If we go by the number of active clients then Zerodha is better than 5Paisa. Zerodha has 14.14 Lacs active clients whereas 5Paisa has 4.34 Lacs.
In terms of brokerage, Zerodha provides free delivery trade, whereas 5Paisa charges at Rs 20 per executed order.
For all other segments Zerodha charges 0.03% or Rs.20/Trade whichever is lower whereas 5Paisa charges Flat Rs.20/Trade whichever is lower.
5paisa provides multiple brokerage plans which help you to reduce your brokerage charges by paying monthly upfront fees.
The major difference is with call & trade charges, Zerodha charges Rs.50 per executed order and 5paisa charges Rs. 100 for the same.