Upstox Vs Anand Rathi – Comparison: Find the Best Discount Broker

Upstox vs Anand Rathi – Comparison

Comparing Upstox vs Anand Rathi in terms of all product-wise details is required for every investor who wants to invest through this organization. In this comparative assessment, we focused on the advantages and disadvantages of both the broker for the knowledge of investors.

Discount brokerage firm Upstox has been established in 2009 at Mumbai. Formerly it was known as RKSV Securities. This organization is known for its range of trading platform offerings and a wide range of products and services. 

Whereas, Anand Rathi Shares & Stock Broking Ltd is a full-service brokering organization. It is listed under BSE, NSE, MCX, NCDEX, USE, and CDSL & NSDL.



  1. Zero brokerage fee on equity delivery trading
  2. Flat fee-based brokerage fee structure.
  3. Trading Account AMC is free of cost.
  4. Don’t trade in the commodity, mutual funds, forex, SIP & insurance. 
  5. Margin Money not required. 

Anand Rathi:

  1. Provides quality research data to their customers
  2. Anand Rathi offers multiple trading platform options to its investors. 
  3. They have a huge network of branches and sub-brokers all over India. 
  4. They have hidden brokerage charges and minimum brokerage charge
  5. Lacking Customer support toll-free number, email support & live chat support. 
Upstox Vs. Anand Rathi
Upstox Vs Anand Rathi

Upstox Vs Anand Rathi Overview: 

In terms of organizational overview, we here have compared Upstox vs Anand Rathi based on company type, broker category, establishment year, founder, etc. 

OverviewUpstoxAnand Rathi
Organization TypePrivatePrivate
Broker CategoryDiscount BrokerFull-Service Broker
Head OfficeMumbai, IndiaMumbai, India
Founded ByRaghu Kumar,
Ravi Kumar &
Shrinivas Vishvanath
Anand Rathi &
Pradeep Gupta
Commencement Year20091994

Upstox Vs Anand Rathi Customer Ratings: 

Considering the customer ratings we have compared Upstox and Anand Rathi as here below. We can derive from the below table that Upstox is backward in terms of experience and research reporting.

Whereas in remaining fields like products-services and charges Anand Rathi is lacking the points.

Customer RatingsUpstoxAnand Rathi
Products & Services6.5/106.3/10
Brokerage Charges & Fees9.5/107.1/10
Stock Research & Advisory3.0/107.2/10
Trading Platforms6.5/106.5/10
Overall Ratings6.2/106.8/10
Star Ratings★★★☆☆★★★☆☆

Comparison on AOC & AMC:

Comparing Upstox and Anand Rathi based on AOC & AMC we get the below details. Here we can see that trading AMC is free at both Upstox & Anand Rathi. Whereas, the remaining like account opening charge, DEMAT AMC is chargeable. 

DEMAT ServicesUpstoxAnand Rathi
Depository SourceCDSLCDSL
Account Opening ChargesRs.150Rs.750
DEMAT AMC ChargesRs.150 per AnnumRs.300 per Annum
Trading AMC ChargesFreeFree
Margin MoneyZeroRs.25,000
Offline to OnlineNoNo

Upstox Vs Anand Rathi Brokerage Charges:

Upstox & Anand Rathi are hereby compared based on their brokerage fee structure. Anand Rathi offers a percentage-based brokerage charge structure &  minimum brokerage charge to their customer.

Whereas, Upstox charges a flat fee-based brokerage fee & minimum brokerage charge. 

Brokerage Charge & FeesUpstox BrokerageAnand Rathi Brokerage
Equity Delivery TradingZero0.15% – 0.50%
Equity Intraday TradingRs.200.015% – 0.050%
Commodity Options TradingRs.200.008% – 0.050%
Equity Futures TradingRs.200.015% – 0.050%
Equity Options TradingRs.20 per lotRs.20 – Rs.75 per lot
Currency Futures TradingRs.200.015% – 0.050%
Currency Options TradingRs.20 per lotRs.20 – Rs.75 per lot
Minimum BrokerageRs.20As per Transaction
DEMAT AMC ChargesRs.150 per annumRs.300 per annum
Trading AMC ChargesFreeFree
Margin MoneyZeroRs.25,000

Comparison of Other Charges:

Comparing Upstox vs Anand Rathi based on other charges we get this below-mentioned information.

Here we can see that charges of Upstox & Anand Rathi are similar except transaction charge criteria. In terms of transaction charges, Upstox charges lesser charges than Anand Rathi. 

Other ChargesUpstoxAnand Rathi
Transaction Charges0.00275% of Total Turnover0.00350% of Total Turnover
STT0.0126% of Total Turnover0.0126% of Total Turnover
SEBI Turnover Charges0.0002% of Total Turnover0.0002% of Total Turnover
Stamp DutyDepends on State (very minimal)Depends on State (very minimal)
GST18% of (Brokerage + Transaction Charges)18% of (Brokerage + Transaction Charges)

Comparison of Offers & Discount: 

Considering the offers and discount we have compared Upstox and Anand Rathi as below: 

OffersUpstoxAnand Rathi
Free DEMAT Account
Free Trading Account
Discount on Brokerage
Trading Happy Hours
Flexible Brokerage Plans
1 Month Brokerage Free
Holiday Offers
Referral Offers
Zero Brokerage for
Loss Making Trades

Comparison on Services Offered: 

Based on service offering we can compare Upstox vs Anand Rathi as below. The service offering of Anand Rathi is more than Upstox.  

ServicesUpstoxAnand Rathi
DEMAT Services
Trading Services
3 in 1 Account
Intraday Services
IPO Services
Stock Recommendations
Robo Advisory
Trading Institution
Trading ExposureMaximum 20xMaximum 21x

Upstox Vs Anand Rathi Research & Advisory:

We here have compared Upstox vs Anand Rathi based on the research and advisory support. It is clear from the below table that Upstox doesn’t offer such support whereas Anand Rathi offers enough reports to their customer. 

Research & AdvisoryUpstoxAnand Rathi
Fundamental Reports
Research Reports
Company Reports
Annual Reports
Company Stock Review
Free Stock Tips
IPO Reports
Top Picks
Daily Market Review
Monthly Reports
Weekly Reports
Offline Advisory
Relationship Manager

Upstox Vs Anand Rathi Margin/ Exposure/ Leverage 

Considering Upstox & Anand Rathi based on leverages we received the below-mentioned information. These rates also can influence your trading revenue and all-over trading experience.

Exposure / LeverageUpstox MarginAnand Rathi Margin
Equity DeliveryMaximum 5xMaximum 14x
Equity IntradayMaximum 20xMaximum 21x
Equity FuturesMaximum 7xMaximum 12x
Equity OptionsMaximum 8xMaximum 15x
Currency FuturesMaximum 5xMaximum 5x
Currency OptionsMaximum 6xMaximum 8x
CommoditiesMaximum 7xMaximum 14x

Comparison on Products Offering: 

In light of product offering, we get this below information comparing Upstox vs Anand Rathi. We can see in the below table that the product offering of Anand Rathi is higher than the offering of Upstox. 

ProductsUpstoxAnand Rathi
Equity Trading
Commodity Trading
Currency Trading
Mutual Funds

Upstox Vs Anand Rathi Trading Platform:

The trading platform is a very noteworthy point for investors to consider. In this age of digitization, investors used to invest online as per their convenient time and appliance.

Upstox & Anand Rathi both facilitate different trading terminals to attract the customer. Here we have compared the above both brokers.

Trading PlatformsUpstoxAnand Rathi
Desktop Platform – Windows
Desktop Platform – Mac
Desktop Browser Platform
Mobile Site Platform
Android App Platform
iOS App Platform
Windows App Platform
Other Mobile OS Platform
Real-time Updates
Portfolio Details
Online MF Buy
News Flash
Research Reports
Easy Installation
Global Indices
Stock Tips
Personalized Advisory
Interactive Charts
Live Markets
SMS Alerts
Email Alerts
Multi-Account Management

Upstox Vs Anand Rathi Customer Support:

Comparing Upstox vs Anand Rathi based on customer support we derived this below information.

Here we can see that personal dealer, online trading, email support & offline trading is available in Anand Rathi but Upstox only offers online trading & email support. 

Customer SupportUpstoxAnand Rathi
Dedicated Dealer
Offline Trading
Online Trading
24*7 Support
Support Number022 – 6130 99991800 200 1002
Email Support
Chat Support
Toll-Free Number1800 200 1002
Anand Rathi Free Demat Account
Upstox Vs Anand Rathi – Anand Rathi Free Demat Account

Comparison of Grievances Handled: 

Both these brokers provide multiple channels to their investors to reach them so that they can support the customers in a better way. Here we compared Upstox vs Anand Rathi based on their customer complaint handling in the below table. 

Complaints (Current Year)UpstoxAnand Rathi
Lodged in BSE185152
Resolved in BSE126124
Lodged in NSE175112
Resolved in NSE13986


Finally, we can conclude that both Upstox and Anand Rathi are famous in the stockbroking market but both have their benefit as well as limitations.

Hence it is uncontrollable to consider one good and other one bad. The trader should select the broker keeping in mind his personal preference and requirements.

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Stockquantum was founded by Dharmendra Mukati in 2018. I am a Trader and Investor in the last 10 years. I am writing here about stock broker review, broker comparison, IPO investment, Crypto currencies, technical analysis, fundamental analysis, sub brokership, mutual fund, personal finance, and our experiences.