Upstox Scam Alert! What Every Investor Needs to Know

It‘s possible you’ve seen ads for Upstox on your phone. The platform has been heavily promoting itself through various digital channels, often with flashy advertisements that highlight features and offers in a very attractive way. However, this kind of marketing can sometimes be misleading or one-sided. Just seeing ads is not enough to truly understand how a broker operates or whether it's the right choice for you. What is more concerning is what Upstox hides.

Latest User Reviews

We searched for user reviews of Upstox, as they are one of the most reliable sources to check whether a broker is trustworthy or not. We reviewed articles that discuss this in detail.

Inefficient Customer Assistance by Upstox

A recent Upstox user shared his experience after taking part in a stock buyback. Although he received confirmation that his shares were accepted and payment was due, the money was not credited to his bank account. When he contacted customer support, he only got automated replies with no real help. This has raised doubts about how reliable Upstox is, especially when it comes to handling important actions like buybacks.

Another customer reported a similar issue. Even after paying both the first and second installments in a rights issue, the shares were credited to the brokers demat account but not transferred to his own. Despite several promises of callbacks, support never followed through. This lack of accountability and transparency is causing many users to question Upstox's professionalism and trustworthiness.

Customer support has emerged as a major issue, with users reporting long response times and ineffective communication. This lack of service quality is causing many to question the platforms transparency, accountability, and long-term credibility.

Customer Alleges Unfair Charges

User reported a poor experience with the platform, citing hidden and unusually high brokerage charges. They also expressed dissatisfaction with the customer service, raising concerns about the legitimacy of the service. The user believes the matter should be investigated and properly addressed to ensure transparency and fairness.

Unexpected Policy Shifts

Concerns Over Upstox‘s Changing Policies A user recently raised concern about Upstox’s reliability as a brokerage platform. Earlier, the platform charged ₹25 + GST as a monthly maintenance fee, but only in months when trades were made. Now, with sudden policy changes, users feel that Upstox is making decisions without proper notice and mainly for its own benefit.

WikiFX Investigation About Upstox

WikiFX, a well-known platform for reviewing and rating global forex brokers, has conducted an investigation into Upstox, raising several serious concerns about the broker.

1. Extremely Low Score

Upstox has received a very low score of 1.65 out of 10 on WikiFX. This rating isn‘t just a number—it’s a clear warning that the broker may lack proper licensing, transparency, and security measures. A score this low signal major trust issues and potential risks for users.

2. WikiFX Serious Warning

WikiFX has issued a direct warning about Upstox. Their message is simple and serious:

“Warning: Low score, please stay away!”

This caution from a trusted global broker review platform should not be ignored by anyone considering trading with Upstox.

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