Frequently Asked Questions
1. What is Upstox account?
An Upstox account is a 2-in-1 account that combines a trading account and a Demat account, allowing for the electronic holding of securities. The trading account is utilized for exchange transactions, while the Demat account holds securities in an electronic format.
It enables investment and trading in various financial instruments, including stocks, equity derivatives, currency, commodities, and mutual funds, which can be invested in through lump sum or SIP.
2. How to open Upstox account online?
Upstox offers a paperless account opening process for users whose Aadhaar is linked to their current mobile number.
The steps to open an account are as follows:
- Visit the Upstox website.
- Enter your email address and mobile number.
- Validate the OTP sent to your mobile number.
- Enter your personal and bank details.
- Upload the required documents, including your Aadhaar, PAN, income proof, signature, and photo.
- Review and submit your application.
The typical activation timeline for an Upstox account is 24-48 hours.
3. Upstox is good or bad?
Upstox is an online discount broker, and its suitability depends on the individual user's needs.
Comparisons with other brokers, such as Upstox vs Zerodha, Upstox vs ICICI Direct, and Upstox vs Sharekhan, highlight the advantages and disadvantages of using Upstox. The advantages include low brokerage charges, direct mutual fund support, and a strong web and mobile platform. However, the disadvantages include the absence of a relationship manager, research advisory, and NRI account, as well as extra charges for call-and-trade and auto square-off facilities.
4. Who owns Upstox?
Upstox is owned by RKSV Securities Pvt Ltd, which was co-founded by Ravi Kumar, Raghu Kumar, and Shrini Viswanath.
The company has received investments from prominent investors, including Tiger Global, Kalaari Capital, GVK Davix, and Ratan Tata, with the shareholding numbers as of January 2020 available in the source text.
5. Is Upstox free?
No, Upstox is not free, as it charges a brokerage fee of Rs 20 per executed order, subject to segment conditions, in addition to taxes, exchange turnover charges, and Demat-related fees.
The brokerage charges are as follows:
- Delivery: Rs 20 per trade or 0.1% (whichever is lower)
- Intraday and F&O: Rs 20 per trade or 0.05% (whichever is lower)
6. Is Upstox trusted?
Yes, Upstox is a trusted broker, with a strong reputation due to its SEBI registration, exchange memberships (BSE/NSE/MCX), long operating history, large user base, and institutional investor backing.
7. How to buy at Upstox?
To buy securities on Upstox, follow these steps:
- Login to the Upstox website or app.
- Search for the security you want to buy.
- Enter the quantity and order details.
- Review and confirm your order.
A demo video is also available to guide you through the order placement process.
8. How to buy IPO Upstox?
Upstox supports IPO applications through UPI on its app and website.
The steps to apply for an IPO are as follows:
- Login to the Pro Web or mobile app.
- Open the IPO application section.
- Select the IPO and place your bid.
- Enter your UPI ID, investor type, quantity, and price.
- Choose the cutoff option where applicable.
- Place your order and approve the BHIM/UPI mandate.
You can also apply for an IPO through ASBA via net banking by entering your Upstox Demat details.
9. How to transfer money from Upstox to bank account?
To transfer funds from your Upstox account to your bank account, follow these steps:
Website flow:
- Login to the Pro Web platform.
- Open the Balance section.
- Click on Withdraw Funds.
- Enter the amount you want to withdraw and confirm.
App flow:
- Login to the Upstox app.
- Open the Funds section.
- Click on Withdraw Funds.
- Enter the amount you want to withdraw and confirm.
10. How to earn from Upstox?
You can earn money through the Upstox Partner Program by referring customers and earning a share of the brokerage paid by your referrals, as well as incentives on account openings.
Note that only brokerage earnings are shared, and you do not need an office to participate in the program.
11. How to close Upstox account?
You can close your Upstox account online through the app or website by submitting an account closure request, which typically takes around 7 days to process.
The steps to close your account are as follows:
- Navigate to the profile or account section.
- Open the account closure page.
- Select the reason for closure.
- Submit your closure request.
Before closing your account, ensure that you:
- Clear any dues
- Close any F&O positions
- Transfer or sell your holdings
- Redeem your mutual funds
- Clear your digi-gold balances
Note that the closure link may be valid for 30 days, and the old app may show the closure option in the My Account section.
12. Does Upstox allow BTST?
No, Upstox does not allow BTST (Buy Today Sell Tomorrow) facility, which was stopped from September 1, 2020, due to new margin policy updates.
13. How to close Upstox 3 in 1 account?
You can close your Upstox 3-in-1 account online through the app or website by following the account closure flow.
The typical steps are as follows:
- Login to your account.
- Navigate to the profile or account closure section.
- Click on close account.
- Confirm through the closure link.
- Select the reason for closure.
- Submit your request.
Before closing your account, ensure that you:
- Clear any dues
- Transfer or sell your holdings
- Square off any open positions
Note that if you close your account within 14 days, there will be no charges, but if you close it after 14 days but within 6 months, you may be charged Rs 200 or the account balance (whichever is lower).
