Nuvama and Upstox are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. Nuvama is listed as a Private Full Service , established in 2008 and headquartered in Ahmedabad, while Upstox is listed as a Private Discount Broker , established in 2011 and headquartered in Mumbai.
This comparison reviews brokerage, Demat charges, product availability, platforms, features, support, ratings, and complaints. Use the side-by-side tables below to see whether Nuvama or Upstox is a better fit for your investment style, platform preference, and budget.
Nuvama is listed as a Private Full Service established in 2008 with headquarters in Ahmedabad and founded by Rashesh Shah. The broker highlights access to equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures through mobile app access, web trading, desktop terminal access and algo trading support and promotes features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and global indices tracking. It follows a Lite Plan brokerage structure.
Upstox is listed as a Private Discount Broker established in 2011 with headquarters in Mumbai and founded by Raghu Kumar, Ravi Kumar & Shrinivas Vishvanath. It offers equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures using mobile app access, web trading and algo trading support and supports traders with features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market tracking. Its brokerage model is structured as Standard Plan.
Both brokers use technology-driven platforms to attract active traders and investors, but the better option depends on the combination of pricing, products, services, and support that matters most to you.
Nuvama vs Upstox — A Comprehensive Company Overview
| Company Overview | Nuvama | Upstox |
|---|---|---|
| Company Type | Private | Private |
| Broker Type | Full Service | Discount Broker |
| Headquarters | Ahmedabad | Mumbai |
| Founder | Rashesh Shah | Raghu Kumar, Ravi Kumar & Shrinivas Vishvanath |
| Establishment Year | 2008 | 2011 |
| Brokerage Plan | Lite Plan | Standard Plan |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Nuvama and Upstox.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. Nuvama charges Rs.10 per Trade or 0.01% (whichever is low) while Upstox charges Rs.20 per Trade or 2.5%, whichever is low.
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. Nuvama charges Rs.10 per Trade or 0.01% (whichever is Low) while Upstox charges Rs.20 per Trade or 0.05% (whichever is low).
Equity futures: This charge applies to futures contracts on stocks and indices. Nuvama charges Rs.10 per Trade while Upstox charges Rs.20 per Trade or 0.05% (whichever is low).
Equity options: This charge applies to equity option contracts. Nuvama charges Rs.10 per Trade while Upstox charges Rs.20 per Trade.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. Nuvama charges N/A ; Upstox charges Rs.20 per Trade or 0.05% (whichever is low).
Commodity options: This charge applies to option contracts on commodity instruments. Nuvama charges N/A ; Upstox charges Rs.20 per Trade.
Currency futures: This charge allows participation in forex price movements on the exchange. Nuvama charges Rs.10 executed order while Upstox charges Rs.20 per Trade or 0.05% (whichever is low).
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Nuvama charges Rs.10 per Trade while Upstox charges Rs.20 per Trade.
Nuvama vs Upstox — Detailed Brokerage Comparison
| Brokerage | Nuvama | Upstox |
|---|---|---|
| Brokerage Plan | Lite Plan | Standard Plan |
| Subscription Charges | Zero | Zero |
| Equity Delivery | Rs.10 per Trade or 0.01% (whichever is low) | Rs.20 per Trade or 2.5%, whichever is low |
| Equity Intraday | Rs.10 per Trade or 0.01% (whichever is Low) | Rs.20 per Trade or 0.05% (whichever is low) |
| Equity Future | Rs.10 per Trade | Rs.20 per Trade or 0.05% (whichever is low) |
| Equity Option | Rs.10 per Trade | Rs.20 per Trade |
| Commodity Future | NA | Rs.20 per Trade or 0.05% (whichever is low) |
| Commodity Option | NA | Rs.20 per Trade |
| Currency Future | Rs.10 executed order | Rs.20 per Trade or 0.05% (whichever is low) |
| Currency Option | Rs.10 per Trade | Rs.20 per Trade |
Nuvama provides mobile app access, web trading, desktop terminal access and algo trading support for order placement, portfolio tracking, and market monitoring. Upstox provides mobile app access, web trading and algo trading support for its users.
Android app: Nuvama and Upstox both list an Android trading app.
iOS app: Nuvama and Upstox both list an iOS trading app.
Web trading platform: Nuvama and Upstox both list a web trading platform.
Desktop trading terminal: Nuvama lists a desktop trading terminal, while Upstox does not currently mention it.
Algo trading: Nuvama and Upstox both list algo trading support.
Basket trading: Upstox lists basket trading, while Nuvama does not currently mention it.
Foreign stocks platform: Neither broker currently highlights foreign stocks access.
Mutual fund platform: Nuvama and Upstox both list a mutual fund investment platform.
Digital gold platform: Neither broker currently highlights digital gold investing.
Bonds platform: Neither broker currently highlights a bonds investment platform.
Nuvama vs Upstox — Complete Comparison of Trading Platforms
| Trading Platform | Nuvama | Upstox |
|---|---|---|
| Android App | Nuvama Android App Link | Upstox Android App Link |
| iOS App | Nuvama iOS App Link | Upstox iOS App Link |
| Web Trading Platform | Nuvama Web Trading Link | Upstox Web Trading Link |
| Trading Terminal | Available | NA |
| Algo Trading Platform | Available | Available |
| Foreign Stocks Platform | NA | NA |
| Basket Trading Platform | NA | Available |
| Mutual Fund Platform | Available | Available |
| Digital Gold Platform | NA | NA |
| Bonds Platform | NA | NA |
Nuvama highlights trading features including watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and global indices tracking, while Upstox promotes watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market tracking. The table below shows the full feature set for both brokers side by side.
Wishlist: Monitor specific stocks or assets by adding them to a watchlist for close tracking. Both Nuvama and Upstox offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Nuvama and Upstox offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Nuvama and Upstox offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Both Nuvama and Upstox offer this feature.
Research reports: A comprehensive overview of different stocks and sectors in the stock market. Nuvama offers this; Upstox does not currently highlight it.
Global indices: Real-time data on leading global stock market indices. Nuvama offers this; Upstox does not currently highlight it.
Customised recommendations: Personalised investment suggestions based on your objectives and behaviour patterns. Nuvama offers this; Upstox does not currently highlight it.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. Nuvama offers this; Upstox does not currently highlight it.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Nuvama and Upstox offer this feature.
Live market: Live updates on market movements and trends. Both Nuvama and Upstox offer this feature.
Secure platform: A secure trading environment with next-generation security controls. Both Nuvama and Upstox offer this feature.
Nuvama vs Upstox — Comprehensive Comparison of Trading Features
| Trading Feature | Nuvama | Upstox |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | Yes | Yes |
| Research Reports | Yes, chargeable | No |
| Global Indices | Yes | No |
| Customised Recommendations | Yes | No |
| Stock Tips | Yes | No |
| Interactive Charts | Yes | Yes |
| Live Market | Yes | Yes |
| Multi Profile Management | No | No |
| Robust & Secure Platform | Yes | Yes |
Stockbrokers use promotional offers to attract and retain clients. Below is a side-by-side comparison of the offers currently listed by Nuvama and Upstox.
Free account opening: Nuvama and Upstox both list free account opening.
Free AMC: Nuvama lists free Demat AMC, while Upstox does not currently mention it.
Free brokerage: Neither broker currently highlights free brokerage.
Flat brokerage: Nuvama and Upstox both list flat brokerage pricing.
Flexible brokerage plans: Nuvama lists flexible brokerage plans, while Upstox does not currently mention it.
Happy trading hours: Neither broker currently highlights happy trading hours.
Free delivery trading: Neither broker currently highlights free delivery trading.
Free intraday trading: Neither broker currently highlights free intraday trading.
Free F&O trading: Neither broker currently highlights free F&O trading.
Free research reports: Nuvama lists free research reports, while Upstox does not currently mention it.
Free trading calls: Neither broker currently highlights free trading calls.
Zero brokerage for loss trades: Neither broker currently highlights zero brokerage for loss-making trades.
Referral offers: Nuvama offers Upto Rs.1,000 per referral while Upstox offers Upto Rs.700 per Client for referrals.
Nuvama vs Upstox — Comparison of Latest Offers
| Offer | Nuvama | Upstox |
|---|---|---|
| Free Account Opening | Yes | Yes |
| Free AMC | Yes | No |
| Free Brokerage | No | No |
| Flat Brokerage | Yes, Limited | Yes |
| Flexible Brokerage Plans | Yes | No |
| Happy Trading Hours | No | No |
| Free Delivery Trading | No | No |
| Free Intraday Trading | No | No |
| Free F&O Trading | No | No |
| Free Research Reports | Yes | No |
| Free Trading Calls | No | No |
| Referral Offers | Upto Rs.1,000 per referral | Upto Rs.700 per Client |
| Margin Funding / Pledging | Yes | Yes |
| Brokerage Cashback | No | No |
| Zero Brokerage for Loss-Making Trades | No | No |
Product availability determines whether a broker can support your preferred markets. Nuvama highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures, while Upstox highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures.
The table below compares the full product lineup side by side across equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options, currency futures, currency options, mutual funds and insurance.
Nuvama vs Upstox — Complete Comparison of Products
| Product | Nuvama | Upstox |
|---|---|---|
| Equity Delivery | Yes | Yes |
| Equity Intraday | Yes | Yes |
| Equity Option | Yes | Yes |
| Equity Future | Yes | Yes |
| Commodity Option | Yes | Yes |
| Commodity Future | Yes | Yes |
| Currency Option | Yes | Yes |
| Currency Future | Yes | Yes |
| Foreign Stocks | No | No |
| Mutual Funds | Yes | Yes |
| Banking | No | No |
| Insurance | Yes | No |
| Corporate Bonds | No | No |
| Government Bonds | No | No |
| Digital Gold | No | No |
Demat services: Nuvama and Upstox both list Demat services.
Trading services: Nuvama and Upstox both list trading services.
Intraday services: Nuvama and Upstox both list intraday trading services.
F&O services: Nuvama and Upstox both list F&O services.
IPO services: Nuvama and Upstox both list IPO services.
3-in-1 account: Neither broker currently highlights 3-in-1 account support.
Stock research: Nuvama lists stock research, while Upstox does not currently mention it.
Stock recommendations: Nuvama lists stock recommendations, while Upstox does not currently mention it.
Trading education: Nuvama and Upstox both list trading education.
Share pledging: Nuvama and Upstox both list share pledging.
PMS or PCG: Neither broker currently highlights PMS or PCG support.
NRI services: Neither broker currently highlights NRI services.
Nuvama provides Demat services, trading services, intraday trading, F&O trading, IPO access and stock research, while Upstox offers Demat services, trading services, intraday trading, F&O trading, IPO access and trading education.
Nuvama vs Upstox — In-Depth Comparison of Services
| Service | Nuvama | Upstox |
|---|---|---|
| Demat Services | Yes | Yes |
| Trading Services | Yes | Yes |
| Intraday Services | Yes | Yes |
| F&O Services | Yes | Yes |
| IPO Services | Yes | Yes |
| 3-in-1 Account | No | No |
| Stock Research | Yes | No |
| Stock Recommendations | Yes | No |
| Trading Education | Yes, Investology | Yes, UpLearn |
| Share Pledging | Yes | Yes |
| PMS or PCG | No | No |
| NRI Services | No | No |
Stock advisory helps investors choose appropriate stocks through research reports, tips, and market reviews. The table below shows which advisory products are available from Nuvama and Upstox.
Nuvama and Upstox — Detailed Comparison of Advisory Services
| Advisory | Nuvama | Upstox |
|---|---|---|
| Fundamental Reports | Yes | Yes |
| Research Reports | Yes, chargeable | No |
| Company Reports | Yes | No |
| Annual Reports | Yes | No |
| IPO Reports | Yes | Yes |
| Technical Reports | Yes | No |
| Stock Tips | Yes | No |
| Daily Top Stock Picks | Yes | No |
| Daily Market Review | Yes | No |
| Monthly Review | Yes | No |
| Weekly Review | Yes | No |
| Relationship Manager | Yes | No |
| Robo Advisory | No | No |
Margin exposure allows traders to manage larger positions with less capital. Below is a comparison of the margin available from Nuvama and Upstox across different segments.
Nuvama and Upstox — Comprehensive Comparison of Trading Exposure
| Exposure | Nuvama | Upstox |
|---|---|---|
| Equity Delivery | 1x | 1x |
| Equity Intraday | Upto 5x (Depends on Stocks) | Upto 5x (Depends on Stocks) |
| Equity F&O Carry Forward | 1x | 1x |
| Equity F&O Intraday | 1.3x | 1.3x |
| Commodity F&O Carry Forward | 1x | 1x |
| Commodity F&O Intraday | 1.3x | 1.3x |
| Currency F&O | 1x | 1.3x |
Nuvama and Upstox both list a sub-broker program. Nuvama and Upstox both list a partner program. Nuvama and Upstox both list a referral program.
Nuvama vs Upstox — Comparative Analysis of Programs
| Program | Nuvama | Upstox |
|---|---|---|
| Sub-Broker Program | Yes | Yes, Limited |
| Partner Program | Yes | Yes |
| Referral Program | Yes | Yes |
Nuvama provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. Upstox provides support through trading desk support, dedicated dealer assistance, call support, email support and website support.
Nuvama and Upstox — Comprehensive Comparison of Customer Support
| Support Channel | Nuvama | Upstox |
|---|---|---|
| Trading Support | Available, Chargeable | Available, Chargeable |
| Dedicated Dealer | Available, Chargeable | Available, Chargeable |
| Call Support | 022-66203030 | 022-41792999 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | NA | NA |
| Website Support | Website Link | Website Link |
| Facebook Support | Facebook Support Link | Facebook Support Link |
| Twitter / X Support | Twitter Support Link | Twitter Support Link |
| Telegram Support | — | Telegram Support Link |
| Branches / Offices | NA | NA |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. Nuvama carries an overall rating of 8.41 / 10, while Upstox carries an overall rating of 9.80 / 10.
Nuvama vs Upstox — Ratings Comparison
| Rating Parameter | Nuvama | Upstox |
|---|---|---|
| Overall Rating | 8.41 / 10 | 9.80 / 10 |
| Customer Support | 8.38 / 10 | 9.76 / 10 |
| Technology | 8.51 / 10 | 9.92 / 10 |
| Charges | 8.45 / 10 | 9.84 / 10 |
| Products & Services | 8.36 / 10 | 9.84 / 10 |
| Experience | 8.34 / 10 | 9.72 / 10 |
SEBI, BSE, and NSE regularly publish broker complaint data as part of investor protection oversight. The table below shows the complaint records for both brokers.
Nuvama & Upstox — Comparison of Customer Complaints
| Complaint Metric | Nuvama | Upstox |
|---|---|---|
| Total Complaints Lodged | 117 | 299 |
| Total Complaints Resolved | 102 | 258 |
| % of Resolved Complaints | 87.18% | 86.29% |
| Non-Actionable Complaints | 7 | 28 |
| % of Non-Actionable Complaints | 5.98% | 9.36% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Nuvama and Upstox.
Nuvama vs Upstox — Detailed Comparison of Transaction Charges
| Transaction Charges | Nuvama | Upstox |
|---|---|---|
| Equity Delivery | 0.00335% (NSE) & As per Stock (BSE) | 0.00325% (NSE) & 0.00375% (BSE) |
| Equity Intraday | 0.00335% (NSE) & As per Stock (BSE) | 0.00325% (NSE) & 0.00375% (BSE) |
| Equity Future | 0.002% (NSE & BSE) | 0.0019% (NSE & BSE) |
| Equity Option | 0.053% (on premium) | 0.05% (on premium) |
| Commodity Future | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) |
| Commodity Option | 0.05% (Non Agri) | 0.05% (Non Agri) |
| Currency Future | NA | 0.0009% (NSE) & 0.00022% (BSE) |
| Currency Option | NA | 0.035% (NSE) & 0.001% (BSE) |
Pledge creation charges apply when traders borrow against their held securities. Pledge invocation charges apply if the pledged shares are sold due to a shortfall. Margin trading interest is the rate charged on borrowed funds.
Nuvama & Upstox — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Nuvama | Upstox |
|---|---|---|
| Pledge Creation Charges | Rs.7 per Request | Rs.50 per Request |
| Pledge Invocation Charges | Rs.7 per Request | Rs.50 per Request |
| Margin Trading Interest | 0.05% per day | 0.048% per day |
Beyond brokerage, several statutory and operational charges apply. These include SEBI turnover fees, DP charges, GST, account closure, reactivation, dematerialisation, and call & trade charges.
Nuvama and Upstox — Detailed Comparison of Hidden / Other Charges
| Charge | Nuvama | Upstox |
|---|---|---|
| SEBI Turnover Charges | Rs.10/ Crore (All Segment) | Rs.10/ Crore (All Segment) |
| DP Charges | Rs.20 per Scrip | Rs.18.5 per Scrip only on Sell |
| GST | 18% on (Brokerage + SEBI + Transaction charges) | 18% on (Brokerage + SEBI + Transaction charges) |
| Account Closure Charges | Rs.150 | Free |
| Reactivation Charges | Rs.100 | Free |
| Dematerialisation Charges | Rs.18 per Certificate | Rs.20 per Certificate |
| Call & Trade Charges | Rs.20 per Trade | Rs.50 + 18% GST per Trade |
Nuvama lists account opening charges of Free and Demat AMC of Rs.500 (Free for first year). Upstox lists account opening charges of Free and Demat AMC of Rs.150 per Year + GST.
Nuvama vs Upstox — Detailed Comparison of Demat Charges
| Demat Charges | Nuvama | Upstox |
|---|---|---|
| Account Opening Charges | Free | Free |
| Annual Maintenance Charges (AMC) | Rs.500 (Free for first year) | Rs.150 per Year + GST |
Securities Transaction Tax (STT) and Commodity Transaction Tax (CTT) are government levies — the same for all brokers in India. These are shown below for reference.
Nuvama vs Upstox — Comparative Analysis of STT and CTT Charges
| STT & CTT | Nuvama | Upstox |
|---|---|---|
| Equity Delivery | 0.1% on buy & sell | 0.1% on buy & sell |
| Equity Intraday | 0.025% on sell | 0.025% on sell |
| Equity Future | 0.0125% on sell | 0.0125% on sell |
| Equity Option | 0.0625% on sell (on premium) | 0.0625% on sell (on premium) |
| Commodity Future | 0.01% on sell (Non-Agri) | 0.01% on sell (Non-Agri) |
| Commodity Option | 0.05% on sell | 0.05% on sell |
| Currency Future | Nil | Nil |
| Currency Option | Nil | Nil |
Stamp duty is a government tax charged when the broker issues, sells, or transfers a security. It is collected at the end of each trading day.
Nuvama and Upstox — Comparison of Stamp Duty Charges
| Stamp Duty | Nuvama | Upstox |
|---|---|---|
| Equity Delivery | 0.015% on buy | 0.015% on buy |
| Equity Intraday | 0.003% on buy | 0.003% on buy |
| Equity Future | 0.002% on buy | 0.002% on buy |
| Equity Option | 0.003% on buy | 0.003% on buy |
| Commodity Future | 0.002% on buy | 0.002% on buy |
| Commodity Option | 0.003% on buy | 0.003% on buy |
| Currency Future | 0.0001% on buy | 0.0001% on buy |
| Currency Option | 0.0001% on buy | 0.0001% on buy |