Can I Trust Upstox? An Honest Review of India’s Discount Broker (2025)

If you’re wondering “can I trust Upstox?” before opening a demat account you’re asking the right question. I’ve taken a deep dive into actual user experiences to give you the real story behind this popular Indian discount broker.

The Harsh Truth About Upstox: What Users Are Actually Saying

Let’s not sugarcoat it – Upstox’s reputation on Trustpilot is concerning. With a dismal TrustScore of 1.6 out of 5 based on 30 reviews, the platform falls into the “Bad” category. What’s even more alarming is that a whopping 74% of reviewers gave Upstox just 1 star, while only 20% awarded it 5 stars.

I was shocked when I saw these numbers. For a company that positions itself as a leading discount broker in India, these ratings are definitely not what you’d expect.

The Good (What Little There Is)

To be fair. there are a few positive reviews scattered among the complaints

• One user described it as “the best platform I have used” for trading in India
• Another mentioned it being “a good and secure app”
• A third reviewer praised it for having “best customer support”

But these positive comments are vastly outnumbered by negative experiences.

The Bad (There’s Plenty)

The complaints against Upstox fall into several categories, but some recurring issues stand out:

1. Customer Service Nightmare

Almost every negative review mentions problems with customer support:

• “Their back end team is useless”
• “Customer support is nonexistent—just automated replies with no resolution”
• “Support team consistently promises callbacks that never happen”
• “No one is responding to my emails and tickets”
• “I rate zero to customer support service”

One frustrated customer shared: “Despite paying the full amount for a rights issue, the shares were credited to your demat account but have not been transferred to mine. Your support team consistently promises callbacks that never happen.”

2. High & Hidden Brokerage Charges

Despite marketing itself as a discount broker, many users complain about unexpected fees:

• “Their Brokerage is too high in comparision to other discount brokers”
• “They have taken hidden and high brokerage charge”
• “Lots of hidden charges”

As one user put it: “If we have to pay 20/trade even in buy and in sell each order, better prefer Bank Demat Accounts like HDFC Sec, SBI Sec, ICICI Sec.”

3. Technical Glitches That Cost Money

Several users reported losing money due to platform issues:

• “At least twice I have suffered a certain technical glitch by which it was impossible to exit a trade”
• “In one case suffered over 5K loss”
• “Trade limit can’t seen on mobile screen and trade executed and it went to loss”

One reviewer shared a particularly concerning experience: “Suffered over 5K loss. Lodged complaint with Smart ODR. A compensation of ₹2500/- was agreed to by Upstox. But refused to pay the amount later.”

4. Delayed Payments & Account Freezes

Other serious issues mentioned include:

• “The funds still haven’t reached my bank account days later”
• “They freeze accounts for days together”
• “Response time post raising ticket is 7-10 days”
• “They held the money and never supported to resolve issue”

The Serious Allegations: Scam Warnings

Most concerning are multiple reviews claiming Upstox is fraudulent:

• “This is a 100% scam platform. As soon as I deposited money for investment I lost contact with them.”
• “FCa confirmed upstox a scam, invest here at risk.”
• “The scammers took off…”

While I can’t personally verify these claims, the frequency of such serious allegations is definitely worrying.

How Does Upstox Compare to Competitors?

Looking at Trustpilot ratings for other Indian brokers mentioned in the reviews:

Interestingly, Zerodha (often considered the market leader) also has poor ratings, while Groww performs slightly better. International broker Exness has a much higher rating with significantly more reviews.

What Is Upstox, Anyway?

For those unfamiliar, Upstox (formerly RKSV) is an India-based discount brokerage company headquartered in Mumbai. The company holds memberships with major exchanges including NSE, BSE, MCX, and MCX-SX.

They market themselves as a low-cost alternative to traditional brokers, offering trading services through their website and mobile app.

My Honest Advice: Should You Trust Upstox?

After reviewing all this feedback, here’s my take:

Consider These Alternatives First:

Several users specifically recommended other platforms:

• “I recommend Zerodha, Geojit and Groww. Atleast, they respond to your calls and emails.”
• “Use Groww or Zerodha. Worst experience ever!”

If You Still Want to Try Upstox:

1. Start Small: Don’t transfer large amounts initially
2. Test Customer Service: Try contacting support with a query before you need urgent help
3. Read the Fee Structure Carefully: Watch out for hidden charges
4. Have a Backup: Consider maintaining another demat account as a backup

What Upstox Needs to Improve

If anyone from Upstox happens to read this (fingers crossed!), here’s what users clearly want fixed:

1. Transparent Fee Structure: Clearly state ALL charges upfront
2. Responsive Customer Support: Implement a reliable callback system and respond to emails promptly
3. Technical Stability: Invest in platform stability, especially for critical functions like exiting trades
4. Compensation Process: Honor agreements for compensation when errors occur
5. User Interface: Simplify the app interface which many find complicated

The Bottom Line: Proceed with Caution

Based on the overwhelmingly negative feedback on Trustpilot, I cannot in good conscience recommend Upstox without serious reservations. While some users have had positive experiences, the frequency and severity of complaints suggest significant issues with the platform.

If you’re new to stock trading or looking for a reliable broker, you might want to research more options before committing to Upstox. And if you do decide to try them out, I’d suggest starting with small investments until you’re confident in their service.

My Personal Take

I believe in giving companies the benefit of the doubt, but it’s hard to ignore such consistent negative feedback. What’s particularly concerning is that many of these reviews are detailed accounts of specific problems rather than vague complaints.

The financial markets are risky enough without having to worry about your broker’s reliability. Your trading platform should be the least of your concerns when investing.

FAQs About Upstox Reliability

Is Upstox a legitimate company?

Yes, Upstox is a registered broker with memberships in major Indian exchanges. However, legitimacy doesn’t necessarily mean reliable service.

What are the most common complaints about Upstox?

Poor customer service, hidden charges, technical glitches, and delayed payments are the most frequently mentioned issues.

Are there better alternatives to Upstox in India?

Based on user recommendations, Groww, Zerodha, and Geojit might offer better service experiences, though Zerodha also has mixed reviews.

Can I close my Upstox account if I’m unsatisfied?

Yes, but some users have reported difficulties in closing accounts and retrieving funds. It’s advisable to transfer any holdings before initiating an account closure.

Is it safe to keep large investments with Upstox?

Given the reports of account freezes and customer service issues, I would be cautious about keeping large sums invested through Upstox until you’ve established a track record of good service.

Remember, your investment journey should be focused on market opportunities, not fighting with your broker over basic service issues. Choose wisely!

Have you used Upstox? I’d love to hear your experience in the comments below!