Axis Direct vs Upstox
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
Axis Direct
VS
Upstox
Axis Direct vs Upstox — quick verdict
Choose Axis Direct if
You want research and offline support
Invest Right. Invest Now.
Choose Upstox if
You want low-cost, self-directed trading
Modern discount broker offering fast trading platforms, flat brokerage and investment products for traders and investors.
Company overview
Axis Direct is a full-service broker incorporated in 2006; Upstox is a discount broker incorporated in 2009.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| Type of broker | Full-Service Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX · MSEI | — |
| Year of incorporation | 2006 older | 2009 |
| Number of branches | 4,800+ | Online-first broker |
| Active clients | 14 Lakh+ | 30+ lakh (approx.) larger |
Charges & AMC
Account-opening and maintenance charges for Axis Direct and Upstox compared side by side.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| Trading a/c opening | ₹0 (Online) | ₹0 (Online) |
| Trading a/c AMC | ₹0 | ₹0 (First Year)* |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹0 (1st Year), ₹750 + GST per year thereafter | ₹300 + GST/year (applicable after promotional period for eligible accounts) lower |
| DP charges (per ISIN, sell) | ₹15.93 per debit transaction (including GST) lower | ₹20 per scrip per day (on sell transactions) |
Brokerage charges
How Axis Direct and Upstox price each trading segment, per executed order.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| Equity Delivery | 0.50% | ₹20 per executed order |
| Equity Intraday | 0.05% | ₹20 or 0.1% (whichever is lower) |
| Equity Futures | 0.05% | ₹20 or 0.05% (whichever is lower) |
| Equity Options | ₹20 per executed order | Flat ₹20 per executed order |
| Currency F&O | 0.05% | ₹20 or 0.05% (whichever is lower) |
| Commodity F&O | 0.05% | ₹20 or 0.05% (whichever is lower) |
| Call & Trade | ₹20 per executed order | ₹75 + GST per order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by Axis Direct and Upstox, per segment.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| Equity Delivery | NSE: 0.00297% • BSE: 0.00375% | NSE: 0.00307% (BSE as applicable) |
| Equity Intraday | NSE: 0.00297% • BSE: 0.00375% | NSE: 0.00307% |
| Equity Futures | NSE: 0.00173% | NSE: 0.00183% |
| Equity Options | NSE: 0.03503% (on premium) | NSE: 0.03553% (Premium) |
| Currency Futures | NSE: 0.00035% | As per exchange |
| Currency Options | NSE: 0.03110% (on premium) | — |
| Commodity Futures | MCX: 0.00210% | — |
| Commodity Options | MCX: 0.04180% (on premium) | — |
| Commodity | — | As per exchange |
Demat & DP charges
Depository (demat) charges for Axis Direct and Upstox — AMC, debit transactions, pledging and remat.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| Demat Account Opening | ₹0 | ₹0 |
| Annual Maintenance Charges (AMC) | ₹0 (1st Year), ₹750 + GST per year thereafter | — |
| Debit Transaction Charges | ₹15.93 per debit transaction (including GST) | — |
| Pledge / Unpledge Charges | ₹50 + GST per request | — |
| Dematerialisation (Demat) | ₹50 per certificate + GST | — |
| Rematerialisation (Remat) | ₹50 per certificate + GST | — |
| Failed Transactions | Nil | Nil |
| Demat Account AMC | — | ₹300 + GST/year* |
| DP Charge (Sell) | — | ₹20 per scrip per day |
| Pledge Creation | — | ₹20 + GST per request |
| Rematerialisation | — | ₹100 per certificate + applicable charges |
| Off-market Transfer | — | ₹20 + GST per ISIN |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by Axis Direct and Upstox.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | 100% of trade value (1x) |
| Equity Intraday | VAR + ELM Margin (Up to 5x*) | Up to 20% of trade value (Up to 5x) |
| Equity Futures | SPAN + Exposure Margin (As per available margin) | SPAN + Exposure Margin (1x) |
| Equity Options (Sell) | Premium Value (Not Applicable) | SPAN + Exposure Margin (1x) |
| Currency Futures & Options | SPAN + Exposure Margin (As per available margin) | SPAN + Exposure Margin (1x) |
| Currency Futures & Options | SPAN + Exposure Margin (As per available margin) | — |
| Commodity Futures & Options | SPAN + Exposure Margin (As per available margin) | — |
Features & account
Account type and feature availability across Axis Direct and Upstox.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| 3-in-1 account | ✓ Yes better | ✕ No |
| Automated / API trading | ✕ No | ✓ Yes better |
| Margin Trading (MTF) | ✓ Yes | ✓ Yes |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | Axis Direct Web, Axis Direct Mobile App, Fast Trade | Upstox Pro Web, Upstox Mobile App, Upstox Developer API |
| Intraday square-off | 3:15 PM | 3:15 PM |
| Other | Research Recommendations, Smart Edge Reports, Basket Orders, Price Alerts, Advanced Charting, Option Chain, Margin Trading Facility (MTF), Portfolio Tracker, Watchlists | GTT Orders, API Trading, Margin Trading Facility (MTF), IPO, Mutual Funds, Option Chain, Advanced Charts, Basket Orders, etc. |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by Axis Direct and Upstox.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| Trading platforms offered | Axis Direct Web, Axis Direct Mobile App, Fast Trade | Upstox Pro Web, Upstox Mobile App, Upstox Developer API, Upstox Developer Console |
| Number of platforms | 3 | 4 more choice |
| Platforms (summary) | Axis Direct Web, Axis Direct Mobile App, Fast Trade | Upstox Pro Web, Upstox Mobile App, Upstox Developer API |
| Mobile / desktop apps | Web Trading Platform, Mobile Trading App, Desktop Trading Software | Web, Android & iOS, API |
User ratings
User ratings for Axis Direct and Upstox across the key parameters.
| Rated on | Axis Direct | Upstox |
|---|---|---|
| Fees | 4 | 4.4 better |
| Brokerage | 4.1 | 4.5 better |
| Trading platform | 4.6 | 4.7 better |
| Customer service | 4.5 better | 4 |
| Research | 4.8 better | 3.8 |
| Overall | 4.4 | 4.4 |
Investment options
Which investment products Axis Direct and Upstox let you access.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| Stocks / Equity | ✓ Yes | ✓ Yes |
| Commodity | ✓ Yes | ✓ Yes |
| IPO | ✓ Yes | ✓ Yes |
| Mutual Funds | ✓ Yes | ✓ Yes |
| Bonds / NCD | ✓ Yes | ✓ Yes |
Order types offered
Advanced order types supported by Axis Direct and Upstox.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| Bracket Order | ✕ No | ✕ No |
| Cover Order | ✕ No | ✕ No |
| BTST | ✓ Yes | ✓ Yes |
| After Market (AMO) | ✓ Yes | ✓ Yes |
| GTC / GTT | ✓ Yes | ✓ Yes |
Safety & credibility
SEBI registration, financial strength and complaint record for Axis Direct and Upstox.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| SEBI registration | INZ000250138 | INZ000185137 |
| NSE member code | 12798 | 13942 |
| Year of incorporation | 2006 longer track record | 2009 |
| Net worth | ₹1,639.08 Cr | Upstox Securities Pvt. Ltd. |
| Exchange memberships | NSE · BSE · MCX · MSEI | — |
| Latest complaint ratio | 0.002% fewer complaints | 0.038% |
Complaints record
Exchange complaint data for Axis Direct and Upstox — the ratio matters more than the raw count.
| Parameter | Axis Direct | Upstox |
|---|---|---|
| Latest financial year | 2025–26 | 2025–26 |
| Exchange | NSE | NSE |
| Active clients | 14,18,214 | 32,45,678 larger base |
| Complaints filed | 22 | 1,245 |
| Complaint ratio | 0.002% fewer complaints | 0.038% |
Pros & cons
The main advantages and drawbacks of each broker.
Axis Direct
▲ Pros
- ✓ Backed by Axis Bank, one of India's leading private sector banks.
- ✓ Convenient 3-in-1 Account for seamless banking and investing.
- ✓ Comprehensive research reports and expert investment recommendations.
- ✓ Supports stocks, F&O, commodities, mutual funds, IPOs, ETFs, bonds, and more.
- ✓ Advanced web and mobile trading platforms.
- ✓ Strong customer support with a nationwide branch network.
▼ Cons
- ✕ Brokerage charges are higher than most discount brokers.
- ✕ Annual Demat AMC is applicable after the introductory period.
- ✕ Premium research and advisory services may be suited more for long-term investors.
- ✕ Some brokerage plans vary based on customer profile and relationship.
- ✕ Call & Trade charges are applicable.
- ✕ Budget-conscious traders may find discount brokers more economical.
Upstox
▲ Pros
- ✓ Flat brokerage model with a maximum brokerage per executed order on eligible segments.
- ✓ Paperless online Demat and Trading account opening.
- ✓ Feature-rich web and mobile trading platforms.
- ✓ Supports investing in Stocks, ETFs, IPOs, Mutual Funds and more.
- ✓ Margin Trading Facility (MTF) available for eligible stocks.
- ✓ GTT (Good Till Triggered) order facility.
- ✓ Developer APIs available for algorithmic trading and third-party integrations.
- ✓ Supports multiple order types and advanced charting tools.
▼ Cons
- ✕ Call & Trade service is chargeable.
- ✕ Physical branch presence is limited compared to traditional full-service brokers.
- ✕ Some advanced services and pricing depend on the selected account plan.
- ✕ Certain trading facilities are available only for eligible exchanges or approved securities.
Explore more comparisons
Compare Axis Direct with
Axis Direct vs Zerodha Axis Direct vs Angel One Axis Direct vs Groww Axis Direct vs ICICI Direct Axis Direct vs Kotak Neo Axis Direct vs HDFC Securities Axis Direct vs SBI Securities Axis Direct vs Motilal Oswal Axis Direct vs Paytm Money Axis Direct vs Mirae Asset Sharekhan Axis Direct vs 5paisa Axis Direct vs Choice Broking Axis Direct vs m.Stock Axis Direct vs Sahi Axis Direct vs FYERS Securities Axis Direct vs SMC Global Axis Direct vs Anand Rathi Axis Direct vs Jainam Broking LimitedCompare Upstox with
Upstox vs Zerodha Upstox vs Angel One Upstox vs Groww Upstox vs ICICI Direct Upstox vs Kotak Neo Upstox vs HDFC Securities Upstox vs SBI Securities Upstox vs Motilal Oswal Upstox vs Paytm Money Upstox vs Mirae Asset Sharekhan Upstox vs 5paisa Upstox vs Choice Broking Upstox vs m.Stock Upstox vs Sahi Upstox vs FYERS Securities Upstox vs SMC Global Upstox vs Anand Rathi Upstox vs Jainam Broking LimitedDisclaimer: Investments in the securities market are subject to market risks; read all related documents carefully before investing. This page is for information only and is not investment advice. Brokerage, AMC and other charges change frequently — always verify against the broker's official website before opening an account. Affiliate disclosure: "Open account" links are affiliate links and we may earn a commission at no extra cost to you; this does not influence our ratings.