HDFC Securities vs Upstox
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
HDFC Securities
VS
Upstox
HDFC Securities vs Upstox — quick verdict
Choose HDFC Securities 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
HDFC Securities is a full-service broker incorporated in 2000; Upstox is a discount broker incorporated in 2009.
| Parameter | HDFC Securities | Upstox |
|---|---|---|
| Type of broker | Full-Service Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | — |
| Year of incorporation | 2000 older | 2009 |
| Number of branches | 200+ | Online-first broker |
| Active clients | ~14.6 Lakh | 30+ lakh (approx.) larger |
Charges & AMC
Account-opening and maintenance charges for HDFC Securities and Upstox compared side by side.
| Parameter | HDFC Securities | Upstox |
|---|---|---|
| Trading a/c opening | ₹999 + GST | ₹0 (Online) |
| Trading a/c AMC | ₹0 (Free) | ₹0 (First Year)* |
| Demat a/c opening | ₹0 (Free) | ₹0 |
| Demat a/c AMC | ₹750 per year* | ₹300 + GST/year (applicable after promotional period for eligible accounts) lower |
| DP charges (per ISIN, sell) | ₹18.50 + GST per debit transaction lower | ₹20 per scrip per day (on sell transactions) |
Brokerage charges
How HDFC Securities and Upstox price each trading segment, per executed order.
| Parameter | HDFC Securities | Upstox |
|---|---|---|
| Equity Delivery | 0.10% | ₹20 per executed order |
| Equity Intraday | 0.03% | ₹20 or 0.1% (whichever is lower) |
| Equity Futures | ₹20 per executed order or 0.03% (whichever is lower) | ₹20 or 0.05% (whichever is lower) |
| Equity Options | ₹20 per executed order | Flat ₹20 per executed order |
| Currency F&O | ₹20 per executed order | ₹20 or 0.05% (whichever is lower) |
| Commodity F&O | ₹20 per executed order | ₹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 HDFC Securities and Upstox, per segment.
| Parameter | HDFC Securities | Upstox |
|---|---|---|
| Equity Delivery | NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%) | NSE: 0.00307% (BSE as applicable) |
| Equity Intraday | NSE ₹297 per Cr (0.00297%) | BSE ₹297 per Cr (0.00297%) | NSE: 0.00307% |
| Equity Futures | NSE ₹173 per Cr (0.00173%) | BSE ₹173 per Cr (0.00173%) | NSE: 0.00183% |
| Equity Options | NSE ₹3,503 per Cr (0.03503%) | BSE ₹3,250 per Cr (0.0325%) | NSE: 0.03553% (Premium) |
| Currency Futures | NSE ₹35 per Cr (0.00035%) | BSE ₹35 per Cr (0.00035%) | As per exchange |
| Currency Options | NSE ₹3,100 per Cr (0.0311%) | BSE ₹1,000 per Cr (0.01%) | — |
| Commodity Futures | MCX ₹260 per Cr (0.00260%) | — |
| Commodity Options | MCX ₹5,000 per Cr (0.05%) | — |
| Commodity | — | As per exchange |
Demat & DP charges
Depository (demat) charges for HDFC Securities and Upstox — AMC, debit transactions, pledging and remat.
| Parameter | HDFC Securities | Upstox |
|---|---|---|
| Demat Account Opening | ₹0 (Free) | ₹0 |
| Transaction Charges (Sell) | ₹18.50 + GST per debit transaction | — |
| Annual Maintenance Charges (AMC) | ₹750 per year* | — |
| Pledge Creation / Invocation | ₹25 + GST per request | — |
| Remat | ₹25 per certificate + applicable charges | — |
| 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 HDFC Securities and Upstox.
| Parameter | HDFC Securities | Upstox |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | 100% of trade value (1x) |
| Equity Intraday | As per SEBI peak margin norms (Up to 5x) | Up to 20% of trade value (Up to 5x) |
| F&O (Eq/Curr/Comm) | SPAN + Exposure Margin (1x) | SPAN + Exposure Margin (1x) |
| Currency F&O | — | SPAN + Exposure Margin (1x) |
| Commodity F&O | — | SPAN + Exposure Margin (1x) |
Features & account
Account type and feature availability across HDFC Securities and Upstox.
| Parameter | HDFC Securities | 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 | HDFC SKY, HDFC Securities Mobile App, ProTerminal, InvestRight | Upstox Pro Web, Upstox Mobile App, Upstox Developer API |
| Intraday square-off | 3:15 PM | 3:15 PM |
| Other | 3-in-1 account, MTF, research reports, IPO investment, basket orders, option chain, mutual funds, ETFs and bonds. | 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 HDFC Securities and Upstox.
| Parameter | HDFC Securities | Upstox |
|---|---|---|
| Trading platforms offered | HDFC SKY, HDFC Securities Mobile App, ProTerminal, InvestRight | Upstox Pro Web, Upstox Mobile App, Upstox Developer API, Upstox Developer Console |
| Number of platforms | 4 | 4 |
| Platforms (summary) | HDFC SKY, HDFC Securities Mobile App, ProTerminal, InvestRight | Upstox Pro Web, Upstox Mobile App, Upstox Developer API |
| Mobile / desktop apps | Web + Mobile, Mobile, Desktop, Web | Web, Android & iOS, API |
User ratings
User ratings for HDFC Securities and Upstox across the key parameters.
| Rated on | HDFC Securities | Upstox |
|---|---|---|
| Fees | 4.3 | 4.4 better |
| Brokerage | 4.4 | 4.5 better |
| Trading platform | 4.7 | 4.7 |
| Customer service | 4.3 better | 4 |
| Research | 4.5 better | 3.8 |
| Overall | 4.4 | 4.4 |
Investment options
Which investment products HDFC Securities and Upstox let you access.
| Parameter | HDFC Securities | 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 HDFC Securities and Upstox.
| Parameter | HDFC Securities | 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 HDFC Securities and Upstox.
| Parameter | HDFC Securities | Upstox |
|---|---|---|
| SEBI registration | INZ000186937 | INZ000185137 |
| NSE member code | 06586 | 13942 |
| Year of incorporation | 2000 longer track record | 2009 |
| Net worth | ₹3,300+ Crore | Upstox Securities Pvt. Ltd. |
| Exchange memberships | NSE · BSE · MCX | — |
| Latest complaint ratio | 0.175% | 0.038% fewer complaints |
Complaints record
Exchange complaint data for HDFC Securities and Upstox — the ratio matters more than the raw count.
| Parameter | HDFC Securities | Upstox |
|---|---|---|
| Latest financial year | 2025-26 | 2025–26 |
| Exchange | NSE | NSE |
| Active clients | 15,39,103 | 32,45,678 larger base |
| Complaints filed | 2,690 | 1,245 |
| Complaint ratio | 0.175% | 0.038% fewer complaints |
Pros & cons
The main advantages and drawbacks of each broker.
HDFC Securities
▲ Pros
- ✓ Integrated 3-in-1 account with HDFC Bank.
- ✓ Comprehensive research reports and expert recommendations.
- ✓ Advanced web, mobile and desktop trading platforms.
- ✓ Investment in Stocks, F&O, IPOs, Mutual Funds, ETFs and Bonds.
- ✓ Margin Trading Facility (MTF) available.
- ✓ Strong brand reputation with nationwide presence.
- ✓ Dedicated relationship manager for eligible customers.
▼ Cons
- ✕ Brokerage charges are higher than discount brokers.
- ✕ Annual Maintenance Charges apply for demat accounts.
- ✕ Call & Trade service is chargeable.
- ✕ Some advanced trading tools are available only to eligible customers.
- ✕ Margin benefits depend on the applicable product and segment.
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.
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