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Upstox Review

Depends

Should I use Upstox?

Trade & Invest in stocks, mutual funds, IPOs - upstox.com

· 1 month ago

A legitimate, low-cost Indian broker that works fine if you trade cheaply and never need help. Avoid it if responsive support matters or you hate surprise fees.

Confidence

Medium. Based on 30+ public sources: Reddit and Trustpilot reviews, security reports, official pricing pages, and news coverage. Review snippets were truncated, so quote fragments are verbatim as captured.

Ratings

  • Value for money
  • Ease of use
  • Feature depth
  • Support quality
  • Security posture

Pricing

Free

Account opening

ModelNot disclosed
Monthly feesNot disclosed
HardwareNot disclosed
Free tierYes
Brokerage₹20 per order

Best for

  • Cost-sensitive active traders in India
  • Beginners wanting stocks, MFs, IPOs in one app
  • Chart-focused intraday traders

Not for

  • Anyone who might need responsive customer support
  • Idle or small account holders hit by AMC fees
  • Non-India users — the broker is India-focused
  • Users unwilling to accept its 2021 data breach history

Gotchas - check before you buy

high

Account maintenance charges introduced/raised; users report surprise fees on existing accounts

high

Account closure reportedly difficult; one user was told to escalate to SEBI

high

Multiple Reddit threads describe slow, unresolved support escalation

medium

₹20 per order compounds for high-frequency traders; compare totals against rivals

Pros and cons

Pros

  • Flat ₹20 per order on intraday and delivery trades
  • Free demat and trading account opening
  • Wide range: stocks, mutual funds, IPOs, US equities via Alpaca
  • Dedicated TradingView-powered desktop platform for charting
  • Established: India's second-largest stockbroker, profitable FY24

Cons

  • Support widely reported as poor; closure requests referred to SEBI
  • April 2021 data breach exposed customer data
  • Recurring complaints about new and rising AMC charges
  • Trustpilot reviews dominated by negative service experiences
  • Long-term users report charges increased over time

Sources & method

- 14 sources - Major April 2021 data breach disclosed; now runs a bug bounty program and trust-and-security page.

official x3review x5security x2news x4
  • 2021 data breach, India's second-largest stockbroker suffered a massive data breach in April 2021; customer data appears in Have I Been Pwned.

Key stats

  • Value for money: 3/5

    Rating

  • Free

    Starting price

  • 14

    Sources

  • Analyzed

  • Value for money: 3/5. Flat ₹20 trades, but AMC fee hikes annoy users
  • Ease of use: 4/5. Positive app-store reviews; beginners use it
  • Feature depth: 4/5. Stocks, MFs, IPOs, US equities, TradingView desktop
  • Support quality: 1/5. SEBI referrals, horror threads, negative Trustpilot
  • Security posture: 2/5. 2021 breach; bug bounty added after
  • ₹20/order Brokerage Flat fee, intraday & delivery
  • Free Account opening Demat + trading account
  • 10M+ Users Claimed user base
  • #2 Market rank India's second-largest stockbroker

Pricing

Account opening

Free

  • Demat + trading account
  • Pay per trade after that

Brokerage

₹20 per order

  • Flat fee on intraday and delivery
  • Statutory charges extra

Security

Major April 2021 data breach disclosed; now runs a bug bounty program and trust-and-security page.

  • 2021 data breachIndia's second-largest stockbroker suffered a massive data breach in April 2021; customer data appears in Have I Been Pwned.⁸
Full analysis

Based on 30+ public sources: Reddit and Trustpilot reviews, security reports, official pricing pages, and news coverage. Review snippets were truncated, so quote fragments are verbatim as captured.

Legit low-cost Indian broker (₹20/order) with a 2021 breach and loud complaints about support and AMC fees.

Methodology

Based on 30+ public sources: Reddit and Trustpilot reviews, security reports, official pricing pages, and news coverage. Review snippets were truncated, so quote fragments are verbatim as captured.

Read how a report is made.

Sources

  1. Upstox customer service reviews on Trustpilottrustpilot.com
    review
  2. Reddit: Upstox told me to 'go to SEBI' when I asked to close my accountreddit.com
    review
  3. Reddit: HIGH Upstox AMCreddit.com
    review
  4. Reddit: Thinking of leaving Upstox after horrible supportreddit.com
    review
  5. Reddit: Upstox charging ₹20 per orderreddit.com
    review
  6. Upstox Brokerage Charges (official)upstox.com
    official
  7. Upstox free demat account opening (official)upstox.com
    official
  8. Upstox data breach — Have I Been Pwnedhaveibeenpwned.com
    security
  9. CISO Magazine: Country's second largest stockbroker hitcisomag.com
    security
  10. Upstox Bug Bounty Program (official)upstox.com
    official
  11. Upstox launches US equities trading via Alpacaalpaca.markets
    news
  12. Upstox partners with TradingView for desktop platformibsintelligence.com
    news
  13. Tiger Global-backed Upstox FY24 profit jumps 8xvccircle.com
    news
  14. How Upstox secured 10 million+ user basezebralearn.com
    news

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