It’s very important to pick the right discount broker for your trading needs. Both Upstox and Mstock have made a name for themselves in the Indian market. But is there a clear winner between M.stock vs Upstox? Let’s do a full comparison to help you make your choice!
M.stock vs Upstox: Brokerage Charges
Upstox: Flat Rs 20 per order across equity delivery, intraday, and F&O, or 0.05% whichever is lower.
Mstock: Zero brokerage across all products, forever.
Winner
Mstock is the clear winner here because it offers the best long-term savings, especially for traders who do a lot of trades.
M.stock vs Upstox: Margin & Leverage
Upstox: Up to 5x margin for intraday and 1.3x across all Equity F&O contracts.
Mstock: Up to 4x margin for intraday and No leverage available for F&O.
Winner
Upstox is the winner here because it offers up to 5x margin for intraday and provides leverage for F&O contracts, whereas M.stock does not.
M.stock vs Upstox: Platform & Technology
Upstox: There are advanced charting tools, technical indicators, and order book insights on both web and mobile platforms. With an Upstox account, TradingView Premium is free.
Mstock: Issues with the M.stock app not working or responding during the live market. See the video below.
M.stock app not working or responding during market hours
Winner
Upstox is winner here because it has more trading features, provides TradingView premium for Free and is more reliable.
M.stock vs Upstox: Customer Support
Upstox: 24/7 customer support via chat, call, and email. While their chatbot provides immediate responses based on pre-loaded data, it may not be able to address complex inquiries or offer personalized support.
Mstock: 24/7 customer support via call and email.
In a comparison of response times for M.stock vs Upstox inquiries about margin offerings, Mstock responded via email within 2.5 hours, while Upstox has not yet responded after 10 hours.
Winner
M.stock is winner here because it responded in approx. 2.5 hours whereas Upstox reply is yet to come after 10 hours.
It would have been better if both platforms replied during trading hours, that is, before 3:30, but neither one did.
M.stock vs Upstox: Additional Factors
Account Opening: Both offer quick and paperless account opening. For Upstox it’s free, whereas Mstock charges ₹999, which is much higher.
Demat AMC: Upstox charges ₹0 AMC, while Mstock charges an additional one-time ₹999 along with an account opening fee OR ₹120 per quarter.
Mutual Funds: Both platforms offer online mutual fund investment.
Verdict
Mstock takes the lead with its zero brokerage forever, but higher account opening and AMC charges. However, Upstox shines with its user-friendly platform and reliable customer service.
Post Disclaimer
For informational purposes only:
The information presented on this website is for informational purposes only and should not be construed as financial, legal, or professional advice. While we strive to provide accurate and up-to-date information, we cannot guarantee its completeness or accuracy. Any opinions expressed herein are solely those of the author or individual contributor and do not necessarily reflect the views of any company, organization, or other entity.
Do your own research:
Readers are encouraged to conduct their due diligence and consult with a qualified professional before making any decisions based on the information presented on this website. Trading, investing, and other financial activities involve inherent risks, and you could lose all or a portion of your capital. Past performance is not indicative of future results.
Mirae Asset Capital Markets (India) Pvt LtdUpstox- RKSV Securities India Private Limited (RSIPL)
Headquarters
MumbaiDelhi
Founder
Hyeon Joo ParkRavi Kumar
Establishment Year
June 1997April 6, 2009
Account opening & AMC
Account Opening FeeThe account opening fee, also known as account setup charges, refers to the one-time charge levied by a brokerage firm when you open a new Demat and trading account to invest in securities like stocks, bonds, or ETFs. These fees can vary depending on the type of account, the brokerage firm, and any current promotions or offers.
₹999 (Zero brokerage for life) + ₹999 (Free AMC)₹0
Annual Maintenance Charges (AMC) This is a yearly fee levied by the depository participant (DP) to maintain your Demat account, where your shares are held electronically.
₹120 every quarter (Zero AMC by paying an additional ₹999, else ₹120 every quarter as AMC)₹0
Pledge Charges
Pledge Creation Charges
₹25 per PSN (Pledge Sequence Number) per day (+GST) for 'Lifetime free AMC' plan ₹20 + GST per scrip for Equity & ₹50 + GST per scrip for pledging Futures buy and sell and Options Sell orders only
Pledge Invocation Charges
₹25 per PSN (Pledge Sequence Number) per day (+GST) for 'Lifetime free AMC' plan₹50 + GST per scrip for unpledging
Interest on Margin Trading
Up to ₹25 Lakhs: 9.99%, Above ₹25 Lakhs to ₹5 Crore: 8.99%, Above ₹5 Crore: 6.99%₹20/day for every slab of ₹40,000 taken as MTF
Margin Re-Pledge
₹25 per PSN₹20 + GST per scrip for Equity
Brokerage charges & Fees
Brokerage Plan
Lifetime free AMC' planStandard
Equity Delivery Charges
Zero₹20 or 2.5% whichever is lower
Equity Intraday Charges
Zero₹20 per executed order or 0.05% (whichever is lower)
Equity Futures charges
Zero₹20 per executed order or 0.05% (whichever is lower)
Equity Options charges
ZeroFlat ₹20 per executed order
Currency Futures charges
Zero₹20 per executed order or 0.05% (whichever is lower)
Currency Options charges
ZeroFlat ₹20 per executed order
Commodity Futures charges
Do not offer Commodity trading₹20 per executed order or 0.05% (whichever is lower)
Commodity Options charges
Do not offer Commodity tradingFlat ₹20 per executed order
Customer services offered
Demat Services
YesYes
Trading Services
YesYes
Intraday Services
YesYes
F&O Services
YesYes
IPO Services
YesYes
Share Pledging
YesYes
NRI Services
Yes
Referral Program
YesYes
Customer Support
Call Support
1800 210 0818022-41792999: All Trading Days – 8 am to 5 pm
Email Support
help@mstock.comsupport@upstox.com: All Trading Days – 8 am to 5 pm
Whatsapp Support
No
Website Support
Yes, 8AM - 7PM IST, Monday - Saturday
Leverage (Margin) Offered
Equity Delivery Margin Leverage
No leverage available; you need the full purchase value in your account.No leverage available; you need the full purchase value in your account.
Equity Intraday Margin Leverage
Leverage ranges from 3x to 4x depending on the stock (lower leverage for volatile stocks)Leverage ranges from 1x to 5x depending on the stock (lower leverage for volatile stocks)
Equity F&O Intraday Margin Leverage
No leverage available; you need the full purchase value in your account.Leverage is 1.3x across all Equity F&O contracts
Equity F&O Carry Forward Margin Leverage
No leverage available; you need the full purchase value in your account.No leverage available; requires full margin upfront
Currency F&O Margin Leverage
4x to 10x depending on the currency pair and contract type.Leverage is 1.3x across all Currency F&O contracts
Commodity F&O Intraday Margin Leverage
Does not offer trading in CommodityLeverage is 1.3x across all Commodity F&O contracts
Commodity F&O Carry Forward Margin Leverage
Does not offer trading in CommodityNo leverage available; requires full margin upfront
Unique Offerings
Free Account Opening
NoYes
Free Brokerage
YesOn Mutual Funds and IPOs only
Free AMC
Yes, on 'Lifetime free AMC' plan onlyYes
Free Equity Delivery
YesNo
Free F&O Trading
YesNo
Free Intraday Trading
YesNo
Free Trading calls
YesNo
Happy Trading Hours
NoNo
Flexible Brokerage Plans
YesNo
Referral Offers
YesYes
Margin Funding (MTF)/ Pledging
YesYes
Brokerage Cashback
NoNo
Zero Brokerage for Loss Making Trades
NoNo
Relationship Manager
NoNo
Services Provided
Equity Delivery
YesYes
Equity Intraday
YesYes
Equity Futures
YesYes
Equity Options
YesYes
Currency Futures
YesYes
Currency Options
YesYes
Commodity Futures
NoYes
Commodity Options
NoYes
Foreign Stocks
NoNo
Mutual Funds
YesYes
Banking
NoNo
Insurance
NoNo
Corporate Bonds
NoNo
Govt. Bonds
NoNo
Digital Gold
NoNo
Order Types
Market Order
YesYes
Limit Order
YesYes
Bracket Order
YesYes
Cover Order
YesYes
After Market Order (AMO)
YesYes
Good Till Cancelled (GTC)
YesYes
Buy Today Sell Tomorrow (BTST)
NoNo
Sell Today Buy Tomorrow (STBT)
NoNo
Research & Reports
Annual Reports
NoNo
Company Reports
NoYes, Basic only
Research Reports
NoNo
Fundamental Reports
Yes, Basic onlyYes, Basic only
IPO Reports
YesYes
Technical Reports
Yes, Basic onlyYes, Basic only
Stock tips
NoNo
Daily Market Review
NoYes
Monthly Review
NoYes
Weekly Review
NoYes
Robo Advisory
NoNo
STT & CTT Charges
Equity Delivery STT & CTT
0.1% on buy & sell0.1% on buy & sell
Equity Intraday STT & CTT
0.025% on the sell side0.025% on the sell side
Equity Futures STT & CTT
0.0125% on sell side0.0125% on sell side
Equity Options STT & CTT
0.0625% on sell side (on premium) and/or 0.125% of the intrinsic value on options that are bought and exercised0.0625% on sell side (on premium)
Currency Futures STT & CTT
No STTNo STT
Currency Options STT & CTT
No STTNo STT
Commodity Futures STT & CTT
Does not offer Commodity trading0.01% on sell trade (Non-Agri)
Commodity Options STT & CTT
Does not offer Commodity trading0.05% on sell trade
Trading Features
Watchlist
YesYes
Real Time Updates
YesYes
Portfolio Details
YesYes
Price Alert
YesYes
Online Mutual Fund Buy
YesYes
Global indices
NoNo
Customized Recommendations
NoNo
Advanced charting
YesYes
Live market
YesYes
Multiple Profile Management
NoNo
Secure Platform
YesYes
Trading Platforms
Android App
YesYes
iOS App
YesYes
Web Trading Platform
YesYes
Trading Terminal
NoYes
Algo Trading Platform
NoYes
Foreign Stocks Trading Platform
NoNo
Basket Trading Platform
YesYes
Mutual Fund Investment Platform
YesYes
Digital Gold Investment Platform
NoNo
Bonds Investment Platform
NoNo
Transaction Charges
Equity Delivery Transaction Charges
NSE: 0.00325%, BSE: 0.00375%NSE 0.00325% per trade on buy & sell. BSE charges vary as per the scrip group
Equity Intraday Transaction Charges
NSE: 0.00325%, BSE: 0.00375%NSE: 0.00325% per trade on buy & sell. BSE charges vary as per the scrip group