Upstox Review 2022

Flag Traders in United States welcome

Upstox offers trading in stocks, futures, options, indices and mutual funds from across the world through its proprietary platform, Upstox Pro.

InstrumentsStocks, Futures, Options
Demo AccountNo
Min. DepositINR 0
Payment Methods
Min. TradeINR 500
Regulated BySEBI
MetaTrader 4No
MetaTrader 5No
Trading CentralNo
STP AccountNo
ECN AccountNo
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountYes
Mobile AppsiOS & Android
Margin TradingYes
Volatility IndexNo
Spot TradingYes
Perpetual SwapsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionNo
VPS HostingNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Social TradingNo
Copy TradingNo
Islamic AccountNo
Account Currencies
  • INR
Stock Exchanges
  • Bombay Stock Exchange
  • National Stock Exchange Of India
Risk Warning – Your capital is at risk

Upstox, formerly known as RKSV Securities, is an online private discount broker from India offering commodities, equities, futures, mutual funds, IPOs, currencies and options. Our 2022 review looks at the broker’s trading platforms, brokerage pricing rates, leverage rates and account types so you can decide whether to sign up and start trading with Upstox today.

Upstox Headlines

Upstox was founded and established in 2011 by owners Raghu Kumar, Ravi Kumar and Shrinivas Viswanath. It was formerly known as RKSV Securities India Pvt. Ltd. The brokerage is backed by a group of investors, which include Kalaari Capital, Ratan Tata and GVK Davix. Additionally, the broker is registered with the National Securities Depository Limited (NSDL), Securities and Exchange Board of India (SEBI) and Central Depositories Services India (CDSL).Upstox F&O Margin Trading Brokerage Company

Upstox offices are currently headquartered in Mumbai, India but the broker has partner offices all over the country, including in Kerala and Gujarat. The broker claims to have over 4 million users as of 2021. The broker is most suited to Indian residents but opens up its services to non-resident Indians (NRI) under specific account opening processes.

Trading Platform

Upstox Pro Web

Upstox Pro is the broker’s proprietary web, HTML-based trading platform. Users do not need to download the platform and can easily login access this on a Windows PC or Mac through a browser. The terminal’s main features include:

Additional Platforms

Upstox offers a range of external software packages to enhance its users’ trading experience. Packages include NEST trading software and Dartstock

The NEST platform provides a tool for placing orders to buy and sell securities. NEST is free for clients and well suited to frequent traders, though it does require download and installation. Key features include:

Dartstock is a platform from iDarts that combines traditional features with F&O-focused tools, a range of order types and charting and graph functions and a suite of scanning tools, covering asset, trend and opportunity finders.

Note that all partner platforms, including NEST and Dartstock, have been temporarily disabled from April 2021.

Upstox also provides an API for developers and algo traders, supporting Node JS and Python. Additionally, The broker’s back office system allows you to view your profit and loss (P&L) reports and historical yearly statements.


Upstox offers a wide range of asset classes and investing options that can be traded from one platform: Upstox Pro. These include:

In 2020, Upstox expanded its global investments to include 60 exchanges across 25 countries, such as US stocks on the NYSE.

As of 24th August 2021, Upstox has discontinued the buying of digital gold, as per exchange guidelines, and the selling of e-gold from 5th September 2021.


As a discount broker, Upstox offers low trading fees across its asset classes. The pricing model features include the following charges:

Upstox has a comprehensive charge list of brokerage rates on its website, with no hidden charges. This includes SEBI charges, Demat transaction charges, joining fees, holding charges and stamp charges. Additionally, members can calculate the full cost of trade with their brokerage calculator.Upstox 1 year charges


Under SEBI guidelines updates, Upstox offers up to 1:5 leverage on intraday and cover orders (CO) in equities. Additionally, the broker is permitted up to 1:1.33 margins on intraday and CO orders in futures and stock futures, indices and stock options (selling), NSE currency futures, and MCX futures. However, margins are not applicable to options buying.

If you have any doubts about margin requirements, Upstox’s intraday margin and leverage calculator breaks down the total amount required to construct your portfolio.

Mobile Apps

Upstox offers a proprietary mobile version of its Upstox Pro platform called Pro Mobile. The mobile app is available on both iOS and Android, so you can trade on the go. Members can still access the same features on the desktop app, such as charts, multiple order types, price alerts. However, mobile app users benefit from instant notifications.

Payment Methods

Upstox offers the following methods for funding accounts, with varying processing times and fees:

Withdrawing funds can be done directly from the Upstox Pro app. Withdrawals are automatically returned to your primary registered bank account. Withdrawals are usually processed within two working days from the time of request. You can withdraw up to the amount available on your account and there are no withdrawal charges.

Upstox has partnered with 23 banks, which allows you to transfer funds via ATOM instantly. Banks include the Bank of India, YES Bank, HDFC Bank, IDBI Bank and ICICI Bank.

Demo Account

Upstox does not formally offer a simulated demo account. However, users can access the broker’s trading platforms without funding your account by simply opening an account. You will have access to live market data and get an insight into the Upstox Pro platform but you can’t access virtual funds or place any simulated orders.

Regulation & Licensing

Under RKSV Securities, Upstox is licensed with SEBI under registration number INZ000185137. It is also registered with the CDSL (IN-DP-CDSL- 00283831) and NSDL (IN-DP-NSDL-11497282). In addition, it is also a member of the BSE, NSE and MCX exchanges.


Upstox has a dedicated YouTube series with free, easy-to-understand videos called ‘Learn With Upstox’. These are suited to new traders looking to begin their investment journey or for more seasoned traders looking to enhance their current investment strategy.

Account Types

Demat Account

Upstox’s Demat account allows you to hold your shares in an electronic format. Indian traders cannot invest without a Demat account to store their positions. These accounts also let you monitor all your stocks and funds in one place, also providing access to the mutual funds platform page.

Demat accounts must be paired with a trading account to actually link to the exchanges and place the orders. Upstox Demat accounts can be opened individually, providing storage but no trading services (you would open a trading account with a different broker).

Demat accounts with Upstox incur a yearly “annual maintenance charge” (AMC) of INR 150 and an account opening charge of INR 249.

Trading Account

The trading account acts like the cash you use to purchase on the market. This account allows you to place orders on Upstox Pro, trade across multiple asset segments and easily transfer funds from your bank to your trading account. This account has a zero AMC fee and you can enjoy free equity delivery trading with no hidden charges.

Upstox offers a 2-in-1 joint account, which combines the Demat and trading accounts, providing a holistic trading solution.

When opening an account, you will need to submit documents that prove your identity and go through a KYC account verification process.Upstox Desktop and Mobile trading


When comparing Upstox to competitors like Zerodha, 5Paisa, Angel Broking, Paytm money and Groww, the broker has the following benefits:


Upstox has the following disadvantages  to be aware of:

Trading Hours

Trading times on Upstox adhere to the following market hours:

Customer Support

If you encounter login issues on Upstox Pro or have any queries, contact the Upstox customer care team:

For New Accounts:

For Existing Users:

Safety & Security

As a member of the CDSL, Upstox members can access a TPIN number as an alternative to the Power of Attorney (PoA) for Demat accounts. This is a 4-digit telephone Personal Identification Number that verifies the authenticity of a client for a more secure service.

Additionally, Upstox has a two-factor authentication (2FA) process for logging in to your account, which requires your year of birth, user ID and password and year of birth. However, the broker was hacked in April 2021 after a data breach, where the broker has since updated its security systems.

Upstox Verdict

Upstox is a discount broker with a wide-ranging product offering for Indian traders of all experience levels. The broker boasts low trading fees and a powerful web trading platform called Upstox Pro. With an established history of 10 years in business, its user base in India has grown to the millions. However, Upstox is limited to Indian clients (residents or NRIs), so international traders may need to look elsewhere to earn money trading.


Is Upstox A Good Discount Broker?

Upstox has one of the best discount offerings in the market when compared to other low-fee brokers like Angel Broking and Zerodha. You can find a zero-fee brokerage plan on mutual funds and IPOs, as well as a maximum INR 20 flat fee no matter how large the order size is.

Is Upstox A DP?

Yes. Upstox is a depository participant (DP) of CDSL and NSDL. These are two designated depositories in India. Therefore, when opening a Demat account with Upstox, you’re essentially opening that Demat account with CDSL or NSDL through the broker.

Does Upstox Offer A Demat Account?

Yes. Upstox offers a Demat account on both web and mobile platforms. This Demat account can be coupled with a trading account for a 2-in-1 or both a trading and bank savings account for a 3-in-1.

What Is A TPIN in Upstox?

A TPIN is a 4-digit unique personal code, which you can manage on Keystone. A TPIN verifies transactions as an added security layer and makes security processes on the phone much faster.

Does Upstox Offer A 3-In-1 Account? What are the charges and benefits?

Yes. Upstox offers a 3-in-1 account for existing customers, which includes a Demat, trading and savings account bundled in one. Therefore, you can trade seamlessly without worrying about transferring funds. This account also allows you to trade in all of the broker’s asset segments. This is made possible with their partnership with Indusind bank. There are no charges when opening a 3 in 1 account on Upstox.

Accepted Countries

Upstox accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Compare Upstox

Compare Upstox with similar brokers that accept traders from your location. Among available brokers these are the most similar to Upstox:

  1. ZacksTrade – ZacksTrade: Built for the active trader. Stock & ETF trades from $3, 75¢ options contracts and 3.56% margin rate (lower on occasion)
  2. IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
  3. Uphold – Trading in the Uphold environment offers a one-stop-shop for all your crypto requirements.
  4. Kraken – Kraken is a top-rated cryptocurrency trading exchange offering the largest tokens and altcoins by market cap.

Upstox Comparison Table

Compare Upstox With Similar Brokers
Upstox ZacksTrade IG Group Uphold Kraken
Rating 4.4
Markets Stocks Stocks Forex, Stocks, Commodities, Crypto Stocks, Commodities, Crypto Crypto
Demo Account No No Yes Yes Yes
Minimum Deposit INR 0 $2500 £250 $0 $10
Minimum Trade INR 500 From $3 0.1 lots $1 Varies upon the crypto traded
Bonus Lower fees when trading volume exceeds $50,000 in 30 days
Education No No Yes No Yes
Platforms MT4
Leverage 1:30
Payment Methods 2 3 6 8 7
Detailed Comparison Upstox vs ZacksTrade Upstox vs IG Group Upstox vs Uphold Upstox vs Kraken
Review Upstox
IG Group

Compare Trading Instruments

Compare Upstox Trading Instruments
Upstox ZacksTrade IG Group Uphold Kraken
CFD No No Yes No No
Forex No No Yes No No
Stocks Yes Yes Yes Yes No
Commodities Yes Yes
Oil No No Yes No No
Gold No No Yes Yes No
Copper No No Yes No No
Silver No No Yes Yes No
Corn No No No No No
Crypto No No Yes Yes Yes
Futures Yes No Yes No Yes
Options Yes Yes Yes No No
ETFs No Yes Yes No No
Bonds No Yes Yes No No
Warrants No No No No No
Spreadbetting No No Yes No No
Volatility Index No No Yes No No

Upstox vs Other Brokers

Compare Upstox with any other broker by selecting the other broker below.

Upstox vs
Upstox offers trading in stocks, futures, options, indices and mutual funds from across the world through its proprietary platform, Upstox Pro.