Which is better Upstox or Groww? – A Detailed Comparison

Written by: Kaushik Jethva

Last Updated: May 25, 2023

which is better upstox or groww
Which is better Upstox or Groww?

Investing in the stock market can be a daunting task, especially if you are new to the game. With so many options available, it can be difficult to decide which brokerage firm is right for you. Upstox and Groww are two popular platforms that offer services for equity delivery, mutual fund investment, direct mutual funds, Demat account opening charges, accounts, currency trading, and more. In this article, we will compare these two platforms based on various factors such as brokerage charges, trading platforms, a Demat account for opening, research reports, and more.

1 Upstox vs Groww App

Account Opening and Charges

Both Upstox and Groww offer free account opening with zero demat charges and AMC (Annual Maintenance Charge) fees. However, Upstox charges a flat Rs. 20 per executed order or 0.05% of the transaction value, whichever is lower, for equity delivery trades. In contrast, Groww offers free delivery trading for equities. It is worth noting that Groww Upstox also offers a flat fee of Rs. 20 for intraday trading.

Brokerage Charges

When it comes to brokerage charges, both brokers offer competitive rates. Upstox charges Rs. 20 per executed order or 0.05%, whichever is lower, for equity intraday trades and Rs. 20 per executed order or 0.05% of the transaction value, whichever is lower, for equity futures and options. Groww charges a flat Rs. 20 per executed order or 0.05, whichever is lower, for equity intraday, equity futures, and equity options trades.

Trading Platforms

Both Upstox and Groww offer trading platforms with rich trading features. The Upstox trading platform offers a desktop trading platform, Upstox Pro, which is suitable for advanced traders who require sophisticated trading tools like Algo trading, cover order, and more. It also offers a mobile trading platform, Upstox App, which is user-friendly and allows traders to trade on the go. Groww offers a mobile app, Upstox Groww! The app is designed for beginner traders and offers a simple and easy-to-use interface.

Research Reports

Both Upstox and Groww offer research reports to their customers. The Upstox research side provides market analysis, stock tips, and research reports on various stocks and commodities. On the other hand, Groww offers daily market news and analysis and also provides research reports on mutual funds.

Mutual Funds Investment

Both Upstox and Groww offer mutual fund investment services. However, Groww specialises in direct mutual funds trade services and offers a platform for investors to invest in mutual funds without any commission charges. In contrast, Upstox charges a commission fee for mutual fund investments.

Currency Trading

Upstox offers currency trading services to its customers, while Groww does not. If you are interested in currency trading, then Upstox vs Groww could be a better choice.

Margin Trading

Both Upstox and Groww offer margin trading account services. However, the Upstox platform offers unlimited monthly trading plans, which can be beneficial for traders who trade frequently.

Account Features

Upstox offers features like margin funding, cover order, and more. Groww, on the other hand, offers features like easy SIP (Systematic Investment Plan) investments, tax-saving investments, and more.

Exchange Transaction Charges

Upstox charges exchange transaction charges on trades executed on BSE, NSE, and MCX exchanges. The charges are as follows:

  • Equity Delivery: 0.00325% on both BSE and NSE
  • Equity Intraday: 0.00325% on both BSE and NSE
  • Equity Futures: 0.0021% on both BSE and NSE
  • Equity Options: Rs. 5300

Groww also charges exchange transaction charges on trades executed on BSE and NSE exchanges. The charges are as follows:

  • Equity Delivery: 0.003% on both BSE and NSE
  • Equity Intraday: 0.003% on both BSE and NSE
  • Equity Futures: 0.0019% on both BSE and NSE
  • Equity Options: Rs. 5000

Hidden Charges

Both Upstox and Groww do not have any hidden charges. However, it is always advisable to read the terms and conditions carefully before opening an account with Upstox margin any broker.

Call and Trade Fee

Upstox charges a call and trade fee of Rs. 20 per executed order, while Groww does not charge any call and trade fee.

Auto Square Off Charges

Upstox charges auto square-off charges of Rs. 20 per executed order, while Groww does not charge any auto square-off fee.

2 Groww vs Upstox - A Comparative Analysis

Now that we have discussed the various parameters, let us compare Upstox and Groww in different aspects.

Equity Delivery Trading

If you are interested in equity delivery trading, Groww is a better choice as it does not charge any commission fees for equity delivery trades. Upstox, on the other hand, charges a flat Rs. 20 per executed order or 0.05% of the transaction value, whichever is lower, for equity delivery trades.

Mutual Fund Investment

If you are interested in investing in mutual funds, Groww is a better choice as it specializes in direct mutual funds and does not charge any commission fees, and offers mutual fund investment. Upstox charges a commission fee for mutual fund investments.

Currency Trading

If you are interested in currency trading, Upstox is a better choice as it offers currency trading services.

Margin Trading

If you trade frequently and require unlimited monthly trading plans, Upstox is a better choice.

Account Features

If you are interested in margin funding, cover order, and other advanced features, Upstox is a better choice. If you are interested in easy SIP investments, tax-saving investments, and other basic features, Groww is a better choice.

Exchange Transaction Charges

Both brokers charge exchange transaction charges on trades executed on BSE and NSE exchanges. However, the charges for trading in Upstox are slightly higher than those of Groww.

Research Reports

Both brokers offer research reports. Upstox provides market analysis, stock tips, and research reports on various stocks and commodities. Groww offers daily market news and analysis and also provides research reports on mutual funds.

Trading Platforms

Both brokers offer trading platforms with rich trading features. Upstox offers desktop trading and compares Upstox and platform Upstox Pro, which is suitable for advanced traders who require sophisticated trading tools like algo trading, cover order, and more. It also offers a mobile trading platform, Upstox App, which is user-friendly and allows traders to trade on the go. Groww offers a mobile app, Groww App, which is designed for beginner traders and offers a simple and easy-to-use interface.

Brokerage Charges

Both brokers offer competitive rates for brokerage charges. Upstox charges Rs. 20 per executed order or 0.05 for equity intraday trades and Rs. 20 per executed order or 0.05% of the transaction value, whichever is lower, for equity intraday positions, futures and options. Groww charges a flat Rs. 20 per executed order for equity intraday, equity futures, and equity options trades.

3 Wrapping Up

In conclusion, both discount brokers Upstox and Groww have their own set of advantages and disadvantages. While Upstox is a well-established discount broker with advanced trading tools and features, Groww is a relatively new entrant in the market that focuses on providing a simple and easy-to-use trading platform for beginners.

Ultimately, the choice between Upstox and Groww depends on your trading style, preferences, and requirements. We recommend that you thoroughly evaluate both brokers based on your individual needs and choose the one that best suits your requirements. It is also important to read both the brokers’ terms and conditions carefully and be aware of any charges and fees associated with trading on both platforms.

Also, check our blog on the broker battle royale between Angel broking, Zerodha and Upstox to know more.

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About This Article

Kaushik Jethva
Written by: Kaushik Jethva author

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Updated: May 25, 2023
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