Compare Fyers and Upstox, two of India’s leading discount brokers, based on brokerage fees, trading platforms, customer ratings, and features. Find out which broker suits your investment needs best, whether you’re an active trader or a casual investor. Read our in-depth analysis to make an informed decision.
About Fyers
Fyers Securities, founded in 2015, is a Bangalore-based discount broker offering trading in Equity Cash, F&O, and Currency Derivatives. The name “FYERS” stands for “Focus Your Energy & Reform the Self,” reflecting its core values of transparency, innovation, and cost-efficiency. The company was established by young entrepreneurs aiming to provide the best trading platforms at minimal costs. Fyers is known for its zero brokerage on equity delivery and direct mutual fund investments.
About Upstox
Upstox, established in 2012, is a tech-driven discount broker backed by investors like Kalaari Capital, Ratan Tata, and GVK Davix. It provides trading services in equities, commodities, currency, futures, and options through its Upstox Pro Web and Mobile trading platforms. Upstox is recognized for its robust trading features, advanced charting tools, and flat-fee brokerage model, making it a preferred choice among traders.
Fyers Vs Upstox: Key Comparison
| Feature | Fyers | Upstox |
|---|---|---|
| Broker Type | Discount Broker | Discount Broker |
| Exchange Membership | BSE, NSE, MCX | BSE, NSE, MCX |
| Year of Incorporation | 2015 | 2012 |
| Branches | 2 | 4 |
Charges & AMC
| Feature | Fyers | Upstox |
|---|---|---|
| Trading Account Opening Charges | Rs 0 (Free) | Rs 0 (Free) |
| Trading Account AMC Charges | Rs 0 (Lifetime Free) | Rs 0 (Free) |
| Demat Account Opening Charges | Rs 0 (Free) | Rs 0 (Free) |
| Demat Account AMC Charges | Rs 0 (Lifetime Free) | Rs 150 |
Brokerage Comparison
| Account Type | Fyers | Upstox |
|---|---|---|
| Equity Delivery | 0.03% or Rs 20, whichever is lower | Rs 20 per executed order or 2.5% whichever is lower |
| Equity Intraday | 0.03% or Rs 20, whichever is lower | Rs 20 per executed order or 0.05% whichever is lower |
| Equity Futures | 0.03% or Rs 20, whichever is lower | Rs 20 per executed order or 0.05% whichever is lower |
| Equity Options | Rs 20 per executed order | Rs 20 per executed order |
| Currency Futures | 0.03% or Rs 20, whichever is lower | Rs 20 per executed order or 0.05% whichever is lower |
| Currency Options | Rs 20 per executed order | Rs 20 per executed order |
| Commodity Futures | 0.03% or Rs 20, whichever is lower | Rs 20 per executed order or 0.05% whichever is lower |
| Commodity Options | Rs 20 per executed order | Rs 20 per executed order |
Leverage (Margin)
| Segment | Fyers | Upstox |
|---|---|---|
| Equity Delivery | 1x | 1x |
| Equity Intraday | Up to 5x | Up to 5x |
| F&O (Equity, Currency, Commodity) | 1x (Full NRML Margin) | 1x (Full NRML Margin) |
Trading Platforms
| Platform | Fyers | Upstox |
|---|---|---|
| Web & Mobile Trading | Fyers App, Fyers Web, Fyers Next | Upstox Pro Web, Dartstock, NEST Trader, Fox Trader |
| Automated Trading | Yes | Yes |
| Charting & Analysis | Yes | Yes |
| SMS Alerts | Yes | No |
| Online Portfolio | Yes | No |
| Margin Trading Funding | Yes | Yes |
| Intraday Square-off Time | 3:15 PM | 3:00 PM |
Pros & Cons
Fyers
Pros:
- Free equity delivery and thematic investments.
- Zero account opening and AMC charges.
- No software charges.
- Advanced trading platforms and tools.
- API trading, Algo trading, and Insta Options.
Cons:
- Depository services through IL&FS with higher charges.
- No NRI trading or 24/7 customer support.
- Doesn’t offer stock tips or BTST.
Upstox
Pros:
- Zero brokerage for mutual fund investments.
- Flat Rs 20 per trade for all segments.
- Multiple advanced trading platforms.
- Good-Till-Triggered (GTT) orders available.
Cons:
- Higher demat charges.
- No 3-in-1 account.
- Call-and-trade incurs additional charges.
- Intraday square-off time at 3:00 PM (earlier than Fyers).
Final Verdict: Which Broker is Better?
Fyers is a great choice for investors looking for zero brokerage on equity delivery, strong trading platforms, and thematic investment options. On the other hand, Upstox is suitable for traders who need a variety of trading platforms, direct mutual funds, and competitive brokerage rates. Your choice depends on your trading style, requirements, and cost considerations.
Ready to start trading? [Open an account with Upstox]