Upstox Demat Trading Account Review 2022

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 ChargesDetails
Account Opening ChargesFree
Maintenance Charges0 (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.

SegmentBrokerage Fee
Equity DeliveryLower of Rs. 20 or 2.5%
Equity IntradayRs. 20 per executed order or 0.05% (whichever is lower)
Equity FuturesRs. 20 per executed order or 0.05% (whichever is lower)
Equity OptionsRs. 20 per executed order
Currency Futures & OptionsRs. 20 per executed order or 0.05% (whichever is lower)
Commodity F&ORs. 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

SegmentMargin Leverage
NSE/BSE Cash5X
Index Futures2X
Stock Futures2X
Index Option Sell2X
Stock Option Sell2X
NSE Currency2X
MCX Future2X

CO/OCO Order Margins

SegmentMargin Leverage
NSE/BSE Cash5X
Index Futures2X
Stock Futures2X
Index Option 2X
Index Option Sell2X
Index Option Buy1.33X
MCX Future2X

Upstox Trading Platforms

#1. Upstox Pro Web

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

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 MF

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

Upstox Algo Lab

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 

ServiceCharges
Receive order signals from Amibroker to Upstox in AlgoLabRs. 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 dataBasic 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 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

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. 

upstox ticket

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 OpeningTrading Support
022 4179 2991
022 6904 2291
022 7130 9991
022 4179 2999
022 6904 2299
022 7130 9999

Upstox Advantages

  • Low brokerage charges 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 GoldenPi

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

#1. Is Upstox safe?

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. 

#2. Is Upstox Pro free?

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.

#3. Can I buy an IPO through Upstox?

Yes. You can buy an IPO through the Upstox Pro web or mobile app.

#4. Can NRI open an Upstox account?

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 

#6. How do I get an Upstox TPIN?

  • 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.

#7. Can I close my Upstox account online?

No. You can’t close the Upstox account online. 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.

#8. Where to send an Upstox closure form?

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.

#9. When will Upstox global investment start?

Upstox has not revealed the launch date of the Upstox Global Investment Platform.

#10. Which is better: Upstox or Zerodha?

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.

#11. Which is better: Upstox vs Angel broking?

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.

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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