INDmoney vs Upstox | Broker Comparison

INDmoney vs Upstox

Side-by-side view of features, pricing context, and platform fit.

INDmoney

INDmoney

Active Clients: 8,38,493

Established in 2019, INDmoney Private Limited is India's comprehensive financial management platform, enabling users to organize, plan, and increase their wealth in a single location. With INDmoney, users can monitor ...

Upstox

Upstox

Active Clients: 20,36,413

Upstox is a technologically advanced low-cost brokerage firm in India, offering trading services in equities, commodities, currency, futures, and options via web and mobile platforms. Upstox has received investment fr...

Side-by-Side Compare Table

Category	INDmoney	Upstox
Basic Details	•Broker Type: Digital broker and finance super-app model •Founded: 2019	•Broker Type: Discount broker •Founded: Legacy RKSV/Upstox retail broking entity
Charges & AMC	•Account Opening: Rs 0 •Demat AMC: Rs 0 (lifetime in listed offer)	•Account Opening: Rs 0 •Demat AMC: Rs 150 per year (first-year concessions may apply in offers)
Brokerage	•Equity Delivery: 0.05% or Rs 20, whichever is lower •Equity Intraday: 0.05% or Rs 20, whichever is lower (minimum Rs 2)	•Equity Delivery: Rs 20 or 2.5% (whichever is lower) •Equity Intraday: Rs 20 or 0.05% (whichever is lower)
Other Charges	•Minimum brokerage floor in some segments (for example Rs 2). •Pledge/unpledge fee per request applies.	•Call and Trade: Rs 20 per executed order •Instant money transfer fee and physical statement fees may apply
Leverage (Margin)	•Margin wallet boost/MTF style offerings highlighted in source promotions. •Exact leverage depends on product, eligibility, and risk policy.	•Margin/leverage is segment specific and governed by exchange/risk policies. •Delivery generally follows full margin and intraday can provide lower upfront margins.
Features	•Unified money tracking plus investing app. •Indian and US investing from one account ecosystem.	•Digital-first execution with mobile/web stack. •Strong derivatives support and low brokerage positioning.
Trading Platforms	•INDmoney app •INDstocks app	•Upstox Pro web platform •Upstox mobile app
Reviews & Ratings	•Positioned as a fast-growing digital-first wealth app. •In this extracted snapshot, no single consolidated numeric overall rating is listed.	•Commonly viewed as low-cost, trader-friendly platform. •In this extract, no final single consolidated numeric rating table is shown.
Investment Options	•Indian stocks and ETFs •US stocks and ETFs	•Equity •F&O
Order Types Offered	•Standard order workflows for delivery and intraday. •Basket and options-chain based execution support in platform flow.	•Standard market and limit orders •Delivery/intraday/F&O execution flows
Suitable For (Investor Type)	•Users seeking one app for India + US investing. •Mobile-first investors who want finance tracking and execution together.	•Cost-sensitive active traders. •App-first users who want strong F&O workflow.
Pros and Cons	•Pros: •Zero opening and AMC in listed offers.	•Pros: •Competitive low-cost brokerage model.

Detailed Comparison

Basic Details

INDmoney	Upstox
•Broker Type: Digital broker and finance super-app model •Founded: 2019 •SEBI Registration: Investment advisor registration noted; broking through exchange memberships •Exchanges Mentioned: NSE, BSE, BSE Star MF membership context •Product Focus: Indian + US market access from one app	•Broker Type: Discount broker •Founded: Legacy RKSV/Upstox retail broking entity •SEBI Registration: INZ000315837 •NSE Member Code: 13942 •Net Worth: Rs 839.83 Cr

Charges & AMC

INDmoney	Upstox
•Account Opening: Rs 0 •Demat AMC: Rs 0 (lifetime in listed offer) •Account model: 2-in-1 (trading + Demat)	•Account Opening: Rs 0 •Demat AMC: Rs 150 per year (first-year concessions may apply in offers) •App/web platform model with low-cost pricing

Brokerage

INDmoney	Upstox
•Equity Delivery: 0.05% or Rs 20, whichever is lower •Equity Intraday: 0.05% or Rs 20, whichever is lower (minimum Rs 2) •Equity Futures: Rs 20 per order •Equity Options: Rs 20 per order •US Stocks (global access): 0.25% per transaction, max $25	•Equity Delivery: Rs 20 or 2.5% (whichever is lower) •Equity Intraday: Rs 20 or 0.05% (whichever is lower) •Equity Futures: Rs 20 or 0.05% (whichever is lower) •Equity Options: Flat Rs 20 per order •Currency/Commodity: Similar low-cost flat-fee pattern as per segment tables

Other Charges

INDmoney	Upstox
•Minimum brokerage floor in some segments (for example Rs 2). •Pledge/unpledge fee per request applies. •Statutory and exchange charges apply where relevant.	•Call and Trade: Rs 20 per executed order •Instant money transfer fee and physical statement fees may apply •DP sell charges and statutory charges are additional

Leverage (Margin)

INDmoney	Upstox
•Margin wallet boost/MTF style offerings highlighted in source promotions. •Exact leverage depends on product, eligibility, and risk policy.	•Margin/leverage is segment specific and governed by exchange/risk policies. •Delivery generally follows full margin and intraday can provide lower upfront margins.

Features

INDmoney	Upstox
•Unified money tracking plus investing app. •Indian and US investing from one account ecosystem. •Family finance tracking and planning support. •Dedicated INDstocks app for active trading workflows.	•Digital-first execution with mobile/web stack. •Strong derivatives support and low brokerage positioning. •Direct mutual fund access with zero commission.

Trading Platforms

INDmoney	Upstox
•INDmoney app •INDstocks app •Web onboarding and account management flow	•Upstox Pro web platform •Upstox mobile app

Reviews & Ratings

INDmoney	Upstox
•Positioned as a fast-growing digital-first wealth app. •In this extracted snapshot, no single consolidated numeric overall rating is listed.	•Commonly viewed as low-cost, trader-friendly platform. •In this extract, no final single consolidated numeric rating table is shown.

Investment Options

INDmoney	Upstox
•Indian stocks and ETFs •US stocks and ETFs •Mutual funds •IPO •F&O (equity) •NPS and fixed deposits	•Equity •F&O •Commodity •Currency •Mutual funds

Order Types Offered

INDmoney	Upstox
•Standard order workflows for delivery and intraday. •Basket and options-chain based execution support in platform flow.	•Standard market and limit orders •Delivery/intraday/F&O execution flows •Call-and-trade assisted execution

Suitable For (Investor Type)

INDmoney	Upstox
•Users seeking one app for India + US investing. •Mobile-first investors who want finance tracking and execution together. •Retail users looking for low entry-cost onboarding.	•Cost-sensitive active traders. •App-first users who want strong F&O workflow. •Investors needing discount pricing across major segments.

Pros and Cons

INDmoney	Upstox
•Pros: •Zero opening and AMC in listed offers. •Broad multi-asset coverage including US stocks. •Strong app-led convenience features. •Cons: •No classic 3-in-1 bank integration model. •Currency and commodity F&O availability is limited in the referenced snapshot.	•Pros: •Competitive low-cost brokerage model. •Broad segment coverage across equity, derivatives, commodity, and currency. •Free account opening and strong digital onboarding. •Cons: •Assisted services add extra charges. •Some advanced full-service advisory expectations may not be met.

Final Note

Use this side-by-side comparison as a starting point and verify the latest brokerage and compliance details on official broker pages before taking decisions.