Upstox – Initial review – 10 things you should know

So you want a low cost broker to invest in stocks, commodities, future and options and mutual funds. Competition is tough in brokerage houses. It’s number game and everyone wants large user base. It is helping us investors by bringing down cost. Today we will do a quick review of Upstox and see if its worth giving a try.

Before we start with review, let me add disclosure.

Disclosure : Article contains my referral link for Upstox account opening. It will not cost anything extra to you but may help blog in small way. Opening account with Upstox is entirely your choice. But if you like the article and decide to open account, I would really appreciate your support by using the link given at bottom of article.

Okay. Let us get started now.

1. What is Upstox

Upstox is a low cost or discount broking firm in India giving tough coopetition to market leader Zerodha. It supports various segments including equity, commodity, currency, futures & options, IPOs, Digital Gold as well as Direct and commission less plans of Mutual Funds.

By low cost broker, you should know they are more in volume and digitization of platform and less in research and advisory like full broker platforms like Motilal Oswal.

This is ideal for investors who either do trading (as its cheaper compared to full brokers ) or who invest by their own research. Cost is low but so does research and support.

In full broker houses, you will have some intermediary for helping you or nearly by franchise offices. Here its more or less all digital and support mainly via email.

Many time you will see people marketing Upstox with name of Mr. Ratan Tata. My understanding is he is just one of the investor in his personal capacity. Upstox is not really a Tata group company as such. So don’t set your expectations thinking in that direction.


2. How to open Upstox account

As Upstox is low cost brokerage house, it promotes online account opening. Though you can go to their website and register your mobile number and get a call back as well. Support person can help you open the account.

In either case, what you will need is listed below

  • Mobile number (preferably linked to Aadhar for verification)
  • Email
  • PAN copy
  • Aadhar copy
  • Bank proof (cancelled cheque)
  • Photo of your signature on a white paper (for e-signing POA)
  • Optionally 6 months bank statement / salary slip – applicable only for Future and Options segment.

Overall process was smooth for me. Overall process takes 30-45 mins to complete. There was issue with one photo that I uploaded. I got call from customer support and person helped me correct and re-submit application.

I think process will go smooth if you have all the documents photo handy on mobile or laptop you will use to open the account. Make sure photos are not blurred and properly cropped to avoid any rejections. In case of any issue with any document, Customer Support would call you and help you update same.

Account activation happened for me after 2 days. Received email from Upstox with username and default password.

Username is bit cryptic to remember but I observed same pattern with Zerodha as well. Anyway once I downloaded mobile app and entered username and password, it gave option to save name.

For my iPhone, I could also enable face recognition for login. So no hassle in login anymore.


3. How is Upstox app

Once you login to Upstox app, you will have home screen like below. Five tabs which you can navigate from bottom tool bar.

Overall neat home screen. Nothing special or nothing missing.

Using + button at top you can add your own shortlisted stocks to watch list and customize same.

Upstox App Dashboard

Next tab is for your orders. Here you can see all your orders. It has further tabs on top to filter open and closed orders.

Upstox Orders screen

Next tab is too see your portfolio. Again couple of tabs at top to separate your holdings that you own vs positions taken.

Upstox Portfolio Screen

Next we have Funds tab. From here you can add more funds for investment or withdraw back to your bank account.

Do make a note of message 80% limit. I did not see any such restrictions on Zerodha. Do comment what you think about same.

Upstox Managing Funds

Multiple options to add funds. I generally use net banking only but always better to have mire options.

Adding funds to Upstox

Withdrawal of funds is simple and easy. Just put amount and click on withdraw.

Withdraw money from Upstox

Besides stocks, you can use Upstox to invest in digital gold and direct or commission less mutual funds. IPO investing is also available.

Investing via Upstox

4. How to invest in stock using Upstox

For most of investors this is what they would like to see or read about.

From Home Screen ( First tab ) , you can search and select a stock to invest in. Once you click on that stock, you will see details screen like below.

If you have already made up your mind then you can click on buy button ( or sell ) and initiate purchase. But in the interest of other readers, let’s talk briefly about this screen.

First tab is for overview of the company or stock.

Buying Stocks in Upstox

Second tab shows the charting. You can select duration and type of chart to see details. I found it neat.

Stock charts in Upstox

Next comes recent news tab. If recent declarations, news, views interest you in decision making, here it is.

If you are pure investor, these are useful tabs. You can decide to buy or otherwise and click on buy button.

Stock News in Upstox

On click of buy, you will get below screen. Just enter quantity , type and price. Click on review order and confirm to place order. Once done, you can check order status on Home Screen ( second tab )

Placing order in Upstox

There is advance option toggle as well. If enabled, it will provide more options. I don’t think they are relevant to retail investors so you can skip it.

Advanced options in Upstox order

5. How to trade in options using Upstox

Options orders too are as simple as stock purchase. When you select a stock or index from Home Screen, you see details as seen above.

Last tab is for Options. You can see various options available. Toggle available to filter Call and Put. Select the one you are interested and click on that row.

Options Trading in Upstox

Next you can see details of the option selected. You can move ahead with buying or selling.

You also have option to set alerts for selection based on value and validity.


6. How to invest in IPO via Upstox

On Home Screen, we see last tab for Invest. Once you go on that tab ( covered during overview of Home Screen ).

Click on IPO investment from there. It will bring you to below screen.

Do note sudden change in interface ( style , colour, etc ). This is because Upstox app does not have in built screen for these it seems.

It internally just opens web version in browser mode. So looks are not that great but that is more on asthetics.

It provides details of how to apply to IPO and has list of current IPOs listed. You can see details and apply here.


7. How to invest in Mutual Funds via Upstox

Now let’s look at Mutual fund investment process via Upstox. From Invest tab on home screen, you can click click on Mutual Fund section to start Investment.

As you can see in below screen these are Direct Funds. So no commission. There are three tabs. All funds, Collections and MF portfolio.

All funds shows all funds available to invest. There is search button at top to select particular fund.

Next tab is Collections of mutual fund. You can ignore this as it’s just group of similar funds. No value addition here. Just half hearted attempt by someone at Upstox.

Last section is your mutual fund portfolio. Here you can see your holdings. Little strange position. All apps generally have your position as first thing. Here it’s at the end.

You have buttons to see past orders and investment details.

You can search it by name as below.

Once a fund is selected, you have options for SIP and lumpsum Investment.

Once you click on Start SIP, there are two steps. First select the frequency of SIP ( monthly is generally good enough). Select date of SIP.

Next input amount of SIP and move ahead to add fund to complete the process.

My impression of Mutual Fund interface, I feel Upstox has basic options needed to invest in mutual funds. It’s main focus is on stock investment.

Upstox has not really put lot of effort in making app equally good for Mutual fund investment. Apps like Kuvera are much better in this space.


8. How to invest in Digital Gold via Upstox

Upstox let you buy gold at click of couple of buttons. Start via Invest tab. Click on Digital Gold option in the screen.

First tab is to invest and second one is to see your portfolio. Again this is opposite of general practice. But anyway.

For investing, you can add amount or quantity and click on buy. So overall process is again simple and straightforward.


9. What are brokerage and charges of Upstox

Review of Upstox, will not be complete without discussing about brokerage and other fees. I think its more or less on par with other such broking platforms like Zerodha.

Investing in stocks (taking delivery) is free. So does Digital Gold and Mutual Funds.

For Intraday & F&O trades, it is 0.05% but up to Rs. 20/- per trade.

Demat account maintenance charges of Rs. 25/ month

These are more from general guidance perspective. So you can get some sense of how cheap it is. You can refer Upstox Pricing page for latest charges. It also has links for brokerage calculator and margin calculator.


10. How is customer support of Upstox

You can understand this if you had Samsung mobile and Oneplus mobile. You would know Samsung is costly but if you have an issue with mobile, you have lot of support centers around. With Oneplus, you will struggle with service and cost of repair.

Customer support for discount broker is like mobile manufacturers which sell mobiles at 70% cost of may be say Samsung. Since they don’t charge as much as full broker houses, they can not keep lot of support centers, personnel as economics does not work out.

It is early days for me but at least account opening support was good.

One good thing is when you send them query for any issue, you get automated ticket number to track your issue. Also even if support person closes a query without may be really resolving issue, they send you a mail providing option to reply and re open ticket.

Account opening related issues were resolved on time. They also shared direct contact number (land line) of support person when they found my number not reachable.

I will update this section as I use app more and see how they respond. As of now I am sort of neutral in this regards.


Conclusion

So we are at final section of Upstox review. Overall my first impression of Upstox is positive. I feel stock investment is simple and neat. User interface for stocks is good. Coming from Zerodha, it felt similar and that is good. If something is working, why not copy it.

Best thing I feel is excellent navigation. What I mean is even first time user would come to know all options without much of training. I never felt lost and had difficulty in searching.

IPO, gold and mutual fund investment interface can be improved from look and feel perspective. Having said that, they are fully functional so you can definitely work with them.

Mutual fund investment is in direct plans so good that there is no commission. It’s good to have stocks, gold, mutual fund everything at one place. They should revive Mutual Fund screens. They are not up to level of other better platforms focused on Mutual Funds.

Compared to Zerodha, one place where Upstox score is we can invest in stocks and mutual fund from single app. For zerodha, we need to manage via kite and coin as separate apps.

As of now, I feel comfortable using Upstox and will keep updating this article with my actual investment experience, issues etc.

If you wish to open Upstox account, use below link and say thanks to the blog 

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