Upstox Review · 2026

What is Upstox?

Upstox is an Indian multi-asset securities broker whose operating history dates to 2009. The current broker entity is Upstox Securities Private Limited, a wholly owned subsidiary of RKSV Securities India Private Limited. Its corporate office is in Mumbai, while its registered office is in New Delhi. The group also uses RKSV entities for related financial services under the Upstox brand.

For forex readers, the key product distinction is the market structure. Upstox offers currency derivatives (exchange-traded futures and options linked to currency pairs), not spot foreign exchange. The verified product set also excludes CFD (Contract for Difference) trading. That makes Upstox a securities and derivatives broker rather than a conventional retail forex or CFD broker.

Which regulators license Upstox?

Upstox is registered with SEBI (Securities and Exchange Board of India) as a stock broker. SEBI's public intermediary register shows Upstox Securities Private Limited under INZ000315837, with validity from December 1, 2023 on a perpetual basis. The record was active on September 18, 2026. This is the central registration used for the broker's Indian securities activities.

The broker also lists memberships with NSE (National Stock Exchange), BSE (Bombay Stock Exchange), and MCX (Multi Commodity Exchange). NSE's member directory shows member code 13942 and enabled capital-market, futures, options, currency-futures, and commodity segments. Upstox also discloses CDSL (Central Depository Services India Limited) registration IN-DP-761-2024. Exchange investor-protection mechanisms apply subject to their own eligibility and claim rules.

FXSharp's earlier scoring gives regulation a score of 0.0 despite the active SEBI registration. That result comes from the scoring rubric, which does not place SEBI in its Tier-1 to Tier-4 regulator ladder. The 3.2/10 overall score therefore reflects a forex-specific methodology, not an absence of Indian registration.

Trading platforms

Trading platforms center on Upstox's proprietary web and mobile ecosystem. The verified lineup includes Upstox Pro Web, Upstox Pro Mobile, Upstox x TradingView, and the Upstox Trading API. The TradingView integration provides chart-based analysis and order access inside the broker's environment. No broker-provided virtual private server service is listed.

Pro Web and Pro Mobile

Pro Web and Pro Mobile provide access to equities, options, commodities, and currency derivatives. The web platform advertises tick-by-tick charts, market depth, option analytics, and direct order entry. Native access is designed around Indian exchange products rather than off-exchange forex contracts. MT4 and MT5 (MetaTrader 4 and MetaTrader 5) are not supported.

TradingView and API access

TradingView and API access broaden the broker's charting and automation options. Upstox x TradingView integrates TradingView tools with the account, while the Trading API supports developer workflows. cTrader is not part of the verified platform set. Traders specifically requiring MetaTrader expert advisers or cTrader automation will not find those environments here.

Red flags and warning signs

Red flags and warning signs in this review concern product fit and documented enforcement history, not an unverified license claim. The SEBI registration is active, but the public record includes a 2023 settlement involving RKSV Securities India Private Limited. The settlement was reached without admitting or denying findings. The current NSE member record also displays recurring monetary penalties.

• Product fit: no spot forex or CFDs are included in the verified offering.
• SEBI settlement: RKSV agreed to a ₹1,13,75,000 monetary settlement term in 2023 (source: SEBI Settlement Order, November 3, 2023).
• NSE penalties: the NSE member record reports monetary penalties in each of four displayed annual periods (source: NSE member record, September 16, 2026).

SEBI's order concerned alleged violations of a 2018 cybersecurity circular and disposed of the proceedings after settlement. The order states that the applicant settled without admitting or denying the findings. These facts do not establish that the current registration is inactive. They remain relevant because enforcement history and current authorization are separate questions.

What is the minimum deposit?

The minimum deposit is ₹0. A zero minimum means there is no forex-style funding threshold required simply to establish the account. Actual orders still require enough cash or eligible collateral for the chosen exchange product. Upstox also advertises free account opening in its current pricing materials.

Pricing follows a brokerage model rather than a forex spread model, where spread means the gap between bid and ask prices. Equity delivery carries up to ₹20 per executed order. Intraday, futures, options, commodity, and currency orders also use capped or segment-specific brokerage. Mutual funds and IPOs are listed with zero brokerage.

Regulator warning-list check

The regulator warning-list check found no Upstox-specific public warning in the named sources checked on September 18, 2026. Searches covered FCA, ASIC, CySEC, IOSCO, and SEBI warning sources. That finding is separate from authorization. Absence from a foreign warning list does not mean the broker holds authorization in that foreign jurisdiction.

The distinction matters because a warning list and a disciplinary record serve different purposes. Upstox has an active registration, while the SEBI settlement and NSE monetary penalties remain part of its public history. A warning-list scan should not erase those records. The review therefore treats registration status, warning status, and enforcement history as separate factual categories.

User complaints and investor grievance data

User complaints and investor grievance data are available through the broker's published investor-charter reporting. For August 2026, the securities report shows 37 complaints carried forward, 265 received during the month, and 275 resolved. The month ended with 27 complaints pending. Those figures combine complaints received directly, through SEBI SCORES, through exchanges, and through other sources.

Complaint counts measure case flow, not proven misconduct. A resolved complaint can involve service, transaction, account, or regulatory issues without establishing wrongdoing. The same report gives category-level resolution times, which helps distinguish unresolved backlog from raw complaint volume. FXSharp retained no third-party user-aggregate score, so this review does not invent one.

How can you verify the license?

The license can be verified by matching the legal entity, registration number, and exchange membership. Search SEBI's registered stock-broker database for INZ000315837. The result should show Upstox Securities Private Limited and perpetual validity from December 1, 2023. Then compare the same entity against NSE member code 13942.

1. Confirm the legal name is Upstox Securities Private Limited.
2. Match SEBI registration INZ000315837 exactly.
3. Check NSE member code 13942 and the enabled trading segments.
4. Match the official website, support email, and phone details before sending funds.

Identity matching is useful because a real registration number can be copied by an impersonator. Upstox itself publishes warnings about unauthorized people claiming to represent the firm. The official contact page lists support@upstox.com and Indian telephone numbers beginning with 022. Payment instructions should therefore be checked against the broker's own authenticated channels.

Customer support

Customer support is available through email, phone, help-center tickets, and an escalation matrix. The official contact page lists support@upstox.com and 022-41792999, with additional published phone numbers. An official advisory page states customer-service hours of 8 a.m. to 5 p.m. on trading days. The escalation path proceeds from customer service to the support head, compliance officer, and chief executive.

Regulated grievance routes extend beyond the broker's internal support process. The site directs investors to SEBI SCORES for securities complaints and to India's Smart Online Dispute Resolution portal. These channels are procedural safeguards rather than guarantees of a particular outcome. They give an investor a documented route when an internal complaint remains unresolved.

Headquarters and corporate structure

Headquarters and corporate structure records place the operating center in Mumbai, India. Upstox lists its corporate office at Sunshine Tower, Senapati Bapat Marg, Dadar West, Mumbai. Its registered office is in New Delhi. FXSharp therefore uses Mumbai as the headquarters while the legal registration address remains separate.

The current website states that Upstox Securities Private Limited is wholly owned by RKSV Securities India Private Limited. The terms also reference RKSV Securities India Private Limited and RKSV Commodities India Private Limited within the broader Upstox group. This structure matters when reading older enforcement records because some public orders use an RKSV entity name rather than the current broker entity name.

Account types and bonus terms

Account types and bonus terms differ from the standard retail forex account menu. The verified account labels are Individual, HUF (Hindu Undivided Family), NRI (Non-Resident Indian), and Corporate. There is no verified Standard, Raw Spread, ECN, or swap-free Islamic forex account. That matches the broker's exchange-focused product structure.

Funding methods include UPI, net banking, and bank transfer. No forex deposit bonus or volume-locking bonus structure is part of the verified data. The cost model instead relies on brokerage, exchange charges, taxes, depository charges, and selected service fees. This distinction matters because account funding incentives are not the central pricing mechanism.

Is Upstox safe? Honest assessment

Upstox has an active SEBI stock-broker registration and verifiable NSE, BSE, and MCX memberships. Its public history also includes the 2023 SEBI settlement and recurring NSE monetary penalties. For forex-focused comparison, the bigger limitation is product fit: there is no spot forex, CFD account, MT4, MT5, or cTrader support. The low FXSharp score largely reflects that forex-specific framework and its regulator-tier design.

Forex and derivative products carry high leverage; some or all invested capital may be lost. This content is for information only, not investment advice. Verify the broker's current regulation status with the relevant authority's official site before any investment decision.