When it comes to choosing the right stockbroker, Bajaj Financial and Upstox stand out as two popular discount brokers in India. Both offer competitive brokerage plans, advanced trading platforms, and various investment options. Let’s compare them in detail across different parameters to help you make an informed decision.
About Bajaj Financial
Bajaj Financial Securities Limited (BFSL) is a subsidiary of Bajaj Finance Limited, one of India’s leading non-banking financial companies (NBFCs). Registered with SEBI and a member of BSE and NSE, BFSL provides online discount brokerage services across equities, derivatives, mutual funds, margin trading, IPO financing, and loans against securities. The company offers two main trading platforms:
- BFSLTrade App – Mobile trading application
- Bajajfinservsecurities.in – Web-based trading platform
Key Highlights of Bajaj Financial
✅ Zero brokerage on equity delivery
✅ Flat Rs 20 per trade for intraday & derivatives
✅ Free account opening
✅ Offers margin trading facility (MTF)
✅ Provides IPO, bonds, and NCD investment options
About Upstox
Upstox is a tech-driven, low-cost brokerage firm backed by investors like Ratan Tata, Kalaari Capital, and GVK Davix. It provides trading opportunities in equities, commodities, currencies, and F&O through its powerful trading platforms:
- Upstox Pro Web – Web-based trading
- Upstox Pro Mobile – Mobile trading platform
- Other platforms – Dartstock, NEST Trader, Fox Trader
Key Highlights of Upstox
✅ Flat Rs 20 per trade across all segments
✅ Backed by reputed investors
✅ Advanced charting and analysis tools
✅ Offers API access for automated trading
✅ Supports commodities and currency trading
Bajaj Financial Vs Upstox: Key Differences
| Feature | Bajaj Financial | Upstox |
|---|---|---|
| Broker Type | Discount Broker | Discount Broker |
| Exchange Membership | BSE, NSE | BSE, NSE, MCX |
| Year of Incorporation | 2010 | 2012 |
| Branches | 6 | 4 |
Account Opening Charges & AMC
| Charges | Bajaj Financial | Upstox |
|---|---|---|
| Trading Account Opening | Rs 0 (Free) | Rs 0 (Free) |
| Trading Account AMC | Rs 899 per year | Rs 0 (Free) |
| Demat Account Opening | Rs 0 (Free) | Rs 0 (Free) |
| Demat Account AMC | Rs 199 (Free for 1st year) | Rs 150 |
Brokerage Comparison
| Account Type | Bajaj Financial (Freedom Plan) | Upstox (Default) |
|---|---|---|
| Fixed Charges | Rs 431 per year | NA |
| Equity Delivery | Rs 0 (Free) | Rs 20 per executed order or 2.5% (whichever is lower) |
| Equity Intraday | Rs 20 per order | Rs 20 per executed order or 0.05% (whichever is lower) |
| Equity Futures | Rs 20 per order | Rs 20 per executed order or 0.05% (whichever is lower) |
| Equity Options | Rs 20 per order | Rs 20 per executed order |
Margin (Leverage)
| Trading Segment | Bajaj Financial | Upstox |
|---|---|---|
| Equity Delivery | 100% of trade value (1x leverage) | 100% of trade value (1x leverage) |
| Equity Intraday | Up to 5x leverage | Up to 5x leverage |
| F&O (Equity, Currency, Commodity) | 1x leverage | 1x leverage |
Trading Platforms & Features
| Feature | Bajaj Financial | Upstox |
|---|---|---|
| Trading Platforms | BFSLTRADE (Mobile App), Bajajfinservsecurities.in (Web) | Upstox Pro Web, Dartstock, NEST Trader, Fox Trader |
| Automated Trading | No | Yes |
| Charting & Analysis | Yes | Yes |
| SMS Alerts | No | No |
| Referral Program | No | Yes |
| Trading in SME Shares | No | Yes |
| Intraday Square-off Time | 3:15 PM | 3:00 PM |
Investment Options
| Investment Option | Bajaj Financial | Upstox |
|---|---|---|
| Stocks/Equities | Yes | Yes |
| Commodities | No | Yes |
| Currency | No | Yes |
| IPO | Yes | Yes |
| Mutual Funds | Yes | No |
| Bonds/NCD | Yes | No |
| Debt Instruments | Yes | No |
Order Types Offered
| Order Type | Bajaj Financial | Upstox |
|---|---|---|
| Bracket Order | Yes | No |
| Cover Order | No | Yes |
| After Market Order (AMO) | No | Yes |
| Good Till Cancelled (GTC) | No | Yes |
Pros & Cons
Bajaj Financial Pros:
- Zero account opening fee.
- Zero brokerage on mutual funds.
- Flat Rs 20 per trade for intraday and F&O.
- Offers Margin Against Shares.
- Online IPO, FPO, Bonds, and NCD are available.
Bajaj Financial Cons:
- Equity delivery charges Rs 20 per trade, while competitors like Zerodha offer free equity delivery.
- No unlimited trading plans.
- No NRI trading accounts.
- Higher Demat debit transaction charges (Rs 18.5 per ISIN).
Upstox Pros:
- One platform for equities, currency, and commodities.
- Good Till Triggered (GTT) orders are available.
- Lower trading fees on intraday and F&O.
- Offers Option Strategy Builder.
Upstox Cons:
- Call-and-trade fee of Rs 20 per executed order.
- Limited research tools and no free trading tips.
- Intraday square-off at 3 PM (earlier than most brokers at 3:15 PM).
Final Verdict: Bajaj Financial Vs Upstox – Which One to Choose?
Both Bajaj Financial and Upstox cater to traders with low-cost trading solutions. Bajaj Financial is ideal for investors looking for a strong margin trading facility and a better mutual fund investment platform, while Upstox is better suited for active traders and investors in commodities, currencies, and SME shares.
For traders looking for zero brokerage on equity delivery and mutual funds, Bajaj Financial is a good choice. However, for advanced trading features, automated trading, and a more flexible fee structure, Upstox is a solid option.
Choose the broker that best fits your trading needs, investment strategy, and platform preferences!