Upstox Vs. Groww is a useful comparison to understand which one of the two trading and investing platforms is ideal for your requirements.
In this article, I will walk you through the various crucial aspects of the two discount brokers, including charges and trading platforms.
Upstox Vs. Groww (Summary):
- Upstox entered the discount broking industry in 2009, while Groww was launched in 2016.
- Both discount brokers offer a wide range of financial products for trading and investing, including stocks, mutual funds, SIP (Systematic Investment Plan), IPOs, ETFs, and F&O.
- None of the two brokers charge a demat account opening fee and AMC.
- Both Upstox and Groww have minimal brokerage charges; both charge brokerage on Equity Delivery.
- Upstox and Groww have good trading applications across web and mobile device platforms.
- Both brokers have margin trading facilities and Commodity trading; however, none of them offer NRI trading.
- None of the brokers have any zero brokerage plan.
- Upstox offers comprehensive Customer Support through live chat, phone, and email, while Groww only offers ticket support.
Upstox Vs. Groww (Pros & Cons):
Upstox Pros and Cons:
Pros:
- Free demat account opening.
- Zero annual maintenance charges.
- Good product offerings, including stocks, mutual funds, and F&O.
- Minimal brokerage charges.
- Reliable trading applications across web and mobile device platforms.
- Tradingview and ChartIQ charting tools.
- Ready-made Options strategies.
- Comprehensive Support comprising live chat, phone, and tickets.
Cons:
- Order placement takes three steps.
Groww Pros and Cons:
Pros:
- No account opening charges.
- No annual maintenance charges.
- Wide range of products, including stocks and mutual funds.
- Stable applications across web and mobile device platforms.
- Advanced charting tools and multiple order types.
Cons:
- Support is limited to just tickets.
Upstox Vs. Groww (Charges):
Upstox allows customers to open a free demat account. The discount broker doesn't charge any annual maintenance charges. Besides, the platform keeps its brokerage charges minimal. Here are the Upstox's brokerage charges:
- Mutual Funds and IPOs: ₹0
- Equity Delivery & Intraday: ₹20
- Futures and Options: ₹20
- Commodity & Currency Trades: ₹20
As you can see, Upstox follows a flat pricing model and the brokerage charges are pretty reasonable. However, the trading platform charges a brokerage charge on Equity Delivery while most brokers have zero brokerages on Equity Delivery.
It's time to look at Groww's charges. Groww has a similar approach to Upstox regarding account opening and AMC. The stock broker has zero charges for opening a demat account. Besides, the platform doesn't have any AMC charges.
Groww keeps its brokerage charges pretty low. Here are the charges:
- Mutual Funds: ₹0.
- Equity Delivery: ₹20 or 0.05% per executed order, whichever is lower.
- Futures & Options: ₹20 per executed order.
Like Upstox, Groww charges brokerage fees on Equity Delivery, while most brokers don't. However, if we compare, Upstox seems to have better pricing than Groww. It's also worth mentioning that there are some additional charges that you pay along with brokerage for every executed order such as service tax, transaction charge, and GST.
Both Upstox and Groww come with brokerage calculators and you can use a brokerage calculator to get a break down of the charges. If you are into margin trading, you can you use a margin calculator to find out the required for the trade.
Upstox Vs. Groww (Trading Platforms):
Upstox has good web and mobile applications for trading and investing. The app is called Upstox Pro, and the interface is pretty intuitive and has excellent market updates. Interestingly, you can customize the interface of Upstox Pro for trading or investing by toggling between Upstox For Traders and Upstox For Investors.
The application come with advanced charting tools such as Tradingview and ChartIQ for technical analysis. Besides, Upstox Pro has multiple watchlists, mutiple order types, Ready made Options strategies, and Sensibull integration.
Considering the glitches many brokers have had in the recent past, I started using multiple brokerage accounts, which includes Upstox as well. I find Upstox pretty reliable with a fast and friendly interface.
However, I only dislike the fact that I have to go through three steps while placing an order. I reduced it down to two by disabling the Review your order feature from the settings.
It's also important to mention that I recently faced an issue while trying to run Upstox Pro web on Firefox as the interface didn't load. However, it worked fine when I ran it on Chrome.
Like Upstox, Groww has applications across web and mobile platforms. The Groww app comes with Tradingview and ChartIQ charting tools, multiple watchlists, and multiple order types.
The interface looks simple yet provides good information with screeners and tools. I like the fact that the inbuilt Tradingview charts look even better than the actual Tradingview charts. Users can Buy and Sell right from the Chart. Besides, your watchlists are synced well with the Tradingview side panel.
Deposits and Withdrawals are seamless on both platforms once you link your bank account. You can deposit through UPI or net banking. The withdrawal process is simple on both platforms.
Upstox Vs. Groww (FAQs):
Is Upstox suitable for beginners?
Upstox is one of the best trading platforms for beginners since it comes with a beginner-friendly interface and easy navigation. Besides, the platform offers wtih Tradingview and ChartIQ tools for free and has Readmade Options strategies for Options trading. Most importantly, the platform has comprehensive customer service, including phone, live chat, and email support.
Is Groww free or paid?
Groww doesn't charge account opening fees and AMC. However, the platform charges brokerage fees on executed orders. Hence, it may not be right to call it a free platform.
Conclusion
As you have seen in this post, Upstox and Groww are pretty similar in some places. However, Upstox has some advantages over Groww. Upstox's interface has a newer feel, while Groww's interface is just too basic.
Besides, Upstox has useful features for Options trading with Readmade Options strategies, OI Data, and Sensibull integration. Most importantly, Upstox comes with comprehensive customer service, including phone, email, and live chat support. I will recommend Upstox over Groww.
