Upstox Review 2026: Charges, Pros, Cons and Who It Suits

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Upstox is one of India’s largest discount brokers, and it often comes up when beginners compare apps. This is a plain-English look at what it costs, what it does well, and where it may not suit you. It is general education, not a recommendation to open any particular account.

What is Upstox?

Upstox is an SEBI-registered discount stockbroker that offers a demat and trading account through its mobile app and web platform. You can buy shares, ETFs, IPOs, mutual funds and trade derivatives. “Discount” means it charges a flat fee per order rather than a percentage of your trade value, which is usually cheaper than a traditional bank-linked broker.

Upstox charges at a glance

Based on Upstox’s own brokerage page when we checked in October 2026 (fees change, so always confirm on the live page before you sign up):

  • Account opening: free, though the page says a processing fee may be charged during onboarding.
  • Annual maintenance (AMC): ₹0 in the first year for new customers; after that ₹300 + GST for standard (non-BSDA) accounts.
  • Equity delivery brokerage: ₹20 per executed order.
  • Intraday: ₹20 per order or 0.1%, whichever is lower.
  • Options: flat ₹20 per executed order; futures ₹20 or 0.05%, whichever is lower.
  • DP charges: ₹20 per scrip, only on sell orders for delivery, plus GST.

On top of these, every broker passes on government charges (STT, exchange fees, GST, stamp duty). Those are not Upstox’s income and apply everywhere.

Who Upstox suits

  • Beginners who want a clean, fast mobile app.
  • Investors who place a few orders a month and want predictable flat fees.
  • People who also want to try IPOs or mutual funds from the same app.

Honest downsides

  • Delivery brokerage is not free. Some brokers charge ₹0 on delivery trades. If you buy and hold small amounts often, ₹20 per order adds up, so batch your purchases.
  • AMC after year one. Remember the ₹300 + GST yearly charge when comparing.
  • Outages and support. Like every discount broker, apps can slow down on volatile days, and support is mostly digital.
  • Easy access to derivatives. Most retail traders lose money in F&O. SEBI’s own studies have repeatedly shown this. Beginners should stay away until they truly understand the risk.

How it compares

For a head-to-head on fees and features, read our Zerodha vs Angel One vs Upstox comparison and the Zerodha vs Angel One guide for beginners. If you are still deciding whether to open an account at all, start with best demat account for beginners.

How to open an Upstox account

  • Keep your PAN, Aadhaar linked to a mobile number, and a bank account ready.
  • Sign up in the Upstox app and complete e-KYC with a selfie and e-sign.
  • Add a cancelled cheque or link your bank via UPI, then wait for account activation (usually within a day or two).
  • Start small: buy one low-cost index fund or large-company share to learn the flow.

Our full walk-through is in how to open a demat account.

Before you decide

Pick a broker for the things you will actually use: price per order, app you enjoy, and good support. Don’t pick based on sign-up bonuses. You can also keep a low-cost approach by investing through a monthly SIP instead of frequent trading. Our Finostock Toolkit lists the tools we find useful when getting started.

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Disclaimer: Finostock provides general financial education only. We are not a SEBI-registered investment adviser, and nothing here is personal advice. Fees and rules change, so verify details on the broker’s official website before acting. Investments in securities are subject to market risk.

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