Upstox US stocks: charges, fees, how it works (2026)

Upstox launched US stock investing in September 2026 through its own IFSCA-registered GIFT City subsidiary — the only new entrant among the four major Indian brokers to build a dedicated IFSC entity rather than relying on a partner. It clears through Alpaca Securities and offers a broad universe of 8,000+ stocks and 2,000+ ETFs.

This guide covers every fee, how the platform works, and how it compares.

How Upstox US stocks works

US stock investing is integrated into the Upstox app. Upstox operates its own IFSCA-registered subsidiary in GIFT City — a structural differentiator from Zerodha (ViewTrade), Groww (Alpaca GIFT City entity), and Angel One (Vested Finance Inc.). Having its own entity gives Upstox more direct control over the regulatory relationship.

Transfer mechanism: Domestic NEFT/IMPS. No SWIFT, no A2 form, no 15CA/15CB. A $100 minimum initial deposit applies.

Full fee breakdown

Brokerage at different trade sizes

The $25 cap kicks in at $10,000 per trade. Older platforms like Vested and INDmoney cap at $35 (kicks in at $14,000). For trades between $10,000 and $14,000, Upstox is marginally cheaper.

FX markup

Upstox has not publicly disclosed its FX markup rates. Based on market estimates and comparison with similar GIFT City platforms, the markup is expected in the 1–3.5% range. Check the in-app rate before every transfer — this is your largest variable cost.

For context: a 1% markup on ₹10 lakh costs approximately ₹10,000; a 2% markup costs approximately ₹20,000.

Stock universe

Upstox offers 8,000+ US stocks and 2,000+ ETFs — a broad universe covering most of the NYSE/NASDAQ universe excluding the very smallest micro-caps. Fractional shares are available, though the minimum deposit is $100.

This is wider than Zerodha (~2,000 stocks) and comparable to Groww (10,000+) and Angel One (10,000+).

Free repatriation: a real advantage

Upstox charges no platform fee on repatriation (bringing USD proceeds back to INR in India). This is identical to INDmoney and Groww, and contrasts with:

• Vested Basic: $5 per withdrawal
• Vested Premium: 2 free withdrawals/year, then $5
• Rovia: $5 platform fee per repatriation

For investors who repatriate regularly (quarterly or annually), zero withdrawal fees save $20–$40/year vs Vested Basic — equivalent to several brokerage trades.

TCS and tax treatment

Upstox's GIFT City route is LRS-compliant:

• 0% TCS up to ₹10L/year in investment remittances
• 20% TCS above ₹10L/year

Section 10(4D) potential capital gains exemption may apply — verify with a CA.

Upstox vs alternatives

Choose Upstox if:

• You are already an Upstox user — same app, no extra KYC
• You want free repatriation (no withdrawal fee)
• You need a broad stock universe (8,000+ stocks, 2,000+ ETFs)
• The $100 minimum deposit is not a barrier

Choose Zerodha over Upstox if:

• You want lower brokerage (0.1% vs 0.25%) — Zerodha is clearly cheaper on brokerage
• You invest at trade sizes where Zerodha's $10 cap saves more than Upstox's $25 cap

Choose Groww over Upstox if:

• You need maximum stock universe (10,000+ vs 8,000+)
• Your typical trades are above $1,000 where Groww's 0.1% beats Upstox's 0.25%

Choose INDmoney over Upstox if:

• You want ITR-format lot-level tax reports
• You want OTC stock access
• You want a multi-year operating track record

Related reading

• Upstox vs Vested for US stocks
• Upstox vs INDmoney for US stocks
• Best US stock platform for Indians 2026

Vested.blog is the editorial publication of Rovia.