Upstox or RKSV Review – Brokerage Charges, Trading Platforms & More

Upstox Review

Upstox review

We have snooped around to see the actual status and found that Upstox is one of the best discount brokers in India. With more than 40,000 active customers, Upstox is an obvious choice of investors and traders across the nation. It was earlier known as RKSV and launched in January 2012 by 3 people – Raghu Kumar, Shrinivas Viswanath and Ravi Kumar.  Since then, Upstox have grown significantly and today it is considered among the most popular discount brokers in India after Zerodha.

Based out of Mumbai, Upstox has a stupendous presence in New Delhi and Bengaluru. As the firm is backed by renowned players of the industry, it has some added advantage in the eyes of customers.

The brand is primarily known for its strong commitment towards developing advanced trading platforms for its clients. According to sources, Upstox has invested a huge sum of money in bringing in-house trading platforms to its customers.

Upstox is an active member of NSE, BSE, MCX and MCX-SX. However, it doesn’t offer facility to invest in IPO, FPO, Bond and NCD’s. Upstox allows its clients to invest in a range of market segments including:

  • Equity
  • Futures
  • Options
  • Currency
  • Commodity
  • NRI Trading

One great thing about Upstox is that you can open a demat account in just one day. Thanks to no paperwork, easy verification with Aadhaar that enables users to start trading quickly.

Enjoy more leverage with up to 20x margin on Intraday, 6x margin on Futures & 4x margin on Options.

The biggest plus point with Upstox is that it is backed by none other than Mr. Ratan Tata, Kalaari Group and GVK Davix and privileges itself as the technology-backed low-cost brokerage firm. The team of developers at the broking house itself developed this striking platform which got appreciated from all sides of the industry. In regard to investor education, Upstox offers “Trade Academy”, which organizes seminars across various locations in India. However, in the recent past, it seems that the focus towards this initiative has reduced and much lesser number of such seminars are being organized. In addition, the ones that are being happening are mostly in metro cities of the country.

Upstox is known to offer some of the most stable and feature-rich trading platforms in the market. As most of its trading platforms are developed in-house, it gives Upstox a clear advantage over others. You can access Upstox platforms on almost any kind of device you have.

Types of Accounts

There are generally two types of accounts you can have at Upstox – Securities and Commodities Account. A securities account can help you perform trade on Equities, F&O, and Currencies on the NSE and BSE. On the other hand, a Commodities account lets you trade commodity futures on the MCX. You can view your balance for equities and commodities in two separate tabs.

The two types of accounts Upstox are:


Upstox (Up Stocks Basic) enables basic trading features in Equity Delivery segment through mobile and website. RKSV doesn’t charge any brokerage for trading in Equity Delivery segment using Upstox.

Upstox Pro (₹20 per trade)

Upstox Pro is the trading platform for high frequency traders; who mostly trade in Indra-day and F&O segments. Besides the standard features offered in Upstox, Upstox Pro also provides stock search, analyze, trade, and monitor stocks, currencies, F&O, and commodities.

Upstox Pro gives advance charting for professional traders for technical evaluation. It also offers a great range of indicators, chart types, data rich user interface.

Upstox Trading Plans

Upstox has two trading plans for its customers; Basic and Priority Plan. The comparison of these plans is given below:

Upstox Basic Plan Upstox Priority Plan
Equity Delivery Free Free
Equity F&O, Commodity and Currency ₹20 per trade or 0.01% (whichever is lower) ₹30 per trade or 0.05% (whichever is lower)
Margin – Intraday
NSE/BSE Cash 15x 20x
Index Futures 4x 5x
Stock Futures 4x 4x
Index Option Sell 4x 5x
Stock Option Sell 4x 4x
NSE Currency 4x 4x
MCX Future 2.5x 3x
Margin – CO/OCO Orders
NSE/BSE Cash 20x 25x
Index Futures 4x 7x
Stock Futures 4x 6x
NSE Option Buy 1.33x 2x
Index Option Sell 4x 5x
Stock Option Sell 4x 4x
NSE Currency 4x 5x
MCX Future 3x 4x


Process to Open an account at Upstox

If you carry an Aadhaar card, opening a demat account at Upstox is very easy. Even, you can complete the process in just a few hours.

There are certain documents that need to be available with and you can start trading at Upstox in the simplest way possible. The required documents are:

  • ID Proof
  • Address Proof
  • Bank statement for the last 6 months
  • Passport sized Photograph
  • AMC Fees (if applicable)
  • Trading Account Cheque

Paper forms

  • Download and print the demat account opening form and fill in the necessary details.
  • Submit the account opening forms along with the required documents specified by your broker. Your broker might ask for an updated KYC form if it is not already updated. Proof of identity and proof of address are one of the most important proofs that you need to submit.
  • The account opening form will also ask you to mention a nominee. A nominee is a person who will be in-charge of your account and its assets if some kind of mishap were to happen to you.
  • You’ll also come across the Depository Participant-Investor agreement, which contains details such as the charges you’ll incur while holding the dematerialized account, the rules and regulations, terms and conditions, and also the duties of the broker and your rights as an investor.
  • An in-person verification to check that your details are true and valid may be completed.
  • After all the formalities are completed, you’ll receive a Beneficiary Owner Identity (BOID) or Unique Client Code (UCC) – a unique account number which will be used in all future transactions you conduct.


Paperless Account Opening

An individual wants to opt for hassle-free paperless account opening can get KYC verified and then Upstox just needs your Aadhaar Card and PAN Card details. Through a secure Aadhar-based E-KYC system, Upstox will get your details from the KRA system and fill out the details for you.

Electronic demat registration (eKYC)

  • As you can see the paper registration process can be complex and extend over multiple days. Thanks to the internet and Upstox’s increasingly integrated systems, it’s become easier to open a dematerialized account now.
  • If you have soft copies of all your required documents and the Aadhaar Letter as Proof of Address for Know Your Client (KYC), you can register your account online. Simply feed in basic details – such as the email ID and mobile number you’d like to use. In order to receive the OTP, make sure the given mobile number is linked to your Aadhaar Card.
  • The next screen should ask you your PAN number for validation.
  • After this screen, it’s time for validation via Aadhaar details.
  • Enter your Aadhaar (UID) number, and Upstox will perform all the remaining data validation for you – such as full name, address, age, gender or all the other details will be prefilled.
  • Once you upload all your documents, your account registration should be complete. Now start trading.

Required documents for opening the account

Opening a demat account is Aadhaar-based. You just have to keep these documents handy to fast-track your application: Aadhaar Card, PAN Card, Canceled Cheque and the Latest Bank Statement with IFSC/MICR code.

Proof Of Identity

  • PAN Card
  • UID (Aadhaar)
  • Driving License
  • Passport
  • Voter Identity Card
  • NREGA Job Card
  • Any document notified by the central government

Proof of address

Lastly, you’ll need to submit a proof of address in India. There can be some overlap of address proof and ID proof documents. The full list includes:

  • Passport
  • UID (Aadhaar)
  • Voter Identity Card
  • State issues Driving License
  • NREGA Job Card
  • Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid
  • mobile phone, piped gas, water bill).
  • Bank account or Post Office savings bank account statement.
  • Documents issued by Government departments of foreign jurisdictions and letter issued by Foreign Embassy or Mission in India.

Upstox Trading Platforms

Upstox is known to offer some of the most technology-led trading platforms in the market. Most of the trading platforms of the discount stock broker are developed in-house which is definitely a unique selling proposition among the leading discount stock brokers in India. They offer trading platforms across devices with high-end features.

Let’s look at Upstox’s top trading platforms :-

NEST Trading Platform

The desktop version of Upstox’s NEST trading platform is basically executable file that can be installed on a desktop or a laptop. It features advanced trading tools for high-frequency traders and investors. Some of the features are listed below:

  • Enables high-speed trading by eradicating typical delays during transactions.
  • User Interface can be modified or personalized as per your preferences
  • Users have the option of streaming data on several interfaces at one point of time
  • Advanced charting features for users to carry out insightful technical analysis

Though there is no primary issue with the app, there is one concern that the discount broker itself doesn’t have the full control on the platform. So, it may pose a challenge in regard to maintenance. This simply means that your feedbacks regard the application might not get entertained well.

Upstox Pro Web

Upstox Pro web is a Trading platform for the web that can be easily accessed from any browser. Users can use this application aft4er downloading and installing any software. Clients just need to open a browser and browse a specific URL to access the application and begin trading. This application can also be accessed through mobile phones or tabs.

Here are some of the best features of Upstox Pro Web:

  • A light-weight application that can be accessed through any browser or device
  • Extremely useful charts with over 100 indicators and charts that enable users to gauge the market and stock trends.
  • Ordering window is rendered on the screens so placing orders from there is pretty smooth
  • Features such as Workspaces can be tailored as per user preferences.
  • Keyboard shortcuts are given to enter orders quickly

Upstox Mobile App – Upstox Pro

Upstox is one of the most high-end mobile apps for stock trading. Some of the features of the mobile app include:

  • Live-streaming of Prices from NSE F&O, NSE Cash, BSE Cash, NSE Currency and BSE Currency
  • Line charts, candlesticks along with chartings indicators and drawing tools for users to understand data feasibly and take actions quickly

One can access the mobile app of Upstox using his demo user id and password. To get the login credentials, get in touch with their customer care.

  • High-end order types such as Cover Orders & Bracket Orders
  • Quick money transfer to over 40 banks available using the app

A couple of concerns about this mobile app include:

  • Connectivity problems noticed in smaller tier cities or with users getting low internet bandwidth.
  • Issues regarding the loading of charts if you are looking to carry out technical or fundamental analysis using the mobile app.

Upstox Customer Care

Upstox customer care is available at the following communication channels:

  • Email
  • Phone
  • Social Media
  • Web-form

The discount broker is poised to increase the number of communication channels such as Web Chat, Toll-free numbers, and even automated bots to enhance the customer service experience of its users.

However, as of the now, the communication quality is ok but mostly the focus of the customer care executives looks sluggish in nature. Therefore, clients of the discount broker who are daily traders and are looking for quick response might find the overall quality below average.

Upstox Option Chain Tool

Upstox Option Chain Tool is known to help traders find out Spot, Future prices, vertical comparison of rates, obtain details such as circuit levels, Open High Low Close and market depth. It enables customers to examine volatility, open Interest, performance needle and check Greeks too.

Upstox Pricing

Upstox offers a handsome competitive brokerage charges in the field of discount brokers in India. The brokerage is capped at ₹20 for Cash (Equities), Futures, Options, Currency Futures and Options, and MCX Futures. For example, even if your order has 15 bags of options, you still need to pay ₹20 for that given order.

At the same time, equity delivery trades are not charged at all.

Upstox Brokerage Charges

  • Upstox Trading Account Opening Charges (One Time): ₹150 for Equity and F&O, ₹150 for Commodity
  • Upstox Trading Annual maintenance charges (AMC): ₹0
  • Upstox Demat Account Opening Charges (One Time): ₹0
  • Upstox Demat Account Annual Maintenance Charges (AMC): ₹150 per year (paid upfront)
  • Total Account Opening Fee: ₹531 (as ₹150 + ₹150 + ₹150 + ₹81 (18% GST))

Upstox Trading Brokerages

  1. Plan 1 – Upstox (Upstox Basic)
  • Equity Delivery Based Trades: ₹0 (no limit on number of trades)
  1. Plan 2 – Upstox Pro
  • Equity Delivery Based Trades: ₹0 (Free Unlimited Equity Delivery Trades)
  • Equity Intraday Trades: 0.01% or ₹20 per executed order (Whichever is lower)
  • Equity Future: 0.01% or ₹20 per executed order (Whichever is lower)
  • Equity Options: ₹20 per executed order (on Turnover)
  • Currency Futures: 0.01% or ₹20 per executed order (Whichever is lower)
  • Currency Options: ₹20 per executed order
  • Commodity Futures: 0.01% or ₹20 per executed order (Whichever is lower)

Other charges

  • STT: This is incurred only on the sell side for intraday and F&O trades. It is charged on both sides for Delivery trades in Equity.
  • Stamp Duty: Charges based on the state the customer is living in.
  • Goods and Services Tax (GST): This is charged at 18% of the total cost of brokerage plus transaction charges.
  • SEBI Turnover Fees: This is charged at ₹15 per Crore.
  • Transaction or Turnover Charges: This is charged at ₹350/crore for Equity, ₹210/crore for Futures, ₹5500/crore on premium for options.

Upstox Margins

Upstox Margin for Cover order / Bracket Order
Segment Regular Intraday Intraday Priority Pack
NSE/BSE Cash 20x 25x
Index Futures 4x 7x
Stock Futures 4x 6x
NSE Option Buy 1.33x 2x
Index Option Sell 4x 5x
Stock Option Sell 4x 5x
NSE Currency 4x 5x
MCX Future 3x 4x


Upstox Priority Pack

Upstox has come with Priority Pack, a new category developed for Intraday traders striving for more leverage. Just by paying Rs. 999 a month, traders are enabled on Equities, F&O and CDS. And at Rs. 499/month, they are enabled for Commodities.

  • 2X Intraday leverage on option buy with CO/OCO/BO
  • Get up to 7X leverage on Index Futures using CO/OCO/BO
  • No exposure margin levied on Index Futures and Options giving you up to 6X leverage
  • 20X Intraday leverage on cash (generally 15X)

Upstox Referral Program

The discount broker boasts of a referral which allows existing customers to refer Upstox to their friends and family. On successful registration of a client, the referrer earns 10% of the brokerage generated from the accounts registered for the lifetime.

This is one program that is almost provided by every second broker in the market.

The Conclusion – Upstox Review or RKSV Review

For long-term investors and high frequency traders, Upstox is certainly a fabulous trading platform to work on. From competitive brokerage plans to average customer services, there are lots of reasons to get associated with Upstox.

In fact, Upstox discount broker is considered as the 2nd most popular discount broker in India after Zerodha. With over 1 lakh active clients and daily turnover of ₹15,000 Crores, Upstox is certainly a great trading option.

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