Upstox Review 2023: Upstox is currently India’s fastest-growing online discount broker. Here is the data:
The data never lies.
The Upstox trading platform is a popular choice for traders and investors as it offers a wide range of benefits. In this Upstox review for 2023, we will discuss all the services, Upstox charges, and customer support to help traders decide whether Upstox is the right choice for them or not. Also, we will talk about its alternatives.
Upstox is a leading and fastest-growing online discount broking firm that offers a range of services to traders and investors. It is a more trustworthy trading platform, as it is backed by Mr. Ratan Tata. It offers low brokerage fees and a variety of account types. The best thing about Upstox Pro is that they are rapidly reinventing the software for a better user experience.
Upstox has both a mobile and desktop trading platform for traders and investors. And they provide a variety of benefits like ready-made option strategies and 50% of the funds for delivery trading. We will discuss these benefits in detail in this blog. So stay till the end.
Raghu Kumar, Ravi Kumar, and Srini Vishwanath started Upstox (formerly RKSV Securities) in 2009. Since Kavita Subramaniam joined the group, Upstox has become one of the top online stockbrokers in India.
Upstox is backed by well-known investors like Mr. Ratan Tata and Tiger Global Management. Upstox is a member of the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) and is registered with the Securities and Exchange Board of India (SEBI).
Margin Trading Facility (MTF): Upstox provides 50% of funds– Upstox Review
As I mentioned above, Upstox offers a range of services to traders and investors. MTF, i.e., the Margin Trading Facility, is one of them.
The margin trading facility effectively doubles your purchasing power. If you are a cash equity trader or a short-term investor, then MTF will help you with 50% more funds paid by Upstox. Example:
Important points to remember:
- Upstox’s MTF applies to a few stocks (around 377 stocks).
- The maximum amount borrowed is Rs. 25,00,000.
- For each slab of Rs. 40,000 borrowed, there will be a daily interest of Rs. 20.
- There are charges of Rs. 20 per share for pledging and unpledging.
If you have a confident and backtested trading setup but lack sufficient trading capital, you can leverage the money from MTF, in my opinion.
Because in MTF, if the possibility of profit is double, there is also the possibility of loss.
Ready-made Option Strategies:
Upstox provides ready-made option strategies that are beneficial to all futures and options (F&O) traders. Options are the best way to make profits from all kinds of markets, either trending or sideways.
However, options are more complicated and could be riskier for novice traders.
Ready-made option strategies are free and available on the new Upstox app.
Upstox Review: Mobile and Pro Web Trading Platforms:
Upstox Review for Mobile Trading App:
It also offers a user-friendly mobile trading app called Upstox Pro. A mobile trading app that allows traders to stay connected to the market at all times and make trades on the go.
Some of the benefits of a mobile trading app include:
- Effective Upstox Charting Software:
Upstox provides Chart IQ and TradingView charting tools, both of which are easy to use and understand. If you’re looking to buy an additional subscription to the TradingView charting tool, then Upstox will save you money. And if you’re a day trader and use multiple screens for trading, then in TradingView there is a feature available for up to 8 charts per tab, so you can benefit from it.
I have written a detailed guide on TradingView. Learn more about its features and benefits.
- Buy and Sell Quickly:
There is the benefit of directly placing orders from charts (usually in ChartIq), and they also provide an option chain, so you can place an order from the options chain as well.
- Price Alerts:
You can place an unlimited number of price alerts for instant updates. This saves you time by reducing your screen time.
- Additionally, Upstox provides customized watchlists, real-time data, multiple indicators, multiple chart types, and multiple orders. And the list goes on.
Upstox Review for Pro-Web Trading Platform:
As a professional trader, you must analyze data on a large screen, such as a trading computer or laptop.
You’ll get all the benefits that are available in the mobile app.
- Advanced charting trading tools, including TradingView with more than 100 indicators,
- All kinds of drawing tools are available that is useful for technical analysis.
Upstox Margin Review:
For intraday/day trading, Upstox provides 5x leverage, and for F&O intraday trading, leverage is 1.33x.
|F&O (Equity, Currency and Commodities)||1.33x|
|Margin Trading Facility (MTF)||2x|
Upstox Charges 2023: Opening, Brokerage, and Hidden Charges
Upstox Account Opening Charges: Right now, Upstox is offering free account opening charges.
AMC (Annual Maintenance Charge) for Upstox Demat: Rs 0.
The following are different types of Upstox charges:
- Brokerage: Up to 20 per order charged on stock, F&O, commodity, and currency trades.
- STT: Securities Transaction Tax:
- Charged on all stock-equity delivery orders, both buy and sell.
- Only sell intraday and F&O orders are charged.
- GST (Goods and Services Tax): 18% of the total amount (brokerage + transaction charges + Demat).
- Stamp duty charges: Stamp duty charges are a part of the state revenue system. Applicable to the trading of securities and commodities
- SEBI Charges: Charged at ₹10 per crore by the Securities and Exchange Board of India for regulating the markets.
- DP (depository participant) charges: $18.5 + GST per scrip
The official Upstox website provides detailed information on equity, currency, and commodity charges.
An important factor of Upstox Review that no one considers is “customer support.”
Upstox provides a dedicated support team to assist traders with any issues or queries in terms of customer support. You can contact the support team by phone, email, or live chat. The support team is open from 8 a.m. to 5 p.m. on all business days. Additionally, they provide live support from Monday to Saturday from 8 a.m. to 7 p.m. IST. It is a popular choice among Indian merchants because of its committed customer support.
Upstox Contact Information:
Website: Upstox Pro
Upstox Contact Number: 022-41792999
Email ID: firstname.lastname@example.org
Address: RKSV/Upstox, 30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013
Pros (Advantages) and Cons (Disadvantages) of Upstox:
There is no doubt that Upstox is a popular online stock trading platform in India, but like any trading platform, it has its own set of advantages and disadvantages.
- Zero account opening charges
- User-friendly mobile app and web platform: Upstox’s platform is easy to navigate and use, making it accessible to traders of all levels.
- Margin Trading Facility
- More trustworthy as it is backed by Mr. Ratan Tata.
- Low brokerage fees: Zero brokerage on Delivery trade.
- Variety of account types:
- Provide many educational resources in the form of blogs and YouTube videos.
- Good-Til-Canceled (GTC) and Good-Til-Date/Time (GTD) orders are not available in the equity segment.
- The call and trade fee is charged at an extra Rs. 20 per executed order.
- 24/7 customer service is not available.
In India, Upstox is a well-known online stock trading platform that provides investors and traders with a variety of features or advantages. However, before choosing to use the platform, traders should compare the advantages and disadvantages.
Can I trust Upstox?
Yes, Upstox is trustworthy, as it is backed by some of the most reputed and well-known investors, like Mr. Ratan Tata and Tiger Global Management. Upstox is the second-largest discount online stock broker in India.
Upstox is registered with SEBI (SEBI Registration No. INZ000185137) and has registered with major stock exchanges like the NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).
To open a Upstox Demat Account, follow these steps:
Step 1: Visit the Upstox website and fill in your details with the OTP you received on your registered mobile number.
Step 2: Upload your documents:
- ID proof: Aadhaar card and PAN card
- Address proof: Aadhaar card, passport, voter ID, driving license
- Bank proof includes a bank statement, a cheque, or a passport.
Note: Don’t forget to provide your PAN number.
Step 3: After uploading your documents, a representative from Upstox will call you and guide you through the opening account process.
Step 4: Start trading: After a review process, get your client ID once your details are verified. Log in to your account and start trading.
Opening a Demat account is not rocket science; you can easily do it yourself.
Alternative: Upstox vs. Zerodha
Upstox and Zerodha are both popular Indian online discount brokers that offer a range of services to traders and investors. Without a doubt, Zerodha is India’s largest discount online broker. But we can say Upstox has been the fastest-growing discount broker for the last couple of years. Hence it reached Upstox, the second-largest discount broker in India.
Upstox offers zero account opening charges, whereas Zerodha charges Rs 300 for trading & Demat accounts (Rs. 200) and commodity accounts (Rs. 100).
Zerodha is a more cost-effective option for high-frequency traders like day traders or scalpers. Both discount brokers have more extensive educational resources. Upstox, on the other hand, has a more diverse range of account types, benefits for traders and investors, and a dedicated customer support team.
I have written an in-depth guide on Zerodha Review. Learn more about its features and benefits.
Final thoughts about Upstox Review 2023:
The data shows Upstox is the choice of new traders and investors as its user-friendly trading platform makes trading and investing simple.
If you’re an investor, then one Demat account is sufficient, but for professional traders, having multiple Demat accounts is advisable. Both discount brokers, Zerodha and Upstox, are the largest in India, so you can take advantage of them.
I have shared my unbiased Upstox review 2023; if you have any doubt, feel free to ask in the comment section.
And if you found some value in this article, then share it.
Frequently Asked Questions (FAQ)
Can Upstox be trusted?
Yes, Upstox is trustworthy, as it is backed by some of the most reputed investors, like Mr. Ratan Tata and Tiger Global Management.
Additionally, Upstox is SEBI-registered and a member of the NSE, BSE, and MCX major exchanges.
Is Upstox good for long term?
If someone who are beginner and look for open Demat account for trading or investing then Upstox is best choice for beginners. Its mobile and web trading platforms make it simple for users, and Upstox is a more reliable and safe discount broker in India.
There are no hidden charges. Upstox is one of the largest discount brokers in India. And Upstox explained all kinds of charges on their website. Major Upstox charges include brokerage, STT, GST, stamp duty, and SEBI charges.
Can we invest in a mutual fund through Upstox?
Yes, they offer it, and you can invest in mutual funds through Upstox if you have a Demat account.
Is Upstox good for beginners?
Yes. If you are a beginner and looking for a discount broker, then Upstox is the best choice for you. Upstox’s platform is easy to navigate and use, making it accessible to traders of all levels, from beginners to professionals.
Is Upstox a reliable stockbroker?
Yes, Upstox is a reliable discount stock broker. The company is SEBI-registered and a member of major exchanges like the NSE and BSE. And also, it is backed by Mr. Ratan Tata. These all-important facts make Upstox more reliable and trustworthy.
Is Upstox good for mutual funds?
Upstox provides educational resources through a blog and videos, and they regularly teach about various mutual fund plans from more than 2500 fund houses. So, Upstox is good for indirect mutual funds.
Does Upstox have desktop software for trading?
Yes, Upstox has desktop software called NEST trader software. You can download it from the official Upstox website.
Is Upstox owned by Tata?
Upstox has received funding from well-known investors. and Mr. Ratan Tata is one of them.
Submit your review
Happily trading since 2020 with upstocks
According to my opinion this might be very knowledgeable and useful for the beginner
Very well explained
Best app for cash trading or investment in my point of view
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Beginner friendly mobile app