BrokerHiveXBrokerHiveX
Upstox Review | Is Upstox Reliable? A Complete Analysis of Regulatory Qualifications, Trading Conditions, Platform Experience, and User Reputation
1 month before
Summary：How is Upstox? This review comprehensively analyzes Upstox, a well-known Indian discount broker, including its regulatory compliance, transaction fees, platform features, deposit and withdrawal methods, and user reviews. It answers common questions like "Is Upstox reliable?", "Is it safe?", and "Is it a scam?" to help investors make informed decisions.
1. Brand Background and Development History
Founded in 2009 and headquartered in Mumbai, Upstox (RKSV Securities India Pvt. Ltd.) is one of India's leading discount brokers.
Investors: Backed by Tiger Global .
User scale: Over 8 million active customers (NSE/BSE data).
Target Group: Targeting young traders and mobile users , it is ranked alongside Zerodha as one of India's "two leading brokerage firms."
2. Trading Account and Trading Conditions
| Account Type | Minimum deposit | Average commission/spread |
|---|---|---|
| Equity Delivery | No minimum deposit | Free (0 commission) |
| Intraday Equity | No minimum deposit | 20 INR or 0.05% per transaction |
| Futures & Options | No minimum deposit | 20 INR per transaction |
| Commodities | No minimum deposit | 20 INR per transaction |
Comment : Upstox is similar to Zerodha in that it offers commission-free stock delivery, but its intraday trading fees are slightly higher , so high-frequency users should be aware of this.
III. Supervision and Compliance
| Regulatory agencies | License number | Entity Name |
|---|---|---|
| SEBI (Securities and Exchange Board of India) | INZ000185137 | RKSV Securities India Pvt. Ltd. |
| Member of NSE (National Stock Exchange of India) | Member code: 90061 | Same as above |
| BSE (Bombay Stock Exchange) member | Member code: 3004 | Same as above |
Comment : Upstox is also registered with SEBI and holds membership of NSE/BSE, so it has high compliance.
IV. Trading Products and Market Coverage
Stocks (NSE/BSE listed companies)
Index futures and options (NIFTY, BANKNIFTY, etc.)
Commodities (MCX Platform)
Mutual Fund Direct Sales
Features : Compared with Zerodha, Upstox focuses more on mobile convenience, but also lacks support in the international market.
5. Trade Execution and Technical Performance
Platform: Upstox Pro (Web + App) , with a simple UI and support for multiple charts and real-time quotes.
Order type: including market, limit, SL, SLM, etc.
Technical features: TradingView integration , backtesting support and smart charting.
Review : Upstox Pro has a more modern interface, but its stability is slightly inferior to Zerodha Kite during peak hours.
6. Deposit and Withdrawal Methods and Time Limits
Deposit: UPI, NetBanking, IMPS/NEFT/RTGS.
Withdrawal: Indian bank transfer.
Time limit: deposits are immediate, withdrawals are T+1.
7. Customer Service and Additional Features
Customer service channels: Support ticket system, phone and in-app chat.
Business hours: 9:00–18:00 on Indian trading days.
Language: English, Hindi.
Additional features: educational resources, free account opening offers, and API interfaces for developers.
8. Media and User Reviews
International media citations
The Times of India described Upstox as "another driving force behind the zero-commission revolution."
TechCrunch reported that Upstox quickly emerged as Zerodha's biggest competitor after receiving support from Tiger Global.
Community and user feedback
Pros: Modern trading interface, TradingView support, fast account opening process.
Disadvantages: Customer service response speed is average, and some users report that the system freezes during peak hours .
Comprehensive conclusion
Upstox is the second-largest discount broker in the Indian market , particularly well-suited for young investors and those who prefer mobile trading.
IX. Risk Warning
Only Indian residents are allowed to open accounts and overseas investors cannot use it directly.
System delays may occur during peak trading periods.
Lack of global market investment channels.
10. Rating (10-point system + brief comments)
Regulatory Compliance: 9/10 — SEBI license and exchange membership.
Trading conditions: 8/10 — Commission-free delivery, intraday rates slightly higher than competitors.
Platform experience: 8/10 — Upstox Pro has a user-friendly UI, but stability needs to be improved.
Deposit and Withdrawal Experience: 7/10 — Indian banking channels only.
Customer Service: 7/10 — The ticketing system could be improved.
Overall Rating: 7.8/10 — A low-cost broker suitable for young Indian traders.
⚠️Risk Warning and Disclaimer
BrokerHivex is a financial media platform that displays information sourced from the public internet or uploaded by users. BrokerHivex does not endorse any trading platform or instrument. We are not responsible for any trading disputes or losses arising from the use of this information. Please note that the information displayed on the platform may be delayed, and users should independently verify its accuracy.
