Upstox Review 2026

Overview

Upstox (formerly RKSV Securities) is a Mumbai-based discount broker launched in 2011 and backed by Ratan Tata and Tiger Global, among others. As of 2025, Upstox was among the top three Indian discount brokers by active demat account count, with a stated client base exceeding one crore registered users. The broker operates on a flat- fee pricing model across all segments, targets digitally native retail investors, and has consistently invested in its mobile-first trading platform.

Upstox is a member of NSE, BSE, and MCX, and is registered as a depository participant with CDSL. It is regulated by SEBI under Registration No. INZ000006737. The broker does not have a network of physical branches but operates entirely online — customer interaction happens through the app, website, and support tickets.

Account Opening

Upstox offers a fully paperless account opening process through its app or website using Aadhaar-based e-KYC. The typical time to complete the process is 10-15 minutes; the account is generally activated within 1-2 business days after document verification. You will need: PAN card, Aadhaar card (for e-KYC with OTP), a bank account with IFSC (for fund mapping), and a smartphone with a camera (for live photo capture).

The demat account opening charge has historically been zero at Upstox (promotional pricing that has been maintained for several years). The annual maintenance charge (AMC) for the demat account is typically ₹150+GST per year, charged from the second year. Upstox also offers a 3-in-1 account linking with certain partner banks, which streamlines fund transfers.

Brokerage Charges

Upstox operates a flat-fee pricing model:

• Equity delivery: ₹0 per order (zero brokerage on delivery trades — a competitive feature that it shares with Zerodha, Dhan, and select other brokers).
• Equity intraday: ₹20 per executed order or 0.05% of turnover, whichever is lower.
• Equity futures: ₹20 per executed order.
• Equity options: ₹20 per executed order.
• Currency and commodity: ₹20 per executed order.

In addition to brokerage, all standard statutory charges apply: STT, exchange transaction charges, SEBI turnover charges, stamp duty, and 18% GST. Use our brokerage calculator to see the total transaction cost including all charges across Upstox and other brokers.

Platform & App

Upstox has invested significantly in its trading platform. The Upstox Pro mobile app (available on Android and iOS) is widely regarded as one of the most polished trading applications among Indian discount brokers. Key features include:

• Clean, intuitive interface oriented towards both beginners and intermediate traders
• Advanced charting powered by TradingView integration, with 100+ technical indicators and drawing tools
• Options analytics: options chain with Greeks, payoff diagrams, and strategy builder
• Market overview, sector heatmaps, and news integration
• Basket orders for deploying multi-leg strategies in a single click
• GTT (Good Till Triggered) orders for setting long-term price alerts that auto-execute
• Upstox MF: mutual fund investment directly through the app (direct plans)

The web platform (pro.upstox.com) mirrors most of the app's functionality with a larger-screen layout. API access is available through the Upstox Developer API, which is well-documented and used by a significant community of algo traders and fintech developers.

Customer Support

Upstox operates support primarily through in-app chat, email tickets, and a comprehensive Help Centre. Response times on chat have historically been variable — faster during off-peak hours, slower during market opening or high-volatility events. Phone support is available but not the primary support channel. The Help Centre (support.upstox.com) covers the most common queries well, including account setup, charges, and order types.

One common complaint observed in public forums relates to support response times during critical market events — a structural challenge for all high-volume discount brokers. Users who need immediate resolution during a fast-moving market should be aware that support queues can get congested.

Pros

• Zero brokerage on equity delivery — a genuine saving for long-term investors
• One of the cleanest, most feature-rich mobile apps in the Indian discount broker space
• Strong TradingView charting integration
• Well-documented developer API — good for algo trading and automation
• Fully digital account opening — no paperwork required
• Mutual fund investing (direct plans) available within the same app
• Competitive flat ₹20 fee for intraday, F&O, and other segments

Cons

• No physical branches — 100% digital model may not suit investors who prefer in-person support
• Support response times can be slow during peak periods
• No research reports or analyst coverage (as expected of a discount broker)
• Some advanced order types (e.g. iceberg orders) available only on select plans
• Demat AMC charges from the second year — free account opening does not mean permanently zero cost

Who is Upstox best suited for?

Upstox is well-suited for digitally comfortable retail investors who want a feature-rich mobile trading experience, zero delivery brokerage for long-term portfolio building, and a strong charting platform for technical analysis. The developer API makes it a natural choice for individuals exploring algorithmic or systematic trading strategies.

It is less suitable for investors who prefer branch-based support, need personalised research or portfolio guidance (which no discount broker provides), or are more comfortable with full-service brokers with larger offline networks.

Related tools and comparisons

Compare Upstox's total transaction costs against other Indian brokers using our brokerage calculator. For context on F&O margin requirements, visit our F&O margin calculator. Also see reviews of Angel One, Groww, and 5Paisa.

This review is educational only and does not constitute investment or financial advice. Brokerage charges and features are sourced from publicly available information and may change — always verify with Upstox directly before opening an account. Some links on this page are affiliate links; EquitiesIndia.com may earn a commission if you open an account through them. Affiliate relationships do not influence the content of this review. EquitiesIndia.com is not a SEBI-registered investment adviser. Please read all broker documents carefully and consult a SEBI-registered adviser for personalised financial advice.