Reviewed by Neil, Founder, PaisaTrade.in · Updated 2026-09-29
Upstox Review 2026
Fast. Smart. No Nonsense Trading. — Complete brokerage analysis, charges breakdown, platform review, and honest verdict for Indian investors.
Zero AMC + TradingView charts + Tiger Global backed
Brokerage
₹20
AMC
₹0
Active Clients
25 Lakh
Founded
2009
About Upstox
Upstox is one of India's most recognized stock brokers, registered with SEBI (Registration No: INZ000189930). Founded in 2009 and headquartered in Mumbai, Maharashtra, Upstox has built a strong reputation in the Indian capital markets. With over 25 Lakh active NSE clients, a top-5 broker by active clients in terms of registered clients.
As a discount broker, Upstox offers trading across Equity, F&O, Currency, Commodity, Mutual Funds, IPO segments. The broker operates a app-first, mobile-native trading infrastructure, catering primarily to tech-savvy traders, algo trading, chart-focused investors.
The brokerage model at Upstox is straightforward: flat fees with zero delivery brokerage. This model favours active traders and long-term investors alike, as delivery (holding) trades incur no brokerage — only SEBI charges, STT, stamp duty, and exchange fees apply.
Account Opening Process
Opening an account with Upstox is a fully online, paperless process. You need your PAN card, Aadhaar, bank account details, and a signature image. The KYC verification is Aadhaar-based (eKYC) and typically completes within 24–48 hours. Account opening fee is ₹0.
Brokerage Calculation Example
Let's say you buy 100 shares of Reliance at ₹2,800 (total value = ₹2,80,000):
Margin & Leverage
For intraday equity trades, Upstox provides Up to 5x leverage. For F&O, margin requirements follow SEBI's SPAN + Exposure framework set by the exchanges. Note: As per SEBI regulations, naked short selling in options requires full premium upfront, and margin pledge requirements were updated in 2021.
Upstox offers a Margin Trading Facility (MTF) for select stocks, allowing you to hold leveraged positions for more than one day by paying daily interest.
Tax & Compliance Features
Upstox provides detailed P&L statements, tax P&L reports (for ITR filing), and SEBI-compliant contract notes for every executed trade. These are accessible from the web platform and downloadable as PDFs. For mutual fund investments, Upstox provides capital gains statements aligned with LTCG/STCG tax brackets.
SEBI Registration & Safety
Upstox is registered with SEBI under registration number INZ000189930. Client funds are held separately from the broker's own funds as per SEBI's client asset segregation norms. Upstox is also a registered member of NSE, BSE, MCX, and NCDEX (where applicable). Your demat account is held with NSDL or CDSL — separate from the broker — ensuring your securities are safe even if the broker faces financial difficulties.
Active Client Base
25 Lakh
Active NSE Clients (2026)
#4
NSE Rank by Active Clients
Upstox ranks #4 among all NSE-registered stockbrokers by active client count. NSE publishes this data monthly — Upstox's consistent presence in the top 20 reflects strong client retention and new account growth. The broker primarily serves tech-savvy traders, algo trading, chart-focused investors.
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