TIER 1 · SEBI · NSE · BSE · MCX#6 of 10 local brokers (IN)

Upstox review: the verdict.

Verdict score

6.4 / 10

Launch formula: 60% hard data, 40% outside ratings. Verified reviews from our traders replace outside ratings as they come in.

Regulation10.0

Best licence: Tier 1

Trading cost5.0

No published spread

Accessibility10.0

Min deposit $0

Platforms & payments2.9

1 platforms · 4 payment methods

Outside ratings4.3

Trustpilot 1.6 from 42

Upstox doesn't publish a EUR/USD spread we could verify, so we can't calculate its yearly cost yet.

Regulation

Who licenses Upstox.

Licences as Upstox lists them. A tick means we found the entity on the regulator's own register.

Regulator	Tier	Entity	Licence no.	On register
SEBI	TIER 1	Upstox Securities Pvt. Ltd.	INZ000315837	Not yet checked
NSE	TIER 1	Upstox Securities Pvt. Ltd.	13942	Not yet checked
BSE	TIER 1	Upstox Securities Pvt. Ltd.	6155	Not yet checked
MCX	TIER 1	Upstox Securities Pvt. Ltd.	46510	Not yet checked

Accounts

Published brokerage.

Account	Spread	Commission	Cost / lot
Currency F&O Futures: ₹20 or 0.05% whichever lower per order; Options: ₹20 per executed order	—	—	—
Commodity (MCX) Futures: ₹20 or 0.05% whichever lower per order; Options: ₹20 per executed order	—	—	—
Equity F&O Futures: ₹20 per executed order or 0.05% whichever lower; Options: flat ₹20 per executed order	—	—	—

Cost per standard lot = spread in pips × $10 + round-turn commission. Brokers publish “typical”, “average” or “from” spreads; “from” figures flatter the broker.

Key facts

The fine print.

Website

upstox.com

Segments

Currency F&O, Commodity (MCX), Equity F&O

Founded

Not published

Headquarters

India

Minimum deposit

Max leverage

Not published

EU/UK leverage cap

—

Platforms

own app

Deposits & withdrawals

UPI, Net banking, IMPS/NEFT/RTGS, Cheque

Islamic (swap-free) account

Not published

Copy trading

Not published

Withdrawal fees

ACCOUNT OPENING FEE: free (an account processing fee may be charged during onboarding). Net banking deposit ₹7 per transfer; UPI free.

Inactivity fee

AMC: zero in first year for new customers (onboarded from 14-Feb-2025); non-BSDA ₹300 + GST thereafter.

Restricted countries

Not published

RBI Alert List (India)

Not applicable (SEBI-registered Indian broker)

Verified reviews

Traded with Upstox? Prove it.

Verified reviews open soon. Reviews backed by a statement, a read-only MT4/MT5 login or a withdrawal receipt count up to 3× more, and every verified review enters the weekly 100 USDT draw.

Outside rating used for now: Trustpilot 1.6 from 42 reviews.

Compare Upstox

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Sources · data as of 2026-10-24

accounts: help.upstox.com/support/solutions/articles/248665-what-are-the-brokera
segments: help.upstox.com/support/solutions/articles/248665-what-are-the-brokera
regulators: upstox.com/brokerage-charges/
trustpilot: www.trustpilot.com/review/upstox.com
min deposit usd: upstox.com/brokerage-charges/
payment methods: help.upstox.com/support/solutions/articles/250454-how-can-i-add-funds-
inactivity fee note: upstox.com/brokerage-charges/
withdrawal fee note: upstox.com/brokerage-charges/

Research notes: max_leverage null: exchange-traded derivatives; SEBI/exchange SPAN+exposure margins apply, no broker-set leverage. Not CFDs; currency F&O limited to INR pairs + exchange cross pairs. Parent: RKSV Securities India Pvt Ltd. CDSL IN-DP-761-2024. Currency/commodity rates from Upstox help-centre article (main charges page tables did not render). Trustpilot sample small.

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