Zerodha and m.Both stocks and mutual funds are popular choices for Indian investors, but they take different strategies to the stock market. Zerodha is renowned for its self-directed Kite ecosystem, investing tools and well-developed developer platform.The current page pricing page emphasizes low and consistent brokerage, a wide selection of trading tools, and no platform and AMC charges.
This Zerodha vs m.The stock comparison is an initiative for Indian investors and traders who wish to understand what they pay and what they get. We don’t simply copy and paste an old broker comparison table, but compare and contrast the fees, demat charges, trading platforms, options tools, MTF, APIs, investment products, security, and practical suitability of each broker.
The simple answer is that there isn’t a single broker that is universally better. The older Zerodha are better suited to those more inclined to using the Kite system, have a history of providing developer infrastructure and directing investments personally.Stock could be a better option for those who are cost-conscious traders who trade frequently, as they get to enjoy reduced brokerage charges of ₹10 per order on the first 30 days after stock trading, on equity delivery, intraday, futures and options.
Zerodha vs m.Stock: Quick Comparison
| Feature | Zerodha | m.Stock |
|---|---|---|
| Delivery brokerage | ₹0 | ₹10/order after first 30 days |
| Intraday | ₹20 or 0.03%, lower | ₹10/order |
| Futures | ₹20 or 0.03%, lower | ₹10/order |
| Options | ₹20/order | ₹10/order |
| Account opening | Free | ₹0 |
| AMC | First year free for new resident individual accounts; later BSDA/non-BSDA rules | ₹0 advertised |
| Trading platform | Kite web + mobile | m.Stock web + mobile |
| Charts | Advanced; TradingView/ChartIQ | TradingView chart trading |
| Options tools | Option chain, baskets, GTT | Advanced option chain, strategy builder |
| MTF | Available | Pay Later on 1,100+ stocks |
| API | Personal free; Connect ₹500/month for live/historical data | REST/WebSocket API with Python/NodeJS resources |
| Direct mutual funds | Yes | Yes |
Zerodha Brokerage Charges in 2026
Zerodha currently charges zero brokerage on equity delivery for eligible resident retail individual investors. Intraday and equity futures are charged at 0.03% or ₹20 per executed order, whichever is lower. Options are ₹20 per executed order.
| Segment | Zerodha 2026 brokerage |
|---|---|
| Equity Delivery | ₹0 |
| Equity Intraday | 0.03% or ₹20/order, whichever is lower |
| Equity Futures | 0.03% or ₹20/order, whichever is lower |
| Equity Options | ₹20/order |
| Currency Futures | 0.03% or ₹20/order, whichever is lower |
| Currency Options | ₹20/order |
| Commodity Futures | 0.03% or ₹20/order, whichever is lower |
| Commodity Options | ₹20/order |
Zero brokerage does not mean zero transaction cost. STT/CTT, exchange transaction charges, GST, SEBI charges, stamp duty and DP charges can still apply.
m.Stock Brokerage Charges in 2026
m.Stock’s current official pricing page advertises ₹0 brokerage for the first 30 days and then ₹10 per order across equity delivery, intraday, futures and options. It also advertises ₹0 account opening, AMC, platform and call-and-trade charges.
| Segment | m.Stock 2026 brokerage |
|---|---|
| Equity Delivery | ₹10/order after first 30 days |
| Equity Intraday | ₹10/order |
| Equity Futures | ₹10/order |
| Equity Options | ₹10/order |
| Call & Trade | ₹0 |
| Account opening | ₹0 |
| AMC | ₹0 advertised |
m.Stock separately lists statutory levies and a DP debit charge of ₹18 + GST for sell transactions. Its pricing page also lists MTF and pledge-related charges. The total cost is therefore higher than headline brokerage alone.
Zerodha vs m.Stock: Who Is Cheaper?
The answer is that no one is correct because the cheapest broker will vary according to segment and order pattern. Zerodha clearly has the advantage of the brokerage in the long term equities delivery trading segment, as delivery brokerage charges are at zero for Zerodha.After the first few months, Stock is charged at ₹10 per executed order.
Options and futures: m.The stock price on Stocks is ₹10/order which is half of Zerodha’s price of ₹20/order. That difference can make a difference when you are placing a lot of little F&O orders. But the overall costs include taxes, exchange charges, DP charges and financing.
Zerodha’s 0.03% or ₹20 cap might be more affordable for smaller trades, whereas m. would likely be more suitable for larger volumes.As long as the Zerodha brokerage calculation is above ₹10, the ₹10 price of the stock will remain unaffected. Always use own order pattern.
AMC and Account Charges: Zerodha vs m.Stock
The Zerodha website lists the charges page, where it is noted that new individual accounts will get free AMC for the first year from 1st June 2026. Non-BSDA AMC is ₹300/- per year from the second year onwards and BSDA AMC is based on holdings.
m.The current rate of Stock is ₹0 AMC. This is definitely a positive side for the investors who wish to keep their investments without any recurrent demat maintenance fees, though it is always better to check the latest tariff before opening a demat account or transferring one.
| Charge | Zerodha | m.Stock |
|---|---|---|
| Account opening | Free | Free |
| First-year AMC | Free for eligible new resident individual accounts | ₹0 advertised |
| Non-BSDA AMC | ₹300/year + GST after waiver | ₹0 advertised |
| Delivery sell DP charge | ₹15.34/scrip incl. GST under current schedule | ₹18 + GST per debit transaction |
| Platform fee | No general Kite platform fee | ₹0 platform fee |
Trading App Comparison: Kite vs m.Stock
Zerodha Kite
Zerodha’s one major advantage is Kite. It provides a streamlined web/mobile workflow, advanced charting, market depth, orders (GTT), baskets, alerts, and portfolio reporting. Following the release of Kite trading app by Zerodha, it has now introduced Trade from Charts feature on TradingView charts in its September 2026 update.Zerodha updated its Kite app with the new feature Trade from Charts on TradingView charts in September 2026, enabling users to place and modify orders, manage positions, and view market depth without leaving the chart.
m.Stock App and Web
m.Stock highlights the various active trading tools, including Watchlist PRO, advanced option chain, options strategy builder and options trade from charts via TradingView. It currently has platform pages that feature a huge set of trading instruments geared towards quick trades.
| Feature | Zerodha Kite | m.Stock |
|---|---|---|
| Mobile + Web | Yes | Yes |
| TradingView | Yes; Trade from Charts added in 2026 | Yes; trade from charts |
| Option chain | Yes | Advanced |
| GTT | Yes | Yes |
| Basket orders | Yes | Yes |
| Strategy builder | Strategy/basket workflows | Dedicated options strategy builder |
| Market depth | Yes | Yes |
Options Trading: Zerodha vs m.Stock
Derivatives are offered by both brokers with different costs and processes. Zerodha is offering trading at ₹20 per executed options order, whereas m. is offering ₹25 per executed order.After the introductory period, the price of a stock is ₹10. That gives m.For traders who enter more legs of an options trade, maintain a clear brokerage edge.
A brokerage should not be the only thing selecting an options broker. Saving ₹10 on a single leg is not the most important at times, it’s liquidity, order types, margin visibility, quality of the option chain, execution flow and risk controls. Zerodha has matured option-chain and basket workflows, whereas m. doesn’t have them.An advanced option chain and strategy builder are provided with Stock.
MTF: Zerodha vs m.Stock
m.The Stock’s Pay Later facility has been expanded to offer equity delivery positions on 1,100+ stocks, and currently offers a starting interest rate of 8.99 % p.a., with up to 4 x buying power depending on the security and conditions.
Zerodha too provides MTF. The charges listed on its current page are: Interest at 0.04% per day on the amount pledged, and MTF brokerage charge at 0.3% or ₹20 per executed trade, whichever is lower, plus pledge charges.
| MTF point | Zerodha | m.Stock |
|---|---|---|
| MTF | Yes | Yes |
| Published financing rate | 0.04% per day on funded amount | Starting 8.99% p.a. |
| Buying power | Depends on stock/margin rules | Up to 4x advertised for eligible stocks |
| Risk | Leverage and margin-call risk | Leverage and margin-call risk |
Neither facility should be treated as free leverage. Interest, margin requirements and liquidation risk can turn a modest decline into a significant loss.
API and Algo Trading: Zerodha vs m.Stock
Zerodha has an established ecosystem of developers on Kite Connect. It offers a Personal API tier that is free for order, GTT, alerts, margin and portfolio management. The Connect plan, which costs ₹500 per month, includes the live WebSocket data and historical candle data.
m.The Stocks Trading API is a collection of REST-like APIs for real-time order execution and WebSocket live market data. It has documentation for Python/NodeJS resources. This can attract developers who have a requirement for trading and data API with no need to be signed up for the same subscription with Kite Connect for live/historical data.
Also technical design in 2026 is retail algo/API compliance. Instead of following old API tutorials, developers should follow the existing broker/exchange requirements when it comes to authentication, static IPs, order routing and order audit.
Investment Products: Zerodha vs m.Stock
| Product | Zerodha | m.Stock |
|---|---|---|
| Stocks | Yes | Yes |
| Intraday | Yes | Yes |
| Equity F&O | Yes | Yes |
| Currency derivatives | Yes | Yes |
| Commodity | Yes | Available/eligible segments |
| Direct mutual funds | Yes | Yes |
| ETFs | Yes | Yes |
| IPO | Yes | Yes |
| MTF | Yes | Yes |
| Bonds/fixed income | Selected products | Available products |
Safety, Regulation and Trustworthiness
Both the brokers are registered with the regulated securities market in India and have
demat and trading infrastructure. It is advisable for the investors to check the latest SEBI documentation and depository details and exchange membership for registration before signing up an account.
There is no guarantee that regulation will prevent investments from being lost. Practical retail security, however, is also, of course, dependent on the user. It can bring a lot of trouble with fake apps, stolen credentials, and phishing.
- Avoid downloading unofficial apps.
- Always verify the domain prior to logging in.
- Never share OTPs, passwords, API secrets or access tokens.
- Employ robust security for devices and accounts.
- Check contract notes and charge statements.
- If you are trading with APIs, obtain credentials and adhere to the latest broker compliance rules.
Zerodha vs m.Stock: Pros and Cons
Zerodha Pros
- No delivery brokerage charge for equity investments.
- An effective Kite platform that is useful on the computer and mobile phone.
- A growth-oriented developer platform that is compatible with Kite Connect.
- Many features including advanced charting option, GTT, baskets, alerts, and market depth.
- Direct mutual and funds without any associated costs.
- A dependable self-directed investment system.
Zerodha Cons
- A charge of ₹20 per order is needed for making options as against ₹10 per order incurred in m.Stock.
- A subscription-based plan for Kite Connect costs ₹500 per month.
- AMC charges may be incurred after the first year of services or once the applicable waivers have been availed.
- The self-directed model may not suit users who need a higher level of advisory support.
m.Stock Pros
- ₹10/order across key segments after first 30 days.
- ₹0 AMC and platform charges advertised.
- Advanced option chain and strategy builder.
- TradingView chart trading.
- MTF on 1,100+ stocks with advertised rates starting at 8.99% p.a.
- Trading API with REST/WebSocket support and Python/NodeJS resources.
m.Stock Cons
- Equity delivery is not brokerage-free after the first 30 days.
- DP debit charges apply on sell transactions.
- MTF pledge and financing charges require attention.
- Older ₹5 brokerage figures can be outdated.
- Public developer ecosystem is less mature than Zerodha’s Kite Connect ecosystem.
Which Is Better: Zerodha or m.Stock?
| Investor profile | Better fit | Why |
|---|---|---|
| Long-term equity investor | Zerodha | ₹0 delivery brokerage and mature investing ecosystem. |
| Frequent options trader | m.Stock | ₹10/order versus Zerodha ₹20/order after introductory period. |
| Intraday trader | Depends | Compare order value: Zerodha uses 0.03%/₹20 cap; m.Stock is flat ₹10. |
| Beginner | Zerodha | Simple, mature Kite experience. |
| API developer | Zerodha | Mature API ecosystem and integrations. |
| Lower API subscription priority | m.Stock | REST/WebSocket API without the same ₹500/month Connect pricing. |
| MTF user | Compare | m.Stock advertises 8.99% starting; Zerodha publishes 0.04%/day. Compare exact tenure. |
| No-AMC investor | m.Stock | ₹0 AMC currently advertised. |
| Options strategy-builder user | m.Stock | Dedicated strategy builder and advanced option chain. |
| Self-directed multi-product investor | Zerodha | Mature Kite/Console ecosystem and integrations. |
How to Choose Between Zerodha and m.Stock
- Focus on annual orders rather than on just the number of orders.
- Deduce brokerage, STT, exchange charges, GST and stamp duty and DP charges.
- If you’re primarily a buy and hold stock trader, deliver fee and demat fee becomes more important than F&O pricing.
- If options trading is an ongoing activity, check per-order brokers and option-chain workflows.
- If you are an MTF user, compare annualized interest, eligible securities and margin regulations.
- When creating trading software, compare API pricing, market data access, SDKs and 2026 compliance.
- Test platform on small positions before scaling.
Important Zerodha vs m.Stock Updates in 2026
Zerodha now has a waiver for the AMC for its new individual accounts for residents opened on or after June 1, 2026. Delivery brokerage remains ₹0. In September 2026, Zerodha also launched the feature ‘Trade from Charts’ on the Kite app.
m.The current price clearly indicates that after 30 days Stock will have a flat ₹10 brokerage, AMC ₹0 and platform fees ₹0 and a Pay Later MTF starting at 8.99% per annum. It’s current API docs are available in Python and NodeJS.
These changes have been made in the old Zerodha vs m.As long as stock comparison pages have not been updated, they are not reliable. Financial comparison pages should indicate when the page was checked and link to the latest tariff pages.
FAQs About Zerodha vs m.Stock
Is Zerodha or m.Stock better in 2026?
Zerodha is more apt for long-term investors, Kite ecosystem and developer integrations, while m. is more suitable for long-term investment.Stock can be more appealing with lively traders who are looking for ₹10/order brokerage and ₹0 AMC. The better the broker is based on the strategy.
Which of Zerodha and m. has lower brokerage?Stock?
If you are trading in a equity delivery, then Zerodha is cheaper at ₹0 brokerage. For options, m.The charges for the stock are ₹10/order after the initial period as compared with Zerodha’s ₹20/order. Intraday and futures depend on this order value because Zerodha has set an upper limit of 0.03% and ₹20 on every order.It is because of order value that Zerodha has capped it at 0.03% and ₹20 per order in intraday and futures.Stock uses ₹10/order.
So, is Zerodha a free delivery brokerage?
Yes, as of now, Zerodha’s charges page does mention that for eligible retail individual equity delivery trades they have ₹0 brokerage. You may still have to pay statutory charges and DP charges.
Is m.Stock brokerage really ₹10?
Yes. m.Currently, Stock’s pricing page charges ₹10 per order for intraday, futures and options (after the 30 days), and equity delivery. The first 30 days are being sold as ₹0 brokerage (offer applies)
What’s superior for options trading?
m.A Stock brokerage advantage with ₹10/order for it versus Zerodha’s ₹20/order. Zerodha has developed well-rounded option-chain & basket workflows. Look at the real platform/strategy requirements.
For long-term investors, which broker should you choose?
The equity delivery brokerage fee is free for Zerodha and its investing ecosystem is more mature, making it a better fit.However, if the price of ₹0 AMC and low per order is of concern, then stock can still be attractive.
Which of these has the best API support?
Zerodha’s Kite Connect marketplace is more of a public developer environment.In fact, Stock offers REST/WebSocket APIs which support Python and NodeJS and may be appealing in some cases where you need to pay for APIs regularly.
Does m.Stock offer MTF?
Yes. m.Currently Pay Later MTF offers loans at Starting Interest rates of 8.99% p.a. with a leverage amount of 1,100+ stocks and carries with it both leverage risk and financing risk.
Is there any AMC charge by Zerodha in 2026?
First year AMC free for new resident individual accounts opened June 1, 2026 and later. Non-BSDA AMC(After applicable waiver) is ₹300/Year plus GST and the applicable AMC for BSDA is as per holdings.
Will I get to switch from Zerodha to m?Stock?
Yes. Transfer of eligible securities can be done between the demat accounts via the applicable depository process. Before closing an account, review transfer fees, tax documentation and job opportunities.
Final Verdict: Zerodha vs m.Stock 2026
Our Zerodha vs m.Based on stock comparison, there are two worthy brokers that have their own advantages. Zerodha’s equity delivery brokerage of ₹0 is a big plus, while the growth to maturity of its Kite and Console, and the proven developer ecosystem, is a feather in its cap.The ₹10/order model on major segments, ₹0 AMC/platform fees and a growing feature rich platform for active trading.
If you are a long term investor, Zerodha is typically a more economical choice. If you are an active options trader and making numerous orders, then m.The ₹10 brokerage that Stock offers might be enticing. API developers, on the other hand, will find Zerodha to be more mature in the ecosystem.Meanwhile, m. will have more ecosystem maturity for API developers.Stock can save on recurring API charges, contingent on information and execution needs.
There is no one right or wrong answer. The optimal broker is the one whose entire cost structure, platform, API features, products and risk management align with your investment or trading style. Check the current tariff in all scenarios as brokerage, taxes, exchange rate and regulatory charges may vary.
