In this Fyers Vs Upstox Comparison we will compare all the different services and features offered by both brokers and try to find out who is best among both stockbrokers in 9 simple comparison points.
Before We begin let me tell you a quick fact about both the stockbrokers, as per the latest data on NSE, Upstox with more than 3.1 million active clients is at the 2nd position whereas Fyers have more than 100,000 active clients.
Although the number do speak for themselves but one should never consider this as a benchmark before choosing any stock broker.
There are many criteria such as best trading platform and mobile apps, lowest brokerage, good customer service, lower or no cost for opening trading/demat account etc.
Just to let you know this review guide is going to be long, you can switch from table of contents to look for the relevant info you want to know.
However below is overall comparison points between Fyers Vs Upstox to tell you in short about who is best by which you can make instant decision to open account.
Fyers Vs Upstox Overall Comparison:
I have already used both their services as well as wrote the reviews about them in detailed way separately, based on my experience and facts below are things you can consider before opening an account with them.
- You can trade and invest in all segments i.e. stocks (equity) FnO, Commodity, Currency, at NSE, BSE, MCX on both fyers and upstox.
- Both stock brokers Fyers and Upstox, have fantastic trading platform for desktop/mobile app, you can do fundamental as well as technical analysis quite easily.
- Upstox trading platform have also partnered with third party service integration as well such as Smallcase for portfolio based investments and, Sensibull for option based strategies these are not available with Fyers as of now.
- Moreover, upstox does send free market reports everyday to its users on registered email and one can also invest in digital gold, no such thing as of now with fyers.
- Fyers and Upstox , both offers free equity delivery trades hence no brokerage. Charges at Fyers and upstox are quite low and decent, fyers are still charging little lower as they charging Rs.20 or 0.03% whereas upstox is charging Rs.20 or 0.05% (whichever is lower).
- Fyers as well as Upstox offers brokerage or say commission free mutual funds investment and platform for its users.
- Call and trade if you use than charges are Rs.20 for Upstox as well as Fyers, Other charges such as stamp duty, DP, transactions charges remains same for both.
- You can expect good customer service from both stock brokers. Personally speaking, Upstox customer service is better than fyers.
- If we talk about Margin at Upstox vs Fyers, after SEBI Rules on Intraday margin every stockbroker is giving same margin in equity throughout India, hence this does not matter anymore.
- With Upstox and Fyers you can also invest and trade in IPO’s, NFO’s, ETF, SGB, and many other financial products with so much ease.
- Upstox do charges one time account opening fee of Rs.99 and Rs.25 p.m. for AMC (Annual Maintenance Charge) at the year end. Where as Fyers for a limited time period is allowing free trading/demat account, they usually charges Rs.300 P.A. for AMC.
- Overall, Upstox when compared on all parameters is still better than Fyers as of now.
- Upstox is also the official partner for IPL 2021
Now, it is up to you to decide which one you choose as both have everything that is needed to trade and invest in stock market.
Now, let us go dive deep to cover all different services and features of Fyers and Upstox step by step and see who is best between Upstox and Fyers by doing in-depth analysis.
About Fyers Vs Upstox:
Let us start by knowing about both the stock brokers in brief.
Established in Aug, 2015 fyers is a discount broker co-founded by Tejas Khoday, who is also the CEO of the company. Tejas khoday, does have an interesting background before founding the fyers. He has worked with Zerodha, a leading discount broker in India in 2011.
Of-course he has worked with several other companies after that and also as an investment advisor, managing portfolios and advising clients on various investment.
Fyers is registered at SEBI by Fyers Securities Pvt Ltd, headquartered in Bangalore and member of all three major exchanges, NSE, BSE, MCX in India.
As of today fyers have more than 100,000 + clients and more than Rs. 5000 Cr. Daily turnover across NSE, BSE & MCX within a span of just 4.5 years of launch.
Many say they will be going to give tough competition to zerodha in future looking at their growth and technological advancement in tools and resources.
After experiencing their services I have no doubt about the bright future of this company at all.
RKSV Securities later changed to Upstox was founded in 2011, it was founded by Ravi Kumar, Raghu Kumar and Shrinivas Viswanath. RKSV stands for the initials of their names (RK for Ravi and Raghu Kumar and SV for Shrinivas Viswanath) later in 2016 the name has been changed to Upstox.
Upstox is backed by none other than Ratan Tata, Kalaari Capital, GVK Davixa and Tiger Global, recently they have announced building technology and platform to trade in US markets as well by next year. Upstox is a SEBI registered discount broker and member of NSE, BSE, MCX.
You can trade and invest in different segments such as Equity, Derivatives, Commodity, Currency Futures, Mutual Funds, IPOs. They are depository participant (DP) for both NSDL and CDSL.
As I have already told you they have more than 3.1 million active client base and total client is near about 5.2 million which makes them one of the reliable and best brokers for both trades and investors.
There office is registered at New Delhi and also has a correspondence office in Mumbai.
Recently Upstox have also officially partnered with VIVO IPLO 2021, which certainly going to increase its brand value as well as will attract more clients to its user base.
Recently Upstox have announced building technology and platform to trade in US markets as well by mid 2021 this year.
Fyers Vs Upstox Margin Comparison:
Margin in stock market refers to buying/selling of securities (shares) by borrowing money from your broker. This is very much similar to taking loan for short period of time. This helps traders in buying or selling more with less money in intraday trading.
If you are an active trader or a beginner who knows what exactly going on with recent changes brought by SEBI, Higher Margin won’t be a factor anymore, now the competition among the broking industry is in terms of better trading platforms and lower brokerages plans.
The upfront margin collection in cash segment has been kept at flat 20%, which means now the leverage for all stocks would be 5x also the penalty provision for short-collection/ non-collection of upfront margin in cash segment has been postponed till 1,dec, 2020.
This means regardless of any broker you won’t get more than 5X times margin in equity cash segment and in FNO you need to have the full margin span+exposure to take any position.
However, this will get implemented in a phased manner from Dec,1,2020 till Aug 2021, so no need to worry as of now. You can read more about it here.
Therefore, the margin or leverages offered will be equal irrespective of the stock brokers in India going forward.
In simple term margin will be:
Maximum of 20 times until Feb 2021
Maximum of 10x from Mar to May 2021
Maximum of 7x from Jun to Aug 2021
Maximum of 5x from Sep 2021 onwards
Above are rough estimates only, it may be more or less similar. check the complete VAR+ELM list here. With 10x leverage, if you have 10k in your account your purchasing power becomes 100k, with 5x leverage it comes down to 50k, so you will have to adjust accordingly.
Margins will increase for Option writing as well, margin requirements will be as below:
- 25%(4X) of the SPAN + Exposure margins until Feb 2021
- 50%(2X) of the SPAN + Exposure margins until from Mar to May 2021
- 75%(1.33X) of the SPAN + Exposure margins until Jun to Aug 2021
- Full SPAN + Exposure margins from Sep 2021
From 1st Dec 2020, intraday FnO positions needs a margin requirement of 25% of 1L, which is 25,000 for intraday FnO position. This requirement goes-up to 100% of FULL span + exposure margin or full 1L from Sep 2021.
Keep in mind this also applies to Currency and commodity derivatives as well.
For example: if there is a 20% margin requirement on a particular stock, then you will have to pay only Rs.20 to buy a stock of Rs.100. Another way to look at it is that if you have Rs.100, you will be able to buy five stocks instead of one.
Hence, the margin requirement will be same for all brokers including upstox and Fyers for intraday trading in equites and derivatives.
One need to understand taking more margin means more risk and chances of your money getting wiped out is even more, so it is always advisable to use it in limited way.
So going forward please choose stock broker not in terms of margin or leverage as it is same for all brokers through out India.
Fyers Vs Upstox Brokerages Comparison:
Brokerage is the most important factor when you trade and invest, both upstox and Fyers have quite low brokerages.
Let us first know about the brokerage of upstox,
What they mean is, suppose you bought stock xyz priced at Rs.100, quantity 100 on intraday basis,
so the total turnover would be bought 100, sold 100(100*200)= 20,000 on this amount they will charge either whichever amount is lower as 0.05% of 20000, is Rs.10 so they will charge that instead of flat Rs.20.
Moreover for investing in mutual funds there are no brokerage or commission is charged at upstox at all.
Let us now move on check the brokerage at Fyers.
Fyers charge no brokerage for equity delivery based trades as well as zero charges for any investment in pre-build portfolios which is called as thematic investing at fyers.
Whereas for intraday trades across equity, currency futures, commodity futures, it is Rs.20 or 0.03%(whichever is lower).
What they mean is, suppose you bought stock xyz priced at Rs.100, quantity 100 on intraday basis,
so the total turnover would be bought 100, sold 100(100*200)= 20,000 on this amount they will charge either whichever amount is lower as 0.03% of 20000, is Rs.6 so they will charge that instead of flat Rs.20.
Overall the brokerage charges at Fyers and upstox are quite low and decent, still fyers are still charging little lower as they charging 0.03% whereas upstox is charging 0.05%.
Fyers Vs Upstox Trading and Demat Account Opening Charges:
The account opening charges at upstox depends on the plans you take
For Retail Clients:
Demat and Trading account– You can choose from a plan of Rs 249 and get brokerage credit worth Rs 400. A plan of 499 and get brokerage credit worth Rs 1000. A plan of 999 and get brokerage credit worth Rs 2500.
Keep in mind this charges are only a one time fee for opening the account as per your wish.
There will be a monthly maintenance charge of Rs 25 (excluding GST), which will be charged at the end of year.
However, as a limited period offer you can open an trading demat and bank account for just 99 in upstox and also Get additional benefits with Upstox when you open an account through this link.
If we talk about Fyers as per the latest update there are no Account opening charges at Fyers for a limited time period.
However AMC (annual maintenance charges) of ₹ 300 + GST will be levied per annum.
This amount will be debited from your Trading Account Ledger on a quarterly basis. Each quarter, an amount of ₹75 + GST (₹88.5) will be debited from your FYERS account.
Overall, Fyers and Upstox both are equal in terms of account opening and demat charges.
Fyers Vs Upstox Account Opening Process Online:
The account opening process is online and it’s very seamless and smooth. Here is what you need to do:
To open an account with Upstox online, you can sign up using your mobile number through this link.
Similarly, To open an A/c online with Fyers , Click on this link and first enter your mobile number.
You will receive an OTP to your number and you can get started with the process.
You will be required to enter your PAN, Bank account details and personal details to continue with the sign-up.
Once you sign up you need to upload certain documents listed below:
1. Your PAN card
2. Your Aadhaar
3. To complete the e Sign process, you will have to authenticate it with an OTP. So, make sure you have the number linked to your Aadhaar handy. If not, you will not be able to complete the process. If the number linked to your Aadhaar is inactive, or if you don’t have any number linked, then you can visit your nearest Aadhaar Seva Kendra to get it updated.
4. A photo or scanned copy of your signature proof will be required to be uploaded.
6. Income proof –
It is mandatory to submit income proof if you wish to trade in Futures and options – Equity, Commodity, and Currency. You can submit one of the below documents.
Income tax returns acknowledgment
6-month Bank statement
Latest salary slip
Demat holding statement, or
A CA certifying your net worth
Note: The documents mentioned are for a Resident Individual Account.
Fyers Vs Upstox Trading Platform Comparison:
The most important part of any trading platform is the tools and resources it has to technical analysis. Fyers and Upstox both has all the indicators and types of chart required to make it possible.
Whether you want to use:
Different Candlestick patterns etc. you name the indicator and it will be there, so all in all Fyers and Upstox has everything what is needed for a hassle-free trading platform. You can add- withdraw funds directly, create or back-test trading strategies and lot more.
The reason I am not involving all the features of different trading platform, because unnecessary post will be long, however you can read them in detail if you want here for Upstox trading platform for Fyers trading platform.
Having said that Upstox trading platform offers much better user interface as well as they have many other services integrated within the platform such as Sensibull, small case, etc.
Whereas Fyers have one of the best trading platforms for traders and investors in India, you can easily do technical and fundamental analysis.
Having said that they do not have signed up as of now with any third party services as in case of upstox, still they have their own thematic investing platform very much similar to Smallcase.
Overall, if you see Both have great tools and resources equipped in trading terminals for their users.
My Opinion On Fyers Vs Upstox:
I hope you have now thoroughly understood most of the services offered by Fyers and Upstox, if you ask me in Fyers Vs Upstox who is better?
Upstox as an stockbroker has made its place in the Indian stock broker industry with their fast and efficient trading platforms, sophisticated charting software’s combined with speed and reliability as well ease of opening the account online paperless.
They are now at the top 2nd position in India for having the most active clients and can be trusted without any doubt. The charges and brokerages are very much reasonable in comparison to other brokers, if you are thinking of opening a trading/demat/mutual fund as well as bank account, than do not put any second thought.
If I have to rate upstox overall as an leading discount broker I will give it 9.2 out of 10, So, go ahead and open an account now there is nothing to lose its a win-win deal.
To open an account with Upstox right away click on this link.
Expressing my opinion in terms of all technological tools, advanced platforms, robust management, margin brokerage:
I would rate Fyers 8.9 out of 10.
A company which is just 4.5 years old, have made itself a brand within this period. There are more than 300 stockbrokers in India which are working from so long, but Fyers has created its own place.
This a significant example of how a startup should work, As I have already experienced the various services offered by fyers, I must say there are ahead in the race and will be in Best 5 stock broker position very soon.
Fyers has all services at one place and they offer free account opening so nothing to lose, You will not regret opening account with them at all.
To open an account with Fyers for free right away click on this link.
Moreover, just like diversification is important while investing or trading, one should always have 2-3 trading/demat accounts in case something goes wrong with the broker as happened in the past with Karvy and many others brokers. So you can even open account with both stockbrokers .
If you are a beginner in trading and investing, please read this amazing guide on How stock market works in India?
You can check my review on Zerodha vs 5paisa here
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Note: Please do your own research and make investment. Moneycontain will not be responsible for any of your losses at all. The point made is for educational purpose only and intended to give information. All investments are subject to risks, which should be considered prior to making any investments.
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