Upstox Vs IIFL – Comparison | Which Discount Broker is Better For Traders & Investor

Upstox vs IIFL – Comparison

A table-wise comparative study between Upstox vs IIFL in the following sections, with various parameters of their business and business strategies, is discussed below.

This methodical and comparative approach of study will help traders to analyze and focus on their actual needs and in turn, will facilitate them to judge and opt for the right broker, whether Upstox or IIFL.

A Brief:

Upstox provides various services at a very low cost and nominal brokerage charges. They also provide a couple of free services.

IIFL charges a couple of services that are higher than that of Upstox, however, overall customer ratings are more of IIFL than Upstox. A detailed comparison follows.

Upstox vs IIFL
Upstox vs IIFL

Upstox Vs IIFL Overview: 

Started in the year 2009, Upstox emerged as a stockbroker with a concept of an easy and cheaper way of trading along with the concept of paperless account opening, free equity investment, unlimited plans to trade on fixed price, etc.

These features made Upstox gain its popularity soon within a short period with a turnover of 4000 Cr. by early February 2016.

Another factor of their speedy success was due to their strong backend support from notable and renowned stock traders like Ratan Tata, GVK Davis, and Capital Kalaari.

While IIFL, on the other hand, is popularly known for its finest research and analysis. They provide the best recommendations and suggestions about stocks and new schemes and offer their clients the best trading possibilities to make maximum profits.

They also launched a trading platform called 5Paisa which facilitated the lowest brokerage and helped customers to move away from their traditional ways of transactions.

Organization TypePublicPrivate
Broker CategoryFull-Service BrokerDiscount Broker
Head OfficeMumbai, IndiaMumbai, India
Founded ByNirmal JainRaghu Kumar,
Ravi Kumar &
Shrinivas Vishvanath
Commencement Year19952009

Upstox Vs IIFL Customer Ratings: 

A comparative study and assessment of Customer Ratings between Upstox vs IIFL below show that IIFL is well ahead in terms of good customer experience in all parameters, except Upstox charges fewer Brokerage Fees which gives them 9.5 ratings out of 10.

Customer RatingsIIFLUpstox
On Experience8.0 out of 105.3 out of 10
On Products & Services8.0 out of 106.5 out of 10
On Brokerage Charges & Fees6.3 out of 109.5 out of 10
On Stock Research & Advisory6.5 out of 103.0 out of 10
On Trading Platforms7.0 out of 106.5 out of 10
On Overall Ratings7.1 out of 106.2 out of 10
On Star Ratings★★★★☆★★★☆☆

Upstox Vs IIFL AMC & AOC: 

In the below data table of AMC & AOC, it’s clear that the charges of Upstox are very less as compared to IIFL with Zero charges for Margin Money by Upstox.

Demat ServicesIIFLUpstox
Depository ParticipantNSDL & CDSLCDSL
Charges on Account Opening Rs.1300Rs.150
AMC on DematFree or Rs.300 per AnnumRs.150 per Annum
AMC on TradingFreeFree
Marginal MoneyMinimum Rs.25,000Zero
Offline to OnlineYesNo

Upstox Vs IIFL Brokerage Charge:

If we compare Upstox and IIFL in terms of their Brokerage charges, it is quite clear that Upstox charges much less, with just a nominal fixed amount from their customers. While on the other hand, IIFL charges in terms of percentage from their clients.

Brokerage Charge & FeesIIFL Brokerage Upstox Brokerage
Equity Delivery Trading0.50%Zero
Equity Intraday Trading0.05%Rs.20
Commodity Options Trading0.05%Rs.20
Equity Futures Trading0.05%Rs.20
Equity Options TradingRs.100 per Lot or 1% of Premium
(Takes higher Amount)
Rs.20 per lot
Currency Futures Trading0.05%Rs.20
Currency Options TradingRs.100 per Lot or 1% of Premium
(Takes higher Amount)
Rs.20 per lot
Minimum BrokerageRs.0.05 per ShareRs.20
Demat AMC ChargesFree or Rs.300 per AnnumRs.150 per annum
Trading AMC ChargesFreeFree
Margin MoneyMinimum Rs.25,000Zero
Upstox demat account

Comparison of Other Charges: 

In the case of Other Charges apart from compliance, we find that Upstox charges fewer Transaction Charges than IIFL.

Other ChargesIIFLUpstox
Transaction Charges0.00325% of Total Turnover0.00275% 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: 

Offers and Discounts by both Upstox and IIFL are more or less the same as just a mix and match.

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

Comparison on Services Offered: 

The number of Services offered by IIFL is quite more in comparison to Upstox.

Demat Services
Trading Services
3 in 1 Account
Intraday Services
IPO Services
Stock Recommendations
Robo Advisory
Trading Institution
Trading ExposureMaximum 10xMaximum 20x

Upstox Vs IIFL Research & Advisory: 

IIFL is famous for its outstanding Research and Advisory system to its clients whereas Upstox has not such practices for its clients.

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

Upstox Vs IIFL Margin / Exposure/ Leverage

When we compare Leverages between Upstox and IIFL, it’s again a mix and match, and not many differences found between them.

Exposure / LeverageIIFL MarginUpstox Margin
Equity DeliveryMaximum 5xMaximum 5x
Equity IntradayMaximum 10xMaximum 20x
Equity FuturesMaximum 7xMaximum 7x
Equity OptionsMaximum 5xMaximum 8x
Currency FuturesMaximum 8xMaximum 5x
Currency OptionsMaximum 5xMaximum 6x
CommoditiesMaximum 8xMaximum 7x

Comparison of Products: 

Upstox doesn’t deal with too many products, whereas IIFL has more range of products to opt for its investors.

Equity Trading
Commodity TradingNo
Currency Trading
Mutual Funds

Upstox Vs IIFL Trading Platform: 

Both Upstox and IIFL are technologically sound with a wide range of Trading Platforms. However, it’s noticed that, in the mobile age, none of them uses Windows and other Mobile OS Platforms.

Trading PlatformsIIFLUpstox
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

Comparison on Customer Support: 

Customers of IIFL have more ways and options to get support than the customers of Upstox. IIFL also provides support to its customers through their branches located in different cities and towns.

Customer SupportIIFLUpstox
Dedicated Dealer
Offline Trading
Online Trading
24*7 Support
Support Number18602673000022 – 6130 9999
Email Support
Chat Support
Toll-Free Number18602673000

Upstox Vs IIFL Complaints Handled: 

Several complaints of Upstox in BSE are higher than that of IIFL while in NSE, IIFL has more complaints logged. However, it is interesting to note that the resolution percentage of IIFL in both BSE and NSE is more than that of Upstox.

Complaints (Current Year)IIFLUpstox
Lodged in BSE145185
Resolved in BSE122126
Lodged in NSE214175
Resolved in NSE212139

Upstox Call Back Requet


To conclude, it is very clear from all the above facts and figures which are obtained and consolidated from various sources that, both Upstox and IIFL have their strengths and weaknesses, yet maintaining a steady growth along with a good customer base and customer satisfaction.

An investor needs to identify his/her need properly, the Type of Investment they want to do along with the Product(s) and Services they wish to trade and the kind of support they need, then choose whether to go for Upstox or IIFL.

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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.