Groww Vs Upstox – The Unbiased Review and Comparison Within 12 Easy Points

  • Post last modified:May 10, 2021
  • Post category:Stock Market
  • Reading time:24 mins read
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In this Groww vs Upstox Review and comparison, we will find out who is best stock broker among both by comparing different services such as brokerage, web/desktop based trading platform (Groww App vs Upstox Pro App), account opening charges, customer service, margin and lot more products and services both stock broker offers to its clients.

But before we begin let me brief you about a quick fact about both stock brokers i.e. the number of active clients and total clients as of May 2021 according to the latest NSE Data. Upstox is at no.2 position in terms of active clients in India recently they outpaced major banking full time brokerage ICICIDirect far behind the only competition as of now is Zerodha, they have about 23,14,054(2.3 millions) whereas Groww have about 8,54,919 active client list.

I know the difference is very huge but one need to know that, Groww established just 4.8 years ago i.e. 2016 first as a mutual fund distributor and in 2019 they made debut in stock broking. Looking at this number does shows the trust they have created for users in their products and services.

Whereas Upstox established in year 2012 and rest is history. Upstox have made significant changes indeed required in the stock broking industry with their tech innovation.

Just to let you know, you can read the detailed review of Upstox here, similarly checkout the complete Review of Groww here.

Let us now move on to compare these brokers Groww Vs Upstox in detail below step by step, However if you do not have time to read the complete comparison Below is the overall comparison talking about the clear cut and precise information of who is best among Upstox and groww taking all parameters.


Groww Vs Upstox Overall Comparison:

I have already used both stock broker 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.

  1. Groww and Upstox are discount brokers not full time brokers, so do not expect stock recommendation as of now, may be in the future they come up with this things.
  2. Having said that Upstox does send free stock market reports everyday to its users on registered email address as well as other good to know info for it’s users.
  3. Upstox have fantastic trading platform for desktop/web/mobile app, you can do fundamental as well as technical analysis quite easily and is much better than Groww platforms any given day.
  4. Upstox brokerages are lower than Groww, Upstox offers free equity delivery trades as well. However for intraday trading both stock brokers have equal brokerage i.e. Rs.20 or 0.05% (Whichever is lower).
  5. Groww as well as Upstox offers brokerage or say commission free mutual funds investment and platform for its users.
  6. Upstox stock brokers are allowing free 3-in-1 Trading/ Demat/Bank account online paper-less whereas Groww only have free trading/demat account as of now.
  7. You can earn up to 6% interest rates with amount held in your trading account with upstox no such thing with Groww.
  8. Square-off timing at Upstox is 3:20 and for Groww it is 3:20 for equity and derivatives.
  9. Call and trade charges are Rs.20 for Upstox, whereas no call and trade facility as of now with Groww, Other charges such as stamp duty, DP, transactions charges remains same for both.
  10. You can expect good customer service from both stock brokers. Personally speaking Upstox is little better.
  11. If you open account with upstox, for people who not only do intraday trade but make other investments, such as investment in ELSS, PPF, SIP’s, FD, RD, ETF’s etc., or looking for Loans or credit cards, Insurance etc. they can open 3-in1 account.
  12. With Groww you can make investment in Gold, Fixed deposit US stocks such as Apple, Amazon, Google etc. online using Groww platform whereas Upstox is about to launch this facility for investing in US Stocks.
  13. As of now you can only trade and invest in stocks (equity) segment at groww, FNO, Commodity, Currency segments are yet to be launched, whereas with Upstox you can trade and invest in all segments.
  14. Overall, Upstox when compared on all parameters is still better than Groww as of now.
  15. Upstox was also the official partner for VIVO IPL 2021.


You can Open a free Groww trading/demat account with Rs.100 as a one time offer when you open through this link.

To open a free Upstox 3-in-1 trading/demat/bank (bank is optional) click on this link and get Rs.500 Free credit for brokerage.

Now, let us go dive deep to cover all different services and features of Grow and Upstocks step by step and see who is best between both discount brokers.



About Groww Vs Upstox:

Before we dig deeper to understand the various services offered it becomes utmost import to know in brief about Upstox and Groww history.


About Groww Vs Zerodha:


Harsh Jain is the Co-Founder & COO of Groww, he was also the product manager earlier with flipkart. Groww is based in Bangalore, Karnataka, Here is interesting fact about groww very few people know, the company use Groww as a brand name although it is registered by name Nextbillion Technology Private Limited.

Groww operates as an online investment platform and offers mutual funds, tax planning, investment management, and financial information services. As of now you can trade and invest in only stocks (equity), derivatives i.e. FNO, Commodity, Currency segment is not available yet.

Moreover, groww also offers Digital gold, US Stocks, and Fixed Deposit as other investment options apart from stock broking. Groww has partnered with CDSL to provide the depository services to clients.

Groww offers trade execution facilities for equity cash segments on BSE and NSE. 

Groww founded in 2016, and had initially started as a direct mutual fund investment platform for users. By the time they have crated immense popularity among users in the mid-2020s, Groww expanded its product offering to include Equity trading.

As of April 2021, Groww had partnered with 40 mutual fund houses and more than 6000+ mutual funds were available on the platform. As of Sep 2020, the company had raised $59 million in venture capital an now have more than 11 million users on its platform.

This year on 7, April 2021, Groww has raised $83 million in a Series D funding round led by Tiger Global, making the online investment platform the latest entrant in Unicorn list.

Groww is also backed by some of the well know investor companies such as Ribbit Capital, SEQUOIA, Combinator etc.



About Upstox Vs 5Paisa:


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 2.3 million active client base and total client is near about 3.5 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.


upstox vs 5paisa review


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 of 2021 this year.

Let us now move on to know the margin at Groww Vs Upstox

Open free Trading/Demat/Bank account within minutes online hassle-free paperless and start investing and trading. 



Groww 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, 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 Groww and Upstox for intraday trading in equites and derivatives. Having said that there are different types of orders that one can place to get maximum margin.

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.



Groww Vs Upstox Brokerages Comparison:

Brokerage is the most important factor when you trade and invest, both Upstox and Groww have quite low brokerages. Let us know brokerage for both discount brokers one by one.

Groww Brokerage Structure:

At groww the brokerage charges are Rs.20 or o.o5% (whichever is lower) on every order executed.


Groww Review On Brokerages


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. Below is the screenshot taken from Groww brokerage calculator for intraday trading.


Groww Review On Brokerages


Whereas brokerage charges if you do investment i.e. taking delivery of the stocks to your demat account or doing Buy today sell tomorrow (BTST) trades the brokerage charges are same as of above.



Upstox Brokerage Structure:

Let us know about the brokerage of upstox,

You pay ₹20 /trade* or 0.05% (whichever is lower) for Intraday trading in Stocks, Future & Option, Currencies & Commodities. Whereas no brokerage at all for delivery based trades.

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.

So , overall the brokerage charges for both stock brokers are kept at quite decent priced considering the broking industry norms, however the brokerage charges for delivery trades at Groww can be kept at zero as most of the best brokers in India such as, 5Paisa, Fyers have done so.


Groww Vs Upstox Trading and Demat Account Opening Charges:

To open a trading/demat account at Groww there are no charges Rs.0 if you open an account through this link, Whereas the Annual Maintenance charge (AMC) is also kept at Zero.

As a one time offer you will also get Rs.100 if you open an account using this link.

Moreover there is 0% commission charges for investing mutual funds through Groww Platform. As compare to other stock brokers, they may charge some AMC charges for maintaining the account yearly, whereas Groww is not charging anything, this makes them apart for sure.

If we talk about Upstox, as a limited period offer you can open an trading and demat account absolutely free in upstox and also Get additional benefits with Upstox when you open an account through this link. They do charge Rs.25 per month as AMC but  that too gets deducted only in a quarter.

Free Equity Delivery Trades
Unlimited Brokerage* Credit for 30 days


Groww Vs Upstox - The Unbiased Review and Comparison Within 12 Easy Points


So, overall Groww and Upstox is best as it is not charging anything at all for account opening of trading/demat/mutual funds. Having said that Upstox is much better for people who not only do intraday trade but make other investments, such as investment in ELSS, PPF, SIP’s, FD, RD, ETF’s etc., or looking for Loans or credit cards, Insurance etc. if you open 3-in-1 account.

Click Here to open an account now with upstox for free




Groww 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 Groww online for free, you can sign up using your mobile number through this link.

Similarly, To open an account with Upstox online for free, you can sign up using your mobile number through this link.

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.

Open Best Trading/Demat/Mutual Funds Account Within Minutes Online paper-less and start trading & investing online in stocks, derivatives, commodities, currencies, mutual funds and ETFs 




Groww Vs Upstox Trading Platform Comparison:

The most important part of any trading platform is the tools and resources it has for technical and fundamental analysis. If we talk about Groww first below is what you can expect as an trader and investor:

Frankly speaking, I am little disappointed with trading platforms at groww, reason being they just offers two platform from where users can trade and invest.

Moreover, the trading platform seems to provide great in-depth of financial or say good for doing fundamental analysis but lack in certain technical analysis aspects.

  1. Groww Web based Trading Platform
  2. Groww Mobile App for Android and OS

There are no desktop or downloadable version available for trading as of now with groww.

The web based version at groww is quite clean and well designed, as the UI (user interface) looks dynamic and smooth. Talking in terms of what is unique about the platform specially in respect to  trading and investing, Groww platform offers great financial analysis for every stocks including the one listed in US (Nasdaq).

Checkout the image below to know more:


Groww Vs Upstox - The Unbiased Review and Comparison Within 12 Easy Points


As, you can see in above image on left they have given the space for seeing charts sowing current trading price of stock in market, which includes candlestick charts  with volumes patterns overtime, you can see the historical data for up to 5 Years. On the right side of the screen you can easily place the intraday or delivery trades in a click.

If you go downwards you can see other great financial insights such as performance of stock, other different brands of that company, About the company and lot more.


Groww Web Based Trading Platform



Groww Web Based Trading Platform


Company statistics such as, Profit & loss, balance sheet of company, cash flows, P/E ratio (price to earning), P/B ratio (price to book) Book value etc. are one click away on groww web based trading platform.


Groww Review - Brokerages, Charges, Platform, Mutual Funds, App Reviewed


Now, I understand that Groww first being a investment platform for users have great financial information for users moreover if you are someone who loves doing intraday based trading it does requires technical indicators, tools and other resources, which at groww web based version is also available.


groww vs zerodha trading platform


So, If you are someone who do trading and investing for short, medium or long term, Groww has everything in place for you. You will see more new features gets added and also the downloadable trading platform version in future.

This is certainly going to happen as I mentioned above that recently they have got financial support from tiger global in investor bidding of about $83 Millions.



Taking about Upstox they have partnered with three major desktop based trading platform apart from one browser/web based and mobile based platform:

If we talk about the desktop based trading platform at upstox unlike other stockbrokers who only either have a dedicated platform built in-house or partnered with others, Upstox offers it clients 3 desktop based platforms free.

  1. NEST Trader
  2. Dartstock
  3. Foxtrader

All of them offers different functionalities, tools, resources however it won’t be possible to discuss all of them as the post will be become unnecessary long,  instead will see the features in brief and what to expect from them.

Upstox NEST Trader/Darstock/Foxtrader – They all are desktop based trading platform, which means you can download the software and can install it on you PC or laptop. The file size is only around 25 MB which is quite low and gets downloaded easily. You can use it by logging in through client id and password given after account opening an start placing trades online.

Upstox PRO WEB – It is a is a web or say browser based trading platform, which can be opened on any web browser you use. Just like a website but with all the tools and resources needed.

Upstox Pro Mobile App – It is a mobile based app,  you can use and place your trades in mobile itself instead on logging to your desktop or laptop.

Start Free Investing In Best Mutual Funds Scheme (Equity, Debt, Hybrid, ELSS, ETF etc.) Online, Paper-less Within Minutes Now… 

As I can’t discuss all platforms alone in this post which by the way you can read in detailed upstox trading platform review here, we will only see the one downloadable version trading platform offered by upstox and their functionalities.



Upstox Dartstock Trading Platform Review:

Upstox has partnered with iDarts to offer you the Dartstock software for free, it offers valuable features and insights  that you won’t find it with any other broker, few of them are listed below:

Scanners: It comes with four predefined scanners which are:

  • Trend scanners
  • Live scanners
  • Open vs. high/low
  • Opportunity finders

These scanners help you set particular criteria and find the right stocks that meet your criteria.


Groww Vs Upstox - The Unbiased Review and Comparison Within 12 Easy Points


Scans markets for trades with filters depending on Quantity, Traded Value, Index, Sector or personalized watchlist group. Scans markets for scrips in Equity & Futures segments. Highs & Lows of the day, 1 week, 2 weeks, 1 month, 1 year.


Upstox Dartstock Desktop Based Trading Platform


Spots trends when market is in Bullish Zone or a Bear Zone. you can also tracks changes in Open Interest in any particular scrip or whole index.


Upstox Review On Trading Platform


Scans market to find scrips that fit the criteria of three that include PE Ratio, Market Cap, Traded Volume, Turnover, 1 year return etc. Scans markets for trades with filters depending on Quantity, Traded Value, Index, Sector or personalized watchlist group.


upstox trading platform review


Check out Futures % Spreads between Near & Spot, Near & Next, Next & Spot. Shows volumes for all equity scrips in the watchlist. Shows % roll over for all equity scrips in the watchlist. One can also create scrips breaching Resistance or Support levels automatically. Also create special watchlist for those scrips with exceptionally high traded volume.


upstox desktop trading platform dartsock review


One can also create scrips that have recovered most from a low and those that have fallen most from an intraday high.


upstox pro trading platform review


You can Choose and use the best candlestick patterns or other different types of chart such as Renko chart, Bar chart etc. Upstox trading platform also has all the required charting and more than 100+ indicators indicators like major ones MACD, BOLLINGER BANDS, RSI, S&R, Volume etc.

Overall the Dartstock desktop based trading platform offered by upstox is a great platform and has all components one may need for effective trading and investing.

You can also run fully automate strategies on charts & scanners. Generate planned and fast orders with the help of API from any third party such as Ninjatrader or Amibroker etc.

Apart from this upstox also has an API for developers who wants to create their own platform in programming languages such as python.

So, Overall Upstox trading platform whether desktop/web or mobile indeed is much better than Groww due to its tools and resources it has for users.

Click Here to open an account now with upstox for free




My Opinion On Groww Vs Upstox:

I hope you have now thoroughly understood most of the services offered by Groww and Upstox, if you ask me in Groww 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 out of 10, So, go ahead and open an free account now there is nothing to lose its a win-win deal.

So, if you are more of a trader making intraday trades on daily basis and looking for other segments such as Fixed deposits (FD), Recurring deposits (RD), PPF, ELSS, Loans like personal loan, home loan, insurance etc. than you should go with Upstox without any doubt.

To open an account with Upstox right away click on this link.

On the other hand

Groww might be new in discount broking industry, but they do have more than 4.5 years of experience in providing a rich platform for users to invest in mutual funds scheme.

As we already saw they have more than 7 lakh+ active clients in stock broking and 10 million + overall clients on the platform, this itself shows the trust it has developed among the users.

In my opinion they still need to do a lot to fulfill the stock broking requirements such as allowing derivatives, currency and commodity trading which is going to happen very soon. Moreover for trading perspective they need to come up with a dedicated platform for their users.

Having said that, I like their USP of allowing clients to invest in US, their strength in financial data for fundamental analysis, Free mutual funds investments.

If I have to rate Groww after looking at there breakthrough pricing model for brokerages as well as other charges and experiencing there simple yet great user interface for trading platform I would give it 8.3 out of 10. Therefore, if you are someone who do more of investing than trading than Groww is the perfect choice for you.

Moreover, going forward you might see they come up with all above points and on moneycontain you always get a updated review, so I will update the same in future.

There are no charges to open an account with groww plus no AMC plus No commission on mutual funds, so without any doubt one can open a demat and trading account.

So, go ahead and open an account using this link to get extra Rs.100 while you open an account at Rs.0 Now!!

I am still being harsh as it is a new company particularly in stock broking, but you may see the ratings may go higher with time in my opinion.

In my opinion you can open account with both stock brokers, as there is nothing to lose particularly in case of Groww as there are no charges at all. Always have atleast 2 to 3 trading and demat accounts, it gives you more different experience of platform and different services offered by them.




Best Stock Broker In India In 2021 – Caution You May Get Surprise After Seeing Them

If you are a beginner in trading and investing, please read this amazing guide on How stock market works in India?

Learn the basics of option trading step by step here.

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You can check my review on 5Paisa, Fyers Review 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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