Overview

Upstox has emerged as one of the most prominent players in India’s discount broking space. Launched in 2009 by Ravi Kumar and Shrinivas Viswanath, the company has grown rapidly, backed by investors like Ratan Tata and Tiger Global. With a user base exceeding 1 crore (10 million), Upstox positions itself as a tech-first platform that simplifies investing and trading for beginners and professionals alike.

This 2025 review covers Upstox’s pricing, features, platforms, customer support, and how it stacks up against competitors like Zerodha and Angel One.

Account Opening & Maintenance

Account Types Offered:

• Demat Account

• Trading Account

• Mutual Fund Investment Account

Charges:

• Account Opening: Free (for both Equity and Commodity segments)

• Annual Maintenance Charge (AMC): Free for the first year; ₹300 + GST annually from the second year

Upstox offers a 100% digital onboarding process with Aadhaar-based e-KYC. Most users can open an account in under 15 minutes.

Brokerage & Pricing Structure

Upstox follows a flat-fee model that appeals to frequent traders.

Additional charges include STT, GST, transaction charges, SEBI fees, and DP charges. Upstox does not charge brokerage for delivery trades, making it appealing to long-term investors.

Trading Platforms & Technology

1. Upstox Pro Mobile App

• Available on Android and iOS

• Sleek, modern UI

• Biometric login & two-factor authentication

2. Upstox Pro Web

• Browser-based platform

• No installation required

Key Features:

• Integrated charting with TradingView and ChartIQ

• 100+ technical indicators

• GTT (Good Till Triggered) orders

• Smartlists and curated watchlists

• Real-time market data

• Voice-enabled search assistant

• Dark mode and customizable widgets

Both platforms are highly responsive and tailored for both casual investors and active traders.

Product Suite

Upstox offers a range of investment instruments:

• Equity (Delivery & Intraday)

• Equity Derivatives (Futures & Options)

• Currency and Commodity Trading

• Mutual Funds (Direct only)

• IPO Applications via UPI

• Smallcase (via integration)

• Digital Gold

• Sovereign Gold Bonds (SGBs)

• NPS (via partners)

Margin & Leverage

Upstox provides limited leverage in compliance with SEBI’s margin regulations.

Margin Trading Facility (MTF) is available for eligible clients at an additional cost.

Research & Education

While Upstox doesn't offer in-house research or advisory, it does provide:

• Learn with Upstox: Free educational videos and articles

• Sensibull Integration: For options strategy building

• Smallcase Integration: Thematic portfolio investing

• IPO Center: Historical data and current IPO details

These tools help self-directed investors make informed decisions.

Customer Support

• Help Center: Comprehensive FAQs and guides

• Live Chat: In-app support with ticketing

• Phone Support: Limited, available for premium clients

Customer feedback has improved over the years, though some users report delayed support during peak hours.

Security & Regulation

Upstox is a registered broker with:

• SEBI

• NSE, BSE, MCX

• CDSL (Depository Participant)

Security Features:

• Two-factor authentication

• Encrypted data transfer

• Biometric access on mobile

• Segregated client accounts

User Ratings & Feedback

Reddit and Quora communities often cite Upstox’s technology and affordability as major strengths.

Comparison with Competitors (2025)

Pros & Cons

Pros:

• Zero brokerage on delivery trades

• Flat ₹20 fee for intraday and derivatives

• Advanced charting tools (TradingView, ChartIQ)

• Fast and intuitive app with dark mode

• Quick, paperless onboarding

• Integration with third-party tools (Smallcase, Sensibull)

Cons:

• Limited in-house research or advisory

• No free call & trade; ₹50 per order charged

• Customer service can lag during peak hours

Verdict: Is Upstox Right for You?

Upstox is an excellent choice for cost-sensitive investors, beginners looking for ease of use, and active traders who value platform speed and minimal charges. Its robust tech stack, integration with third-party tools, and zero delivery brokerage make it highly competitive.

However, if you rely heavily on personalized research and one-on-one advisory, you might find more value in full-service brokers or hybrid platforms like Angel One.

Ideal for:

• Mobile-first users

• High-frequency traders

• Beginners looking for direct mutual fund and IPO access