Upstox Broking: Detailed Review

Brokerage Charges, Demat/Trading Account, Trading Platforms, Products and Services, Pros and Cons, comparisons, How to apply for a Demat etc.

Upstox – Company Info

Upstox

Upstox was founded in 2009 as RSKV securities by Ravi Kumar, Raghu Kumar, and Shrinivas Vishwanath, which later was opened to the general public in 2011. RSKV was later rebranded to Upstox in 2016.

It has raised a series of private equity investments from Kalaari Capital, Ratan Tata, Tiger Global and GVK Davik which helped them accelerate their technology operations.

It has pioneered the completely online model right from the start. As of today, around 98.5% of its orders are placed through the online model (web and mobile platforms). Its trading turnover has his 4000 Cr mark in 2016, during which they were contributing over 1% trade turnover at NSE.

Awards: Received an award by Central Depository Services Limited (CDSL) for opening 1 lakh Demat accounts in December 2019, a record for the highest addition ever in a single month by a broker.

Founders: RSKV
Headquarters: Mumbai

Upstox – Key Metrics for Evaluation

1. Brokerage Charges

TypeBrokerageSTT/CTTNSE TransactionBSE TransactionGSTSEBI ChargesStamp Charges
Minimum Charge₹18.5 per scrip per day only
on sell (Delivery)
18%₹15 / crore0.015% or ₹1500 /
crore on buy side
Equity DeliveryNil0.1% on buy & sell0.00325%0.003%18%₹15 / crore0.003% or ₹300 /
crore on buy side
Equity Intraday0.05% or ₹20 per trade*0.025% on the sell side0.00325%0.003%18%₹15 / crore0.002% or ₹200 /
crore on buy side
Equity Futures0.05% or ₹20 per trade*0.1% on sell side0.0019%Nil18%₹15 / crore0.003% or ₹300 /
crore on buy side
Equity Options₹20 per trade0.1% on sell side0.05%Nil18%₹15 / crore0.003% or ₹300 /
crore on buy side
currency Futures0.05% or ₹20 per trade*Nil0.009%0.00022%18%₹15 / crore0.0001% or ₹10 /
crore on buy side
Currency Options₹20 per trade*Nil0.04%0.001%18%₹15 / crore0.0001% or ₹10 /
crore on buy side
Commodity Futures0.05% or ₹20 per trade*0.01% on sell sideA: 0.0026%
B: 0.0005%
A: 0.0026%
B: 0.0005%
18%₹15 / crore0.002% or ₹200 /
crore on buy side
Commodity Options₹20 per trade*0.05% on sell sideNilNil18%₹15 / crore0.003% or ₹300 /
crore on buy side
A/C Opening₹249 (free brokerage of ₹400)
₹499 (free brokerage of ₹1000)
₹999 (free brokerage of ₹2500)
Included
Demat AMC₹15018%
Trading AMC₹15018%
MarginNil

2. Technology Platforms

a. Upstox Pro Web: Light weight Trading platform for equities, commodities and currency trade

Compatible with:

  • Desktop Windows
  • Desktop Mac
  • Mobile – Android (mobile app available)
  • Mobile – iOS (mobile app available)
  • Tablet – Android and iOS

b. Upstox MF: Desktop and mobile platform for mutual fund purchase

Compatible with:

  • Desktop Windows
  • Desktop Mac
  • Mobile – Android (mobile app available)
  • Mobile – iOS (mobile app available)
  • Tablet – Android and iOS

c. Upstox Nest: Desktop only platform for advanced trading needs

Features:

  • Customizable interface – Each component can be fully customized – layouts, fonts, colours, and keyboard shortcuts.
  • Low latency and enterprise-level stability – streams data with fastest refresh rates, remains stable even at high loads.
  • Multi-Monitor support – Supports multiple components on multiple monitors.
  • Advanced Charting
  • Advanced Order Types – Cover and Bracket orders with ease

d. Upstox Dev: Option to build your own app on the Upstox platform API, with libraries that can integrate with your existing stack for desktop, web, and Android

Compatible with: (based on whatever interface we can created out of it)

  • Desktop Windows
  • Desktop Mac
  • Mobile – Android
  • Mobile – iOS
  • Tablet – Android and iOS

3. Products

  • Equity Delivery and Intraday trading, Futures and Options
  • Currency Futures and Options
  • Commodity Futures and Options
  • Mutual Funds
  • Bonds and Sovereign Gold funds

4. Services

  • Demat and Trading
  • IPO Subscription
  • Mutual Fund Services
  • Intraday Support
  • API Platform Support
  • Interactive Charts
  • SMS Alerts
  • Email Alerts
  • Portfolio Dashboard

5. Advisory

Upstox doesn’t offer any advisory services

6. Support

  • 24×7 customer care
  • Email Support
  • Chat Support

Note: The company doesn’t offer a dedicated RM, toll-free customer care number and does not have any brick and mortar (physical) branches.

Investor Suitability

  • Investors who are tech-savvy and have prior knowledge of the equity markets
  • Investors who are not looking for advisory services
  • Intraday traders who deal in large volumes and would like a low brokerage option
  • Long-term investors who are on the lookout for a zero brokerage option for stock delivery
  • Not suitable for first-time investors, who are looking for advisory support from the broker

For a detailed comparison with other discount providers, visit our Broker Comparison page.

Pros and Cons:

Pros:

  • Ideal for tech-savvy and knowledgeable investors who prefer a digital platform
  • Intraday traders who deal in large volumes and are looking for a low brokerage option
  • One of the best low-cost alternative for long-term investors as they could ideally make all transactions at zero brokerage

Cons:

  • Non-availability of physical branches, which may not be preferred by a few conservative investors
  • Absence of full-fledged customer support like a full-service broker
  • Absence of advisory services (the company is targeting a client base which is not looking for this service, hence it is not a parameter of significant importance for its selection)

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