In my knowledge this question is not appropriate since there is no competition between discount brokers. i.e Zerodha, Upstox, Samco, Fyers, 5paisa. All are providing similar product and services. There is a very thin line of margin in this business, as these companies are completely technology driven, so major investment is also in technology area only.
We should understand here that discount brokers are not competitors among themselves, they are the competitor to the traditional brokers or full-service brokers where the investor was paying high brokerage. Discount brokers are a good starting platform for beginners who just want to start investing in the market with the very small amount to touch the surface.
So If we say alternative for Zerodha is Samco, because Samco has launched a new Mobile app called Stock Note – having more advance feature towards latest market notifications and update with Giga Engine does not make any sense.
In Similar fashion, I have seen some bloggers saying that alternative for Zerodha is Upstox because Upstox is not charging any account opening fee or giving better margin.
In my personal opinion, Zerodha never competes itself with discount brokers, its target audience is the beginner in the stock market and investors who were dealing with full-service broker or 3-in-1 brokers in the past. With this positive attitude, Zerodha is able to gain number 3 position in the brokerage industry (As of March 2018).
Again, if you ask me, what is alternative of Upstox? or what is alternative of Samco?
Guys my answer will be same, you are not going to get 100% with any broker, and you must have to satisfy at some level.
List down your requirement in the first place itself and make sure you do groundwork and satisfy well in advance before taking any call for opening your account with any of the discount brokers. Switching and doing paperwork process is much tedious compared to advantage in this area.
Number 1 Discount broker, Free Delivery trading, Maximum Rs 20 per order for Intraday, Equity Deravitives (F&O), Currency, Commodity. Free Direct Mutual Fund Investment.