Upstox vs INDmoney | Broker Comparison

Upstox vs INDmoney

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

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...

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 ...

Side-by-Side Compare Table

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

Detailed Comparison

Basic Details

Upstox	INDmoney
•Broker Type: Discount broker •Founded: Legacy RKSV/Upstox retail broking entity •SEBI Registration: INZ000315837 •NSE Member Code: 13942 •Net Worth: Rs 839.83 Cr	•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

Charges & AMC

Upstox	INDmoney
•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	•Account Opening: Rs 0 •Demat AMC: Rs 0 (lifetime in listed offer) •Account model: 2-in-1 (trading + Demat)

Brokerage

Upstox	INDmoney
•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	•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

Other Charges

Upstox	INDmoney
•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	•Minimum brokerage floor in some segments (for example Rs 2). •Pledge/unpledge fee per request applies. •Statutory and exchange charges apply where relevant.

Leverage (Margin)

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

Features

Upstox	INDmoney
•Digital-first execution with mobile/web stack. •Strong derivatives support and low brokerage positioning. •Direct mutual fund access with zero commission.	•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.

Trading Platforms

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

Reviews & Ratings

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

Investment Options

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

Order Types Offered

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

Suitable For (Investor Type)

Upstox	INDmoney
•Cost-sensitive active traders. •App-first users who want strong F&O workflow. •Investors needing discount pricing across major segments.	•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.

Pros and Cons

Upstox	INDmoney
•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.	•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.

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.