Upstox: Discounted stock broker App | Online trading platforms

  • 10 June 2020 | 114 Views
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Upstox, formerly known as RKSV securities, is a discount stock broker with fast, reliable & easy-to-use trading platforms. They are one of the first few companies that entered as a discount broker in India’s trading industry.

Upstox was founded by Ravi Kumar, Raghu Kumar, and Shriniwas Vishwanath, and hence the company was formerly known as RKSV. Post-2012, they have grown significantly and today they are the most popular discount broker after Zerodha. They are backed by Ratan Tata, GVK Davix, and Kalari Group.

Upstox Pro is the share trading software by Upstox which is available for both mobile and web versions. It is built on Omnesys NEST Order Management System to make an order placing easy on web browsers and mobile phones.

How to Create Account in Upstox

The best thing about Upstox is the registration process. You can register on the platform in less than 10 minutes. The first step to registrations requires your email and phone number. You need to verify your phone number with OTP, the email address is not verified. Post verification, you need to give you PAN and DOB, answer a few questions about yourself like income slab, trading experience, occupation, etc.

Before you open your account, you need to choose the segments you want to trade in from below options:

  • Equity, FO and Currency
  • Commodity

Your account will be created once you provide your bank details along with the below documents:

  • PAN Card
  • Aadhaar Card
  • Specimen Signature
  • Photographs
  • Income proof
  • Upstox Charges

Being a discount broker, they are comparatively cheaper and brokerage structure is pretty simple. Trading account opening, as well as Demat account opening charges, is not there. Also, trading annual maintenance charges are zero.

How to buy and sell in Upstox?

Upstox offers two brokerage plans to its customers- Basic Plan and Priority Plan. The Upstox basic plan charges customers Rs 20 per trade. In basic plan, for intraday, traders will get a margin of 15X in NSE/BSE Cash while 3X in Index futures, stock futures, index option sell, and stock option sell.

Priority Plan has Rs 30 per trade as the brokerage for all segments with 20X leverage on the cash segment. Along with the standard features offered in Upstox Basic Plan, Upstox Pro offers stock search, trade, analyze, and monitor stocks, F&O, currencies, and commodities.

Benefits of priority plan

  • 2X Intraday leverage on option buy with BO/CO/OCO
  • Up to 7X leverage on index futures using BO/CO/OCO
  • No exposure margin levied on Index Futures and Options giving you up to 6X leverage

Trading Charges on Platform

  • Equity delivery based trade – Rs 0
  • Equity Intraday trades – Rs 20 per executed order
  • Equity Future – Rs 20 per executed order
  • Equity Options – Rs 20 per executed order
  • Currency Futures and Options – Rs 20 per executed order
  • Commodity Futures – Rs 20 per executed order

How good is Upstox?

  1. Upstox uses popular socket technology that allows access to real-time market data at a much faster rate.
  2. The platform provides charting tools with 10 drawing tools and 107 indicators that allow users to perform rich technical analysis with convenience and ease. The attractive feature is that on this platform you can place your orders directly from the chart; you don’t have to go through any other screen.
  3. The application provides a drag and drop facility which saves time as it allows users to drag a particular scrip and drop onto the charting screen.
  4. You can directly place trades from the chart feature with a single click. Users are required to right-click and then select whether they are looking to sell or buy that particular stock.
  5. The platform also has customizable layouts, themes, and alerts as per the user’s preferences. This means you can have N different windows opened up at the same time with multiple layouts, features, charts, themes getting accessed.
  6. Users can also access different features through keyboard shortcut keys which help them to save time during the opportunity.
  7. The platform also gives users access to historical data for the past 10 years which helps a lot in fundamental analysis of stocks.
  8. The broker has also tied with a stock scanner business named ‘Dartstock’ that allows free scanning of stocks running through a large number of data points.

How much does Upstox cost?

For investor

If you are an investor and want to invest Rs 20 lacs with a 0.55% brokerage (ICICI Direct charges), you will have to pay an additional Rs 11,000 in brokerage itself. While in Upstox you don’t have to pay anything. Hence your saving will be 100% as compared to ICICI Direct.

Is Upstox good for trading?

If you are intraday and futures traders, you can save a lot with Upstox.

Let us assume you buy Rs 1 lac and sell Rs 1 lac worth of shares daily. So in an average month, you trade for 20 days and hence you will trade 40 lacs shares in a month.

ICICI direct charges 0.0275% of the total value which means you will be charged Rs 40lac *0.275% which is Rs 1100, so yearly it would be Rs 13,200.

Now coming to Upstox, they charge Rs 20/trade for intraday. Upstox does not charge you on the total amount but for each trade, they only charge Rs 20. Hence per day, they will charge you Rs 40 and monthly Rs 800. The per year cost will be Rs 9600.

Traders can save a good percentage. If you are a big trader and your volume of the stock is big then your saving will be higher.

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How good is Upstox?

  • No platform is bug-free and how good the platform depends on the frequency of updates. The platform is updated every 2-3 weeks which is excellent and it allows users to access new features.
  • Multiple types of orders such as Market Order, Limit Order, Stop Loss orders are allowed to be executed through Upstox Pro.
  • Users also get to place the types of Order Complexity in Upstox like cover order, OCO order and Bracket order, and many more.
  • Users also have the option to shuffle across different widgets displayed on the screen as per their preferences. For example, if you want the market watch to be displayed to the right part of the screen you can do that in Upstox Pro.
  • Upstox offers a free 3-in-1 account which includes trading, Demat, & saving accounts in collaboration with IndusInd bank. The savings account is a zero balance account and you can also earn interest on the funds allocated from your saving a/c for trade. Another feature of this account is that you will also earn up to 6X rewards points per 200 rupees spent on all your debit card transactions. You can use the rewards towards brokerage charges.
  • You can have customizable multiple watch lists at the same time.
  • One can transfer funds with 40+ banks.

Upstox Disadvantages

  • The number of features offered is relatively limited in number especially for an advanced level trader.
  • Good Till Cancelled (GTC) orders are not supported in the delivery segment
  • The platform does not provide stock tips or recommendations.
  • The customers don’t get 24/7 customer service with Upstox.
  • Upstox Demat account and NRI Trading is no more available (since Jan 2018).
  • Investment in IPO and FPO is not possible.

Is Upstox safe for long term investment?

Warren Buffett on Stocks
Warren Buffett on Stocks

It is completely safe if you are looking to open a trading account. It is backed up by some of the reputed investors and is the second-largest discount broker in the country. Upstox is 100% reliable since they are registered with all major stock exchanges like BSE and NSE.

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