Investors today have several brokerage firms to choose from when opening a Demat account. Two prominent names in the discount brokerage segment are Upstox and mStock. While Upstox is a well-established brokerage platform backed by Ratan Tata, mStock is a new entrant by Mirae Asset, offering zero brokerage trading. In this article, we will provide a detailed comparison of Upstox and mStock based on multiple factors to help you choose the best platform for your investment and trading needs.
Overview of Upstox and mStock
Upstox
Upstox is a leading discount broker in India, offering services for equity, commodities, currency, IPOs, and mutual fund investments. Known for its user-friendly platform and competitive pricing, Upstox is a popular choice for both beginners and experienced traders.
Referral Link: Open Upstox Demat Account
mStock
mStock is a new-age broker introduced by Mirae Asset, known for its zero brokerage model. The platform is designed for long-term investors and active traders looking for cost-effective trading with a flat one-time fee structure.
Referral Link: Open mStock Demat Account
1. Account Opening Charges & AMC (Annual Maintenance Charges)
| Feature | Upstox | mStock |
|---|---|---|
| Account Opening Fee | Free | ₹999 (one-time) |
| AMC Charges | ₹150 per year | ₹0 (Lifetime Free) |
Verdict: mStock has a one-time account opening fee but offers a lifetime zero AMC, making it a cost-effective option for long-term investors.
2. Brokerage Charges
| Type of Trade | Upstox | mStock |
| Equity Delivery | Free | Free |
| Intraday | ₹20 per order | ₹0 (One-time ₹999 plan) |
| Futures | ₹20 per order | ₹0 |
| Options | ₹20 per order | ₹0 |
| Currency Trading | ₹20 per order | ₹0 |
| Commodity Trading | ₹20 per order | ₹0 |
Verdict: mStock offers zero brokerage trading across all segments after a one-time payment, making it a more cost-effective choice for frequent traders.
3. Trading Platforms & User Experience
Upstox Trading Platforms
- Upstox Pro Web: Advanced trading tools and real-time market data.
- Upstox Pro Mobile: Intuitive mobile trading experience.
- API Access: Available for algo traders.
mStock Trading Platforms
- mStock Web Platform: Clean and user-friendly interface.
- mStock Mobile App: Fast and responsive trading app.
Verdict: Upstox offers a more advanced trading experience, while mStock provides a simplified, zero-brokerage trading experience.
4. Margin & Leverage
| Trading Type | Upstox | mStock |
| Equity Intraday | Up to 5X | Up to 5X |
| Futures | Up to 4X | No margin |
| Options | No leverage | No margin |
| Commodity | Up to 3X | No margin |
Verdict: Upstox offers better margin facilities for traders, while mStock follows a no-margin policy to ensure cost efficiency.
5. Customer Support & Assistance
| Feature | Upstox | mStock |
| Support Type | Phone, Email, Chat | Phone, Email |
| Response Time | Fast | Moderate |
| Research & Insights | Limited | Limited |
Verdict: Upstox offers better customer support with quicker response times compared to mStock.
6. Investment Options
| Investment Type | Upstox | mStock |
| Equity | ✅ | ✅ |
| Derivatives | ✅ | ✅ |
| Commodities | ✅ | ✅ |
| Mutual Funds | ✅ | ✅ |
| IPO | ✅ | ✅ |
| Bonds | ❌ | ❌ |
Verdict: Both Upstox and mStock provide a diverse range of investment options.
7. Pros & Cons
Upstox
Pros:
- Feature-rich trading platform.
- Free equity delivery trading.
- Low AMC charges.
- Supports algo trading.
Cons:
- ₹20 brokerage per order.
- Limited margin benefits compared to full-service brokers.
mStock
Pros:
- Zero brokerage across all segments.
- Lifetime free AMC.
- Suitable for long-term investors and active traders.
Cons:
- One-time ₹999 account opening fee.
- No margin trading benefits.
Conclusion: Which One Should You Choose?
- If you are a beginner or long-term investor, mStock is an excellent choice due to its zero brokerage model and lifetime free AMC.
- If you are an active trader who needs advanced trading tools and margin facilities, Upstox is a better option.
Both platforms offer unique advantages, and the final choice depends on your trading style and investment needs. To get started, open a Demat account with either broker using the links below:
