m.Stock vs Upstox
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
m.Stock
VS
Upstox
m.Stock vs Upstox — quick verdict
Choose m.Stock if
You want low-cost, self-directed trading
One Account. Zero Brokerage. Lifetime Investing.
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
m.Stock is a discount broker incorporated in 1985*; Upstox is a discount broker incorporated in 2009.
| Parameter | m.Stock | Upstox |
|---|---|---|
| Type of broker | Discount Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | — |
| Year of incorporation | 1985* older | 2009 |
| Number of branches | 196+ | Online-first broker |
| Active clients | 12 Lakh+ | 30+ lakh (approx.) larger |
Charges & AMC
Account-opening and maintenance charges for m.Stock and Upstox compared side by side.
| Parameter | m.Stock | Upstox |
|---|---|---|
| Trading a/c opening | ₹0 | ₹0 (Online) |
| Trading a/c AMC | ₹0 | ₹0 (First Year)* |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹999 + GST (One-time Lifetime AMC Plan)* | ₹300 + GST/year (applicable after promotional period for eligible accounts) lower |
| DP charges (per ISIN, sell) | ₹13.5 + GST per debit transaction lower | ₹20 per scrip per day (on sell transactions) |
Brokerage charges
How m.Stock and Upstox price each trading segment, per executed order.
| Parameter | m.Stock | Upstox |
|---|---|---|
| Equity Delivery | ₹0 (Zero Brokerage Plan) | ₹20 per executed order |
| Equity Intraday | ₹5 per executed order* | ₹20 or 0.1% (whichever is lower) |
| Equity Futures | ₹5 per executed order* | ₹20 or 0.05% (whichever is lower) |
| Equity Options | ₹5 per executed order* | Flat ₹20 per executed order |
| Currency F&O | ₹5 per executed order* | ₹20 or 0.05% (whichever is lower) |
| Commodity F&O | ₹5 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 m.Stock and Upstox, per segment.
| Parameter | m.Stock | 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 m.Stock and Upstox — AMC, debit transactions, pledging and remat.
| Parameter | m.Stock | Upstox |
|---|---|---|
| Demat Account Opening | ₹0 | ₹0 |
| Annual Maintenance Charges (AMC) | ₹999 + GST (One-time Lifetime AMC Plan) | — |
| Debit Transaction Charges | ₹13.5 + GST per debit transaction | — |
| Pledge / Unpledge Charges | ₹20 + GST per request | — |
| Dematerialisation (Demat) | ₹150 per certificate + GST | — |
| Rematerialisation (Remat) | ₹150 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 m.Stock and Upstox.
| Parameter | m.Stock | 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 (Buy) | Premium Value (Not Applicable) | SPAN + Exposure Margin (1x) |
| Equity Options (Sell) | 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 m.Stock and Upstox.
| Parameter | m.Stock | Upstox |
|---|---|---|
| 3-in-1 account | ✕ No | ✕ No |
| Automated / API trading | ✓ Yes | ✓ Yes |
| Margin Trading (MTF) | ✓ Yes | ✓ Yes |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | m.Stock Web, m.Stock Mobile App, m.Stock Desktop | Upstox Pro Web, Upstox Mobile App, Upstox Developer API |
| Intraday square-off | 3:15 PM | 3:15 PM |
| Other | Option Chain, Advanced Charting, Basket Orders, API Trading, Algo Trading Support, Price Alerts, eDIS, Margin Trading Facility (MTF), Smart 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 m.Stock and Upstox.
| Parameter | m.Stock | Upstox |
|---|---|---|
| Trading platforms offered | m.Stock Web, m.Stock Mobile App, m.Stock Desktop | Upstox Pro Web, Upstox Mobile App, Upstox Developer API, Upstox Developer Console |
| Number of platforms | 3 | 4 more choice |
| Platforms (summary) | m.Stock Web, m.Stock Mobile App, m.Stock Desktop | Upstox Pro Web, Upstox Mobile App, Upstox Developer API |
| Mobile / desktop apps | Web, Mobile, Desktop | Web, Android & iOS, API |
User ratings
User ratings for m.Stock and Upstox across the key parameters.
| Rated on | m.Stock | Upstox |
|---|---|---|
| Fees | 4.9 better | 4.4 |
| Brokerage | 5 better | 4.5 |
| Trading platform | 4.5 | 4.7 better |
| Customer service | 4.3 better | 4 |
| Research | 4.1 better | 3.8 |
| Overall | 4.6 better | 4.4 |
Investment options
Which investment products m.Stock and Upstox let you access.
| Parameter | m.Stock | 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 m.Stock and Upstox.
| Parameter | m.Stock | 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 m.Stock and Upstox.
| Parameter | m.Stock | Upstox |
|---|---|---|
| SEBI registration | INZ000163138 | INZ000185137 |
| NSE member code | 13198 | 13942 |
| Year of incorporation | 1985* longer track record | 2009 |
| Net worth | ₹2,611.66 Cr | Upstox Securities Pvt. Ltd. |
| Exchange memberships | NSE · BSE · MCX | — |
| Latest complaint ratio | 0.002% fewer complaints | 0.038% |
Complaints record
Exchange complaint data for m.Stock and Upstox — the ratio matters more than the raw count.
| Parameter | m.Stock | Upstox |
|---|---|---|
| Latest financial year | 2025–26 | 2025–26 |
| Exchange | NSE | NSE |
| Active clients | 12,18,457 | 32,45,678 larger base |
| Complaints filed | 19 | 1,245 |
| Complaint ratio | 0.002% fewer complaints | 0.038% |
Pros & cons
The main advantages and drawbacks of each broker.
m.Stock
▲ Pros
- ✓ Zero brokerage plans available for eligible customers.
- ✓ Low-cost trading across multiple segments.
- ✓ Backed by the globally recognized Mirae Asset Financial Group.
- ✓ Supports stocks, F&O, commodities, IPOs, mutual funds, ETFs, and bonds.
- ✓ Margin Trading Facility (MTF) and advanced trading platforms available.
- ✓ Fully digital and paperless account opening.
▼ Cons
- ✕ Research offerings are comparatively limited versus full-service brokers.
- ✕ Call & Trade service is chargeable.
- ✕ Some pricing benefits are available only under specific subscription plans.
- ✕ Physical branch presence is smaller than traditional full-service brokers.
- ✕ Advanced advisory services are limited compared to research-focused brokers.
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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