Upstox review
Independent review of Upstox — brokerage, app, account opening, customer support and the kind of investor it actually fits. Upstox is a leading Indian discount broker.
Verdict
Cost-conscious DIY traders and investors who want a flat Rs 20 per-order broker with strong charting, direct mutual funds, and an API.
Brokerage at a glance
Headline brokerage on the default Upstox flat ₹20 plan. On top of brokerage you also pay STT, exchange transaction charges, SEBI fee, stamp duty, GST and DP charges — see full charges for the breakdown.
About Upstox
Upstox is a leading Indian discount broker. Equity delivery and options are charged at a flat ₹20 per executed order; intraday at ₹20 or 0.1% (whichever lower); futures at ₹20 or 0.05% (whichever lower).
The Upstox trading app
- Charts with technical indicators
- Flat ₹20 pricing surfaced on the order ticket
- Equity, F&O, currency, mutual funds, IPO
- Basket, cover, and bracket orders
Opening an Upstox account
Account opening is fully online for Indian residents. Keep your PAN, Aadhaar (with mobile linked for OTP), a bank cancelled cheque or statement, a passport-size photo and a signature on white paper handy. Aadhaar e-KYC, in-person video verification and e-sign typically take 1–3 working days end-to-end. Start at upstox.com.
Customer support
Upstox support is available all trading days, 8 am to 5 pm. For complete contact details, the four-level SEBI escalation path (broker desk → compliance officer → SCORES → SMART ODR), and what to have ready before escalating, see the Upstox customer care page.
Pros and cons
How we judge this: these pros and cons are drawn from Upstox’s published charges and platform features, its app-store ratings — cross-checked against its SEBI registration and NSE / BSE membership. They are our editorial assessment, not a sponsored placement, and not financial advice.
What users say about Upstox
Paraphrased themes from public app-store reviews and forums — these are users’ opinions, not our testing, and not financial advice. Sampled 2026-06-14.
- Flat Rs 20 per executed order brokerage across delivery, intraday and F&O; free equity-delivery on some plans
- Free account opening and zero AMC for the first year
- Direct, zero-commission mutual funds via the Upstox MF platform (2000+ funds)
- Advanced charting with TradingView integration, 100+ indicators and 80+ drawing tools
- Instant UPI fund transfers from 100+ banks
- Developer API for algorithmic and programmatic trading
- App can slow down or become unresponsive during peak market hours.
- Chart and data loading can lag, especially on slower internet connections.
- Some users report customer-support responses being slow.
- Occasional reports of order-placement glitches.
Alternatives to Upstox
By active client count, Upstox is the #5 largest of 38 retail brokers on the NSE (as of 2026-04-30). If you're weighing it against the field, these are the brokers people most often compare it with:
Side-by-side head-to-head comparisons:
See the full ranked list of every retail broker in India on the stock brokers in India page, or compare exact landed cost on a typical trade with the brokerage calculator — switch brokers in the dropdown without leaving the page.
Frequently asked
What people ask about Upstox.
Upstox is SEBI-registered and holds NSE / BSE membership, so it meets the regulatory bar every Indian broker must clear. Whether it is a good fit depends on what you trade. Cost-conscious DIY traders and investors who want a flat Rs 20 per-order broker with strong charting, direct mutual funds, and an API.
Equity delivery is Flat ₹20. Equity intraday is ₹20 / 0.1%. Equity options is Flat ₹20. On top of brokerage you pay STT, exchange transaction charges, SEBI fee, stamp duty, GST and DP charges. The brokerage calculator on this site shows the all-in landed cost for a sample trade.
Upstox is registered with SEBI and a trading member of NSE / BSE. Demat accounts are held with CDSL or NSDL — the broker does not hold your shares, the depository does. Funds are held in a SEBI-regulated client bank account separate from the broker's own funds. The risk to investors from broker failure is limited; the larger risk to manage is account fraud via phishing and OTP sharing.
Charts with technical indicators. Flat ₹20 pricing surfaced on the order ticket. For a full feature list and download links see the Upstox app page.
Account opening is fully online for Indian residents. You need PAN, Aadhaar (with mobile linked for OTP), a bank cancelled cheque or statement, a passport-size photo and a signature on white paper. Aadhaar e-KYC, in-person video verification and e-sign typically take 1–3 working days. Apply via https://upstox.com.
Discount brokers comparable to Upstox include Zerodha, Groww, Upstox, Dhan and Angel One. Full-service alternatives include ICICI Direct, HDFC Securities, Kotak Securities and Sharekhan. Compare brokerage rates side-by-side on the brokerage calculator before switching.