Zerodha vs Groww vs Upstox: Which platform offers the cheapest way to invest in global stocks?
As Indian brokers expand overseas investing, investors need to compare more than brokerage fees. Market access, currency conversion, regulatory charges and the cost of bringing money back to India can all affect returns
Investing in Apple, Nvidia, Microsoft and other global companies is becoming more accessible to Indian retail investors. Zerodha, Groww, INDmoney, Angel One and Upstox are building international investing offerings that allow customers to access US-listed stocks through digital platforms. But the headline brokerage rate may not tell investors which platform is cheapest. Currency conversion, regulatory levies, remittance charges and withdrawal costs can add to the total expense.
Investors also need to understand whether they are buying foreign-listed shares through an overseas brokerage arrangement or investing through India's International Financial Services Centre (IFSC) at GIFT City. Piyush Jhunjhunwala, Founder and CEO, Stockify, said, “For Indian financial participants aiming for diversification through investing abroad, international investing allows for acquisitions of various international firms in sectors like technology, healthcare, consumer goods, etc.
However, when one makes a choice on a platform, merely comparing the brokerage fees is not sufficient. The costs associated with investing may vary according to currency conversion, fund transfer charges, taxes imposed by government institutions, etc.” The real comparison, therefore, is not just about the fee charged on a trade. It is about the cost of buying, holding and eventually selling an overseas investment, along with the route through which the investment is made.
The platforms differ in their brokerage structures, and these differences can matter depending on the size and frequency of an investor's trades. Zerodha charges 0.1 percent per order, subject to a minimum of $0.01 and a maximum of $10. This cap may benefit investors placing larger orders. Its US-stocks offering also lists statutory charges and currency conversion costs separately, making it important to look beyond the brokerage rate.
Groww charges 0.1 percent per executed order or $1, whichever is higher. It does not charge for opening or maintaining its US-stock account. However, currency conversion is charged at bank rates, while US regulatory fees and GST on brokerage also apply. Upstox charges 0.25 percent per transaction, with a minimum of $0.01 and a maximum of $25. Its published pricing also lists statutory and US-related charges, including the IFSCA turnover fee, regulatory levies and applicable GST.
The platform advertises free account opening, annual maintenance, deposits and withdrawals, although other transaction-related costs may still apply. Angel One's announced zero-brokerage offer runs through December 2026. From January 2027, its brokerage is scheduled to become 0.1percent per trade, with a minimum charge of $0.99. Investors should still account for currency conversion, funding costs and applicable taxes.
The current tariff and eligibility conditions should be checked against Angel One's official terms before publication. The route matters as much as the price Choosing a platform also means understanding how the overseas investment is held and funded. An overseas brokerage account and an investment route through GIFT City can differ in their account structure, regulatory framework, funding arrangements and applicable charges.
These arrangements should be checked platform by platform rather than assumed to be the same across providers. Jhunjhunwala said, “One more point to consider is whether to establish an account with the foreign brokerage firm or to register an account with GIFT City. Both approaches would require creating the account; however, in terms of maintenance and funding matters as well as regulations and costs, there may be many differences in each method.
One should also keep in mind the feature of the Liberalised Remittance Scheme, which permits remittances of up to $250,000 yearly,” said Jhunjhunwala. The Reserve Bank of India's Liberalised Remittance Scheme (LRS) allows eligible resident individuals to remit up to $250,000 per financial year for permitted transactions, subject to applicable rules. This is an overall limit across eligible remittances, not a separate allowance exclusively for overseas stock investments.
What investors must understand Zerodha's capped brokerage may appeal to investors making larger transactions, while Groww's straightforward pricing may be easier for first-time overseas investors to understand. Upstox's 0.25 percent rate, subject to its $25 cap, offers another pricing structure to compare. Angel One's promotional zero-brokerage period may also influence the choice, but only after other applicable charges are considered.
The cheapest platform on brokerage alone may not be the cheapest platform overall. Investors should compare the costs of buying, holding and selling international securities, including currency conversion, funding and withdrawal charges, regulatory levies and taxes. They should also check which securities are available and how easily they can fund and repatriate their money. “The cheapest platform overall depends on trade size and total investing costs, not brokerage alone,” said Jhunjhunwala.
