Upstox Review 2022 | Pros & Cons

I came across the Upstox Discount Broker a few years back and found it as one of the low-cost brokerage companies with high-tech features. I created my Upstox Account and started trading using it. It has many useful features from the trader’s point of view. I will be sharing the Upstox Review in this article from my personal experience.

Talking about Upstox, it is a top discount brokerage firm in India. Established in 2009, Upstox (previously called RKSV Securities) has seen rapid growth in a few years in the brokerage industry. Presently, it has become one of the big names in the stock market. It is clear from the fact that the daily turnover of Upstox is more than 2.38% of the total NSE and BSE, which accounts for over 15,000 crores. It has registration with major exchanges that include BSE, NSE, and MCX.

The main reasons for Upstox being popular in a short while are low-cost, being a technology-driven firm, and offering powerful Upstox platforms. Upstox Pro makes one of the best trading platforms of Upstox, which offers advanced features, such as technical charts, indicators, etc. The mobile-friendly app of Upstox is another effective feature. It deals with Futures & Options, Equity, Currency, and Commodity.

Read The Comparison Between Two Best Demat Account Zerodha Vs Upstox.

In this Upstox Review, I shall share all the required information about Upstox that you would be looking for as a trader. Also, I shall discuss the pros and cons, how to open Upstox Demat Account, primary features, and frequently asked questions. Read this complete Upstox Review, and then decide whether you would like to use Upstox for trading or not.

Salient Features of Upstox Trading Account:

Below are the primary features of the Upstox Trading Account:

Multiple Financial Products

  1. Mutual Funds: Upstox has more than 2000 funds where users can invest.
  2. Equities: As a Upstox user, you can access the stocks on NSE and BSE through Equity delivery that allows you to hold the stocks for a long term and through Equity intraday, where the stocks get sold at the end of the trading day.
  3. Forex: Upstox allows the users to trade through futures & options.
  4. Commodities: Upstox lets the users access the commodities using futures & options on MCX.

Different Trading Platforms

  1. Third-Party Trading Platforms: Those having Upstox account can access third-party trading platforms, including Fox Traders, DartStock, and NEST Trader platforms.
  2. AmiBroker AFL and AlgoLab: Upstox has launched this platform to execute and program the trading using technical strategies instead of manual order.
  3. Upstox Pro Mobile: Upstox also has a mobile-compatible app, which can be installed on both iOS and Android. This app allows users to place orders, get price alerts and access charting software as per their convenience.
  4. Upstox Pro Web: It is desktop-based software, having customized widgets.
  5. Upstox Call & Trade: It allows users to place orders using a phone call that users can customize as many times.
  1. Alerts: This option allows the users to get notified about the company’s announcements, stock movements, board meetings, and news.
  2. Tools & Research: This feature gives its users access to additional services, such as margin calculators, options strategy builders, and mutual funds screeners.
  3. Customer Support: Users can contact the customer executives through live chat, email, and telephone.

Upstox Trading Platforms

Upstox has the most innovative trading platforms in the industry. Below are the lists of the Upstox platforms.

1. Upstox Pro

Upstox Pro is a paid service used by advanced users and frequent traders, who invest in intraday or F&O segments. Pro has some additional features consisting of trading, stock search, analysis, stock monitoring, commodities, currencies, and F&O. Its user interface is easy to use.

2. Upstox NEST

Upstox Nest is desktop installable software having advanced tools to be used for trading and cater to the needs of the traders and investors. This software offers the features such as high-speed trading, chart analysis with advanced performance, data streaming across multiple interfaces, and interface customizable according to user preference.

3. Upstox Pro Web

It is a paid service that can be accessed through any browser on desktop as well as mobile. It is the platform that is quick to access, as you do not need to install it. This also includes the high functional charts, having a hundred indicators that users can use to mark their observations. Ordering Windows is easy to access, where users can place their orders. There are some keyboard shortcuts also for users to quickly access the various parts of Upstox Pro Web.

4. Upstox Mobile App

It is a mobile-friendly trading app that allows users to get live updates about the price streaming from NSE Cash, NSE Currency, NSE F&O, BSE Cash, and BSE Currency. The mobile app has some additional tools, such as drawing tools, indicators, vertical charts, etc., that are helpful for the traders to take needed actions. Using this mobile app, the users can transfer funds to over 40+ banks and covers advanced orders, such as cover orders and bracket orders.

Also readBest Forex Trading Apps in India

Upstox Charges for 2022

Refer to this section of Upstox Review to understand the Upstox charges on different sections.

Upstox Account Opening Charges

Account Opening Charges0
Account Maintenance ChargesINR 300

Statutory Charges in Upstox for Equity and Future & Options

Upstox Charges TypeEquity DeliveryEquity IntradayEquity FuturesEquity Options
BrokerageZeroINR 20 or 0.05% for each order executed (whichever amount is lower)INR 20 or 0.05% for each order executed (whichever amount is lower)INR 20 for each order executed
Securities Transaction Tax (STT)0.1% for both sell and buy0.025% for sell0.1% for sell0.1% for sell
Transaction ChargesINR 325 per croreINR 325 per croreINR 210 per croreINR 5,500 per crore (Premium turnover)
Demat Transaction ChargesINR 18.5 for each scrip on sellZeroZeroZero
Goods and Services Tax18% on brokerage and transaction charges18% on brokerage and transaction charges18% on brokerage and transaction charges18% on brokerage and transaction charges
SEBI ChargesRs. 5 per croreINR 5 per croreINR 5 per croreINR 5 per crore
Stamp Charges0.015% for each buy0.003% for each buy0.002% for each buy0.003% for each buy

Upstox Currency and Commodity Charges

Upstox Charges TypeCurrency FuturesCurrency OptionsCommodity FuturesCommodity Options
BrokerageINR 20 or 0.05% for each order executed (whichever amount is lower)INR 20 for each order executedINR 20 or 0.05% for each order executed (whichever amount is lower)INR 20 for each order executed
Securities Transaction Tax (STT)No STTNo STT0.01% for sell0.05% for sell
Transaction ChargesNSE: 0.00013%   BSE: 0.00062%NSE: 0.065%   BSE: 0.026% (on premium)0.0031%0.002%
Goods and Services Tax18% on brokerage and transaction charges18% on brokerage and transaction charges18% on brokerage and transaction charges18% on brokerage and transaction charges
SEBI ChargesRs. 5 per croreINR 5 per croreINR 5 per croreINR 5 per crore
Stamp Charges0.0001% for each buy0.0001% for each buy0.002% for each buy0.003% for each buy

Other Charges

  • Call and Trade: INR 20 for each order.
  • Money Transfer Fee: INR 7 for each transfer.
  • Physical Contract Notes: INR 25 for each contract note with additional courier charges.

How To Open a Upstox Demat Account

There are two methods to open a Upstox Demat Account, viz., Offline, and Online Process.

Online Method

Follow the below steps to open a Upstox account using the online process:

Step1: Go to and open the Demat account opening page.

Step2: Enter email ID, Mobile Number, and Set password to sign up.

Step3: Enter the Aadhar and PAN details. Enter the OTP sent on the mobile number linked to the Aadhaar card.

Step4: Upload the required documents.

Step5: Review the application and click on the “Submit Button”.

Offline Method

Follow the below steps to open a Upstox account using an offline process:

Step1: Download the account opening form from and get a printout.

Step2: Fill in the required information and sign on all the places marked with ‘X’.

Step3: Paste your passport sized photograph and sign across it.

Step4: Attach all the required documents along with the form and courier it to the mentioned address.

Step5: An executive from the company will contact you for the further process.

Documents Required:

  • Aadhaar Card
  • PAN Card
  • Canceled Cheque
  • Latest Bank Statement
  • Signature Copy

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Upstox Review of 3-in-1 IndusStox Account

Upstox offers a 3-in-1 account consisting of a trading, Demat, and saving account. The account is in collaboration with Indusind bank. The Upstox savings account is a zero balance account that gives interest over the allocated funds in the savings account. It also helps in getting the 6X reward points for every INR 200 spent in transactions using a debit card. The reward can be used to pay the brokerage charges.

Benefits of using IndusStox or Upstox 3-in-1 account:

  • No requirement to maintain a minimum balance
  • Helps in earning interest on the funds allocated from the Upstox savings account
  • The account number is customizable according to anniversary or birth date
  • No brokerage for delivery
  • Intraday trading brokerage charges of Rs. 20 only.

Upstox Pros and Cons

Upstox review would be incomplete without discussing the advantages and disadvantages. Here is the list of pros and cons of Upstox demat account for you.

Pros of Upstox

Below are some of the advantages of the Upstox account. You should have a look at these advantages before opening an account with Upstox:

  • Upstox is a brokerage platform that charges no brokerage for trading in the Equity segment.
  • Upstox users can access the application on the mobile also without paying anything extra. The mobile app is compatible with both iOS and Android devices.
  • Both the mobile and web versions offer the After Market Order (AMO) Bracket Order (BO) and One Cancels Others (OCO).
  • Stop Loss or Trailing Stop can be used on both mobile as well as web platforms.
  • The pro web trading platform offers the additional indicators that help monitor the market strata on the go.
  • It has an AmiBroker bridge for the traders who like following the technical strategies instead of manual ordering.
  • It offers the developer console that helps the coders to develop their own customized app using the coding language, such as Python.
  • The chain tool is another useful option that helps the investors in finding the future prices, vertical rate comparison, circuit levels, and market depth. The tool also helps the users measuring the volatility, performance indicator, and open interest.
  • The MF platform of Upstox has more than 1000 mutual funds for users to invest in. Customers can choose SIP or lump sum patterns for making an investment.

Cons of Upstox

In addition to the above advantages, there are some drawbacks also. Check the below cons of Upstox to get the complete Upstox review:

  • There are no options in Upstox to invest in IPO, FPO, bonds, and NCD.
  • The call and trade feature charges an extra Rs. 20 for each executed order.
  • The equity segment has no Good till canceled order (GTC). But Good till canceled orders (GTC) and Good till date orders (GTD) are available for the commodity segment in Upstox.
  • There are no unlimited trading plans in Upstox.
  • For intraday square, there are additional charges of Rs. 20 for CO/BO/MIS, while customers are not able to square off these charges.
  • The brokerage charges are exempted from equity deliveries only. The other segments, including currency derivative, commodity F&O, equity F&O have the brokerage fee of INR 20.
  • Though there are no brokerage charges on the basic plan there are Demat transactional charges of INR 21.83. These charges are higher as compared to other discount brokers.
  • Upstox has no provision to offer relevant advice and tips.
  • The customer services are not available round the clock.
  • The NRI Demat and trading account are no more available in Upstox.

Upstox Review – FAQs

Q1: Is Upstox safe?

A: The Upstox broker is a totally free platform that ensures safety. Its registration with BSE, CDSL, MCX, NSE, and SEBI makes it much safer.

Providing its top-notch service for almost one decade, Upstox is a well-experienced and old broker in the market.

Q2: Is Upstox free?

A: Yes, Upstox Review offers equity delivery trade for free of cost. It only charges a fixed amount of INR 20 for each order executed, for other segments. The Upstox users should cover Demat charge exchange expenses, trade turnover charges, govt. charges, and more.

Q3: How can I get the Upstox IPO?

A: The clients can easily apply for IPO charges. But, to do so, first of all, the clients have to log in to their net banking entering login ID and password.

The users need to enter a 16-digit ID that Upstox provided to them. Now, the users can bid for as many shares as they want to purchase.

Q4: How to buy the shares using Upstox?

A: Follow the steps given below to buy the shares using Upstox:

Step1: Log in to the Upstox account using your credentials is the very first step.

Step2: Select the exchange by going to the “in the buy” section.

Step3: Enter the shares count as many as you want to buy.

Step4: The section named ‘Order Type’ offers a list of multiple orders that you can place.

Q5: What is the meaning of Upstox IOC?

A: IOC stands for An Immediate or Cancel. This order allows an exchanging part to sell or buy security once the order in the market gets placed. In case the order placing fails, it will get rejected from the market.

Q6: How do I close my Upstox account?

A: It is so simple and easy to close a Upstox account. For this, the users need to download and fill in the correct details on the form provided on the ‘Upstox Download’ section as ‘Upstox Demat Account Closure’. The users need to submit this form physically.

Closing Thoughts

Upstox Demat account is one of the best options for trading. If you are new to the stock market and looking for a cheaper option for a brokerage account, then Upstox is the answer for you. Though there are other alternatives, including 5Paisa and Zerodha, which give tough competition to the Upstox, Upstox is still better.

It is not only the low charges that bring any brokerage firm to the top. There are some additional powerful features that are responsible for making it the best. These additional features of Upstox include in-house trading software, useful platforms, and safe to use. The one issue with Upstox is its customer care service that can be improved more to offer better service to the customer and provide improved customer assistance to its customers.

Looking at both pros and cons of Upstox, the pros outweigh the cons. It is clear from a large number of active users Upstox has and the daily turnover of Upstox. Based on my personal experience, I will recommend using Upstox. Many beginners might have questions in mind that ‘is Upstox safe’. I hope that you are clear on Upstox from the safety point of view too. If you are looking for long-term investment and you are a frequent trader in the stock market, then you should give Upstox a try. I hope the Upstox review shared by me was helpful for you in deciding whether you should invest using Upstox or not.

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