Upstox’s ‘Refer and Earn’ (Benefits and Process)

Upstox is one of the leading discount brokers in India that offers free demat-cum-trading accounts and there are no annual charges. 

You get an easy-to-use trading platform, flat brokerage charges of Rs 20 per order, and a wide range of investment options such as stocks, mutual funds, and IPO. 

Along with above benefits, you can also earn some money through Upstox’s “Refer and Earn” referral program by referring your friends and family to the platform. 

Let’s discuss the Upstox Referral program in detail.

What is Upstox’s ‘Refer and Earn’ Program?

The Upstox ‘Refer and Earn’ is a referral program where you refer new users to Upstox, and in return, you receive a cash reward. Your friend using your referral link will also get some benefits, like brokerage-free trading for a certain period (30 days at present). 

Remember, Upstox keeps on changing its cash reward amount from time to time. 

Currently, Upstox offers a reward of Rs. 500 for each successful referral. The reward is divided into two parts –

  • You get a Rs 300 cash reward when your friend opens an account with Upstox
  • You get another Rs 200 cash reward when your friend places its first trade order

When your friends sign up using your referral link, they get a 30-day brokerage-free trading period.

Note – This Upstox refer and earn reward offer is only available on the Upstox app (Both old and new). You might not get any referral reward offer on the web portal.

Benefits of the Upstox Referral Program

  1. Cash Reward: Upstox offers a cash reward of Rs. 500 for each successful referral. When your friend signs up using your referral link and completes the account opening process, you become eligible for the reward. The cash reward is credited to your account after your friend completes the first trade on the platform.
  2. Free Trading: The person who is referred by you gets free trading for the first 30 days after the account opening. This gives your friend an opportunity to experience the Upstox platform and its features.
  3. Account Opening Benefits: Upstox offers a free trading account and no annual maintenance charges. You can read our article on Upstox charges to know all the charges that Upstox can levy on you.
  4. Passive income: If you have a large network or you are very popular in your friend circle, you can easily make some passive income by referring your friends or known people to Upstox.
  5. Withdraw rewards amount: You can withdraw your reward money to your savings account connected with Upstox without any hassle.

How to Participate in the Upstox Refer and Earn Program?

Step 1 – Log in to your Upstox account.

Step 2 – Click on the “Account” tab in the bottom-right corner of your Upstox app dashboard.

Upstox Account tab

Step 3 – Click on the “Profile” tab and then click on the “Rewards” option.

upstox profile menu

Step 4 – Click on “Share link via WhatsApp if you want to share your referral link with your friends and family over WhatsApp. Otherwise, you can click on “Share using other apps” to share via Facebook, Instagram, and other similar platforms.

Upstox reward offer page

Step 5 – Ask them to sign up using your link and complete the account opening process to get the first Rs 300 award.

Step 6 – Once they place their first trade on the platform, you are now eligible for the 2nd Rs 200 reward.

Step 7 – You can track your referral rewards on the “Rewards” page and withdraw them anytime you want to do so.

Comparison with Other Brokers Referral Programs 

Trading PlatformRewardsBrokerage sharing
UpstoxRs. 500 per referral (Rs 300 on account opening and Rs 200 on first trade within 30 days)Not available
5paisaRs 100 per referral12.5% per order
Zerodha300 points per referral10% per order
Dhan AppNot Available20% per order
Angel OneNot Available (only offers brand vouchers)N.A.
Remember 5paisa refer has a referral cap of a maximum of 10 referrals. You won’t get any rewards after the 10th referral.

Whereas in Upstox you can refer as many clients as you want but the cap is on 10 referral rewards per month. You can explore Upstox review article to know all pros and cons of Upstox in detail.

Zerodha doesn’t have any limit on the number of referrals but you can withdraw the shared brokerage only after 5 successful account activations. Account activation means adding funds after the trading account is opened.

Another new discount broker Dhan offers a 20% brokerage sharing on each referral. You can know more about their referral program in our Dhan refer and earn article.

Upstox Referral vs Upstox Partnership Program

Upstox referral program allows you to earn cash rewards on each referral. Whereas the Usptox partnership program allows you to earn brokerage on each trade executed by your referee. A Referee is someone who uses your referral link or code to open an account with a broker.

Upstox “Refer and Earn” allows earning cash rewards up to 10 referrals per month. But in the Upstox partnership program, there’s no such limit.

With the Upstox partnership program, you also get referral chain benefits.

This means when you refer someone, and they refer someone else, you can earn a share of the brokerage from the people your indirect referrals referred. As a partner, you can enjoy benefits from every customer in your chain of direct and indirect referrals.

For example, let’s say you referred four clients, and one of them referred someone else without telling you. You’ll get a percentage (30%-50%) of the brokerage profit-sharing from your direct referral, and also a share of the brokerage generated by your indirect referral, which is usually between 20%-40%.

Referral chain benefit is not available in Upstox’s “Refer and Earn” scheme.


Upstox Refer and Earn is an excellent opportunity for you to earn money by referring your friends and family to the platform. 

A cash reward of Rs. 500 for each successful referral, and 1-month free trading to the referee is a win-win situation for both you and your friend. If you are a Upstox user, make sure to take advantage of this program and earn some extra cash.

However, the 10 referrals limit per month can be a little disappointing for you but it’s still better than 5paisa where the referrals are capped at 10 referrals in total.

Frequently Asked Questions

What is the eligibility criteria for participating in the Upstox Refer and Earn program?

Anyone 18+in age and having an Upstox account can participate in the Upstox Refer and Earn program.

How much cash reward can I earn for each successful referral?

Upstox offers a cash reward of Rs. 500 for each successful referral.

  • Rs 300 when your friends open their account
  • Rs 200 when they place their first trade
How can I track my referrals and rewards on Upstox?

You can track your referrals and rewards on the “Account” tab -> “Profile” page -> “Rewards” section.

Is there any limit on the number of referrals I can make?

No, there is no limit on the number of referrals you can make but you’ll get a cash reward only for 10 referrals per month. So it’s better to open 10 Upstox accounts in a month using your referral code and move the pending ones to the next month.

How can my referral get free trading on Upstox?

Anyone using your referral link will automatically gets free trading for the first 30 days after the account opening.

How can I participate in the Upstox Partnership Program?

You have to signup for Upstox Partner program and complete the KYC verification process.


About Rajan Dhawan

Rajan has covered personal finance and investing for over 5 years. Previously, he was in the IT field for 8 years after completing his MCA but his deep interest in personal finance led him to become an investing expert. He is passionate about investing, stocks, startups, and cryptos.

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