₹20 All segments incl. delivery		₹20 Intraday & F&O		₹0 AMC year 1
₹300/yr AMC from yr 2		₹20 DP charge/scrip		4.1/5 CSB Rating

If you've been comparing discount brokers in India, Upstox is the name that almost always comes up right after Zerodha — and with good reason. Founded in 2009 as RKSV Securities by Raghu Kumar, Ravi Kumar, and Shrinivas Vishwanath in Mumbai and rebranded to Upstox in 2016, it is today India's second-largest discount broker. It is backed by Ratan Tata, Kalaari Capital, and GVK Davix — institutional credibility that very few Indian fintechs have earned.

Upstox charges a flat ₹20 per executed order across all segments — including equity delivery. This is an important point that many investors miss: unlike Zerodha which offers zero brokerage on delivery trades, Upstox charges ₹20 per order on delivery as well. The first year demat AMC is free, after which ₹300 per year applies — same as Zerodha from year 2. The platform, Upstox Pro, is fast, modern, and well-suited to active traders, with TradingView-powered charting and a strong API for algorithmic trading.

Where Upstox clearly differs from Zerodha: it does not offer NRI trading accounts, it does not offer direct mutual fund plans (only regular plans), and it has no structured education resource comparable to Varsity. For purely active traders who value platform speed and API access, Upstox is a strong choice. For long-term investors who hold large delivery portfolios, the ₹20 per order delivery charge makes Zerodha the better option.

Brokerage charges

3.9

Trading platform (Pro)

4.2

Mobile app

4.2

Customer support

3.2

Research & tools

3.0

Education (Uplearn)

3.0

Account opening

4.3

Transparency

3.8

Overall Rating

4.1

Ratings based on independent testing, verified user reviews, SEBI complaint data, and platform benchmarking. Updated March 2026.

Unlike Zerodha, Upstox charges ₹20 on all segments including equity delivery. This is the most important pricing difference between the two brokers. If you buy 10 different stocks in a year and sell them, you pay ₹200 in brokerage at Upstox vs ₹0 at Zerodha. For frequent delivery traders this adds up significantly; for active intraday and F&O traders the pricing is identical.

Upstox has rolled out several significant updates in 2025–2026 that change the value proposition for both investors and traders. Here is what is new and what it means for you.

Upstox MTF lets you buy more stocks than your cash balance allows by borrowing from Upstox. You pay only a part of the stock value upfront (as low as 25%) and Upstox funds the rest at a daily interest rate. MTF positions can be held for up to 365 days and are available on 1,500+ approved stocks.

Upstox has been running a special brokerage rate of ₹10 per order for trades placed via the Upstox API — half the standard ₹20 rate. This was extended until March 31, 2026 and auto-applies to both Basic and Plus plan users without any opt-in. The API itself is free for basic access. This makes Upstox one of the most cost-effective platforms for retail algorithmic traders in India — compare this to Zerodha's Kite Connect which charges ₹2,000/month for API access.

Upstox Pro Web is a browser-based platform that works on Chrome, Firefox, and Safari without any installation. Charting is powered by TradingView — the same engine Zerodha Kite uses — with 150+ indicators, multiple timeframes, and a clean option chain view with Greeks. Chart360, Upstox's proprietary overlay, highlights pattern setups directly on the chart. Basket orders, AMO (After Market Orders), cover orders, and GTT orders are all supported. For active traders the platform is fast and capable — directly comparable to Kite for most workflows.

Available on iOS and Android. The app has a clean dual-mode interface — a simpler investor view and a more detailed trader view — making it accessible to beginners while retaining depth for active traders. Portfolio tracking, watchlists, one-tap order modification, and IPO applications are all available from the app. Third-party platforms including Fox Trader, Dartstock, and Omnesys NEST are also supported for traders who prefer desktop trading terminals.

Upstox offers Uplearn with webinars, video tutorials, and market explainers. It is useful for platform guidance and strategy ideas. It does not match the depth or structured curriculum of Zerodha's Varsity, which covers 13 modules from market basics to options theory. If you are new to investing and need a learning system, Varsity remains the better free resource — accessible at varsity.zerodha.com without an account.

Upstox has one of the fastest account opening processes in India. Most accounts are activated the same day on working days. The entire process is online and paperless.

1	Visit upstox.com → Get Started — Enter mobile number and verify via OTP. Basic details form takes about 4–5 minutes.
2	PAN + Aadhaar eKYC via DigiLocker — Aadhaar-linked mobile OTP required. Takes under 2 minutes if your mobile is active.
3	IPV — In-Person Verification — Brief front-camera check mandated by SEBI. Takes under 60 seconds in-app or in-browser.
4	Bank account linking — Enter bank details. Instant penny drop verification. No cheque upload needed if auto-verification succeeds.
5	Account activation — Credentials sent via email and SMS. Usually same working day. Fund your account immediately after activation.

• You primarily trade intraday or F&O — pricing is identical to Zerodha at ₹20/order and the Pro platform is fast and well-suited for active trading.
• You want fast account opening — Upstox accounts typically activate same-day, and the onboarding UX is among the smoothest of any Indian broker.
• You build algorithmic trading systems — Upstox API is well-documented, actively maintained, and supports Python and other languages for custom algo development.
• You want third-party platform support — Fox Trader, Dartstock, and NEST are available for traders who prefer desktop terminals over web/app.

• You invest primarily in equity delivery — Zerodha offers zero delivery brokerage. For long-term investors buying and holding stocks, this is a significant cost difference.
• You are an NRI — Upstox does not offer NRI accounts. Consider HDFC Securities or ICICI Direct which have dedicated NRI onboarding.
• You want direct mutual fund plans — Upstox only offers regular plans. Zerodha Coin and Groww offer direct plans with lower expense ratios.
• You are a beginner who needs structured education — Zerodha's Varsity is far superior for learning from scratch. Uplearn does not match it in depth or curriculum structure.
• You need research or advisory — Angel One and Motilal Oswal offer in-house research and analyst recommendations.

Regulatory standing: Upstox (RKSV Securities Pvt Ltd) is registered with SEBI as a stock broker (INZ000185137) and is a member of NSE, BSE, and MCX. Also registered with CDSL and NSDL as a Depository Participant. No major regulatory violations in 15+ years of operation. Your shares are held in your CDSL demat account in your own name — independent of Upstox's balance sheet.

Investor backing: Backed by Ratan Tata, Kalaari Capital, and GVK Davix. Ratan Tata's personal investment is well-documented and represents credible institutional endorsement. Upstox is a profit-making, zero-debt company — financial stability that adds to the trust picture.