loss-Making Trades | No | No |
Product availability determines whether a broker can support your preferred markets. Zerodha highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures, while m.Stock highlights equity delivery, equity intraday, equity futures, equity options, currency futures, currency options and mutual funds.
The table below compares the full product lineup side by side across equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options, currency futures, currency options, mutual funds, corporate bonds, government bonds and bonds.
Zerodha vs m.Stock — Complete Comparison of Products
| Product | Zerodha | m.Stock |
|---|---|---|
| Equity Delivery | Yes | Yes |
| Equity Intraday | Yes | Yes |
| Equity Option | Yes | Yes |
| Equity Future | Yes | Yes |
| Commodity Option | Yes | No |
| Commodity Future | Yes | No |
| Currency Option | Yes | Yes |
| Currency Future | Yes | Yes |
| Foreign Stocks | No | No |
| Mutual Funds | Yes | Yes |
| Banking | No | No |
| Insurance | No | No |
| Corporate Bonds | Yes | No |
| Government Bonds | Yes | No |
| Digital Gold | No | No |
Demat services: Zerodha and m.Stock both list Demat services.
Trading services: Zerodha and m.Stock both list trading services.
Intraday services: Zerodha and m.Stock both list intraday trading services.
F&O services: Zerodha and m.Stock both list F&O services.
IPO services: Zerodha and m.Stock both list IPO services.
3-in-1 account: Neither broker currently highlights 3-in-1 account support.
Stock research: m.Stock lists stock research, while Zerodha does not currently mention it.
Stock recommendations: m.Stock lists stock recommendations, while Zerodha does not currently mention it.
Trading education: Zerodha lists trading education, while m.Stock does not currently mention it.
Share pledging: Zerodha and m.Stock both list share pledging.
PMS or PCG: Neither broker currently highlights PMS or PCG support.
NRI services: Neither broker currently highlights NRI services.
Zerodha provides Demat services, trading services, intraday trading, F&O trading, IPO access and trading education, while m.Stock offers Demat services, trading services, intraday trading, F&O trading, IPO access and stock research.
Zerodha vs m.Stock — In-Depth Comparison of Services
| Service | Zerodha | m.Stock |
|---|---|---|
| Demat Services | Yes | Yes |
| Trading Services | Yes | Yes |
| Intraday Services | Yes | Yes |
| F&O Services | Yes | Yes |
| IPO Services | Yes | Yes |
| 3-in-1 Account | No | No |
| Stock Research | No | Yes |
| Stock Recommendations | No | Yes |
| Trading Education | Yes, Zerodha Varsity | No |
| Share Pledging | Yes | Yes |
| PMS or PCG | No | No |
| NRI Services | No | No |
Stock advisory helps investors choose appropriate stocks through research reports, tips, and market reviews. The table below shows which advisory products are available from Zerodha and m.Stock.
Zerodha and m.Stock — Detailed Comparison of Advisory Services
| Advisory | Zerodha | m.Stock |
|---|---|---|
| Fundamental Reports | Yes | No |
| Research Reports | No | No |
| Company Reports | No | No |
| Annual Reports | No | No |
| IPO Reports | Yes | No |
| Technical Reports | Yes | No |
| Stock Tips | No | Yes |
| Daily Top Stock Picks | No | Yes |
| Daily Market Review | No | Yes |
| Monthly Review | No | Yes |
| Weekly Review | Yes | Yes |
| Relationship Manager | No | No |
| Robo Advisory | Yes | No |
Margin exposure allows traders to manage larger positions with less capital. Below is a comparison of the margin available from Zerodha and m.Stock across different segments.
Zerodha and m.Stock — Comprehensive Comparison of Trading Exposure
| Exposure | Zerodha | m.Stock |
|---|---|---|
| Equity Delivery | 1x | 1x |
| Equity Intraday | Upto 5x (Depends on Stocks) | Upto 5x (Depends on Stocks) |
| Equity F&O Carry Forward | 1x | 1x |
| Equity F&O Intraday | 1.3x | 1.3x |
| Commodity F&O Carry Forward | 1x | 1x |
| Commodity F&O Intraday | 1.3x | 1.3x |
| Currency F&O | 1x | 1x |
Zerodha and m.Stock both list a sub-broker program. Zerodha and m.Stock both list a partner program. Zerodha and m.Stock both list a referral program.
Zerodha vs m.Stock — Comparative Analysis of Programs
| Program | Zerodha | m.Stock |
|---|---|---|
| Sub-Broker Program | Yes, Limited | Yes, Limited |
| Partner Program | Yes | Yes, Limited |
| Referral Program | Yes | Yes |
Zerodha provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. m.Stock provides support through trading desk support, dedicated dealer assistance, call support, email support and website support.
Zerodha and m.Stock — Comprehensive Comparison of Customer Support
| Support Channel | Zerodha | m.Stock |
|---|---|---|
| Trading Support | Available, Chargeable | Available, Chargeable |
| Dedicated Dealer | Available, Chargeable | Available, Chargeable |
| Call Support | 080-47181888, 9513369973 | 1800-2100-818 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | NA | NA |
| Website Support | Website Link | Website Link |
| Facebook Support | Facebook Support Link | Facebook Support Link |
| Twitter / X Support | Twitter Support Link | Twitter Support Link |
| Telegram Support | Telegram Support Link | — |
| Branches / Offices | NA | NA |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. Zerodha carries an overall rating of 9.85 / 10, while m.Stock carries an overall rating of 7.28/10.
Zerodha vs m.Stock — Ratings Comparison
| Rating Parameter | Zerodha | m.Stock |
|---|---|---|
| Overall Rating | 9.85 / 10 | 7.28/10 |
| Customer Support | 9.81 / 10 | 7.25/10 |
| Technology | 9.97 / 10 | 7.37/10 |
| Charges | 9.89 / 10 | 7.31/10 |
| Products & Services | 9.79 / 10 | 7.24/10 |
| Experience | 9.77 / 10 | 7.22/10 |
SEBI, BSE, and NSE regularly publish broker complaint data as part of investor protection oversight. The table below shows the complaint records for both brokers.
Zerodha & m.Stock — Comparison of Customer Complaints
| Complaint Metric | Zerodha | m.Stock |
|---|---|---|
| Total Complaints Lodged | 339 | 113 |
| Total Complaints Resolved | 307 | 101 |
| % of Resolved Complaints | 90.56% | 89.38% |
| Non-Actionable Complaints | 20 | 6 |
| % of Non-Actionable Complaints | 5.90% | 5.31% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Zerodha and m.Stock.
Zerodha vs m.Stock — Detailed Comparison of Transaction Charges
| Transaction Charges | Zerodha | m.Stock |
|---|---|---|
| Equity Delivery | 0.00325% (NSE) & 0.00375% (BSE) | 0.00325% (NSE) & 0.00375% (BSE) |
| Equity Intraday | 0.00325% (NSE) & 0.00375% (BSE) | 0.00325% (NSE) & 0.00375% (BSE) |
| Equity Future | 0.0019% (NSE & BSE) | 0.0019% (NSE & BSE) |
| Equity Option | 0.05% (on premium) | 0.05% (on premium) |
| Commodity Future | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) | NA |
| Commodity Option | 0.05% (Non Agri) | NA |
| Currency Future | 0.0009% (NSE) & 0.00025% (BSE) | 0.0009% (NSE) |
| Currency Option | 0.035% (NSE) & 0.001% (BSE) | 0.035% (NSE) |
Pledge creation charges apply when traders borrow against their held securities. Pledge invocation charges apply if the pledged shares are sold due to a shortfall. Margin trading interest is the rate charged on borrowed funds.
Zerodha & m.Stock — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Zerodha | m.Stock |
|---|---|---|
| Pledge Creation Charges | Rs.30 per Request | Rs.32 per Request |
| Pledge Invocation Charges | Nil | Rs.32 per Request |
| Margin Trading Interest | 0.05% per day | 0.05% per day |
Beyond brokerage, several statutory and operational charges apply. These include SEBI turnover fees, DP charges, GST, account closure, reactivation, dematerialisation, and call & trade charges.
Zerodha and m.Stock — Detailed Comparison of Hidden / Other Charges
| Charge | Zerodha | m.Stock |
|---|---|---|
| SEBI Turnover Charges | Rs.10/ Crore (All Segment) | Rs.10/ Crore (All Segment) |
| DP Charges | Rs.13.5 per Scrip on Sell | Rs.12 per Scrip on Sell |
| GST | 18% on (Brokerage + SEBI + Transaction charges) | 18% on (Brokerage + SEBI + Transaction charges) |
| Account Closure Charges | Rs.25 | Nil |
| Reactivation Charges | Rs.20 | Nil |
| Dematerialisation Charges | Rs.30 per Certificate | Rs.150 per Certificate |
| Call & Trade Charges | Rs.30 per Certificate | Free |
Zerodha lists account opening charges of Rs.200 – Rs.300 and Demat AMC of Rs.300 per Year. m.Stock lists account opening charges of Rs.149 and Demat AMC of Rs.999.
Zerodha vs m.Stock — Detailed Comparison of Demat Charges
| Demat Charges | Zerodha | m.Stock |
|---|---|---|
| Account Opening Charges | Rs.200 – Rs.300 | Rs.149 |
| Annual Maintenance Charges (AMC) | Rs.300 per Year | Rs.999 |
Securities Transaction Tax (STT) and Commodity Transaction Tax (CTT) are government levies — the same for all brokers in India. These are shown below for reference.
Zerodha vs m.Stock — Comparative Analysis of STT and CTT Charges
| STT & CTT | Zerodha | m.Stock |
|---|---|---|
| Equity Delivery | 0.1% on buy & sell | |
| Equity Intraday | 0.025% on sell | |
| Equity Future | 0.0125% on sell | |
| Equity Option | 0.0625% on sell (on premium) | |
| Commodity Future | 0.01% on sell (Non-Agri) | |
| Commodity Option | 0.05% on sell | |
| Currency Future | Nil | |
| Currency Option | Nil |
Stamp duty is a government tax charged when the broker issues, sells, or transfers a security. It is collected at the end of each trading day.
Zerodha and m.Stock — Comparison of Stamp Duty Charges
| Stamp Duty | Zerodha | m.Stock |
|---|---|---|
| Equity Delivery | 0.1% on buy & sell | 0.015% on buy |
| Equity Intraday | 0.025% on sell | 0.003% on buy |
| Equity Future | 0.0125% on sell | 0.002% on buy |
| Equity Option | 0.125% on buy, 0.0625% on sell | 0.003% on buy |
| Commodity Future | 0.01% on sell | 0.002% on buy |
| Commodity Option | 0.05% on sell | 0.003% on buy |
| Currency Future | Nil | 0.0001% on buy |
| Currency Option | Nil | 0.0001% on buy |