How we compared
We looked at each broker's published API pricing, brokerage for F&O and equity, support for the order types algos use, and the daily login and static IP rules under SEBI's framework. We did not measure latency or uptime, which vary by location and time and would need months of logged data to compare fairly. No broker paid to be included.
API access and market data
| Broker | Order and account APIs | Live and historical market data | Notes |
|---|---|---|---|
| Zerodha (Kite Connect) | Free (Personal plan) | ₹500 a month per API key | From October 2026, users generating ₹2,000 or more in monthly brokerage get the next month's fee credited |
| Upstox | Free | Free | All trading and data APIs free; promotional per-order rates for API trades have applied at times |
| Fyers | Free | Free | Minute-level history available through the API |
| IIFL Capital | Free | Free | Order and data APIs free for account holders |
| Wisdom Capital | Free | Free | Order and data APIs free with your account |
| Dhan (for reference) | Free | ₹499 a month plus taxes | Not supported by QuantPower |
If you use QuantPower as a bridge for your own strategies, live prices come from your broker account, so these data charges apply to you. Zerodha users need the Kite Connect plan to see live prices in QuantPower.
Brokerage
| Broker | Equity delivery | Equity intraday | Futures | Options |
|---|---|---|---|---|
| Zerodha | ₹0 | ₹20 or 0.03%, whichever is lower | ₹20 or 0.03%, whichever is lower | ₹20 per order |
| Upstox | ₹20 per order | ₹20 or 0.1%, whichever is lower | ₹20 or 0.05%, whichever is lower | ₹20 per order |
| Fyers | ₹0 | ₹20 or 0.03%, whichever is lower | ₹20 per order | ₹20 per order |
| IIFL Capital | ₹20 per order | ₹20 per order | ₹20 per order | ₹20 per order |
Statutory charges (STT, exchange charges, SEBI fee, stamp duty and GST) are the same at every broker. Our brokerage calculator works out the full cost of a trade at each broker.
Total monthly cost for an active algo trader
Assume 20 option orders a day for 22 trading days, or 440 orders a month, with live market data needed.
| Broker | Brokerage | Data API | Total before GST and statutory charges |
|---|---|---|---|
| Zerodha | ₹8,800 | ₹500 (often credited back at this volume) | ₹8,800 to ₹9,300 |
| Upstox | ₹8,800 | ₹0 | ₹8,800 |
| Fyers | ₹8,800 | ₹0 | ₹8,800 |
| IIFL Capital | ₹8,800 | ₹0 | ₹8,800 |
At this volume, brokerage dwarfs the data fee. At low volumes, the ₹500 or ₹499 data fee becomes a larger share of costs.
Order types and rules that matter for algos
| Feature | What to check | Why it matters |
|---|---|---|
| SL-M in options | Not available at any broker: NSE discontinued it in 2021 | Use SL orders with a buffer |
| Market orders in options | Blocked or protected at several brokers in stock options and illiquid strikes | Use marketable limit orders |
| Freeze quantity | Exchange limit per order; brokers may offer slicing | Iceberg orders split large orders |
| Order rate limits | Brokers cap orders per second; SEBI's threshold for unregistered algos is 10 a second | Space out multi-leg entries |
| Static IP | Required for your own API orders at every broker under SEBI's rules; changeable once a week | Needed only when you run your own code |
| Daily login | Every broker ends API sessions before the next trading day | Log in each morning before strategies start |
Our guides to order types and SEBI's algo trading rules cover these in detail.
Which broker for which trader
| If you | Consider |
|---|---|
| Trade options actively and want the lowest brokerage | Compare plans in the brokerage calculator |
| Want free data and a widely used API | Upstox or Fyers |
| Already use Zerodha and trade enough to earn the data credit | Zerodha |
With any of the 100+ brokers it connects, QuantPower works as a bridge for your own strategies through the broker's official API. For further details, please contact us.
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Frequently asked questions
Which broker has the cheapest API for algo trading?
Order APIs are free at all the brokers here. For market data, Upstox and Fyers are free; Zerodha charges ₹500 a month per API key and Dhan ₹499 plus taxes.
Do I need my own API plan to use QuantPower?
Live prices in QuantPower come from your broker account. Zerodha users need Zerodha's Kite Connect plan; at Upstox and Fyers the data is free.
Which broker is fastest for algo orders?
We did not measure latency. All these brokers route orders through their risk systems to the exchange in milliseconds, which is fast enough for rule-based retail strategies and far slower than co-located firms.
Can I connect more than one broker to QuantPower?
Yes, depending on your subscription plan. See broker connection requirements.
Sources
- Broker API pricing pages and support articles: Zerodha Kite Connect, Upstox Developer API, Fyers API, DhanHQ (checked 10 October 2026)
- Broker brokerage pages and third-party rate listings (checked 10 October 2026)
- SEBI, circular on safer participation of retail investors in algorithmic trading, 4 February 2025; NSE implementation standards, May 2025