Upstox Review 2024
Website: upstox.com
Min. Deposit: US$ 0
Leverage: Margin Trading
Trading Platforms: Upstox Pro Web, Mobile, NEST Desktop, Upstox Developer Trading Platforms, TradingView
Regulation: SEBI
Headquarters: India
Founded: 2009
Regulatory Licenses:
- RKSV Securities India Pvt. Ltd. - authorized by SEBI (India) registration no INZ000185137
- RKSV Securities India Pvt. Ltd. - member of NSE, BSE, MCX, & CDSL (India)
Updated on January 16, 2024
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In our commitment to providing a comprehensive and unbiased review, we have meticulously evaluated Upstox against a set of stringent criteria. This evaluation process involved a thorough analysis of the broker's regulatory compliance, trading platforms, financial instruments offered, fee structure, customer support, and security measures. Our findings are based on extensive research, including comparisons with over 1000 brokers, to ensure that our review is accurate and reliable for potential traders.
Upstox is an Indian-based brokerage firm that enables users to engage in trading across a variety of financial instruments such as stocks, mutual funds, commodities, currencies, and more, through its advanced online trading platforms. The firm is regulated by the Securities and Exchange Board of India (SEBI), which is responsible for overseeing stock trading and brokerage operations, ensuring transparency, and safeguarding investors' interests. Upstox is dedicated to making trading accessible and straightforward for investors by providing a user-friendly interface along with various analytical tools.
Pros
Offers a userfriendly interface suitable for both novice and experienced traders.
Provides advanced charting tools and analytical features for comprehensive market analysis.
Known for competitive brokerage rates, appealing to costconscious investors.
Cons
Some users have reported occasional technical and server issues, potentially hindering seamless trading.
Lacks a toptier license, raising concerns for traders who prefer brokers with higher regulatory credentials.
Upstox is a reputable stock trading broker that adheres to the regulations and guidelines established by the Securities and Exchange Board of India. This regulatory body plays a crucial role in overseeing brokerage operations, ensuring transparency, and protecting investors' interests, thereby affirming Upstox's reliability and safety as a brokerage firm.
Upstox provides margin trading opportunities, allowing traders to leverage borrowed funds to amplify their market positions. The broker's margin calculator is a valuable tool that helps investors ascertain the required margin for their trades, taking into account factors such as stock volatility and market conditions. In accordance with SEBI regulations, Indian traders may utilize a maximum leverage of up to 1:50 for major currency pairs.
Upstox Review Summary in 10 Points
Headquarters: India
Regulation: SEBI
Platforms: Upstox Pro Web, Mobile, NEST Desktop, Upstox Developer Trading Platforms, TradingView
Trading Products: Stocks, Mutual Funds, Bonds, Commodities, Futures, Options, ETFs, Currencies
Stock Commission: From ₹20/$0.24
Paper Trading/ Demo Account: Available
Minimum Deposit: $0
Base Currencies: EUR, USD, GBP, INR
Education: Provided
Customer Support: 24/5
Overall Upstox Ranking
Upstox has established itself as a prominent player in the Indian stock brokerage industry, recognized for its user-friendly platform, competitive brokerage rates, and a broad array of financial instruments. Although it's advisable to take into account specific investment needs, preferences, and the platform's potential limitations before deciding, Upstox's Overall Ranking stands at 3.9 out of 5, based on our thorough testing and comparison with over 1000 brokers.
Is Upstox Legit?
Yes, Upstox is a legitimate and regulated investment firm, authorized by SEBI in India, which enjoys a reputable standing in the financial market. Despite operating under a single regulatory authority and lacking a top-tier license, Upstox maintains a high level of trustworthiness. Our Ranked Upstox Trust Score is 4.4 out of 5, reflecting its good reputation and quality of services. Nevertheless, we recommend conducting personal research, reviewing customer feedback, and considering individual factors before engaging with the broker.
Customer Trading Protection
Upstox complies with SEBI regulations and employs advanced encryption technologies to safeguard user data and financial transactions. This enhances the security of the trading experience. However, traders are also encouraged to activate security measures like two-factor authentication and stay informed about best practices to further secure their trading activities.
In our comprehensive review, we found that the broker primarily offers two distinct types of trading accounts: Securities and Commodities. The Securities account is designed for those interested in a range of financial instruments, including equities, currencies, futures, and options. In contrast, the Commodities account is specifically tailored for those who wish to trade in various commodities such as gold and silver, as well as commodity futures and options. These accounts are structured to cater to the diverse needs of different traders.
Pros
Quick and straightforward account opening process.
No minimum deposit requirement, making it accessible to a wide range of investors.
Cons
We did not identify any notable cons in our review.
How to Open an Upstox Live Account: Opening an account with Upstox is a user-friendly and efficient process. Simply follow these steps:
Navigate to the “Open Demat Account Upstox” page on the broker’s website.
Input required personal information like name, email, and phone number.
Upload necessary documents for verification, such as proof of residence and identification.
Complete an electronic quiz to confirm your level of trading experience.
Once your account is set up and verified, you can proceed to deposit funds and start trading.
Upstox offers a comprehensive selection of trading products, including Stocks, Upstox Mutual Funds, Bonds, Commodities, Futures, Options, ETFs, and Currencies. This diverse range provides investors with the opportunity to diversify their portfolios and tailor their trading strategies to align with their financial objectives and risk tolerance levels.
Market Range Score:
Upstox is given a high score of 8.9 out of 10 for its overall range of trading products. This rating is attributed to the wide variety of available options and the inclusion of unique trading opportunities and investment options.
Our research indicates that the brokerage is recognized for its competitive pricing framework, presenting cost-efficient solutions for electronic trading. The brokerage adopts varied fee structures for different trading segments such as equities, commodities, and currencies, which encompass brokerage fees, share prices, among other expenses.
The overall rating for fees is 3.9 out of 5, positioning it as low or average, based on our comprehensive evaluation against over 1000 other brokers. While some services are offered at no cost, certain services may incur fees. Further details and comparisons are provided below:
Our analysis reveals that the brokerage typically imposes a commission per trade, which may fluctuate depending on the asset class, including equities, commodities, or currencies.
As fees and commissions are subject to modifications, it is advisable for clients to visit the broker's official website or reach out to customer service for the most current and accurate information regarding trading commissions.
The commission structure is rated favorably, with a score of 4.0 out of 5. Our findings suggest that the fees are competitive, transparent, and conducive to investment.
Upstox Trading Hours
Our investigation found that the brokerage adheres to the trading hours stipulated by the respective exchanges for various asset classes. For equity trades on Indian stock exchanges such as the NSE and BSE, the standard market hours are typically from 9:15 AM to 3:30 PM, from Monday through Friday.
Trading hours for commodities may differ based on the commodity exchange. It is crucial for traders to be informed about the specific trading hours for the asset classes they are interested in and to stay updated on any changes or adjustments, as market hours can be subject to shifts based on regulatory rulings or other considerations.
The broker offers a variety of funding methods, making it easier for users to deposit funds into their trading accounts. These include methods such as online bank transfers, net banking, Google Pay, Cheque, and the Unified Payments Interface (UPI). Users also have the option to use the National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS), or Immediate Payment Service (IMPS) for funding their accounts.
In terms of funding methods, the broker received a commendable rating of 4.3 out of 5. The fees associated with deposits and withdrawals are minimal, and the variety of funding options is advantageous for users.
Upstox Minimum Deposit
The broker is flexible regarding the initial deposit, not imposing a mandatory minimum requirement. This flexibility allows users to start trading with any amount they are comfortable with, in contrast to other brokers that might require a minimum deposit of $500.
Upstox Withdrawals
Our analysis indicates that the broker facilitates a straightforward withdrawal process. Users can easily initiate withdrawals through the platform, with funds typically transferred to their registered bank account.
To withdraw funds, users should follow these steps:
Login to their account
Select 'Withdraw Funds' in the menu tab
Enter the amount to be withdrawn
Choose the withdrawal method
Complete the electronic request with the necessary details
Confirm the withdrawal information and submit
Monitor the status of the withdrawal through the Dashboard
Upstox offers various proprietary trading platforms to suit different trading preferences and needs. The Upstox Pro Web offers a user-friendly, web-based platform for online trading, while the Upstox Pro Mobile app enables trading on the move, offering a convenient mobile trading experience. For desktop users, Upstox integrates with NEST Desktop, providing a comprehensive trading platform. Upstox also offers Developer Trading Platforms for those who wish to customize and build their own trading solutions. In collaboration with TradingView, Upstox enhances its technical analysis capabilities, making it a preferred choice among traders.
The broker's platform received a rating of 4.4 out of 5, marking it as superior in comparison to over 1000 other brokers. The advanced trading platforms and tools offered by the broker are significant advantages.
Upstox Pro
According to our research, Upstox Pro stands out as a user-friendly platform suited for both novice and experienced traders. Featuring advanced charting tools, real-time market data, and a customizable interface, it allows users to efficiently analyze the markets and execute trades. The platform is accessible as both a web-based application, Upstox Pro Web, and a mobile app, Upstox Pro Mobile, enabling traders to stay connected to the financial markets from anywhere.
The broker provides customer support 24 hours a day, 5 days a week, through email, a dedicated customer care number, or the live chat feature on their website. The support team includes trading experts who offer assistance with technical support, analysis recommendations, general inquiries, and operational issues. The quality of customer support at Upstox is rated at 3.8 out of 5. While our testing found the support to be good, some users have reported occasional delays in response times.
The broker offers an extensive range of educational resources, including informative articles, tutorials, and webinars. These resources are designed to help users understand various aspects of trading, market analysis, and risk management. Upstox also organizes educational events and initiatives, further supporting users in their trading journey. Based on our research, Upstox's educational offerings are rated at 4.4 out of 5, indicating that the broker provides valuable learning materials and research beneficial for traders aiming to enhance their trading knowledge.
In summary, Upstox is a leading online brokerage platform in the Indian market, known for its user-friendly experience, diverse trading products, and cost-effective solutions. The broker is celebrated for its accessibility, robust features, and a range of educational resources and research.
Overall, Upstox provides a competitive trading environment suitable for investment. Nonetheless, it is advised to conduct your own research and assess whether the firm's offerings align with your specific trading needs.
Based on our findings and financial expert opinions, Upstox is recommended for:
Indian traders
Investing
Stocks and Options trading
Currency trading
Advanced traders
Professional trading
Commission-based trading
Direct market access
Competitive trading environment
Educational materials and research
