Upstox Review 2020: Know about Brokerage Charges

Created on 23 May 2020

Wraps up in 11 Min

Read by 8k people

Updated on 14 Jan 2023

upstox review

Just a few years ago when the ‘smartphones’ and ‘apps’ were not part of our language, people interested in trading had to reach out to their brokers. The brokers would not only trade on behalf of the customer, they would also undertake activities like advisory and wealth management of the customer.

With the advent of technology, we could see ‘app’ based brokers coming up. Technology helped them lower their operating cost and hence, they were able to pass it down to their customers. These brokers came to be known as ‘discount brokers’. They offer low brokerage charges but unlike full-service brokers, their services are limited to trading. This is the review of one such popular discount broker.

Upstox Background

Upstox was established in 2011 under the name of ‘RKSV Securities’ in Mumbai. Raghu Kumar, Ravi Kumar, and Srinivas Vishwanath founded it. The Upstox. It has received funding from reputed names like GVK Davix, Kalaari Capital, and Ratan Tata.

It became popular due to its easy account opening procedure which is free, and a flat trading cost of ₹20. Upstox helps customers trade across domains of equity (delivery & intraday), derivatives (future & options), and currencies.


Its framework is based on Omnisys Nest Software Solutions. This company is owned by the Thomson Reuters group and helps organizations create their trading platforms.

Upstox Review: Products and Services

Being a discount broker, one does get services at a cheaper price. However, that also means that one would lack assistance in certain kinds of products.

Upstox provides trading services in equity trading, currency trading, and futures and options. Customers can trade in commodities on MCX. Upstox MF platform provides dealing in mutual funds. The customers are provided with charting and some other stock related data.

Like every other app-based discount broker, the Upstox too does not provide any other services like forex, or insurance services.

Recently, Upstox has come up with a 3-in-1 account in collaboration with IndusInd bank. Hence, customers can avail the three services of Savings account, Demat account services, and trading services. 

Other than Demat and trading services, intraday trading services are provided and leverage is also available. On the other hand, it lacks any sort of advisory, recommendation or research-based services. 

An important additional product that can help the traders is the ‘Dartstocks’. Created in partnership with ‘iDarts’, Upstox claims to smoothen and fasten the trading experience and help in the analysis of the scrips. Another such product is the ‘Fox trader’. A sophisticated charting tool helps customers in capturing trading opportunities.

Upstox also has come up with a new product ‘Algo Lab’. Upstox uses the AmiBroker API for algorithm-based trading. The AFL Bridge for AmiBroker can seamlessly integrate with the Upstox. Orders can be generated from Upstox Pro App or Upstox Pro Web and support quick execution.  One can write strategies on AmiBroker AFL and then place the orders on Upstox. Upstox Pro has changed leaps and bounds to support this new AmiBroker AFL Bridge on Upstox. In fact, you can now manage your positions and orders on the same screen.

Upstox Platforms

Upstox provides services over three different platforms. They are a web-based Upstox Pro Web platform, mobile phone-based Upstox Pro App, or even a proper desktop software called as Upstox Pro NEST Trader. Most of all the services are accessible through these platforms.

Upstox Pro Web platform provides advanced features of charts, technical indicators, algo trading, and other useful APIs. The one feature that is currently unique than every other platform is that you can drag and drop the scripts on your watchlist.

Upstox Pro NEST Trader is a desktop application. It is designed for enterprises. It supports low latency and stability that supports trading across several desktops in an enterprise. It also supports multi-monitor systems and interface customization suited to the enterprise. If rumours are to be believed, Upstox might retract its software version and desktop users would be able to work through a web-based portal.

Upstox Pro App is a mobile-based application. It helps through all the services needed by a retail investor. The app provides all kinds of buy and sells transactions. The app also provides features of monitoring scripts, indices, and other technical indicators. The app is available for both Android and iOS.

Upstox Brokerage Charges

The enticing feature about the discount brokers is the minimal cost they charge. Upstox too is popular with its catchy advertisements about ₹20 flat brokerage per trade. It means that charge is irrespective of the size of trade and in fact the segment of the trade. Upstox brokerage charges the lower of ₹20 or 0.05% of the trade. This is a real deal for those losing much of their amount paying brokerage. Moreover, equity delivery trading requires no brokerage!


Brokerage Charges

Equity Delivery


Equity Intraday

Lower of ₹20 per executed order or 0.05%

Equity Futures

Lower of ₹20 per executed order or 0.05%

Equity Options

₹30 per executed order

Currency Futures

Lower of ₹20 per executed order or 0.05%

Currency Options

₹30 per executed order

Commodity Futures

Lower of ₹20 per executed order or 0.05%

Commodity Options

₹30 per executed order

However, Upstox brokerage charges ₹150 annually for Demat account and maintenance. It also charges an additional ₹150 for Equity, and Futures & Options Trading, and ₹150 for commodities trading annually. 

Though there is some leverage allowed in the basic plans, for those looking for even higher margin can go for a priority plan. It provides much higher leverage, but one has to pay ₹999 for the equity segment and ₹499 for the commodity segment. Moreover, the brokerage is scaled to ₹30 per trade. Therefore, if you own a basic pack and so a cash trade on NSE or BSE, the margin or leverage you can get will be 15x. This will be 20x in the priority plan. Other segments have higher leverage in a similar fashion. 

Upstox Brokerage Comparison

When compared to its contemporaries, Upstox has its own advantages and disadvantages. Upstox review on charges a flat brokerage of ₹20 for all types of transactions. Other platforms like ShareKhan, Anand Rathi, Swastika, or ICICI Securities charge from 0.1% to 0.55% brokerage based on the type of transaction. However, these are full-service brokers.

For instance, these are the brokerage comparison


Equity Intraday

Equity Delivery

Futures and Options


Lower of ₹20 or 0.05%


Lower of ₹20 or 0.05%, ₹30


Lower of ₹20 or 0.03%


Lower of ₹20 or 0.03%



Higher of 0.5% or ₹0.1 per share or ₹16 per transaction 


ICICI Securities



Flat brokerage ₹50-₹95

Anand Rathi



0.1%, ₹40

Swastika Investmart





On the front of the discount broker, Upstox faces direct competition with Zerodha. Zerodha hosts most customers in the business of discount brokers. It too offers brokerage of lower of ₹20 or 0.03%. Zerodha charges ₹200 for equity and ₹300 for equity plus commodity. It also takes ₹300 as annual maintenance. 

Broker Charges




Lower of ₹20 or 0.03%

Lower of ₹20 or 0.05%

Account Opening



Annual Maintenance



Equity Trading 



Commodity Trading




One front where Zerodha aces over Upstox is the IPO services. One can open a demat account in Upstox and use those credentials to apply for an IPO but using their internet banking account. Zerodha on the other hand gives one-touch solutions for IPO applications.

Upstox Clients

Upstox has grown manifolds in the previous years. Although the number of clients cannot be properly determined, we go ahead with the data reported before NSE and BSE. The numbers might have overlap so we will consider them separately. This clearly shows us the way Upstox has evolved over the years in its client base as well as its client-based services.

The Upstox services have been so client-friendly that there has been no default from their side. As well as there has been just 1 case that has gone for arbitration in NSE and BSE combined in the past three financial years.


FY 2020

FY 2019

FY 2018

Active Clients




Complaints Received




% of No. of complaints as against No. of active clients






FY 2020

FY 2019

FY 2018

Active Clients




Complaints Received




% of No. of complaints as against No. of active clients





Upstox FAQ's

Q. How can one open a Upstox account?

A. You can open the account online. Visit the Upstox website. You have to enter your details, Aadhar card number, and PAN Number. You can upload the proofs of your details. You will receive an OTP on the mobile number linked to your Aadhar card for verification.

There are other ways too. You may call their representatives to help you open the account as well. However, this service is not available in most cities and takes more time.

Q. Does Upstox provide any trading/stock tips or advisory?

A. No, Upstox does not provide any stock tips or advisory. In fact, it does not provide any market alerts. It will also not provide any kind of a quarterly or annual report of any stock or mutual fund.

Q. How many bank accounts can you link to the account?

A. This problem happens with people having multiple accounts trying to maintain a certain balance in each. Upstox provides the facility to link multiple accounts with your Upstox account so that you can facilitate all your transactions. 

Yet, you will have to select a primary account. You can keep paying using any of the accounts, but in the case of redemption, you will get the money in your primary account only.

Q. What kind of accounts can you open with Upstox?

A.  Upstox accounts can be opened right away for individual customers. However, for HUFs (Hindu Undivided Family) or Corporates, you may enter your details and the Upstox will connect you back. They will guide you through the documents you need to submit depending on the case.

Q. Does Upstox have customer care facilities?

A. Sure it does. Upstox has customer care numbers, but they are not toll-free. You can connect to them through emails. You may also chat to their representatives through the chat option provided on the Upstox Pro website and Upstox Pro App. The customer care timings are 9 AM to 6 PM on weekdays. If you are worried about using the platform, you may try the free demo of the platform.

Q. Is there a difference between Upstox and RKSV Securities?

A. Upstox started under the name of RKSV Securities and later rebranded itself into Upstox. This question arises in the case people look for customer care mail IDs which still are governed under the domain of ‘’. Hence, there is nothing to worry about, Upstox and RKSV are the same companies.

Q. Is Upstox safe? How can they provide services at such low rates?

A. Upstox is definitely safe. It is a registered broker under SEBI. It has used technology to connect to customers directly. This bypasses the funds it had to invest in hiring relationship managers and opening offices in several cities. On the other hand, they use these funds to attract customers through unbelievable brokerage rates. They are a profitable venture who has garnered $30 million from investors worldwide. There has been no significant violation reported by SEBI regarding Upstox.

Q. Is Upstox listed? How much Ratan Tata owns in Upstox?

A. No, Upstox is not listed. It still works on private placement. Its promoters themselves run the company. The Upstox holding looks like -


Equity Held

Tiger Global Management


Kalaari Capital Partners


GVK Davix Technologies


Ratan Tata


The Pros

There are several pros already discussed that we can summarize here. Apart from the flat brokerage of ₹20, it takes zero brokerage for equity delivery. There is a margin facility available for futures and options traders.

Its platforms are curated with respect to each type of customer. It has the NEST platform for enterprises and the web and app for individual customers. The platforms are flexible and platform portable. The app is available for both Android and iOS customers. This supports the customers as they can trade from anywhere.

The app is so well designed that it provides trading features equivalent to the web-based portal. For instance, it provides all kinds of order variations like After Market Order, or One Cancels Another.

The Upstox also provides for the Mutual Fund platform. The Mutual Fund Platform “Upstox MF” can be accessed using the same Demat account as stocks. It opens varieties for all sorts of funds. The investors have an option to invest in lumpsum or as SIP.

The Upstox Pro App is rated 4.1 on Google Play Store while the blog is published. 


The Cons

Few features that Upstox lacks are that its equity segment does not contain the Good Till Cancelled (GTC) and Good Till Date (GTD) orders. These are available in commodity trading but not in Futures and Options in the equity segment.

For retail investors, the big setback is that one cannot apply for an IPO or FPO using any of these platforms. One can apply through their net banking account using the Demat account. Yet, the Upstox App or Web would not be of much help there until you receive your shares in the IPO. Similar is the problem of not being able to buy the bonds.

The Upstox Pro App is rated 4.1 on Google Play Store, while Zerodha’s app Kite is rated 4.3 at the time of publishing of this blog. The latest update has been widely criticised for the delay in login and transactions and even gets frozen sometimes. This has recently degraded the ratings. Yet, it stands strong against Zerodha’s Kite. Hopefully, the developers will soon address the issues with this update. 

The Upstox Pro App is rated 2.8 on Apple App Store. Zerodha’s Kite is rated 3.5 at the time of publishing of this blog. The app really needs to improve on this platform. On the scale of 5, 1 being the worst, the app has received more 1s than 5s. The issues are in plenty.

Another factor that we have not yet discussed is associated with mutual funds. The Upstox MF platform is great for mutual funds. However, the platform is not available as a mobile app. The platform is only accessible on the web. An app-based platform would make the funds and portfolio accessible to the customers on their phones.

The Verdict

Upstox might have a few flaws but it is one of the best applications available to trade. It provides flat brokerage across trades and no brokerage for delivery traders. For most investors to go for delivery trading, Upstox is the real deal. It is only second to Zerodha but charges less for fixed costs of account opening and maintenance.

The account opening procedures are simple and inexpensive to other competitors. Even if you are stuck, they have customer support to resolve all your issues. It is just that you cannot have a dedicated dealer for you as it happens with a full-service broker.

It is true that Upstox took more time to introduce services like mutual funds on their platform but today it is one of the most complete apps. Overall, Upstox is worth a try. Hope You like an honest Upstox Review

comment on this article
share this article
Photo of Vivek Tiwari

An Article By -

Vivek Tiwari

64 Posts


24 Post Likes

Vivek Tiwari is a Software Engineer and a Data Scientist who hopelessly fell for Economics. His plans to move to Management might now save mankind from his IITJEE selection story.

Share your thoughts

We showed you ours, now you show us yours (opinions 😉)

no comments on this article yet

Why not start a conversation?

Looks like nobody has said anything yet. Would you take this as an opportunity to start a discussion or a chat fight may be.

Under Invest

"A few" articles ain't enough! Explore more under this category.

Share this post
share on facebook


share on twitter


share on whatsapp


share on linkedin


Or copy the link to this post -

copy url to this post