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Upstox Review
Upstox is a Mumbai and Delhi linked Indian discount broker backed by Tiger Global and Ratan Tata. A major 2021 data breach exposed millions of KYC files.
Min Deposit
N/A
Spreads From
Not applicable, Upstox charges a flat brokerage fee instead of a forex style spread
Max Leverage
Margin varies by product and exchange rules rather than one fixed forex style ratio
Platforms
Upstox Pro app, Upstox web platform
Pros
- Backed by big investors, including Tiger Global and early backer Ratan Tata
- Flat 20 rupee brokerage on every order type keeps pricing simple to track
- Free account opening, with no charge to open a trading or demat account
- Runs a standing refer and earn program with a variable cash reward
Cons
- A 2021 breach exposed contact and KYC data from about 2.5 million accounts
- Paid a 1.13 crore rupee SEBI settlement over cyber security rule violations
- Delivery trades cost 20 rupees here, while some rivals keep them free
- Some users report app slowdowns during busy weekly expiry sessions
Upstox began as RKSV Securities in 2009 and rebranded to Upstox in 2016. RKSV Securities India Private Limited holds SEBI stock broker registration INZ000185137. Tiger Global became its largest institutional backer, and early investor Ratan Tata sold his stake in 2024 for a return of about 23000 percent.
Upstox charges a flat 20 rupees per executed order across equity delivery, intraday, and derivatives, unlike rivals that keep delivery trades free. Account opening is free, though the demat account carries a 300 rupee yearly charge. A standing refer and earn program pays a variable reward once a referred friend opens and funds an account.
In April 2021, hackers exposed contact and KYC details from about 2.5 million Upstox accounts after breaching a server. SEBI later issued a show cause notice over cyber security rules, and Upstox settled the case by paying 1.13 crore rupees. Some users also report slow app performance during busy expiry day trading.
Max Leverage
Margin varies by product and exchange rules rather than one fixed forex style ratio
Spreads From
Not applicable, Upstox charges a flat brokerage fee instead of a forex style spread
Platforms
Regulation, fund safety, track record
Spreads, execution, leverage
Platform quality, charting, features
Analysis, webinars, learning materials
Support quality, responsiveness
Mobile app quality, features
