Upstox Review – Alternative to Zerodha

Upstox is India’s 2nd largest discount broker after Zerodha. Upstox has a 40 lakh customer base in the year 2021.

Upstox initially started as RKSV Securities Ltd. in 2011 but was renamed “Upstox” in 2016 and shifted its services to discount brokerage. 

Upstox is an online discount brokerage trading platform that doesn’t offer advisory services as ICICI Direct or Sharekhan do. 

Let’s have a quick look at Upstox brokerage charges.

SegmentBrokerage Charges
Equity DeliveryFree
Equity IntradayRs 20 or 0.05% (whichever is lower) per executed order
Equity FutureRs 20 or 0.05% (whichever is lower) per executed order
Equity OptionsRs 20 per executed order 
Currency FuturesRs 20 or 0.05% (whichever is lower) per executed order
Currency OptionsRs 20 or 0.05% (whichever is lower) per executed order
CommodityRs 20 or 0.05% (whichever is lower) per executed order
Mutual FundNo Commission

Upstox Overview

Upstox is the only discount broker (except Zerodha) that offers a complete 3-in-1 (demat, savings, and trading) account in collaboration with IndusInd bank. Zerodha also offers the same but Upstox offers a complete online account opening process which is easy and quick. 

Whereas in Zerodha you should have a prior account in IDBI and still the fund transfer process is not that smooth as compared to Upstox. 

Upstox also offers direct mutual fund investment, which means if you want to invest in mutual funds as well, you need not pay commission to Upstox. 

You can also invest in digital gold and bonds from the Upstox platform.

Upstox Charges

#1. Upstox Account Opening & Maintenance Charges

  • Account opening charges – Rs. 199
  • Account maintenance charges – Rs. 25 per month

Earlier Upstox stopped the “Priority Pack” which was for high margin leverage in trading in compliance with SEB’s new guidelines.

#2. Upstox Brokerage Charges 

Upstox charges ZERO brokerage for equity delivery orders. For intraday, Upstox charges a flat Rs 20 or 0.05% (whichever is lower) per executed order on both buying and selling. 

For example, You trade for Rs. 10,000 in a day your brokerage charges would be –

10000 X 0.05% = 5

Brokerage = Rs. 5 (because lower than Rs. 20)

If you trade for Rs. 1,00,000, your brokerage would be –

100000 X 0.05% = Rs. 50

Brokerage = Rs. 20 (because Rs. 20 is lower than Rs. 50).

Let’s discuss brokerage charges (segment-wise) in detail.

#1. Equity charges (Delivery & Intraday)

TypeEquity DeliveryEquity Intraday
BrokerageZeroRs 20 or 0.05% (whichever is lower)  per executed order
STT Charges0.1% on both Buy and Sell0.025% on the Sell Side
Transaction ChargesRs 325/croreRs 325/crore
Demat Transaction ChargesRs 18.5 per scrip (only on selling)Rs 0
GST18% (on Brokerage + Transaction Charges)18% (on Brokerage + Transaction Charges)
SEBI ChargesRs 5/CroreRs 5/Crore
Stamp Duty0.015% (Rs 1500 per crore) on buying0.003% (Rs 300 per crore) on buying

#2. F&O charges

TypeEquity FuturesEquity Options
BrokerageRs 20 per executed order or 0.05% (whichever is lower)Flat Rs 20 per executed order.
STT0.1% (on Selling)0.1% (on Selling)
Transaction ChargesRs 210/croreRs 5500/crore on premium turnover
Demat Transaction ChargesRs 0Rs 0
GST18% (on Brokerage + Transaction Charges)18% (on Brokerage + Transaction Charges)
SEBI ChargesRs 5/CroreRs 5/Crore
Stamp Duty0.002% (Rs 200 per crore) on buying0.003% (Rs 300 per crore) on buying

#3. Currency charges

TypeCurrency FuturesCurrency Options
BrokerageRs 20 or 0.05% (whichever is lower) per executed order Flat Rs 20 per executed order.
STTNo STTNo STT
Transaction ChargesNSE: 0.00013%
BSE: 0.00062%
NSE: 0.065%
BSE: 0.026%
GST18% (on Brokerage + Transaction Charges)18% (on Brokerage + Transaction Charges)
SEBI ChargesRs 5/CroreRs 5/Crore
Stamp Duty0.0001% (Rs 10 per crore) on buying0.0001% (Rs 10 per crore) on buying

#4. Commodities charges

TypeCommodity FuturesCommodity Options
BrokerageRs 20 or 0.05% (whichever is lower) per executed order Flat Rs 20 per executed order.
STT0.01% on sell trade (Non-Agri)0.05% on sell trade
Transaction Charges0.0031%0.002%
GST18% (on Brokerage + Transaction Charges)18% (on Brokerage + Transaction Charges)
SEBI ChargesRs 5/CroreRs 5/Crore
Stamp Duty0.002% (Rs 200 per crore) on buying0.003% (Rs 300 per crore) on buying

#3. Upstox Other Charges

  • Call & trade charges – Rs 25 per call.
  • Auto square off charges – Rs 20 per executed order for MIS/BO/CO positions
  • Physical contract note charges – Rs 25 per contract. Courier charges are extra.
  • Payment gateway charges – Rs 7 per transaction.
  • DP charges – Rs 18.5 + GST per transaction. For selling equity delivery stocks.

Upstox Margin Leverage

Upstox offers a maximum margin for intraday trading of up to 5x (various stocks) and up to 2x across F&O (Equity, Currency, and Commodity) trading. 

Note – Upstox has stopped offering additional margin on carrying forward positions for F&O and equity delivery trades in compliance with SEBI’s new ruling in 2021.

SegmentMargin
Equity Delivery1x (no margin)
Equity IntradayUp to 5x (based on the stock)
Equity Futures & OptionsUp to 2x of NRML margin (Span + Exposure)
Currency Futures & OptionsUp to 2x  of NRML margin (Span + Exposure)
Commodity FuturesUpto 2x  of NRML margin (Span + Exposure)

Upstox Trading Platforms

#1. Upstox Pro Web

Upstox pro web 1

Upstox Pro Web is an HTML-based trading platform that is easy to use and has a faster refresh rate that provides you real-time price fluctuations in volatile market scenarios.

You get around 107 indicators like Fibonacci retracement, and Standard deviation to analyze the market behaviors and set your trade as per the current market trend.

Pros of Upstox Pro Web

  • Easy to use dark interface
  • 107 technical indicators for in-depth market analysis 
  • Faster refresh rate to get real-time price movement
  • Keyboard shortcuts for quick navigation

Cons of Upstox Pro Web

  • Sluggish performance sometimes

#2. Upstox Pro Mobile

Upstox pro mobile 1

Upstox Pro Mobile is a miniature version of the Upstox Web platform to do trading when away from the desktop. You can trade in stocks, mutual funds as well as digital gold from a single app.

You can also enjoy the IPO subscription from the same app unlike other brokers like Zerodha who doesn’t provide IPO investment through its trading app.

Pros of Upstox Pro Mobile

  • Simple user interface
  • Faster refresh rate 
  • One-stop shop for all investments like stocks, mutual funds, gold
  • Buy IPO within the app

Cons of Upstox Pro Mobile

  • User logs out automatically in peak hours

Upstox Products & Services

#1. Upstox Products

A. Upstox MF

Upstox mf

Upstox MF is a dedicated platform to invest in mutual funds directly. You can invest from the Upstox website or mobile app without paying any commission.

You can invest in more than 2,000 mutual fund schemes which are further categorized as Collections – Tax saver, new funds offerings (NFO), low-risk funds, and growth booster funds.

Key features

  • 2000 plus funds to invest 
  • Commission-free investment
  • Use Upstox mobile app for MF investment (no separate app required)
  • 4 goal-based mutual fund categories. 

B. Industox 3-in-1 account

Industox 3 in 1

You can open a 3-in-1 account in Upstox (in collaboration with IndusInd Bank). The 3-in-1 account provides one place for savings, demat, and trading account.

You can deposit funds for trading purposes and earn up to a 6% interest rate on the unallocated funds.

You can open the 3-in-1 account while opening your Upstox account in a hassle-free process.

Key features

  • 6% interest on your unused account funds
  • Smart transfer to instantly allocate funds for trading
  • Earn up to 6X rewards points per Rs. 200 spent on Titanium debit card
  • Redeem rewards against brokerage 
  • Set personalized the bank account number such as your mobile number
  • Monthly 10 call & trade orders free 

C. Upstox Gold

upstox gold

Investing in digital gold is more convenient, safe, and flexible as compared to physical gold. Because you neither worry about their security from theft nor renting a bank locker for its security.

Upstox offers you to buy 24K standards and 99.9% pure gold in digital form for investment purposes. Your gold is kept with Upstox, and you can sell them at the market price whenever required.

Your digital gold rate is directly proportional to the physical gold market rates.

However, you can’t convert your digital gold at Upstox into physical gold right now. But Upstox has announced that it will soon launch the digital gold to physical gold conversion and your gold will be delivered to your doorstep.

Key features

  • 24K standard and 99.9% pure gold
  • Upstox gold follows BIS standard
  • No storage rent
  • Equivalent to physical gold market price

D. Algo Lab Strategy Platform (for AmiBroker Users)

Upstox Algo Lab

Upstox AlgoLab is ideal for creating, backtesting, and implementing trading strategies. You can connect AlgoLab with the Amibroker AFL platform and place an order on Upstox directly within from the Amibroker platform. 

You can also create strategies with Amibrokers AFL platform and place orders on Upstox without any delay. 

Key features

  • Strategy creating and backtesting
  • Direct order placement from Amibroker platform to Upstox
  • Realtime order placement without any delay

#2. Upstox Services

Demat ServicesYes
Trading ServicesYes
3-in-1 AccountYes (with IndusInd bank)
SIP in Mutual FundsYes
Margin Carry Forward No
IPO ServicesYes
Stock RecommendationsNo
Robo AdvisoryNo
Portfolio ManagementNo
Trading EducationNo
Trading ExposureUp to 6x

Pros of Upstox 

  • Low brokerage charges 
  • Free equity delivery
  • Snappier trading platform 
  • Proper 3-in-1 account for hassle-free trading with saving account benefits
  • Invest in gold, IPOs, and mutual funds right from App
  • Amibrokers users can use Algo Lab to trade on Upstox directly 

Cons of Upstox

  • Platform sometimes crawls in peak hours 
  • No advisory services
  • Poor customer support
  • No option to convert digital gold into physical gold as of now

Upstox Customer Care

Support TypeContact Details
Email support[email protected]
Raise a ticketHelp.Upstox.Com/support/tickets/new
New account opening022 4179 2991022 6904 2291022 7130 9991(9:00 am – 11:00 pm)
Trading support022 4179 2999022 6904 2299022 7130 9999(8:00 am – 11:00 pm)
Call & trade022 6130 9998022 7130 9998(9:15 am – 3:30 pm)
Twitter@Upstox

Final Thoughts

Upstox has evolved as a trustworthy discount broker in India.  If you want a Zerodha alternative, then Upstox is the best discount broker available.

Upstox has good products to offer and they keep on updating their backend technology for a better user experience. The only field where they should focus is to improve their poor customer support which is a big turn-off.

If you are a new investor or a professional trader, Upstox is a good platform especially if you want all your investment options at one place and you are alright with their delayed customer support.

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