Choosing the right stockbroker is essential for successful investing and trading. Two of India’s most well-known brokers, Motilal Oswal and Zerodha cater to different investor needs. While Motilal Oswal is a full-service broker with extensive research and advisory services, Zerodha is India’s largest discount broker, offering cost-effective trading solutions.
In this detailed comparison, we analyze their brokerage charges, trading platforms, investment options, pros and cons, and more.
About Motilal Oswal
Motilal Oswal Financial Services Ltd. (MOFSL) has over 35 years of experience and serves more than 50 lakh clients across India. Founded in 1987, it is a full-service broker providing a wide range of trading and investment products, including:
✔ Equity, Commodity, Currency, and Derivatives trading
✔ Mutual Funds, IPOs, US Stocks, Gold, Fixed Income Products
✔ Expert-curated Stock Baskets & Intelligent Advisory Portfolios
✔ Personalized research and advisory services
With 305 branches across India, Motilal Oswal is known for its strong research capabilities and wealth management services.
About Zerodha
Zerodha revolutionized the Indian stockbroking industry by introducing discount brokerage in 2010. It is India’s largest broker, known for low-cost trading, advanced technology, and a seamless investment experience.
✔ Zero brokerage for Equity Delivery & Direct Mutual Funds
✔ Flat ₹20 per trade on Intraday, Futures & Options, and Commodities
✔ Investments in IPOs, Bonds, Govt. Securities, ETFs, and Currency
✔ Powerful trading platforms – Kite Web, Kite Mobile, and Coin
Zerodha is ideal for traders and investors looking for an affordable and technology-driven brokerage service.
Motilal Oswal vs Zerodha – Key Differences
| Feature | Motilal Oswal | Zerodha |
|---|---|---|
| Broker Type | Full-Service Broker | Discount Broker |
| Year of Establishment | 1987 | 2010 |
| Exchange Memberships | BSE, NSE, MCX | NSE, BSE, MCX, NCDEX |
| Number of Branches | 305 | 22 |
Account Opening & Charges
| Charges | Motilal Oswal | Zerodha |
|---|---|---|
| Trading Account Opening Fee | ₹0 (Free) | ₹0 |
| Trading Account AMC | ₹0 | ₹0 (Free) |
| Demat Account Opening Fee | ₹0 | ₹0 |
| Demat Account AMC | ₹199 (Free for 1st Year) | ₹300 |
Brokerage Charges Comparison
| Trade Type | Motilal Oswal | Zerodha |
|---|---|---|
| Equity Delivery | 0.20% | ₹0 (Free) |
| Equity Intraday | ₹0 (Free for lifetime) | ₹20 per executed order or 0.03% (whichever is lower) |
| Equity Futures | 0.02% | ₹20 per executed order or 0.03% (whichever is lower) |
| Equity Options | ₹20 per lot | ₹20 per executed order |
| Currency Futures | ₹20 per lot | ₹20 per executed order |
| Currency Options | ₹20 per lot | ₹20 per executed order |
| Commodity Futures | 0.02% | ₹20 per executed order or 0.03% (whichever is lower) |
| Commodity Options | ₹200 per lot | ₹20 per executed order |
Special Offers
- Motilal Oswal: Free Account Opening + Free Intraday Trades + Free Personal Advisor & Research + Free 1st Year Demat AMC.
- Zerodha: Zero brokerage on Equity Delivery and Direct Mutual Funds. Flat ₹20 per trade on Intraday and F&O.
Leverage & Margin Comparison
| Trade Type | Motilal Oswal | Zerodha |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | 100% of trade value (1x) |
| Equity Intraday | Up to 20% of trade value (5x) | Up to 20% of trade value (5x) |
| F&O (Equity, Currency, Commodity) | 100% of NRML margin (1x) | 100% of NRML margin (1x) |
Trading Platforms & Features
| Feature | Motilal Oswal | Zerodha |
|---|---|---|
| Trading Platforms | MO Investor App, MO Trader App, MO Trader Web, MO Trader EXE | Kite Web, Kite Mobile (Android/iOS), Coin |
| 3-in-1 Account | No | No |
| Automated Trading | Yes | Yes |
| SMS Alerts | Yes | No |
| Margin Trading Funding | Yes | Yes |
| Margin Against Shares | Yes | Yes |
| Trading in SME Shares | No | Yes |
| Referral Program | Yes | Yes |
Research & Advisory
| Feature | Motilal Oswal | Zerodha |
|---|---|---|
| Daily Market Report | Yes | No |
| Free Tips | Yes | No |
| Quarterly Result Analysis | Yes | No |
| News Alerts | Yes | No |
Who Should Choose Which Broker?
| Investor Type | Motilal Oswal | Zerodha |
|---|---|---|
| Casual Investor | No | Yes |
| Active Investor | No | Yes |
| Trader | Yes | Yes |
Pros & Cons
Motilal Oswal
✅ Pros:
✔ 35+ years of experience and strong research-backed advisory services.
✔ Free intraday trading for a lifetime.
✔ Wide investment options, including US Stocks, Fixed Deposits, and Insurance.
✔ Personal advisory and stock research reports.
✔ Expert-curated Stock Baskets and Smallcase investment options.
❌ Cons:
✖ Higher brokerage fees compared to Zerodha.
✖ No 3-in-1 account option.
✖ Does not offer unlimited trading plans.
Zerodha
✅ Pros:
✔ India’s largest broker with an advanced trading platform (Kite).
✔ Zero brokerage on equity delivery and direct mutual funds.
✔ Flat ₹20 per trade on intraday and F&O.
✔ Good Till Triggered (GTT) orders available.
✔ NRI trading account option.
❌ Cons:
✖ No research reports or stock recommendations.
✖ ₹50 per executed order for Call & Trade services.
✖ No AMC-free Demat account.
Final Verdict
- Choose Motilal Oswal if you want a full-service broker with advisory services, portfolio management, and extensive research tools.
- Choose Zerodha if you prefer a low-cost, technology-driven discount broker with minimal brokerage fees and advanced trading platforms.
Both brokers have unique advantages. Your choice depends on whether you prioritize advisory services (Motilal Oswal) or cost-effective trading (Zerodha).
