Upstox Broker Review
Detailed Analysis of Upstox: India’s Leading Tech-First Broker.
Open Free Account with Upstox1. Broker Overview
Full Name: RKSV Securities India Pvt. Ltd.
Brand Name: Upstox
Year of Establishment: 2009 (as RKSV), Rebranded 2016
Type: Discount Broker
Headquarters: Mumbai, Maharashtra
SEBI Registration No: INZ000185137
Depository Participant: CDSL
Website: upstox.com
2. Investment Products Offered
- Equity (Stocks – Delivery, Intraday)
- Equity Derivatives (Futures & Options)
- Currency Derivatives (Futures & Options)
- Commodity Derivatives (Futures & Options – MCX)
- Direct Mutual Funds
- Initial Public Offerings (IPOs)
- Smallcases (Thematic Investment Portfolios)
- ETFs (Exchange Traded Funds)
- SGBs (Sovereign Gold Bonds – when available)
3. Overall Ratings & Breakdown
4. Account Opening
Account Opening Charges:₹0 (Free Account Opening)
AMC (Annual Maintenance Charge):₹0 (Zero AMC)
Process:Completely Online & Paperless
Required Documents:PAN Card, Aadhaar Card (mobile linked), Bank Proof, Signature, Income Proof (for F&O).
5. Upstox Charges – Detailed Breakdown
A. Upstox Brokerage Fees
| Segment | Brokerage Charge |
|---|---|
| Equity Delivery | ₹20 or 0.05% per executed order (whichever is lower) |
| Equity Intraday | ₹20 or 0.05% per executed order (whichever is lower) |
| Equity Futures | ₹20 or 0.05% per executed order (whichever is lower) |
| Equity Options | Flat ₹20 per executed order |
| Currency Futures | Flat ₹20 per executed order |
| Currency Options | Flat ₹20 per executed order |
| Commodity Futures | Flat ₹20 per executed order |
| Commodity Options | Flat ₹20 per executed order |
| Mutual Funds (Direct) | ₹0 (Zero Brokerage) |
| IPOs | ₹0 (Zero Charges) |
Note: Brokerage is charged per executed order.
B. Account & Operational Charges (Upstox)
Account Opening Charges:₹0
Annual Maintenance Charges (AMC):₹0
DP Charges (Sell Transactions):
₹18.5 + 18% GST per scrip per day (on debit from Demat).
Auto Square-off Charges:
₹50 + 18% GST per order.
Pledge/Unpledge Charges:
₹20 + 18% GST per ISIN per request.
Payment Gateway Charges (Fund Addition):
- UPI: Free
- Smart Transfer (IMPS/NEFT/RTGS via Upstox): Free
- Net Banking: ₹7 + 18% GST per transaction.
Call & Trade Charges:
₹50 + 18% GST per executed order.
C. Government & Regulatory Levies
STT / CTT (Securities/Commodities Transaction Tax):
- Equity Delivery: 0.1% on Buy & Sell
- Equity Intraday: 0.025% on Sell side
- Equity Futures: 0.0125% on Sell side
- Equity Options: 0.0625% on Sell side (on premium)
- Commodity Futures: 0.01% on Sell side (Non-Agri)
- Commodity Options: 0.05% on Sell side (on premium)
- Currency: Not Applicable
GST (Goods and Services Tax):
18% on (Brokerage + Transaction Charges + SEBI fees + DP Charges + IPFT charges).
Stamp Duty:
As per state-specific rates. Example for Gujarat:
- Equity Delivery: 0.015% or ₹1500/crore on Buy side
- Equity Intraday: 0.003% or ₹300/crore on Buy side
- Equity Futures: 0.002% or ₹200/crore on Buy side
- Equity Options: 0.003% or ₹300/crore on Buy side
- Currency & Commodity: Varies
Exchange Transaction Charges:
- NSE Equity: 0.00325% of turnover
- NSE Equity Futures: 0.0019% of turnover
- NSE Equity Options: 0.05% of premium value
- NSE Currency Futures: 0.0009% of turnover
- NSE Currency Options: 0.035% of premium value
- MCX Commodity Futures: Varies by commodity (e.g., Non-Agri ~0.0026%)
- MCX Commodity Options: 0.05% of premium value
- BSE: Charges vary, refer to official site.
SEBI Charges:
₹10 per crore (0.0001%) of transaction value.
IPFT Charges (Investor Protection Fund Trust – NSE):
- Equity & Futures: ₹0.10 per lakh of turnover (0.0001%)
- Equity Options: ₹0.50 per lakh on premium (0.0005%)
- Currency Futures: ₹0.05 per lakh (0.00005%)
- Currency Options: ₹2.00 per lakh on premium (0.002%)
D. Margin Trading Facility (MTF) Charges
Interest Charges:
Up to ₹20/day for every ₹40,000 borrowed (Approx 18.25% p.a.). Check current Upstox MTF rates.
E. Margin Shortfall Penalties
Penalty Rates:
- Shortfall < ₹1 lakh AND < 10% of applicable margin: 0.50% per day.
- Shortfall ≥ ₹1 lakh OR ≥ 10% of applicable margin: 1.00% per day.
- If shortfall continues for >3 consecutive days OR >5 instances in a month: Additional 5% penalty on the shortfall amount per day.
Important: All charges are subject to change and may have other specific conditions. Always refer to the official Upstox pricing page for the most current, detailed, and comprehensive list.
Brokerage Calculator
Estimate your exact brokerage and other transaction costs using Upstox’s official calculator:
6. Margin & Leverage
Intraday (Equity):Up to 5x (Stock & SEBI specific)
F&O (All Segments):As per Exchange (SPAN + Exposure)
Delivery (Equity):1x (No leverage without MTF)
Margin Trading Facility (MTF):Available (See charges in Sec 5.D)
Against Pledged Shares:Yes, available post haircut.
7. Trading Platforms
Web:Upstox Pro Web (pro.upstox.com)
Mobile:Upstox App (New platform for Investing & Trading) (Android & iOS)
Desktop:Upstox Pro Desktop (NEST based, for advanced traders)
Notable Features:
- TradingView & ChartIQ Charts Integration
- Option Chain with Strategy Mode & Payoff Graphs
- Good Till Triggered (GTT) Orders, Bracket Orders (BO), Cover Orders (CO)
- Dark Mode, Multiple Watchlists, Scanners
- Fast order execution
8. Tools, Features & Advisory
Charting:Advanced TradingView & ChartIQ charts
Option Chain:Advanced, with Greeks & payoff graphs
Strategy Builder:Option Strategy Builders available
API Access:Yes, Upstox API for algo trading
Order Types:Market, Limit, SL, GTT, AMO, CO, BO, Basket Orders
Investing/Trading Tips & Advisory:
Upstox offers:
- Educational resources via “UpLearn”, webinars, and market insights.
- Tools like “Ready-made Option Strategies” (educational).
- No direct personalized stock recommendations/advisory.
9. Extra Features & Value Adds
Upstox Pro Enhancements:
- Chart360 (Pro Web): Analyze charts, place orders, and manage positions directly from the chart interface.
- Advanced Charting: Deep integration with TradingView & ChartIQ.
- Option Chain Strategy Mode: Build and analyze option strategies with payoff graphs.
UpLearn – Educational Platform:
Dedicated learning platform with free courses, webinars, and articles on:
- Stock Market Basics, Technical & Fundamental Analysis, Options Trading, Personal Finance.
Smallcases & Thematic Investing:Access to curated stock/ETF portfolios.
IPO Applications:Easy online IPO application via UPI.
Mutual Funds Investment in Direct MFs.
Note: Feature availability can evolve. Check official Upstox documentation.
10. Pledge Facility
Pledging Allowed?Yes
Pledge/Unpledge Charges:₹20 + 18% GST per ISIN per request (for pledge and for unpledge).
Margin Time:Usually T+1 day or same day for some scrips.
11. Fund Transfer & Withdrawal
Supported Fund Transfer Methods:
Smart Transfer (Free via IMPS/NEFT/RTGS on Upstox app), UPI (Free), Net Banking (₹7 + 18% GST).
Withdrawal Process & Time:
Online process.
- Standard NEFT/RTGS: T+1 day for equity sale proceeds. Typically processed within 24-48 working hours.
- Instant Withdrawal: Available (check Upstox for current terms, limits & charges if any).
Fund Transfer/Withdrawal Charges:
Fund addition via UPI/Smart Transfer is free. Net banking has a fee. Standard withdrawals are generally free. (Verify instant withdrawal charges if applicable).
12. Customer Support
Support Channels:
- Email: support@upstox.com
- Phone Support: [+91-22-6130-9999 / +91-22-7130-9999 / +91-22-4179-2999]
- Raise a Ticket via Help Center
- Comprehensive FAQ and “UpLearn” Section
- Contact & Escalation Matrix: View Here
Support Timings:Often 8 AM – 11 PM (trading days)(Verify specific channel timings)
Turnaround Time (TAT):Varies. Chat/Call for quick queries. Tickets may take few hours to a day.
Note: Refer to Upstox’s official contact page for current support information.
13. Broker Complaints & Reliability (FY 2023–24)
NSE (National Stock Exchange)
Active Clients: 2,401,555
Total Complaints: 209
Resolved: 196
Non-Actionable: 8
Pending: 5
BSE (Bombay Stock Exchange)
Active Clients: 783,887
Total Complaints: 37
Resolved: 34
Non-Actionable: 7
Pending: 3
Source: PaperTradingApp (for FY 2023–24 data). Complaint data is dynamic and for representational purposes. Always cross-verify with official exchange reports for the latest figures. Consider the complaints-to-active-clients ratio.
14. Why Choose Upstox? (And Why It Might Not Be For You)
Reasons to Use Upstox (Pros)
- Zero AMC and Free Account Opening.
- Advanced and feature-rich Trading Platforms (Upstox Pro Web, New Upstox App).
- Comprehensive order types including GTT, AMO, CO, BO.
- Fast and paperless account opening process.
- Provides API access for algorithmic trading.
- Competitive flat brokerage for F&O segments.
- Backed by prominent investors like Ratan Tata & Tiger Global.
- Offers commodity trading segment.
Reasons to Reconsider Upstox (Cons)
- Brokerage applicable on Equity Delivery trades (₹20 or 0.05%).
- Customer support experience can be inconsistent for some users.
- While feature-rich, the platform can be slightly overwhelming for absolute beginners initially.
- Call & Trade facility incurs extra charges.
- Netbanking for fund transfer incurs a charge (though UPI & Smart Transfer are free).
15. Current Offers & Referral Program
Account Opening Offers:Frequently runs offers like free brokerage credits, free Demat/Trading account with Zero AMC. [Check Upstox Site for current offers]
Refer & Earn:Yes, Upstox has an active referral program with benefits for both referrer and referee. (Benefits vary time to time)
Promo Code:Often available during campaigns or via referral links.
Important: Offers are dynamic. Always verify current promotions on Upstox’s official website.