Upstox is the second most popular discount broker after Zerodha. Upstox starts with the same brokerage package as Zerodha like fixed brokerage charges of Rs 20 on trading and free delivery. But now Upstox starts charging on stock delivery as well.
Upstox has the upper hand over Zerodha in terms of annual maintenance charges. Currently, Upstox is offering free account opening and zero AMC. Upstox keeps changing its fee structure every 2-3 months, so I wouldn’t be surprised if Upstox starts charging AMC fees again.
Upstox also offers a 3-in-1 account (savings, demat, and trading) in collaboration with IndusInd bank. You can trade from the same account and also earn interest on the unallocated money. All of your 3 accounts will be opened in one application process.
One thing that Upstox still needs to work hard on is customer support. I am not comparing with full-service brokers like ICICI direct because they charge more in terms of brokerage & AMC fees to provide better service. But I am hoping for a decent support system under that at least customer complaints will be addressed.
Let’s check in detail about Upstox charges, margins, and trading platforms review.
#1. Upstox Account Charges
| Type of Charges | Details |
| Account Opening Charges | Free |
| Maintenance Charges | 0 (Upstox may starts charging in future) |
#2. Upstox Brokerage Charges
Upstox charges lower of Rs. 0.05% or Rs. 20 per executed order on trading. For example, if you make a trade with a volume Rs 10,000 then the brokerage charges would be Rs 5, lower of Rs 20 (fix brokerage) or 0.05% of 10,000 = Rs 5.
If you make a trade of Rs. 1,00,000, then the brokerage would be Rs. 20, not Rs. 50 because fixed charges will be applicable.
| Segment | Brokerage Fee |
| Equity Delivery | Lower of Rs. 20 or 2.5% |
| Equity Intraday | Rs. 20 per executed order or 0.05% (whichever is lower) |
| Equity Futures | Rs. 20 per executed order or 0.05% (whichever is lower) |
| Equity Options | Rs. 20 per executed order |
| Currency Futures & Options | Rs. 20 per executed order or 0.05% (whichever is lower) |
| Commodity F&O | Rs. 20 per executed order or 0.05% (whichever is lower) |
#3. Other Charges
- Demat Transaction Charges (DP Charges)- Rs. 18.5 (on the selling of stocks in delivery)
- Contract Note charges – 0.01% on equity delivery purchase
- Pledging/Unpledging Charges – Rs.50
- Call and Trade Charges – Rs. 20 per order
- Auto Square-off charges – Rs. 20
- Payment gateway charges – Rs. 7 per transaction except for UPI (No charges on UPI)
- Delayed Payment Charges – Interest charged 18% a year
- OFS and Buyback offer charges – Rs. 50
- Mutual Funds Commission – Zero
- GST – 18%
Upstox Margin Details
Intraday Order Margins
| Segment | Margin Leverage |
| NSE/BSE Cash | 5X |
| Index Futures | 2X |
| Stock Futures | 2X |
| Index Option Sell | 2X |
| Stock Option Sell | 2X |
| NSE Currency | 2X |
| MCX Future | 2X |
CO/OCO Order Margins
| Segment | Margin Leverage |
| NSE/BSE Cash | 5X |
| Index Futures | 2X |
| Stock Futures | 2X |
| Index Option | 2X |
| Index Option Sell | 2X |
| Index Option Buy | 1.33X |
| MCX Future | 2X |
Upstox Trading Platforms
#1. Upstox Pro Web
Upstox Pro Web is an HTML-based trading platform for desktops or laptops.
Pro Web uses socket technology that provides real-time market data with a faster refresh rate.
Upstox Pro Web offers 107 technical indicators and several charting features such as oscillators, candlesticks to understand market trends efficiently.
You can also pre-set your order preferences and quickly place orders during high volatile times. Upstox Pro web allows you to drag and drop any stock script and check the details instantly.
#2. Upstox Pro Mobile
Upstox Pro mobile is a lightweight app that is fast and easy to use. You can easily keep track of price movements and your trading orders on the go.
Pro Mobile is one place to invest in stocks, mutual funds, digital gold and even IPOs. You can subscribe to the IPO from the same app. Other discount brokers like Zerodha don’t provide IPO investment through mobile apps.
You can check out various charting options such as Candlesticks, Bollinger bands to analyze market movements. You can also view OHCL (Open High Close Low) data to make better decisions while trading.
Upstox Additional Product
#1. Upstox Mutual Fund
You can buy mutual funds directly from the Upstox website or mobile app without paying any commission.
Upstox provides you more than 2,000 mutual fund schemes to choose from.
Upstox has categorized available mutual fund offers as Collections.
Mutual Fund Collections have 4 categories –
- Tax saver funds
- New funds offerings
- Low risk
- Growth booster
#2. Algo Lab for AmiBroker Users
You can use Upstox AlgoLab for creating, backtesting, and implementing trading strategies. AlgoLab is also connected with Amibroker.
If you are an Amibroker AFL user, you can place an order on Upstox directly from the Amibroker platform. Upstox Algo Lab works as a bridge between Amibroker AFL and Upstox Pro applications for faster trading.
You can create strategies with Amibrokers AFL platform and place orders on Upstox in no time. You can view order signals directly from your Upstox pro web or mobile app.
Upstox charges extra tor such a services and reports
| Service | Charges |
| Receive order signals from Amibroker to Upstox in AlgoLab | Rs. 500 per month |
| Realtime NSE Cash data | Basic Data – Rs. 990 per month (for 25 symbols. 1 Minute History of 1 monthAnd Daily history of 7 Years) Pro Data – Rs. 1490 per month(for 35 symbols. 1 Minute History of 3 months and Daily history of 12 Years) |
| Realtime NSE F&O data | Basic Data – Rs. 990 per month (for 25 symbols. 1 Minute History of 1 monthAnd Daily history of 7 Years) Pro Data – Rs. 1490 per month(for 35 symbols. 1 Minute History of 3 months and Daily history of 12 Years) |
| NSE and F&O combined data | Basic Data – Rs. 1790 per month (for 50 symbols. 1 Minute History of 1 monthAnd Daily history of 7 Years) Pro Data – Rs. 2690 per month(for 75 symbols. 1 Minute History of 3 months and Daily history of 12 Years) |
Upstox Withdrawal Time
You can withdraw the funds from Upstox without any charges in two ways:
- Instant withdrawal
- Standard withdrawal
#1. Instant Withdrawal
You can withdraw from Rs. 100 up to Rs. 2 lakhs per day from your securities and commodities wallet. Once you request a payout, the amount will be credited to the primary bank account within 15 minutes.
- Make sure that the IMPS mode is active in your bank account.
- The used margin reflects the total amount utilized in your open or closed positions, which should be zero for an instant withdrawal request.
- Make sure any open positions that have not been squared off are exited before initiating an instant withdrawal.
Instant withdrawal timings –
| Trading day | Withdrawal Request Time | Time Frame |
| Monday – Friday | 11 am to 4 pm | Within 15 minutes on the same day (only via IMPS) |
| Monday – Friday | Before 11 am and after 4 pm | Payout will work as Standard withdrawal timings |
#2. Standard Withdrawal
You can withdraw funds starting from Rs. 100 up to any amount.
- You can initiate the standard withdrawal requests anytime.
- The funds will be credited to the primary bank account by 3:00 pm on working days.
- You can modify or delete the standard withdrawal request until it is processed.
Standard withdrawal timings –
| Trading day | Withdrawal Request Time | Time Frame |
| Monday – Friday | Before 8.00 AM | By 3:00 PM on the same day |
| Monday – Thursday | After 8.00 AM | By 3:00 PM on the next trading day |
| Friday – Saturday | After 8.00 AM | By 3:00 PM on Monday(or the next trading day if Monday is a holiday) |
| Bank holiday/ Settlement holidays/ Public holiday | Any time | By 3:00 pm on the next trading day |
If you have not received the funds within the mentioned payout Turnaround Time (TAT), you can wait till EOD.
Upstox Customer Care Review
Upstox has below-average customer support. You have to reach out to their representatives many times to get your issue resolved.
Upstox offers 3 ways to reach out to their support team.
#1. Upstox Chat
You can chat with their bot to get quick answers to your queries. Chatbot has some pre-defined questions and answers. You can get a quick answer to your specific question.
But if you have a major issue, you can follow the next two steps.
#2. Raise a Ticket
You can raise a ticket with Upstox to reach out to customer support.
You can fill in the required details to submit your complaint.
The customer representative will call you to assist. You have to contact them multiple times to get the issue resolved.
#3. Upstox Customer Care Call
You can call customer care based on your query.
| Account Opening | Trading Support |
| 022 4179 2991 022 6904 2291 022 7130 9991 | 022 4179 2999 022 6904 2299 022 7130 9999 |
Upstox Advantages
- Lowest brokerage charges for intraday trading is up to Rs. 20 per order
- Free account opening and zero AMC.
- Improved faster trading platform
- Only discount broker with a proper 3-in-1 account
- Invest in gold, IPOs, and mutual funds from App
- Amibrokers users can trade on Upstox directly from the Amibroker platform
Upstox Disadvantages
- Poor customer support
- No third-party investment services available like Sensibull, SmallCase, and Golden Pi.
Final Verdict
Upstox is a good option if you are searching for a discount discount with free account opening & zero annual maintenance charges. You can invest in stocks, mutual funds, IPO and digital gold through your Usptox account.
Delivery brokerage charges & poor customer support are the biggest drawbacks. If you are willing to pay Rs 200 on account opening and Rs 300 for AMC, then I would suggest you open an account with Zerodha.
FAQs
Upstox is better in providing discount brokerage services whereas Angel broking is a full-service broker that is ideal if you want research based advisory tips.
Angel broking has better customer support as compared to upstox.
Both are good in terms of low brokerage service.
Upstox is good in providing new facilities to its clients such as digital gold investment, 3-in-1 account, and now about to launch global market investment through the app.
Zerodha is better in customer support and they provide better value-added services such as Sensibull for options trading, SmallCase for strategy-based investing. They also have a dedicated education platform to learn stock investing.
Upstox has not revealed the launch date of the Upstox Global Investment Platform.
You can send the account closure form to the corresponding address given below.
RKSV Securities India Private Limited,
Salasar Business Park,
Off 150 Feet Flyover Road,
Bhayander West,
Thane, Maharashtra 401101.
Yes. You can close your Upstox account online using Upstox’s mobile app or website.
For offline, you have to download the Upstox Account Closure Form.
Duly fill the form and to their corresponding office.
RKSV Securities India Private Limited,
Salasar Business Park,
Off 150 Feet Flyover Road,
Bhayander West,
Thane, Maharashtra 401101.
- Go to the CDSL website.
- Enter your BO ID (Demat Account Number) and Pan card number
- Once you have entered the above details, you’ll get an OTP on the mobile number linked with your Upstox account.
- Enter the OTP. That’s it.
- You’ll receive the TPIN on your registered mobile number and email ID.
Yes. NRIs can open accounts with Upstox. You need the following documents to open an NRI account.
- Passport Copy
- Valid Visa Copy
- Pan Card (mandatory irrespective of residential status)
- Identity Proof – Pan card, Driving license, Voter card, Overseas Citizen of India card.
- Overseas Address Proof – Driving License,Bank Statement,Lease/Rent Agreement. Utility Bill
- Indian Address Proof (optional for foreign citizen) – Aadhar Card/Voter ID/Driving License/Bank Statement/Utility bill
- Photograph
Yes. You can buy an IPO through the Upstox Pro web or mobile app.
Yes. Upstox Pro is a trading platform which isis totally free to use but you need an Upstox demat and trading account to access it.
MTM (Mark to Market) in Upstox measures your trading risk on a daily basis. MTM is used to determine the margin between the market value and the book value of an asset.
You can calculate the MTM margin based on the current market value at the end of the trading day. This helps to provide an accurate representation of your trading account’s real-time value and allows you to monitor your profit or loss on a daily basis.
A BO ID (Beneficial Owner Identification Number) is a 16-digit Demat account number that combines the DP ID (Depository Participant Identification Number) with the customer’s unique Demat account number.
You can find your BO ID on your Demat account statements by visiting the profile section of the website.
BO ID consists of 16 digits, with the first 8 representing the DP ID assigned by CSDL (Central Depository Services Limited) and the last 8 representing the client ID. You will receive your DP ID to open an account in Upstox.
Here are steps to check BO ID on Upstox:
Step #1. Visit the Upstox official website.
Step #2. Sign into your Upstox A/C and proceed to the dashboard.
Step #3. After logging to the dashboard, on the top right corner click on your name and then select the “My Profile” option.
Step #4. Proceed to the ‘Linked Demat account’ section for details.
RKSV is named after its founders name: Raghu Kumar, Ravi Kumar, and Srinivas Viswanath.
Upstox is a tech-first Indian online discount brokerage firm that provides trading services in equities, commodities, currencies, derivatives, and mutual funds.
Upstox offers a user-friendly online trading platform “Upstox Pro” that enables you to execute trades, monitor portfolios, and access market data.
Yes. Upstox is registered with SEBI (Securities and Exchange Board of India) which makes upstox a safe option. Ratan Tata and Tiger Global funded Upstox for technology innovation for easy trading. Ratan Tata has a 1.33% stake in Upstox. Which makes Upstox a trustable discount broker.
