1. Introduction
Upstox is a discount stock broker in India that offers a range of trading and investment products and services at low brokerage fees. In this review, we will take a comprehensive look at Upstox’s features and services, including its pricing, technology platforms, product offerings, and customer support.
2. Pricing
One of the key advantages of Upstox is its low brokerage fees. Upstox charges a flat fee per trade, with rates starting at INR 20 (approximately USD 0.27) for equity delivery trades and INR 10 (approximately USD 0.14) for equity intraday trades. Upstox also offers a monthly subscription plan that allows customers to pay a fixed fee in exchange for unlimited trades.
3.Technology platforms
Upstox offers a range of technology platforms to suit the needs of different types of traders. Its flagship platform, Upstox Pro, is available online and as a mobile app for iOS and Android devices. Upstox Pro offers real-time market data, charting tools, and advanced order types. Upstox also offers a desktop-based trading platform called Upstox Pro Web, which is geared towards active and professional traders.
4. Product offerings
In addition to its core brokerage services, Upstox offers a range of other products and services, including mutual funds, insurance, and financial planning. Upstox also offers a range of research and advisory services, such as market analysis and trading ideas, to help customers make informed investment decisions.
5. Customer support
Upstox’s customer support team is available through phone, email, and online chat to assist customers with any questions or issues they may have. Upstox has generally received positive feedback for its customer support, with many customers praising the company for its prompt and helpful responses.
6. Comparison with other stock brokers
Upstox is one of the leading discount brokers in India and is known for its low brokerage fees and advanced technology platforms. In comparison to traditional full-service brokers, Upstox’s pricing model is significantly cheaper, as it charges a flat fee per trade rather than a percentage of the trade value. Upstox also offers a wider range of trading and investment products and services, which may be attractive to customers looking for a one-stop shop for their financial needs. However, some customers may prefer the more personalized service and research offerings provided by full-service brokers, which may justify the higher fees.
7. Risks and considerations
As with any investment, it is important to carefully consider the potential risks and uncertainties that may impact Upstox and your investments. Some factors to consider include:
- Regulatory risk: Upstox is registered with the Securities and Exchange Board of India (SEBI) and is subject to regulatory oversight. Any regulatory changes or actions taken by SEBI could potentially impact Upstox’s business.
- Market risk: The stock market is subject to fluctuations and can be impacted by various factors such as economic conditions, company earnings, and global events. This means that the value of your investments may go up or down, and you could potentially lose money.
- Product risk: Different products and services come with different risks and suitability requirements. It is important to carefully read and understand the terms and conditions of any product or service that you are considering, and to consider whether it is appropriate for your investment goals and risk tolerance.
- Customer support: While Upstox’s customer support has generally received positive feedback, it is possible that you may encounter issues or delays in getting assistance. It is important to consider how important customer support is to you and whether Upstox’s support options meet your needs.
Overall, Upstox is a strong choice for cost-conscious investors and traders who value advanced technology platforms and a wide range of products and services. However, it is important to carefully consider the potential risks and uncertainties that may impact the company and your investments. As with any investment, it is important to do your own research and due diligence to make informed decisions.
8. Conclusion
Upstox is a strong choice for cost-conscious investors and traders who value advanced technology platforms and a wide range of products and services. Its customer support has generally received positive feedback, and the company has consistently demonstrated strong financial performance. However, those who value more personalized research and advisory services or in-person support may want to consider a traditional full-service broker. As with any investment, it is important to carefully consider the potential risks and uncertainties that may impact the company and your investments.
9. Upstox Charges 2023
- Upstox Account Opening Charges: Rs 249
- Upstox Demat AMC: Rs 0 (Free)
Upstox Equity Delivery & Intraday Charges
Upstox equity delivery brokerage is Rs 20 or 0.1% whichever is lower per order. Upstox equity intraday brokerage is Rs 20 per executed order or 0.05% (whichever is lower).
| Upstox Charges | Equity Delivery | Equity Intraday |
|---|---|---|
| Brokerage | Rs 20 per executed order or 2.5% (whichever is lower) | Rs 20 per executed order or 0.05% (whichever is lower) |
| STT | 0.1% on both Buy and Sell | 0.025% on the Sell Side |
| Transaction Charges | Rs 325/crore | Rs 325/crore |
| Demat Transaction Charges | Rs 18.5 per scrip (only on sell) | Rs 0 |
| GST | 18% (on Brokerage + Transaction Charges) | 18% (on Brokerage + Transaction Charges) |
| SEBI Charges | 0.0001% (Rs 10/Crore) | 0.0001% (Rs 10/Crore) |
| Stamp Duty | 0.015% (Rs 1500 per crore) on buy-side | 0.003% (Rs 300 per crore) on buy-side |
Upstox Equity F&O Charges
Upstox Equity F&O brokerage is Rs 20 per executed order or 0.05% (whichever is lower).
| Upstox Charges | Equity Futures | Equity Options |
|---|---|---|
| Brokerage | Rs 20 per executed order or 0.05% (whichever is lower) | Flat Rs 20 per executed order. |
| STT | 0.1% (on Sell Side) | 0.1% (on Sell Side) |
| Transaction Charges | Rs 210/crore | Rs 5500/crore on premium turnover |
| Demat Transaction Charges | Rs 0 | Rs 0 |
| GST | 18% (on Brokerage + Transaction Charges) | 18% (on Brokerage + Transaction Charges) |
| SEBI Charges | 0.0001% (Rs 10/Crore) | 0.0001% (Rs 10/Crore) |
| Stamp Duty | 0.002% (Rs 200 per crore) on buy-side | 0.003% (Rs 300 per crore) on buy-side |
Upstox Currency Charges
Upstox Currency brokerage is Rs 20 per executed order or 0.05% (whichever is lower).
| Upstox Charges | Currency Futures | Currency Options |
|---|---|---|
| Brokerage | Rs 20 per executed order or 0.05% (whichever is lower) | Flat Rs 20 per executed order. |
| STT | No STT | No STT |
| Transaction Charges | NSE: 0.00013% | BSE: 0.00062% | NSE: 0.065% | BSE: 0.026% (on premium) |
| GST | 18% (on Brokerage + Transaction Charges) | 18% (on Brokerage + Transaction Charges) |
| SEBI Charges | 0.0001% (Rs 10/Crore) | 0.0001% (Rs 10/Crore) |
| Stamp Duty | 0.0001% (Rs 10 per crore) on buy-side | 0.0001% (Rs 10 per crore) on buy-side |
Upstox Commodity Charges
Upstox Commodity brokerage is Rs 20 per executed order or 0.05% (whichever is lower).
| Upstox Charges | Commodity Futures | Commodity Options |
|---|---|---|
| Brokerage | Rs 20 per executed order or 0.05% (whichever is lower) | Flat Rs 20 per executed order. |
| STT | 0.01% on sell trade (Non-Agri) | 0.05% on sell trade |
| Transaction Charges | 0.0031% | 0.002% |
| GST | 18% (on Brokerage + Transaction Charges) | 18% (on Brokerage + Transaction Charges) |
| SEBI Charges | 0.0001% (Rs 10/Crore) | 0.0001% (Rs 10/Crore) |
| Stamp Duty | 0.002% (Rs 200 per crore) on buy-side | 0.003% (Rs 300 per crore) on buy-side |
Upstox Charge Explained:
- STT: This is charged only on the sell side for intraday and F&O trades. It is charged on both sides for Delivery trades in Equity.
- Stamp Duty: Charges based on the state the customer is located in.
- Goods and Services Tax (GST): This is charged at 18% of the total cost of brokerage plus transaction charges.
- SEBI Turnover Fees: This is charged at Rs 10 per Crore.
Other Charges (Upstox Broker Hidden Charges / Fees):
- Call & Trade: Rs 20 per executed order
- Physical contract notes: Rs 25 per contract note plus courier charges. (Digital contract notes are free.)
- Instant Money Transfer Fee: Rs 7 per transfer
10. How to open online account with Upstox
To open an account with Upstox, an Indian stock broker, you can follow these steps:
- Go to Upstox’s website (https://upstox.com/) and click on the “Open Account” button.
- Fill out the online application form with your personal and financial details, such as your name, contact information, PAN number, and income information.
- Submit the required documents, such as proof of identity, proof of address, and PAN card.
- Pay the account opening fee, which is currently INR 200 (approximately USD 2.75).
- Wait for Upstox to review and approve your application. This process typically takes a few days.
- Once your account is approved, you can fund your account and start trading.
Note that the process for opening an account with Upstox may vary slightly depending on your location and the specific products and services you are interested in. It’s important to carefully read and understand the terms and conditions of your account before proceeding. If you have any questions or need assistance, you can contact Upstox’s customer support team for assistance.
11. Upstox Trading Software (Upstox Trading Platforms)
Upstox, an Indian stock broker, offers a range of trading software and platforms to its customers. Here are some of the options that are available:
- Upstox Pro: Upstox Pro is Upstox’s flagship trading platform that is available online and as a mobile app for iOS and Android devices. Upstox Pro offers a range of features, including real-time market data, charting tools, and advanced order types.
- Upstox Pro Web: Upstox Pro Web is a desktop-based trading platform that is geared towards active and professional traders. It offers advanced features such as real-time market data, charting tools, and the ability to place multiple orders simultaneously.
- Console: Console is a web-based trading platform that is designed for back-office operations and account management. It offers features such as order management, trade history, and account statements.
- Sensibull: Sensibull is a trading platform that is specifically designed for options trading. It offers features such as real-time market data, option chain analysis, and custom options strategies.
In addition to these platforms, Upstox also offers APIs (Application Programming Interfaces) that allow customers to integrate their own trading systems with Upstox’s brokerage services.
Which platform is best for you will depend on your trading style and needs. Upstox offers detailed information and tutorials on its website to help customers understand the features and capabilities of each platform. If you have any questions or need assistance, you can contact Upstox’s customer support team for more information.
12. Upstox Pros and Cons
Here are some pros and cons of Upstox, an Indian stock broker:
Pros:
- Low brokerage fees: Upstox is known for its low brokerage fees, with rates starting at INR 20 (approximately USD 0.27) for equity delivery trades and INR 10 (approximately USD 0.14) for equity intraday trades. Upstox also offers a monthly subscription plan that allows customers to pay a fixed fee in exchange for unlimited trades.
- Advanced technology platforms: Upstox offers a range of technology platforms that are designed to meet the needs of different types of traders, including Upstox Pro, Upstox Pro Web, and Sensibull. These platforms offer a range of features such as real-time market data, charting tools, and advanced order types.
- Wide range of products and services: In addition to its core brokerage services, Upstox offers a range of other products and services, including mutual funds, insurance, and financial planning. Upstox also offers a range of research and advisory services to help customers make informed investment decisions.
- Strong customer support: Upstox’s customer support team is available through phone, email, and online chat to assist customers with any questions or issues they may have. Upstox has generally received positive feedback for its customer support, with many customers praising the company for its prompt and helpful responses.
Cons:
- Limited research and advisory services: As a discount broker, Upstox does not offer the same level of research and advisory services as traditional full-service brokers. This may not be suitable for investors who value more personalized research and advisory services.
- No in-person support: Upstox does not have any physical branches or offices, which means that customers cannot receive in-person support or assistance. This may not be suitable for investors who prefer to have face-to-face interactions with their broker.
- Limited investment options: Upstox primarily offers trading and investment products and services related to the Indian stock market. It does not offer a wide range of international investment options or other asset classes such as real estate or commodities. This may not be suitable for investors who are looking for a more diversified investment portfolio.
12. FAQ
What is Upstox?
Upstox is a discount stock broker in India that offers a range of trading and investment products and services at low brokerage fees.
How does Upstox make money?
Upstox makes money by charging brokerage fees for its trading and investment products and services. It also generates revenue from its partner products, such as mutual funds and insurance, and from its subscription-based services.
Is Upstox a good broker?
Upstox is generally considered a good broker by its customers, with many praising the company for its low brokerage fees, advanced technology platforms, and strong customer support. However, as with any broker, it is important to carefully consider the potential risks and uncertainties that may impact the company and your investments.
How do I open an account with Upstox?
To open an account with Upstox, you can follow these steps: (1) Go to Upstox’s website and click on the “Open Account” button; (2) Fill out the online application form with your personal and financial details; (3) Submit the required documents; (4) Pay the account opening fee; (5) Wait for Upstox to review and approve your application; (6) Once your account is approved, you can fund your account and start trading.
What technology platforms does Upstox offer?
Upstox offers a range of technology platforms, including Upstox Pro, Upstox Pro Web, Console, and Sensibull. These platforms offer a range of features such as real-time market data, charting tools,and advanced order types. Upstox also offers APIs (Application Programming Interfaces) that allow customers to integrate their own trading systems with Upstox’s brokerage services.
Can I trade mutual funds on Upstox?
Yes, Upstox offers a range of mutual fund investment options to its customers through partnerships with mutual fund companies. Customers can invest in mutual funds online through Upstox’s platform, and Upstox does not charge any additional fees for mutual fund investments.
Does Upstox offer insurance products?
Yes, Upstox partners with insurance companies to offer a range of insurance products to its customers, including life insurance, health insurance, and car insurance. Customers can purchase insurance policies online through Upstox’s platform, and Upstox does not charge any additional fees for insurance premiums.
Does Upstox offer tax filing assistance?
Yes, Upstox partners with tax filing companies to offer assistance with tax filing to its customers. Customers can use Upstox’s platform to file their taxes online, and Upstox does not charge any additional fees for tax filing assistance.
Does Upstox offer financial planning services?
Yes, Upstox partners with financial planning companies to offer financial planning services to its customers. Customers can use Upstox’s platform to access financial planning tools and resources, and Upstox does not charge any additional fees for financial planning assistance.
How can I contact Upstox’s customer support team?
Upstox’s customer support team is available through phone, email, and online chat to assist customers with any questions or issues they may have. Customers can find the contact details for Upstox’s customer support team on the company’s website.
Does Upstox offer research and advisory services?
Upstox offers a range of research and advisory services, such as market analysis and trading ideas, to help customers make informed investment decisions. However, these services are not as comprehensive as those offered by traditional full-service brokers.
Does Upstox have physical branches or offices?
No, Upstox does not have any physical branches or offices. All of its services are offered online or through its mobile app.
What are the pros and cons of Upstox?
Some pros of Upstox include low brokerage fees, advanced technology platforms, a wide range of products and services, and strong customer support. Some cons of Upstox include limited research and advisory services, no in-person support, and limited investment options.
Can I open a joint account with Upstox?
Yes, Upstox allows customers to open joint accounts. To open a joint account, you will need to provide the necessary documentation and details for all account holders.
Is Upstox regulated by the Indian government?
Yes, Upstox is regulated by the Securities and Exchange Board of India (SEBI), the regulatory body for the Indian securities market. It is also a member of the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).