This Article was fact checked and last updated for accuracy on October 13, 2025 by Mani Karthik
When I first moved back to India in 2017, one of the first things I did was open a trading account.
Not because I wanted to become a day trader.
But because I wanted to invest my US earnings back into the Indian market. Build wealth here. Put down roots.
And choosing the right broker? That decision matters more than you think.
Fast forward to 2025. I get this question almost every week in our Back to India Facebook group. “Mani, should I go with Upstox or Angel One?”
Here’s the honest truth. For most NRIs reading this, the answer is already decided.
But let me break it down anyway.
The Big Elephant in the Room 🚨
Upstox stopped offering NRI trading services in July 2019.
Yes, you read that right.
If you’re an NRI with a US address, you cannot open an Upstox account. Period.
I know this is a dealbreaker for 90% of you reading this. But stay with me. If you’re planning to move back soon or already have residential status, the comparison still matters.
For everyone else? Angel One it is.
Quick Snapshot: Numbers Don’t Lie
Let me give you the data first.
| Feature | Angel One | Upstox |
|---|---|---|
| Year Founded | 1987 | 2009 |
| Active Clients | 7.2 million+ | 2.4 million+ |
| NRI Trading | ✅ Yes | ❌ No (stopped July 2019) |
| Account Opening | Free | Free |
| Demat AMC | ₹240/year (free 1st year) | ₹150/year (free 1st year) |
| Equity Delivery | ₹0 (Free) | ₹20 per order |
| Intraday/F&O | ₹20 per order | ₹20 per order |
Source: InvestorGain, Chittorgarh
Angel One wins on delivery trades. Upstox wins on AMC charges. But neither matters if you can’t open an account as an NRI.
My Personal Take: Why This Matters to NRIs
When my wife and I decided to return, we had about $150K sitting in our US accounts.
We wanted to slowly move this money to India and invest it. Dollar cost averaging over 2 years.
The NRI account made this possible. I could send money from my US bank to my NRE account in India. Then trade stocks the same day.
Without an NRI trading account? You’re stuck waiting until you get your PAN updated, your residential status sorted, and your local Indian address finalized.
That could take months.
The Detailed Breakdown
Brokerage Charges: Where Your Money Goes
Here’s what you actually pay per trade.
| Segment | Angel One | Upstox |
|---|---|---|
| Equity Delivery | ₹0 (Free) | ₹20 per order or 2.5% (lower) |
| Equity Intraday | ₹20 per order or 0.03% (lower) | ₹20 per order or 0.05% (lower) |
| Equity Futures | ₹20 per order | ₹20 per order |
| Equity Options | ₹20 per order | ₹20 per order |
| Currency | ₹20 per order | ₹20 per order |
| Commodity | ₹20 per order | ₹20 per order |
Source: CompareShareBrokers
My advice? If you’re a long term investor (which most NRIs are), Angel One’s free delivery makes a massive difference. I’ve saved thousands over the years.
If you’re actively day trading? Both are identical at ₹20 per trade.
What About Hidden Charges?
Let’s talk about the stuff they don’t advertise.
| Charge Type | Angel One | Upstox |
|---|---|---|
| DP Charges (per sale) | ₹20 per scrip | ₹18.5 + GST per scrip |
| Call & Trade | ₹20 per order (extra) | ₹20 per order |
| Pledge Creation | ₹20 per request | Standard rates apply |
| SEBI Charges | ₹10 per crore | ₹10 per crore |
| Demat Closure | Free | Free |
Source: ADigitalBlogger
The DP charges add up if you’re selling regularly. But honestly? We’re talking about ₹1.5 difference. Not a dealbreaker.
Customer Service: When Things Go Wrong
I had an issue with Angel One last year.
Some dividend didn’t credit to my account. I called their helpline. Got through in 5 minutes. Issue resolved in 2 days.
My friend with Upstox? He’s been trying to get his account unlocked for 3 weeks. Still waiting.
Here’s the data.
| Metric | Angel One | Upstox |
|---|---|---|
| Total Complaints (2024) | 587 | 289 |
| Complaints as % of clients | 0.01% | 0.01% |
| Resolution Rate | 94.71% | 93.61% |
| Phone Support | ✅ Yes | ✅ Yes |
| Offline Support | ✅ Yes (900+ branches) | ❌ No (4 branches) |
| Email Support | ✅ Yes | ✅ Yes |
Source: Best Trading App Review
Angel One has more complaints in absolute numbers. But they also have 3X more clients.
What I care about? Resolution rate. And offline support.
When you’re dealing with lakhs of rupees, having a branch you can walk into? That’s peace of mind.
Trading Platforms: Apps That Actually Work
Both apps work fine. No complaints there.
Angel One has:
- Angel One App (mobile)
- Angel One Trade (web)
- Angel SpeedPro (desktop)
Upstox has:
- Upstox Pro Mobile
- Upstox Pro Web
- NEST Trader integration
I use Angel One on my iPhone. My son (the tech savvy one) prefers Upstox’s interface. Says it’s cleaner.
To each their own.
The NRI Question: This Is Crucial
If you’re an NRI, listen up.
Angel One offers full NRI trading. Upstox does not.
Here’s what you need to know about Angel One NRI accounts.
What Angel One Offers NRIs:
✅ 2-in-1 account (Trading + Demat)
✅ NRE and NRO PIS accounts supported
✅ Equity delivery and F&O trading
✅ IPO investments allowed
✅ Portfolio Management Services (PMS)
✅ Free research and advisory
✅ Flat ₹20 brokerage across segments
What Angel One Does NOT Offer NRIs:
❌ Intraday trading (RBI restriction, not broker’s)
❌ Currency and commodity trading
❌ 3-in-1 account
❌ Mutual fund investments for NRI PIS accounts
Source: Angel One NRI Account Details
The Account Opening Process for NRIs
This is where it gets a bit tedious.
For Angel One NRI Account:
- Open an NRE or NRO PIS account with their partner banks (Axis, HDFC, IndusInd, Yes Bank, IDFC First)
- Get PIS approval letter from RBI through your bank
- Fill NRI Trading and Demat Account Opening Form
- Submit documents (passport, visa, PAN, address proof, bank statements)
- Send scanned copy to hyd-kycnorth@angelbroking.com
- Physical documents via post to Hyderabad office
- In-person verification (either in India or at Indian embassy/consulate)
- Account activated in 7-10 days
For Upstox NRI Account:
Not available. Service discontinued.
Source: InvestorGain NRI Trading
Yes, it’s offline. Yes, there’s paperwork.
But once it’s done? You’re set.
NRI Brokerage Charges at Angel One
| Trade Type | Brokerage |
|---|---|
| Equity Delivery (PIS/Non-PIS) | 0.50% of transaction or ₹0.05 per unit (lower) |
| Equity Futures | 0.05% of transaction |
| Equity Options | ₹100 per trade |
| Minimum Brokerage | ₹30 or 2.5% (lower) |
Source: Angel One NRI Charges
Notice the rates are different from resident accounts. That’s normal for NRI trading.
Research and Advisory: The Extras
Angel One offers ARQ. It’s their AI-powered investment advisory tool.
Does it work? Sometimes.
Is it useful? For beginners, yes.
I don’t use it anymore. But when I first started, it helped me understand which stocks to look at.
Upstox? No advisory. No research reports.
If you want stock tips and daily market reports, Angel One wins.
If you do your own research (like I do now), doesn’t matter.
| Feature | Angel One | Upstox |
|---|---|---|
| Research Reports | ✅ Daily, weekly, quarterly | ❌ None |
| Stock Recommendations | ✅ ARQ advisory | ❌ None |
| Market Analysis | ✅ Free for all users | ❌ None |
| IPO Reports | ✅ Yes | Limited |
Source: ADigitalBlogger Comparison
Who Should Choose What?
Let me make this simple.
Choose Angel One if you:
- Are an NRI (no other option)
- Want free equity delivery
- Value offline support and branches
- Want research reports and tips
- Trade in IPOs regularly
- Need PMS services
Choose Upstox if you:
- Are a resident Indian
- Don’t mind paying ₹20 for delivery
- Want slightly lower AMC
- Prefer tech-first approach
- Do your own research
For 90% of my readers? Angel One.
My Bottom Line
I use Angel One.
My brother uses Zerodha (that’s a different comparison).
My colleague uses Upstox and swears by it.
Here’s what I learned. The broker matters less than your investing strategy.
But if you’re an NRI? The choice is made for you.
Angel One is the only major discount broker offering full NRI services. That’s not an opinion. That’s a fact.
The ₹0 delivery brokerage saved me about ₹15,000 last year alone. I invest ₹50K every month into index funds through my demat account.
Do the math. It adds up.
Quick FAQs
Q: Can I transfer my account from Upstox to Angel One?
Yes. It takes about 7-10 days. You’ll need to submit a transfer form and pay DP charges.
Q: Which app is better for beginners?
Both are beginner friendly. Angel One has better educational resources. Upstox has a cleaner interface.
Q: Do I need both NRE and NRO accounts?
Depends on your fund source. NRE for foreign income (repatriable). NRO for Indian income (non-repatriable). Most NRIs use NRE PIS for stock trading.
Q: What happens to my account when I move back to India permanently?
You’ll need to convert your NRI account to a resident account. Both brokers offer this. Takes about a week.
Q: Is my money safe with these brokers?
Yes. Both are SEBI registered. Your stocks are held with NSDL/CDSL, not the broker. Even if the broker shuts down, your stocks are safe.
Final Thoughts
The right broker won’t make you rich.
But the wrong one can cost you money. And peace of mind.
For NRIs, this isn’t even a debate.
Angel One. End of story.
For resident Indians, both work fine. Pick based on whether you value free delivery (Angel One) or lower AMC (Upstox).
Still confused? Ask in our Facebook group. There are 50,000+ members who’ve been through this.
Someone will help you out.
Good luck with your investing journey.
See you in the markets. 📈
Sources and References
All data in this article has been verified from multiple authoritative sources:
- InvestorGain – Angel One vs Upstox Comparison 2025
- Chittorgarh – Broker Comparison
- CompareShareBrokers – Detailed Analysis
- ADigitalBlogger – Features Comparison
- Angel One Official – NRI Account Information
- Upstox Official – NRI Trading Information
- Best Trading App – Broker Reviews
- MONIwise – Brokerage Comparison 2025
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. Please consult with a qualified financial advisor before making investment decisions. Brokerage charges and features may change. Always verify current rates directly with the broker.