Upstox vs INDmoney for US stocks: which is better? (2026)
Upstox: 0.25% max $25, GIFT City, own IFSCA entity, free withdrawal. INDmoney: 0.25% max $35, GIFT City, lot-level ITR tax docs, OTC access. Real cost comparison.
Arnav GroverCo-Founder & Chief Product Officer, RoviaUpstox and INDmoney are both GIFT City IFSC platforms charging the same 0.25% base brokerage. The differences come down to brokerage cap, tax reporting quality, and stock universe breadth.
Fee comparison
| Fee | Upstox | INDmoney |
|---|---|---|
| Annual fee | ₹0 | ₹0 |
| Brokerage | 0.25%, max $25 | 0.25%, capped $35 |
| FX markup | ~1–3.5% (unconfirmed) | ≈50–75p/$ |
| Withdrawal fee | ₹0 | ₹0 |
| OTC stocks | No | Yes |
| Tax docs | Standard | Lot-level ITR format |
| Min deposit | $100 | None |
Brokerage cap: Upstox wins above $10,000
Both charge 0.25% on each trade. Upstox's cap kicks in at $10,000 (0.25% × $10K = $25); INDmoney's at $14,000 ($35 cap). For trades between $10,000 and $14,000:
| Trade size | Upstox | INDmoney | Upstox saving |
|---|---|---|---|
| $10,000 | $25.00 | $25.00 | $0 |
| $12,000 | $25.00 | $30.00 | $5.00 |
| $14,000+ | $25.00 | $35.00 | $10.00 |
At $14,000+ per trade, Upstox saves $10 per trade on brokerage. For investors making ₹12L+ per trade, this is a real saving.
FX markup: INDmoney more transparent
INDmoney's 50–75 paise per USD is clearly stated. Upstox hasn't publicly disclosed its markup — estimated at 1–3.5% based on market comparisons. Always verify in-app before transferring.
At 1% Upstox markup vs 0.75% INDmoney: ₹10L transfer costs ₹10,000 vs ₹7,500. At 2% Upstox: ₹20,000 vs ₹7,500. INDmoney may be cheaper on FX — verify with the current in-app rate.
Tax documentation: INDmoney leads
INDmoney's lot-level ITR-format statements significantly reduce CA work for investors with many lots. Upstox provides standard capital gains statements — adequate for simple portfolios but not as detailed.
For investors filing ITR-2 with Schedule CG and Schedule FA, INDmoney's documentation format saves time.
Stock universe
INDmoney covers the full NYSE/NASDAQ universe plus OTC stocks. Upstox covers 8,000+ stocks and 2,000+ ETFs — broad but slightly less than INDmoney's full OTC-inclusive universe. If you need OTC stocks, only INDmoney supports them.
Decision
Choose Upstox if:
- You are an existing Upstox user
- Your trades are $10,000+ regularly — Upstox's $25 cap saves $10 per trade vs INDmoney
- FX disclosure is similar enough to your in-app check routine
Choose INDmoney if:
- You want lot-level ITR-format tax reports
- You need OTC stock access
- You want a unified Indian + US portfolio view
- You want multi-year operating history (INDmoney since ~2019)
- INDmoney's disclosed FX markup gives you more predictability than Upstox's undisclosed rate
Related reading
- Upstox US stocks: full charges guide
- INDmoney charges explained in full
- Best US stock platform for Indians 2026
Vested.blog is the editorial publication of Rovia.
Frequently asked questions
- Is Upstox or INDmoney better for US stocks? ▾
- Both charge 0.25% brokerage. Upstox has a $25 cap (vs INDmoney's $35) — savings at trades above $10,000. INDmoney has lot-level ITR-format tax reports, OTC stock access, and a unified Indian + US portfolio view. Both have free repatriation. Upstox is better for large-trade investors who want the lower cap; INDmoney is better for tax documentation depth.
- Do both Upstox and INDmoney use GIFT City? ▾
- Yes. Both use GIFT City IFSC — domestic NEFT/IMPS, no SWIFT, same TCS rates. The Section 10(4D) potential capital gains exemption may apply to both — verify with a CA.
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About the author
Co-Founder & Chief Product Officer, Rovia
IIT Bombay + IIM Calcutta. Founding PM at Aspora (largest NRI fintech). 6+ years covering Indian-resident US investing, LRS compliance, Schedule FA, and ITR-2 filing for AY 2026-27.
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