Upstox and Motilal Oswal are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. Upstox is listed as a Private Discount Broker , established in 2011 and headquartered in Mumbai, while Motilal Oswal is listed as a Public Full Service , established in 1987 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 Upstox or Motilal Oswal is a better fit for your investment style, platform preference, and budget.
Upstox is listed as a Private Discount Broker established in 2011 with headquarters in Mumbai and founded by Raghu Kumar, Ravi Kumar & Shrinivas Vishvanath. 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 and algo trading support and promotes features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market tracking. It follows a Standard Plan brokerage structure.
Motilal Oswal is listed as a Public Full Service established in 1987 with headquarters in Mumbai and founded by Motilal Oswal, Raamdeo Agrawal. It offers equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures using mobile app access, web trading, desktop terminal access and algo trading support and supports traders with features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and global indices 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.
Upstox vs Motilal Oswal — A Comprehensive Company Overview
| Company Overview | Upstox | Motilal Oswal |
|---|---|---|
| Company Type | Private | Public |
| Broker Type | Discount Broker | Full Service |
| Headquarters | Mumbai | Mumbai |
| Founder | Raghu Kumar, Ravi Kumar & Shrinivas Vishvanath | Motilal Oswal, Raamdeo Agrawal |
| Establishment Year | 2011 | 1987 |
| Brokerage Plan | Standard Plan | Standard Plan |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Upstox and Motilal Oswal.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. Upstox charges Rs.20 per Trade or 2.5%, whichever is low while Motilal Oswal charges 0.20% of Transaction Value.
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. Upstox charges Rs.20 per Trade or 0.05% (whichever is low) while Motilal Oswal charges 0.02% of Transaction Value.
Equity futures: This charge applies to futures contracts on stocks and indices. Upstox charges Rs.20 per Trade or 0.05% (whichever is low) while Motilal Oswal charges 0.02% of Transaction Value.
Equity options: This charge applies to equity option contracts. Upstox charges Rs.20 per Trade while Motilal Oswal charges Rs.20 per Lot.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. Upstox charges Rs.20 per Trade or 0.05% (whichever is low) while Motilal Oswal charges 0.02% of Transaction Value.
Commodity options: This charge applies to option contracts on commodity instruments. Upstox charges Rs.20 per Trade while Motilal Oswal charges Rs.20 per Lot.
Currency futures: This charge allows participation in forex price movements on the exchange. Upstox charges Rs.20 per Trade or 0.05% (whichever is low) while Motilal Oswal charges 0.02% of Transaction Value.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Upstox charges Rs.20 per Trade while Motilal Oswal charges Rs.20 per Lot.
Upstox vs Motilal Oswal — Detailed Brokerage Comparison
| Brokerage | Upstox | Motilal Oswal |
|---|---|---|
| Brokerage Plan | Standard Plan | Standard Plan |
| Subscription Charges | Zero | Zero |
| Equity Delivery | Rs.20 per Trade or 2.5%, whichever is low | 0.20% of Transaction Value |
| Equity Intraday | Rs.20 per Trade or 0.05% (whichever is low) | 0.02% of Transaction Value |
| Equity Future | Rs.20 per Trade or 0.05% (whichever is low) | 0.02% of Transaction Value |
| Equity Option | Rs.20 per Trade | Rs.20 per Lot |
| Commodity Future | Rs.20 per Trade or 0.05% (whichever is low) | 0.02% of Transaction Value |
| Commodity Option | Rs.20 per Trade | Rs.20 per Lot |
| Currency Future | Rs.20 per Trade or 0.05% (whichever is low) | 0.02% of Transaction Value |
| Currency Option | Rs.20 per Trade | Rs.20 per Lot |
Upstox provides mobile app access, web trading and algo trading support for order placement, portfolio tracking, and market monitoring. Motilal Oswal provides mobile app access, web trading, desktop terminal access and algo trading support for its users.
Android app: Upstox and Motilal Oswal both list an Android trading app.
iOS app: Upstox and Motilal Oswal both list an iOS trading app.
Web trading platform: Upstox and Motilal Oswal both list a web trading platform.
Desktop trading terminal: Motilal Oswal lists a desktop trading terminal, while Upstox does not currently mention it.
Algo trading: Upstox and Motilal Oswal both list algo trading support.
Basket trading: Upstox and Motilal Oswal both list basket trading.
Foreign stocks platform: Motilal Oswal lists foreign stocks access, while Upstox does not currently mention it.
Mutual fund platform: Upstox and Motilal Oswal both list a mutual fund investment platform.
Digital gold platform: Motilal Oswal lists digital gold investing, while Upstox does not currently mention it.
Bonds platform: Motilal Oswal lists a bonds investment platform, while Upstox does not currently mention it.
Upstox vs Motilal Oswal — Complete Comparison of Trading Platforms
| Trading Platform | Upstox | Motilal Oswal |
|---|---|---|
| Android App | Upstox Android App Link | Motilal Oswal Android App Link |
| iOS App | Upstox iOS App Link | Motilal Oswal iOS App Link |
| Web Trading Platform | Upstox Web Trading Link | Motilal Oswal Web Trading Link |
| Trading Terminal | NA | Available |
| Algo Trading Platform | Available | Available |
| Foreign Stocks Platform | NA | Available |
| Basket Trading Platform | Available | Available |
| Mutual Fund Platform | Available | Available |
| Digital Gold Platform | NA | Available |
| Bonds Platform | NA | Available |
Upstox highlights trading features including watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market tracking, while Motilal Oswal promotes watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and global indices 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 Upstox and Motilal Oswal offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Upstox and Motilal Oswal offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Upstox and Motilal Oswal offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Both Upstox and Motilal Oswal offer this feature.
Research reports: A comprehensive overview of different stocks and sectors in the stock market. Motilal Oswal offers this; Upstox does not currently highlight it.
Global indices: Real-time data on leading global stock market indices. Motilal Oswal offers this; Upstox does not currently highlight it.
Customised recommendations: Personalised investment suggestions based on your objectives and behaviour patterns. Motilal Oswal offers this; Upstox does not currently highlight it.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. Motilal Oswal offers this; Upstox does not currently highlight it.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Upstox and Motilal Oswal offer this feature.
Live market: Live updates on market movements and trends. Both Upstox and Motilal Oswal offer this feature.
Multi profile management: Manage multiple trading profiles from a single account. Motilal Oswal offers this; Upstox does not currently highlight it.
Secure platform: A secure trading environment with next-generation security controls. Both Upstox and Motilal Oswal offer this feature.
Upstox vs Motilal Oswal — Comprehensive Comparison of Trading Features
| Trading Feature | Upstox | Motilal Oswal |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | Yes | Yes |
| Research Reports | No | Yes |
| Global Indices | No | Yes |
| Customised Recommendations | No | Yes |
| Stock Tips | No | Yes |
| Interactive Charts | Yes | Yes |
| Live Market | Yes | Yes |
| Multi Profile Management | No | Yes |
| 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 Upstox and Motilal Oswal.
Free account opening: Upstox and Motilal Oswal both list free account opening.
Free AMC: Motilal Oswal lists free Demat AMC, while Upstox does not currently mention it.
Free brokerage: Neither broker currently highlights free brokerage.
Flat brokerage: Upstox lists flat brokerage pricing, while Motilal Oswal does not currently mention it.
Flexible brokerage plans: Motilal Oswal 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: Motilal Oswal lists free research reports, while Upstox does not currently mention it.
Free trading calls: Motilal Oswal lists free trading calls, while Upstox does not currently mention it.
Zero brokerage for loss trades: Neither broker currently highlights zero brokerage for loss-making trades.
Referral offers: Upstox offers Upto Rs.700 per Client while Motilal Oswal offers Upto Rs.500 per Client for referrals.
Upstox vs Motilal Oswal — Comparison of Latest Offers
| Offer | Upstox | Motilal Oswal |
|---|---|---|
| Free Account Opening | Yes | Yes |
| Free AMC | No | 1st Year Free |
| Free Brokerage | No | No |
| Flat Brokerage | Yes | No |
| Flexible Brokerage Plans | No | Yes |
| Happy Trading Hours | No | No |
| Free Delivery Trading | No | No |
| Free Intraday Trading | No | No |
| Free F&O Trading | No | No |
| Free Research Reports | No | Yes |
| Free Trading Calls | No | Yes |
| Referral Offers | Upto Rs.700 per Client | Upto Rs.500 per Client |
| Margin Funding / Pledging | Yes | Yes |
| Brokerage Cashback | No | Yes |
| Zero Brokerage for Loss-Making Trades | No | No |
Product availability determines whether a broker can support your preferred markets. Upstox highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures, while Motilal Oswal 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, foreign stocks, corporate bonds, government bonds, digital gold and bonds.
Upstox vs Motilal Oswal — Complete Comparison of Products
| Product | Upstox | Motilal Oswal |
|---|---|---|
| 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 | Yes |
| Mutual Funds | Yes | Yes |
| Banking | No | No |
| Insurance | No | No |
| Corporate Bonds | No | Yes |
| Government Bonds | No | Yes |
| Digital Gold | No | Yes |
Demat services: Upstox and Motilal Oswal both list Demat services.
Trading services: Upstox and Motilal Oswal both list trading services.
Intraday services: Upstox and Motilal Oswal both list intraday trading services.
F&O services: Upstox and Motilal Oswal both list F&O services.
IPO services: Upstox and Motilal Oswal both list IPO services.
3-in-1 account: Neither broker currently highlights 3-in-1 account support.
Stock research: Motilal Oswal lists stock research, while Upstox does not currently mention it.
Stock recommendations: Motilal Oswal lists stock recommendations, while Upstox does not currently mention it.
Trading education: Upstox lists trading education, while Motilal Oswal does not currently mention it.
Share pledging: Upstox and Motilal Oswal both list share pledging.
PMS or PCG: Motilal Oswal lists PMS or PCG support, while Upstox does not currently mention it.
NRI services: Motilal Oswal lists NRI services, while Upstox does not currently mention it.
Upstox provides Demat services, trading services, intraday trading, F&O trading, IPO access and trading education, while Motilal Oswal offers Demat services, trading services, intraday trading, F&O trading, IPO access and stock research.
Upstox vs Motilal Oswal — In-Depth Comparison of Services
| Service | Upstox | Motilal Oswal |
|---|---|---|
| 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 | No | Yes |
| Stock Recommendations | No | Yes |
| Trading Education | Yes, UpLearn | No |
| Share Pledging | Yes | Yes |
| PMS or PCG | No | Yes |
| NRI Services | No | Yes |
Stock advisory helps investors choose appropriate stocks through research reports, tips, and market reviews. The table below shows which advisory products are available from Upstox and Motilal Oswal.
Upstox and Motilal Oswal — Detailed Comparison of Advisory Services
| Advisory | Upstox | Motilal Oswal |
|---|---|---|
| Fundamental Reports | Yes | Yes |
| Research Reports | No | Yes |
| Company Reports | No | Yes |
| Annual Reports | No | Yes |
| IPO Reports | Yes | Yes |
| Technical Reports | No | Yes |
| Stock Tips | No | Yes |
| Daily Top Stock Picks | No | Yes |
| Daily Market Review | No | Yes |
| Monthly Review | No | Yes |
| Weekly Review | No | Yes |
| Relationship Manager | No | Yes |
| Robo Advisory | No | No |
Margin exposure allows traders to manage larger positions with less capital. Below is a comparison of the margin available from Upstox and Motilal Oswal across different segments.
Upstox and Motilal Oswal — Comprehensive Comparison of Trading Exposure
| Exposure | Upstox | Motilal Oswal |
|---|---|---|
| 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 | 1.3x | 1x |
Upstox and Motilal Oswal both list a sub-broker program. Upstox and Motilal Oswal both list a partner program. Upstox and Motilal Oswal both list a referral program.
Upstox vs Motilal Oswal — Comparative Analysis of Programs
| Program | Upstox | Motilal Oswal |
|---|---|---|
| Sub-Broker Program | Yes, Limited | Yes |
| Partner Program | Yes | Yes |
| Referral Program | Yes | Yes |
Upstox provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. Motilal Oswal provides support through trading desk support, dedicated dealer assistance, call support, email support and WhatsApp support. Motilal Oswal operates Available branches.
Upstox and Motilal Oswal — Comprehensive Comparison of Customer Support
| Support Channel | Upstox | Motilal Oswal |
|---|---|---|
| Trading Support | Available, Chargeable | Available, Free |
| Dedicated Dealer | Available, Chargeable | Available, Free |
| Call Support | 022-41792999 | 022-40548000, 022-67490600 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | NA | 8657075050 |
| 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 | Telegram Support Link |
| Branches / Offices | NA | Available |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. Upstox carries an overall rating of 9.80 / 10, while Motilal Oswal carries an overall rating of 9.17 / 10.
Upstox vs Motilal Oswal — Ratings Comparison
| Rating Parameter | Upstox | Motilal Oswal |
|---|---|---|
| Overall Rating | 9.80 / 10 | 9.17 / 10 |
| Customer Support | 9.76 / 10 | 9.13 / 10 |
| Technology | 9.92 / 10 | 9.28 / 10 |
| Charges | 9.84 / 10 | 9.21 / 10 |
| Products & Services | 9.84 / 10 | 9.12 / 10 |
| Experience | 9.72 / 10 | 9.10 / 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.
Upstox & Motilal Oswal — Comparison of Customer Complaints
| Complaint Metric | Upstox | Motilal Oswal |
|---|---|---|
| Total Complaints Lodged | 299 | 348 |
| Total Complaints Resolved | 258 | 298 |
| % of Resolved Complaints | 86.29% | 85.63% |
| Non-Actionable Complaints | 28 | 6 |
| % of Non-Actionable Complaints | 9.36% | 1.72% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Upstox and Motilal Oswal.
Upstox vs Motilal Oswal — Detailed Comparison of Transaction Charges
| Transaction Charges | Upstox | Motilal Oswal |
|---|---|---|
| Equity Delivery | 0.00325% (NSE) & 0.00375% (BSE) | 0.00340% (NSE) & As per Stock (BSE) |
| Equity Intraday | 0.00325% (NSE) & 0.00375% (BSE) | 0.00340% (NSE) & As per Stock (BSE) |
| Equity Future | 0.0019% (NSE & BSE) | 0.002% (NSE & BSE) |
| Equity Option | 0.05% (on premium) | 0.053% (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 | 0.0009% (NSE) & 0.00022% (BSE) | 0.0009% (NSE) & 0.00022% (BSE) |
| Currency Option | 0.035% (NSE) & 0.001% (BSE) | 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.
Upstox & Motilal Oswal — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Upstox | Motilal Oswal |
|---|---|---|
| Pledge Creation Charges | Rs.50 per Request | Rs.35 per Request or 0.02% of Value (whichever is higher) |
| Pledge Invocation Charges | Rs.50 per Request | Rs.35 per Request or 0.02% of Value (whichever is higher) |
| Margin Trading Interest | 0.048% per day | 0.05% 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.
Upstox and Motilal Oswal — Detailed Comparison of Hidden / Other Charges
| Charge | Upstox | Motilal Oswal |
|---|---|---|
| SEBI Turnover Charges | Rs.10/ Crore (All Segment) | Rs.10/ Crore (All Segment) |
| DP Charges | Rs.18.5 per Scrip only on Sell | Rs.25 per Scrip only on Sell |
| GST | 18% on (Brokerage + SEBI + Transaction charges) | 18% on (Brokerage + SEBI + Transaction charges) |
| Account Closure Charges | Free | Rs.100 |
| Reactivation Charges | Free | Rs.50 |
| Dematerialisation Charges | Rs.20 per Certificate | Rs.50 per Certificate |
| Call & Trade Charges | Rs.50 + 18% GST per Trade | Free |
Upstox lists account opening charges of Free and Demat AMC of Rs.150 per Year + GST. Motilal Oswal lists account opening charges of Free and Demat AMC of Rs.300 per Year (1st Year Free).
Upstox vs Motilal Oswal — Detailed Comparison of Demat Charges
| Demat Charges | Upstox | Motilal Oswal |
|---|---|---|
| Account Opening Charges | Free | Free |
| Annual Maintenance Charges (AMC) | Rs.150 per Year + GST | Rs.300 per Year (1st Year Free) |
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.
Upstox vs Motilal Oswal — Comparative Analysis of STT and CTT Charges
| STT & CTT | Upstox | Motilal Oswal |
|---|---|---|
| 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.
Upstox and Motilal Oswal — Comparison of Stamp Duty Charges
| Stamp Duty | Upstox | Motilal Oswal |
|---|---|---|
| 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 |