Why Promote This Offer

The Upstox affiliate program pays a CPA of $4.3 for every new demat account successfully opened by an Indian user. As one of India's top 3 discount stockbrokers with 13 million-plus clients, free account opening, zero delivery brokerage, and backing from Ratan Tata and Tiger Global, Upstox gives publishers a strong account-opening payout in India's rapidly growing retail investing market.

1. A $4.3 CPA on demat account opening is competitive in the Indian stockbroking affiliate market, reflecting the strong LTV of an Upstox account holder who trades regularly and generates brokerage revenue over their investing lifecycle.
2. Upstox's Ratan Tata and Tiger Global backing give it institutional credibility that converts first-time Indian investors who are cautious about opening a demat account with an online broker and prefer a recognisable, established name.
3. India's growing retail investor base - with SEBI-registered demat accounts crossing 170 million - creates a large and expanding acquisition opportunity for stock market publishers as more Indians enter equity markets for the first time.
4. Free demat account opening and zero brokerage on equity delivery trades are the most searched-for features among Indian first-time investors comparing brokers - giving publishers two headline-ready conversion angles in a single product.

Who Should Promote This

Ideal Publisher Profile

Best suited for Indian stock market, personal finance, and investing content sites, fundamental and technical analysis YouTube channels, mutual fund and SIP comparison platforms, and media buyers running display or native campaigns targeting Indian adults with active investment or stock market intent.

Audience Match

Converts best with Indian adults aged 18 and above who are actively looking to start investing in stocks, mutual funds, or F&O and are comparing discount stockbrokers for their first or second demat account based on price, platform quality, and brand trust.

Traffic Rules

Allowed

• Organic Indian stock market, investing, and demat account comparison content
• Zerodha vs Upstox vs Groww broker comparison articles
• Email marketing to opted-in Indian investing and personal finance audiences
• Native advertising on Indian financial news and market data platforms
• Display and DSP campaigns targeting Indian adults with equity or stock market interest
• Push notifications targeting Indian adults actively researching investing or trading platforms

Not Allowed

• Incentivized or reward-based account openings
• Fraudulent KYC submissions or fake account creation
• Brand keyword bidding on Upstox paid search terms
• Traffic from outside India
• Content targeting users under 18
• Misleading claims about returns or investment performance

Compliance Note

All promotions must comply with SEBI guidelines for stockbroker advertising in India and ASCI standards. Do not guarantee investment returns or misrepresent brokerage charges. Upstox is a SEBI-registered broker - present it accurately.

Tracking Flow

1. Publisher places their S2S Postback tracking link in Indian stock market or investing content.
2. User clicks and is directed to the Upstox website or mobile app.
3. User registers with mobile number and PAN.
4. User completes digital KYC with Aadhaar and uploads identity verification documents.
5. User's demat account (UCC) is created and activated on NSE/BSE.
6. S2S Postback fires the Create_ucc_m0 demat account opening conversion event.
7. After the 30-day validation window, $4.3 is credited to the publisher's payout balance.

Tracking Window: 30 days  |  Attribution: Last-click  |  Tracking Method: S2S Postback  |  Deduplication: One CPA per unique new Indian user demat account opened

Promotional Tips

• Zerodha vs Upstox broker comparison content is the single highest-converting piece of stock market affiliate content in India - the two platforms share an audience and users who discover Upstox through this comparison and choose it based on the fee difference or platform preference convert at very high rates.
• F&O trading flat brokerage content showing how Upstox's Rs 20 flat brokerage saves derivatives traders thousands of rupees per month compared to percentage-based bank brokers converts strongly with experienced traders evaluating a platform switch.
• Beginner stock market content targeting Indian adults who want to start investing for the first time is a high-volume acquisition angle - position Upstox's free account, zero delivery brokerage, and Ratan Tata backing as the safe, cost-effective starting point for first-time investors.
• For media buyers, display placements in Indian mutual fund apps, personal finance comparison sites, and business news apps reach adults already engaged with financial topics who are ready to open their first or second demat account.

Payment Methods

Publishers are paid through multiple flexible methods including Crypto, Wise, PayPal, Wire Transfer, and more. Payouts are processed on a Net-30 cycle once your earnings clear the minimum payout threshold. Contact your account manager if you need to set up or change your preferred payment method.