Upstox Vs Reliance Securities Comparison: Find the Best Discount Broker

Upstox Vs Reliance Securities – Comparison: 

Here we compared Upstox vs Reliance Securities based on all segment-wise details knowing which is necessary for every investor.  In this comparative study, we highlighted the pros and cons of both the broker for the information of investors.

Upstox (formerly known as RKSV Securities) is a renowned discount broker that started its journey in 2009 based on Mumbai.

This discount broker is famed for its variety of trading terminal offerings and a wide range of products and services. They don’t charge any brokerage for equity delivery. 

Whereas, full-service broker Reliance Securities doesn’t require any introduction. It is a company of Business Tycoon Anil Ambani and commenced its journey in the year 2005 based on Mumbai. 



  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. 

Reliance Securities: 

  1. Percentage based brokerage plan is there. 
  2. DEMAT and Trading Account opening is free of cost. 
  3. It facilitates trading in Mutual Fund & SIP but not in commodity, forex and insurance. 
  4. Required to maintain Margin money of @INR.25,000/-.
  5. 3-in-1 account feature unavailable. 
Upstox Vs Reliance Securities
Upstox Vs Reliance Securities

Upstox Vs Reliance Securities Overview: 

Based on the organizational overview we have compared Upstox Vs Reliance Securities as below.

We have compared here both the broker considering the company type, broker type, geographical situation of headquarter and the establishment year. 

OverviewUpstoxReliance Securities
Company TypePrivatePublic
Broker TypeDiscount BrokerFull-Service Broker
HeadquartersMumbai, IndiaMumbai, India
FounderRaghu Kumar,
Ravi Kumar &
Shrinivas Vishvanath
Anil Ambani
Established Year20092005

Upstox Vs Reliance Securities Customer Ratings: 

Here we have compared Upstox vs Reliance Securities based on the customer ratings on different segments. These ratings are based on the reviews received from the various public platform.

We can see from the below table that in terms of experience & research news Reliance Securities is leading the position, whereas, Upstox is leading while considering the products, services, brokerage fee & trading platform.

Customer RatingsUpstoxReliance Securities
Products & Services6.5/106.4/10
Brokerage Charges & Fees9.5/106.2/10
Stock Research & Advisory3.0/106.1/10
Trading Platforms6.5/106.1/10
Overall Ratings6.2/106.3/10
Star Ratings★★★☆☆★★★☆☆

Upstox Vs Reliance Securities AOC & AMC:

Comparing Upstox and Reliance Securities based on Account Opening and Maintenance charge we get the below details.

Here we can see that Reliance Securities offers free account opening charges to their customer whereas account opening in Upstox is chargeable @INR.150/-. However, both the broker provides free AMC on trading Account. 

DEMAT ServicesUpstoxReliance Securities
Depository SourceCDSLCDSL & NSDL
Account Opening ChargesRs.150Free
DEMAT AMC ChargesRs.150 per AnnumFree or Rs.400 per Annum
Trading AMC ChargesFreeFree
Margin MoneyZeroRs.25,000
Offline to OnlineNoNo

Upstox Vs Reliance Securities Brokerage Charges:

Considering the brokerage charge offering we have compared Upstox and Reliance securities as below. Reliance Securities offers a percentage-based brokerage plan whereas, Upstox offers a flat fee-based brokerage plan.

Both the broker has a minimum brokerage charge feature.

Brokerage Charge & FeesUpstox Brokerage Reliance Securities Brokerage
Equity Delivery TradingZero0.15% – 0.50%
Equity Intraday TradingRs.200.015% – 0.050%
Commodity Options TradingRs.20No
Equity Futures TradingRs.200.015% – 0.050%
Equity Options TradingRs.20 per lotRs.50 – Rs.100 per lot
Currency Futures TradingRs.200.015% – 0.050%
Currency Options TradingRs.20 per lotRs.50 – Rs.100 per lot
Minimum BrokerageRs.20As per Transaction
DEMAT AMC ChargesRs.150 per annumFree or Rs.400 per annum
Trading AMC ChargesFreeFree
Margin MoneyZeroRs.25,000

Comparison of Other Charges:

Comparing Upstox vs Reliance Securities based on other transaction charges we get these below details. Here we can see that both brokers share similar charge structures excluding the transaction charge.

A Transaction charge of Reliance Securities is more than Upstox.

Other ChargesUpstoxReliance Securities
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: 

Contrasting Upstox vs Reliance Securities we get the below comparison on offers. We here can see that in terms of offers Reliance Securities offers several than Upstox. 

OffersUpstoxReliance Securities
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: 

Comparing Reliance Securities vs Upstox based on their service offering we derived the below comparison:

ServicesUpstoxReliance Securities
DEMAT Services
Trading Services
3 in 1 Account
Intraday Services
IPO Services
Stock Recommendations
Robotic Advisory
Trading Institution
Trading ExposureMaximum 20xMaximum 25x

Upstox Vs Reliance Securities Research & Advisory:

Contrasting Reliance Securities vs Upstox based on their research & advisory offering we received the below comparison.

Here we can see in the below table that Upstox doesn’t provide any research support to their investors whereas Reliance Securities offers different kinds of reports to their customers.

Research & AdvisoryUpstoxReliance Securities
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 Reliance Securities Margin/ Exposure/ Leverage 

Considering Reliance Securities vs Upstox based on product-wise leverage we get the below details. 

Exposure / LeverageUpstox MarginReliance Securities Margin
Equity DeliveryMaximum 5xMaximum 20x
Equity IntradayMaximum 20xMaximum 25x
Equity FuturesMaximum 7xMaximum 15x
Equity OptionsMaximum 8xMaximum 15x
Currency FuturesMaximum 5xMaximum 10x
Currency OptionsMaximum 6xMaximum 10x
CommoditiesMaximum 7xNo

Comparison on Products Offering: 

Comparing Reliance Securities vs Upstox based on their product offering we derived the below comparison. We can see in this below comparison that Reliance Securities offer more number of products for their investors than Upstox. 

ProductsUpstoxReliance Securities
Equity Trading
Commodity Trading
Currency Trading
Mutual Funds

Upstox Vs Reliance Securities Trading Platform: 

Because of the trading terminal offering of Reliance Securities vs Upstox, we compared them as below.  The only difference between the brokers are Upstox offers trading through mobile site platform but Reliance doesn’t. 

Trading PlatformsUpstoxReliance Securities
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:

Considering customer assistance, we here have compared Reliance Securities vs Upstox as below. Both the broker offers similar paths for their customer to assist them. Only Upstox doesn’t offer personal dealer and offline trading as they are a discount broker. 

Customer SupportUpstoxReliance Securities
Dedicated Dealer
Offline Trading
Online Trading
24*7 Support
Support Number022 – 6130 9999022 – 3988 6000
Email Support
Chat Support
Toll-Free Number
Reliance Free Demat account
Upstox Vs Reliance Securities – Reliance 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 Reliance Securities vs Upstox based on their customer complaint handling in the below table. 

Complaints (Current Year)UpstoxReliance Securities
Lodged in BSE185145
Resolved in BSE126121
Lodged in NSE175198
Resolved in NSE139174


To conclude we can state that both Upstox and Reliance Securities are renowned in the stockbroking market but both have their benefit as well as shortcomings. Hence it is impossible to consider one good and other one bad.

The investors should choose 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.