Upstox Review 2022

Upstox is the fastest growing discount broker in the last 2 years and recently has become the 2nd largest discount broker in India with a 20 lakh client base.

Upstox has evolved to ease its customers with technology, whether it’s providing an All-in-One app that allows you to track all your investments at one place like stocks, mutual funds, digital gold, and IPOs.

Upstox is going to launch global investments through its trading platforms. Upstox will be the first discount broker to provide global investment opportunities. 

Upstox also offers a 3-in-1 account (savings, demat, and trading) in collaboration with IndusInd bank. They call it the Industox 3-in-1 account.

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. 

Zerodha also offers a 3-in-1 account with IDFC, but for Zerodha 3-in-1 account you first need an IDFC savings account to convert the account into 3-in-1. 

Let’s have a quick look at the Upstox pros and cons before moving to the detailed Upstox review

Pros of Upstox

  • Low brokerage fee
  • Zero delivery charges 
  • Timely offers like free account opening, zero brokerage for 30 days 
  • Fast trading platform 

Cons of Upstox

  • Poor customer support service

Upstox Charges 

#1. Upstox Account Charges

Type of ChargesDetails
Account Opening ChargesUsually Free (Currently Rs. 99)
Maintenance ChargesRs. 300 annually (Rs. 25 per month)

Note – Upstox has recently revoked its “Priority Pack” which was a premium trading pack with more leverage benefits to comply with SEBI’s new norms.

#2. Upstox Brokerage Charges 

Upstox charges lower of Rs. 0.05% or Rs. 20 per executed order. For example, if you make a trade with 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 would be applicable.

SegmentBrokerage Fee
Equity DeliveryFree
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%

About Upstox 

Earlier Upstox was known as RKSV securities. In 2016, RKSV Securities Ltd. renamed itself to  “Upstox”. RKSV started the discount brokerage business in 2011. 

Upstox has emerged as a technology-centric brokerage firm. Upstox has a vision of “Mobile-first”, which focuses on providing trading and investing facilities through mobile apps.

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. 

In 2020, Upstox became the 2nd largest discount broker in India after Zerodha.

Upstox is going to launch an International stock investment facility through Upstox Pro trading platforms, probably this year. 

Upstox Margin Details 

Intraday Order Margins

SegmentMargin Leverage
Index Futures2X
Stock Futures2X
Index Option Sell2X
Stock Option Sell2X
NSE Currency2X
MCX Future2X

CO/OCO Order Margins

SegmentMargin Leverage
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 to use on 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.

Pros of Upstox Pro Web

  • 100+ technical indicators
  • The faster refresh rate to provide real-time market data
  • Drag and drop scripts for instant access
  • Historical data of last 10 years
  • Keyboard shortcuts for quick navigation

Cons of Upstox Pro Web

  • Not found any

#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.

Pros of Upstox Pro Web

  • Lightweight app
  • Real-time market data
  • One-stop-shop for stocks, IPOs, mutual funds, and digital gold
  • OHCL checking facility

Cons of Upstox Pro Web

  • App crashes sometimes during peak hours
  • Sometimes user logout automatically

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 

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 3-in-1 Account Review

upstox 3 in 1

Upstox offers 3-in-1 accounts in collaboration with IndusInd Bank. The 3-in-1 account offers you savings, demat, and trading account in one place.

You get a Zero balance account with up to a 6% interest rate on the deposited funds.

You can open the 3-in-1 account while opening your Upstox account or you can visit the link to open the 3-in-1 account if you already have an Upstox account.

Benefits of Upstox 3-in-1 account

  • 6% interest on your trading account funds
  • Smart transfer to instantly allocate funds for trading hassle-free
  • Titanium debit card to earn up to 6X rewards points per Rs. 200 spent
  • Redeem rewards against brokerage
  • You can set the bank account number of your choice such as your mobile number
  • 10 call and trade orders free every month

Upstox Customer Care

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. Through 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. Call Center

You can call the 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
  • Timely offer like free account opening, Zero brokerage for 30 days 
  • Free equity delivery
  • 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

Check out – Motilal Oswal vs Angel Broking

Upstox Account Opening Process

Step 1: Visit Sign-up Page

Visit the Upstox signup page. Enter your email address, mobile number and click on ‘Send OTP’. 

Upstox Signup page

Fill in the One Time Password (OTP) received on the mobile number you entered and click on ‘Sign up’.

Step 2: Enter Personal Details

Enter your PAN card number, Date of birth, and click on “Next”.


Now enter your personal details like marital status and occupation.

Enter personal details on upstox

Now tick on the checkboxes to give your declaration and click on “Next”.

Declaration on upstox

Step 3: Enter Bank Details

Fill in your name as per your bank account, bank account number, and IFSC code.

Bank Account details on upstox

Select the account type such as “Savings” and click on “Next”.

Step 4: Upload Signature

First, write down your signatures on blank paper and scan the signature or click a photograph from your smartphone.

Now upload that scanned image on the portal. Follow the steps below.

upload signature on upstox

Step 5: Complete In-Person Verification (IPV)

To complete the IPV process you can take your live photo in two ways –

  • Use your webcam if you are uploading through a laptop
  • Take a selfie if you are signing up through your smartphone.
upload image on upstox

Click on “Take a picture”, then click on “Proceed” and once the picture is clicked, then click on “Accept”.

Now Click on “Share location”

Share location on upstox

Step 6: Confirm your email address

After IPV, you have to confirm your email address once again. You’ll get an “OTP” on your email address.

confirm email address on upstox

Enter the OTP and Click on “Next”.

Step 7: Aadhaar Verification

Click on “Sign up for FREE” and click on “Yes” at the bottom 

Click on “Continue”.

aadhar linked on upstox

Again click on “Continue”.

e-Sign Your Application 

Click on “e-sign with Aadhar OTP”.

esign aadhar on upstox

Click on “e-sign now”.

esign aadhar with otp on upstox

You’ll get a security code on your mobile number registered with Upstox.

Enter the Security Code and Click on “Submit”.

enter security code on upstox

You can see your application form now. Click on “Sign now” button at the bottom.

click on sign now on upstox

Now you’ll reach the NSDL website for your Aadhaar verification.

Click on the “checkbox”  for your consent and enter your Aadhar number in the bottom box.

Click on “Send OTP”.

NSDL aadhar verification on upstox

You will receive OTP on your mobile number linked with Aadhar Card.

(Make sure your mobile number is working to receive the OTP)

Enter the OTP received on your mobile number linked with Aadhar Card. Click on “Verify OTP”.

verify otp on nsdl on upstox


Upstox will open your account within 2 working days after reviewing your application.

Final Words – Why You Should Open an Upstox Account?

Upstox caters to all your investing needs in your app such as IPOs, stocks, and mutual funds. 

You can also utilize their 3-in-1 account to have multiple benefits. Like, you can allocate money for trading in one click and your unused money will earn interest. 

If you need a one-stop solution to your investing needs, then Upstox is a good choice for you.

Their below-average customer support is the only turn-off. As Upstox has improved in terms of the trading platforms. We can hope to upgrade their customer service in the future.


#1. Is Upstox safe?

Yes. Upstox is registered with SEBI (Securities and Exchange Board of India) which makes upstox a safe option.

#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 

#5. How Upstox deduct AMC charges?

Upstox deducts AMC charges on a monthly basis. Upstox AMC charges are Rs. 25 per month.

#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 Raghav

Raghav is an investment analyst with a commerce education background who loves to write & share his investment ideas.

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