Zerodha vs Angel One - Which Broker Integration is Best for Excel Trading?

A comprehensive comparison of Zerodha Kite and Angel One SmartAPI for streaming live market data into Microsoft Excel with MarketXLS India

Introduction

You're ready to supercharge your stock analysis by streaming live NSE/BSE data directly into Excel. But you're wondering:

“

"Should I connect my Zerodha account or my Angel One account to MarketXLS India?"

Great question! Both are excellent brokers with robust API platforms. This comprehensive guide compares Zerodha Kite API and Angel One SmartAPI specifically for Excel-based trading and analysis.

What This Comparison Covers

We'll evaluate both broker integrations across:

• ✅ Market data coverage (stocks, options, futures, commodities)
• ✅ Excel integration features and ease of use
• ✅ Setup process and learning curve
• ✅ Data quality, reliability, and latency
• ✅ Pricing and cost-effectiveness
• ✅ Advanced capabilities and limitations
• ✅ Real-world use case recommendations

The Bottom Line: There's no universal "better" choice - it depends on your specific trading style, needs, and existing broker relationship. Let's find which is best for YOU.

Quick Comparison Table

Here's the TL;DR comparison. Details follow in subsequent sections.

Verdict: It's remarkably close! Your decision should be based on:

1. Existing broker relationship (if you already trade with one, use that)
2. Commodity needs (Angel One wins if you trade MCX)
3. Community preference (Zerodha has a larger developer community)

Market Data Coverage

What Both Support (Equally)

NSE Equity:

• ✅ All NSE-listed stocks (3,000+ symbols)
• ✅ NIFTY 50, NIFTY 100, sectoral indices
• ✅ Real-time prices, OHLCV data
• ✅ Bid/ask spreads, market depth

NSE Derivatives (F&O):

• ✅ NIFTY index options and futures
• ✅ BANK NIFTY options and futures
• ✅ Stock options (individual stock F&O)
• ✅ Weekly and monthly expiries
• ✅ Complete options chain data
• ✅ Open Interest (OI) tracking

BSE Equity:

• ✅ BSE-listed stocks (5,000+ symbols)
• ✅ SENSEX and BSE indices
• ✅ Real-time quotes

Currency Derivatives:

• ✅ USD/INR, EUR/INR, GBP/INR, JPY/INR
• ✅ Currency futures and options

Where Angel One Has the Edge

MCX Commodities (Angel One ONLY):

• ✅ Gold (GOLD, GOLDM, GOLDPETAL)
• ✅ Silver (SILVER, SILVERM, SILVERMIC)
• ✅ Crude Oil (CRUDEOIL, CRUDEOILM)
• ✅ Natural Gas (NATURALGAS)
• ✅ Copper (COPPER)
• ✅ Zinc, Lead, Nickel (base metals)
• ✅ Agricultural commodities (Mentha Oil, Cardamom, etc.)

This is a MAJOR differentiator. If you trade commodities or want gold/silver data in your Excel dashboards, Angel One is your only choice with MarketXLS India.

Symbol Count Comparison

Winner: Angel One (due to MCX commodity coverage)

Excel Integration Features

Good news: Both brokers work identically with MarketXLS India. The Excel formulas, setup process, and capabilities are virtually the same.

Supported Functions (Both Zerodha & Angel One)

Stock Data Functions:

=MXLS.IN.0_last(A2)           // Last price
=MXLS.IN.0_open(A2)           // Open price
=MXLS.IN.0_high(A2)           // High price
=MXLS.IN.0_low(A2)            // Low price
=MXLS.IN.0_close(A2)          // Previous close
=MXLS.IN.0_volume(A2)         // Volume traded
=MXLS.IN.0_change(A2)         // Change in ₹
=MXLS.IN.0_changepercent(A2)  // Change %
=MXLS.IN.0_bid(A2)            // Bid price
=MXLS.IN.0_ask(A2)            // Ask price

Options Functions:

=MXLS.IN.optionsymbol(ticker, expiry, type, strike)
=MXLS.IN.0_oi(symbol)         // Open Interest
=MXLS.IN.0_iv(symbol)         // Implied Volatility

Futures Functions:

=MXLS.IN.futuresymbol(ticker, expiry)

The formulas are IDENTICAL - switching between brokers doesn't require changing your Excel workbooks!

Unique Angel One Capability: Commodities

Only with Angel One:

// Track Gold futures
A1: GOLD
B1: 05-Jun-2025
C1: =MXLS.IN.futuresymbol(A1, B1)
D1: =MXLS.IN.0_last(C1)

// Silver, Crude Oil, etc. - same pattern

Winner: Angel One (commodity support) | Otherwise: Tie

Setup & Ease of Use

Zerodha Kite Setup Process

Step 1: Install MarketXLS India add-in Step 2: Login to MarketXLS with your subscription credentials Step 3: Select "Zerodha (Kite)" as broker Step 4: Click Connect → redirects to Zerodha login page Step 5: Enter Kite user ID + password + 2FA (PIN/TOTP) Step 6: Authorize API access Step 7: Connection established ✅

Time Required: 5-10 minutes Complexity: ⭐⭐☆☆☆ (Easy)

Authentication Method: OAuth 2.0 (secure, no credential storage)

Pros:

• ✅ Secure OAuth flow - password never stored
• ✅ Well-documented process
• ✅ 2FA adds security layer
• ✅ One-time setup, persistent connection

Cons:

• ⚠️ Requires developer app setup (if using custom API)
• ⚠️ OAuth redirect can be confusing for first-timers

Angel One SmartAPI Setup Process

Step 1: Install MarketXLS India add-in Step 2: Login to MarketXLS with your subscription credentials Step 3: Select "Angel One (SmartAPI)" as broker Step 4: Enter credentials directly in dialog:

• Client ID (your Angel One ID)
• Password (your Angel One password)
• Optional: API Key (for advanced features) Step 5: Click Connect Step 6: Connection established ✅

Time Required: 5-10 minutes Complexity: ⭐⭐☆☆☆ (Easy)

Authentication Method: Direct credentials (encrypted transmission)

Pros:

• ✅ Simpler flow - no browser redirect
• ✅ Direct credential entry
• ✅ Works great for basic use without API key
• ✅ One-time setup, persistent connection

Cons:

• ⚠️ Requires entering password (some users prefer OAuth)
• ⚠️ API key request can take 24-48 hours for advanced features

Setup Comparison

Winner: Slight edge to Angel One (fewer steps, no redirect) | But effectively a Tie

Data Quality & Reliability

Data Accuracy

Both brokers source data from NSE/BSE official feeds, so accuracy is identical for equities and derivatives.

Zerodha Kite:

• ✅ Direct NSE/BSE data feeds
• ✅ Licensed real-time data provider
• ✅ Tick-by-tick data available
• ✅ Validated against exchange timestamps

Angel One SmartAPI:

• ✅ Direct NSE/BSE data feeds
• ✅ Licensed real-time data provider
• ✅ Tick-by-tick data available
• ✅ Additional MCX data feed

Data Accuracy: TIE (both are exchange-grade accurate)

Uptime & Reliability

Zerodha Kite API:

• Claimed Uptime: 99.9%
• Real-World Experience: Very reliable, rare outages
• Known Issues: Occasional slowdowns during extreme volatility (rare)
• Status Page: status.zerodha.com

Angel One SmartAPI:

• Claimed Uptime: 99.9%
• Real-World Experience: Very reliable
• Known Issues: Historically had more outages, but much improved in 2023-2024
• Status Page: Available via Angel One support

User Reports (from MarketXLS India users):

• Zerodha: "Rock solid, rarely disconnects"
• Angel One: "Good reliability, occasional brief disconnects during market open"

Winner: Zerodha (slight edge in user-reported reliability)

Pricing & Costs

Brokerage Charges

Zerodha:

• Equity Delivery: ₹0 (free)
• Equity Intraday: ₹20 or 0.03% (whichever is lower)
• F&O: ₹20 per executed order
• Currency/Commodity: N/A (not offered)

Angel One:

• Equity Delivery: ₹0 (free)
• Equity Intraday: ₹20 or 0.25% (whichever is lower)
• F&O: ₹20 per executed order
• Currency: ₹20 per order
• Commodity (MCX): ₹20 per order

Winner: Zerodha (slightly better intraday %) but effectively Tie

Account Maintenance

Zerodha:

• Account Opening: ₹200 (one-time)
• AMC: ₹300/year (waived if traded recently)
• Demat AMC: ₹300/year

Angel One:

• Account Opening: ₹0 (free)
• AMC: ₹0 (free for first year, then ₹240/year)
• Demat AMC: ₹240/year

Winner: Angel One (lower overall maintenance costs)

API Access Costs

Zerodha Kite API:

• Cost: ₹2,000/month for Kite Connect API
• BUT: MarketXLS India users don't pay this separately!
• Included: Your MarketXLS subscription covers API access via their license

Angel One SmartAPI:

• Cost: ₹0 (FREE for all trading account holders)
• No additional fees for API access

Winner: Angel One (free API) | But note: MarketXLS users don't pay extra either way

MarketXLS India Subscription

Same cost for both brokers:

• Monthly Plan: ₹3,500/month (lifetime price lock)
• Annual Plan: Contact for discount
• Enterprise: Custom pricing

Your MarketXLS subscription works with both Zerodha AND Angel One - you can even switch between them!

Winner: Tie (same MarketXLS cost regardless of broker)

Real-World Use Cases

Use Case 1: Intraday Equity Trader

Profile: Trades NIFTY stocks intraday, needs real-time price alerts

Recommendation: Zerodha

Why:

• Slightly better connection stability
• Larger community for troubleshooting
• Lower intraday brokerage (0.03% vs 0.25%)
• Proven reliability during high-volume periods

What you'll build in Excel:

• Live watchlist with top 50 liquid stocks
• Price alerts when stocks cross levels
• Volume surge detection
• Intraday P&L tracker

Use Case 2: Options Trader (NIFTY/BANKNIFTY)

Profile: Trades NIFTY & BANK NIFTY options weekly

Recommendation: Either (Both work great)

Why:

• Both have complete options chain coverage
• Both support OI, IV, and strike data equally
• Both have similar latency (~1s)

Slight edge: Zerodha (better API documentation for custom strategies)

What you'll build in Excel:

• Live options chain with all strikes
• Max pain calculator
• Options strategy analyzer (spreads, straddles, condors)
• IV percentile tracker

Use Case 3: Commodity Trader (Gold, Silver, Crude Oil)

Profile: Trades MCX commodities along with equity

Recommendation: Angel One (Only choice!)

Why:

• Zerodha doesn't offer commodity trading or data
• Angel One has complete MCX coverage
• Same Excel interface for commodities as equity

What you'll build in Excel:

• Gold & Silver price tracker
• Crude oil futures chain
• Multi-commodity dashboard
• Gold-Silver ratio calculator
• Currency vs commodity correlation

Use Case 4: Long-term Investor / Portfolio Tracker

Profile: Buy and hold investor, tracks portfolio quarterly

Recommendation: Either (slight edge to Angel One)

Why:

• Both have full equity coverage
• Angel One offers better research reports
• Lower AMC fees with Angel One
• Free account opening

What you'll build in Excel:

• Portfolio tracker with live values
• Dividend income dashboard
• Asset allocation pie charts
• XIRR return calculator
• Tax loss harvesting sheet

Use Case 5: Algo Trader / Systematic Trader

Profile: Runs automated strategies, needs robust API

Recommendation: Zerodha

Why:

• Superior API documentation
• Larger developer community for help
• More open-source examples and libraries
• Better uptime for critical algo operations
• Proven scalability

What you'll build in Excel:

• Automated screeners
• Signal generation systems
• Backtesting frameworks
• Order management dashboard
• Risk management monitors

Use Case 6: Multi-Asset Trader

Profile: Trades equity, F&O, commodities, currency

Recommendation: Angel One

Why:

• Only broker offering all asset classes in one account
• MCX commodity access
• Currency derivatives
• Single dashboard for everything

What you'll build in Excel:

• Unified multi-asset dashboard
• Cross-asset correlation analysis
• Gold vs NIFTY ratio tracking
• Currency hedging calculator
• Comprehensive risk exposure view

Which Should You Choose?

Choose Zerodha Kite If:

✅ You're already a Zerodha customer (easiest integration) ✅ You value rock-solid uptime and reliability ✅ You're an algo trader or need robust API documentation ✅ You trade only equity and F&O (no commodity needs) ✅ You want access to the largest trading community (TradingQnA) ✅ You're interested in free trading education (Varsity) ✅ You prefer slightly lower intraday brokerage (0.03%) ✅ You value open-source examples and developer tools

Best for: Tech-savvy traders, algo traders, pure equity/F&O traders, those who value community support

Choose Angel One SmartAPI If:

✅ You're already an Angel One customer ✅ You trade or want to track MCX commodities (Gold, Silver, Crude) ✅ You value comprehensive research reports and stock recommendations ✅ You want lower account maintenance costs (free first year) ✅ You're a multi-asset trader (equity + commodity + currency) ✅ You prefer free account opening and free API access ✅ You want a simpler setup process (direct credentials, no OAuth redirect) ✅ You need commodity historical data for backtesting

Best for: Commodity traders, multi-asset traders, research-oriented investors, those who want all-in-one platform

Choose BOTH If:

✅ You want redundancy - backup if one broker's API is down ✅ You trade with both brokers and want unified Excel dashboard ✅ You want to compare data quality between sources ✅ You're building commercial tools and need multiple data feeds

Note: MarketXLS India subscription works with both! You can switch between brokers or even connect to both.

Decision Framework

Still unsure? Answer these questions:

Question 1: Do you trade commodities (Gold, Silver, Crude Oil)?

• Yes → Angel One (Zerodha doesn't support MCX)
• No → Continue to Q2

Question 2: Are you already a customer of one of these brokers?

• Yes, Zerodha → Zerodha (easier setup, no new account needed)
• Yes, Angel One → Angel One (easier setup, no new account needed)
• No, neither → Continue to Q3

Question 3: What's your primary trading style?

• Algorithmic/Systematic Trading → Zerodha (better API docs, community)
• Discretionary Trading → Either (both work great)
• Research-based Investing → Angel One (better research integration)

Question 4: How important is community support?

• Very important → Zerodha (TradingQnA has 100K+ members)
• Not critical → Either

Question 5: Budget for account maintenance?

• Minimize costs → Angel One (free account opening, lower AMC)
• Costs not a concern → Either

Video Tutorial

Watch the complete walkthrough covering both broker integrations:

Watch on YouTube: MarketXLS India Setup Guide

Conclusion

The Truth: Both Zerodha Kite and Angel One SmartAPI are excellent choices for Excel integration with MarketXLS India. There's no universal "winner" - the best choice depends on YOUR specific needs.

Quick Summary

Choose Zerodha if:

• Pure equity/F&O trader ✅
• Value reliability and uptime ✅
• Want best API documentation ✅
• Need large community support ✅

Choose Angel One if:

• Trade commodities (Gold, Silver, Crude) ✅
• Want all-in-one multi-asset platform ✅
• Value research & recommendations ✅
• Prefer lower account fees ✅

Can't decide? Start with whichever broker you already have an account with. You can always switch later - your Excel files will work with both!

Next Steps

Ready to Start?

👉 Already have Zerodha? Read: Zerodha Excel Integration Guide

👉 Already have Angel One? Read: Angel One Excel Integration Guide

👉 Don't have either? Get MarketXLS India Subscription first, then choose your broker

👉 Watch Video Tutorial: MarketXLS India Setup (Both Brokers)

Last updated: February 2025 | Questions? Contact support@marketxls.com

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