Profile
Zerodha is India’s largest retail stockbroker, offering equity, commodity, currency, and derivative trading via a low-cost, technology-driven model. Founded in 2010, Zerodha has transformed the Indian brokerage landscape with its flat-fee structure and proprietary trading platforms. This Zerodha review covers its regulatory compliance, order execution, trading tools, supported instruments, account types, and investor protections, with a focus on meeting current SEO and EEAT criteria.
Regulation and Security
Zerodha is regulated by multiple Indian financial authorities:
- Securities and Exchange Board of India (SEBI) – Member ID: INZ000031633
- National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and Multi Commodity Exchange (MCX)
- Central Depository Services (India) Ltd (CDSL) for demat account services
Client funds and securities are held in segregated accounts under CDSL custodianship. Zerodha is fully compliant with SEBI’s risk management and investor protection rules, including margin norms and audit processes. However, there is no investor compensation fund equivalent to FSCS or SIPC in India.
Execution Model
Zerodha operates a **direct market access (DMA)** execution model, allowing clients to place orders directly onto Indian exchanges without intermediary dealing desk intervention. This reduces latency and increases transparency. It does not operate a market-making desk and does not engage in proprietary trading that competes with clients.
Trading Platforms and Tools
Zerodha offers two proprietary platforms tailored for Indian markets:
- Kite – A web and mobile trading platform with a clean UI, charting (via TradingView and ChartIQ), and order execution.
- Console – A back-office portal for reports, P&L statements, tax documentation, and portfolio tracking.
Additional tools include:
- Coin – Mutual fund investment platform
- Sensibull – Options strategy builder and analysis tool (third-party integration)
- Streak – Algo strategy builder with no coding
API access is available via Kite Connect, enabling developers and institutions to build automated systems. There is no MetaTrader support.
Supported Instruments
Zerodha supports trading across key Indian market segments:
- Equities (NSE & BSE listed stocks)
- Equity Futures & Options
- Currency derivatives (USD/INR, EUR/INR, GBP/INR, JPY/INR)
- Commodities (via MCX – gold, crude oil, natural gas, etc.)
- Direct mutual funds (via Coin)
All trading is restricted to Indian exchanges—no international shares or CFD products are available.
Account Types and Fees
Zerodha offers two main account types:
- Demat + Trading Account – Standard account for stocks, F&O, and mutual funds
- Commodity Account – Required for MCX trading
Key features include:
- Flat ₹20 per trade for intraday, F&O, and commodities
- Free equity delivery (₹0 brokerage)
- No monthly platform fees
Account base currency is INR. Leverage is offered per SEBI-mandated margins, and intraday margin is available under the MIS product code. Order types include market, limit, SL, SL-M, GTT (Good Till Triggered), and bracket orders.
Retail and Institutional Features
Zerodha is designed primarily for Indian retail investors, but it also serves HNIs and institutions through its Partner APIs and white-label offerings. Key features include:
- Free API access for algorithmic traders (Kite Connect)
- Investor-focused tools for tax reporting and analytics
- Direct mutual fund platform with zero commissions
Zerodha does not provide international custody, multi-currency support, or global asset access.
Client Protection and Transparency
Zerodha adheres to SEBI’s investor protection norms:
- Client funds and securities held in segregated accounts via CDSL
- Automated daily margin reporting
- Two-factor authentication and biometric login
- Regular disclosures of financials, complaints, and audits
No insurance coverage or capital protection schemes are provided, as per Indian regulatory norms. Transparency is strong, with regular blog updates, policy disclosures, and educational content through Varsity.
Base Currencies, Order Types, and API Access
Zerodha supports INR as the sole base currency. Order types include:
- Market and limit orders
- Stop-loss and SL-M
- GTT (Good Till Triggered)
- Bracket and cover orders (with trailing stop)
API access is provided via the Kite Connect suite, supporting Python, Node.js, and REST protocols. This is available via subscription for retail developers and for commercial institutions through custom agreements.
Pros and Cons
- Pros:
- SEBI and exchange-regulated with strong investor compliance
- Flat ₹20 brokerage and ₹0 delivery trades
- Advanced proprietary platforms (Kite, Console)
- API access for algo traders
- Free mutual fund investing via Coin
- Cons:
- No international market access
- Single currency support (INR only)
- No phone-based support; only online tickets
- Does not support MetaTrader or multi-asset platforms
- No investor compensation fund or insurance
Is Zerodha regulated in India?
Yes. Zerodha is regulated by SEBI and is a registered member of NSE, BSE, MCX, and CDSL. It fully complies with Indian financial market laws.
What platforms does Zerodha offer?
Zerodha provides the Kite web and mobile platforms, the Console reporting dashboard, and access to Coin for mutual funds. No MetaTrader or desktop terminals are supported.
Does Zerodha offer algorithmic trading?
Yes. The Kite Connect API allows for algorithmic and automated trading in equities, derivatives, and commodities.
Can I trade international stocks with Zerodha?
No. Zerodha supports only Indian exchange-listed instruments. International equities, CFDs, or forex are not available.
What is Zerodha’s brokerage structure?
Zerodha charges ₹0 brokerage for equity delivery and ₹20 per executed order for intraday, F&O, and commodity trades. There are no monthly subscription fees.