If you look forward to opening a Upstox account, you are on the right page. In this Upstox review, I will explain all the essential points you need to know about this demat and trading account platform, including its charges, features, pros and cons, and support.
Upstox entered the online discount broking industry in 2009, and the trading platform allows you to trade in Stocks, IPOs, Mutual Funds, and Futures & Options. Upstox is a reliable demat account platform with a decent user base and investors like Ratan Tata and Tiger Global.
Upstox Review – Our Verdict
There isn't any essential trading feature missing in Upstox. I like the fact that the Upstox Pro app keeps me updated with important market news throughout the day. The only problem I had while trading on Upstox was having to deal with three steps for placing an order. However, I made it shorter by disabling Review Order from the Upstox settings.
Last year, many brokers, including Zerodha, had many major glitches. However, Upstox hasn't had any major glitches yet, which makes it a reliable alternative to Zerodha and other brokers that got pretty unstable these days. It's also worth mentioning that while Zerodha doesn't allow you to buy far OTM contracts on Delivery, there are absolutely no such limitations on Upstox.
Further, Upstox comes with Live Chat Support and trading on a platform that has a Live Chat Support is always a big advantage since I can contact the Support team really fast and have my real time issues resolved in no time.
Upstox Charges
You can open an account with Upstox for free; the platform doesn't charge any Annual Demat Account Maintenance Charges. It gives Upstox an edge over leading online brokers such as Zerodha, Angel One, or ICICI Direct.
Brokerage Charges
Next, it's essential to look at the brokerage charges in Upstox. Here are the Upstox brokerage charges:
|
Instruments |
Brokerage charges |
|
Equity Delivery |
₹20 or 2.5% (whichever is lower) per order on stocks |
|
Mutual Funds |
₹0 brokerage Charges |
|
Equity Intraday |
₹20 or 0.05% (whichever is lower) |
Upstox Pros and Cons
Pros:
- ₹0 charges on Account opening and ₹0 Annual Maintenance Charges
- Leverage trading
- Sensibull Integration
- Ready-made strategies
- Advanced order types like GTT order
- Decent trading applications with advanced charting tools
- Excellent support
Cons:
- Equity Delivery is not brokerage-free
- P&L reporting needs to get better
Upstox Features
UpLearn
UpLearn is Upstox's dedicated platform to impart essential financial education to beginners in investing and trading. The platform offers users fundamental to advanced trading essentials, including technical analysis, fundamental analysis, programmatic trading, and personal finance. You can use the platform for free and make the most of it to improve your trading skills.
Deposits and Withdrawals
Deposits and Withdrawals are seamless in Upstox. You can fund your trading account in just a minute through UPI or Netbanking. Withdrawing funds is equally simple. I have been using Upstox for the past two years and have never faced any problem withdrawing funds from Upstox.
Leverage Trading
Upstox offers leverage trading, meaning you can buy more quantities of equity stocks for intraday trading than your actual funds allow you to buy. It helps you earn more, provided you take good trades. You can get up to 5x leverage on Upstox.
Trading Applications
It's time to talk about Upstox's applications. Upstox has excellent trading applications across web and mobile devices – Upstox Pro mobile & Upstox Pro web apps. Upstox's trading application comes with lots of insights for traders and investors.
It offers you the option to choose between Tradingview and Tick by Tick charting tools. Besides, it provides multiple time frames and indicators for your analysis. The application also comes with decent fundamental analysis data. Further, users can choose from various order types.
There is one caveat about Upstox Pro. While the Upstox Pro mobile app works seamlessly, the Upstox Pro web lags sometimes. I prefer using the external Tradingview chart to plan my orders at times like these.
Sticky Order Windows
Sticky Order Windows is a new Upstox feature and using this feature, you can pin your order window to get real-time updates or reopen a buy or sell order quickly.
GTT Order
Among the various order types that the Upstox app comes with, the GTT order is an advanced type that can be exceptionally useful for safe trading. You can place stop loss and target using GTT when placing your order. Hence, it can help you maintain good risk-to-reward.
Ready-made Options Strategies
Upstox is known for its ready-made options strategies for bullish, bearish, volatile, and neutral markets. These strategies come with insights on the probability of profit/loss, fund requirements, interactive pay-off graph, and multi-leg order placement & tracking. Users can win trades with these ready-made strategies.
Sensibull Integration
Upstox allows users to integrate their Upstox accounts with Sensigull Integration. With Sensibull, users can create and backtest options strategies using options analysis tools and real-time prices.
Upstox Vs. Competitors
If we consider Upstox's Competitors, Zerodha gives Upstox tough competition. Even though the two trading platforms have a lot of features in common, Zerodha has a leading edge over Upstox in some places. For example, Zerodha has better P&L reporting than Upstox. Besides, Zerodha's web trading interface is faster than Upstox. I have used both platforms and I always felt that order placement is faster on Zerodha than Upstox. Zerodha's KillSwitch is another unique feature that Upstox misses.
Upstox is better than Zerodha in terms of customer support. Upstox's phone support is faster and more responsive than Zerodha's since users need support codes to get executive over the phone. I always feel the support code makes the process unnecessarily lengthy and complicated. Apart from this, Upstox doesn't charge any account opening fee and AMC, unlike Zerodha. If we compare Upstox with trading platforms such as Angel One, or ICICIDirect, it's certainly more reliable.
Dhan is a platform that, despite being a new online trading platform, has advanced features and offers an excellent trading experience. Like Upstox, Dhan doesn't charge any account opening charges and AMC. Besides, Dhan offers APIs for free, unlike Upstox and Zerodha. Further, the platform has many advanced features, such as Trader's Diary and an external Tradingview. Most importantly, Dhan offers exceptional trading experience and support.
Upstox Support
Upstox has the industry's best support team. Upstox offers users excellent technical assistance through live chat, phone, and email. The chat and phone support is exceptionally fast, while the email support is just as good in other trading platforms. With Upstox, you can expect the most reliable customer support service.
Conclusion
I have walked you through the various crucial aspects of Upstox. As you have seen in this post, Upstox comes with affordable charges and highly usable trading applications with Tradingview and Tick by Tick charts. The platform also comes with many innovative features such as Readymade Options trading strategies.
Upstox has a comprehensive and responsive customer service. Most importantly, Upstox has a great track record with no major issues, which makes it a good Zerodha alternative as Zerodha has had many glitches since 2023.
