Upstox is the 2nd Best Discount Broker in India, Read full Upstox Review here
Erstwhile known as RKSV Securities India Pvt ltd, this online discount brokerage firm incorporated in 2011 is one of country’s fastest growing retail broking firms and is now popularly known as Upstox.
Founded by brothers Ravi Kumar and Raghu Kumar along with two more friends, RKSV headquartered in Mumbai, rebranded themselves as Upstox in 2016 and raised funding from well-known investors such as Ratan Tata, Kalaari Capital, GVK Davix and Tiger Global.
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Details Upstox Review
Since Upstox is member of BSE, NSE, MCX and MCX-SX; domestic retail investors on their platform can invest in stocks, commodities, F&O, currencies and MFs at much lower rates compared to traditional full-service broking firms.
Upstox’s popularity and fast paced growth has helped it to cross the milestone of 1 million customers, mostly among millennials below 35 years from Tier II & III cities.
It’s easy and fast interface has fuelled the robust growth in a highly competitive market. Upstox currently processes over Rs 9 lakh crores of countrys monthly national exchanges turnover, all of it contributed by retail investors from across the country.
OPEN A FREE DEMAT ACCOUNT
Developed by in-house experts, Upstox’s trading platform is extremely user friendly and offers a host of features such as analysis, charting and trading which can be easily accessed through web browser as well as mobile apps.
Built on Omnisys NEST’s Order Management System &; Risk Management System, the platform operates seamlessly with great UX.
The mobile app of Upstox also enables traders to trade in regional languages thereby enhancing the penetration to vast Hindi speaking belt of India.
Upstox NEXT is the desktop version which can be either installed in any laptop or desktop, whereas Upstox Pro is the mobile version.
For both the versions, the traders are well equipped with awesome features like brokerage calculator, span margin calculator, options strategy builder, hassle free trading, deep analysis of stocks and real time streaming of prices of currencies.
Upstox is a customer centric broking firm and provides great customer services. They can be easily reached through their toll free number, or social media, or email, or web form.
They are tied up with 40 banks to which money can be transferred easily via app. With just Rs 20 as the brokerage charge per trade irrespective of trade volume, Upstox is a platform where you can save upto 90% on brokerage.
So, if you undertake a minimum monthly trading of Rs 1,00,000 with 10 trades (which comes to 20 by including both buying and selling); you pay the following: 20 trades monthly X 12 months X Rs 20 = Rs 4800/- only
Upstox Account Opening Types
According to the need of traders Upstox offers two different type of trading account. They are as follows:
This specific plan offers basic trading features in equity delivery segment through both mobile app and web browser. For trading in equity delivery segment on Upstock platform you don’t pay any charge since it’s free. This basic plan offers upto 20 times more leverage on cash segment.
No fee is charged for equity delivery, however, Rs 20 is charged per trade for equity F&O, currency and commodities.
This particular plan best suits for frequent traders through Upstox Pro platform, and offers upto 25 times more leverage on cash segment. Along with the standard features present in the Basic Plan, Upstox Pro is loaded with additional features like stock search, analysis, trade, and monitor stocks, currencies, commodities and F&O.
Pro is technically enhanced with wide range of analysis, indicators, charts and graphs. Equity delivery is free, whereas a flat brokerage of Rs 30 per trade is charged for equity F&O, commodities and currencies.
Various Charges of Upstox
Charges for equity demat and trading – Rs 300 (first year annual maintenance charge inclusive)
Charges for commodity trading account– Rs 200
Annual Maintenance Charges – Rs. 150
| Charges | Equity Delivery | Equity Intraday | Futures | Options |
| Brokerage | Zero | Rs 20 per executed order or 0.05% (whichever is lower) |
Rs 20 per executed order or 0.05% (whichever is lower) |
Flat Rs 20 per executed order. |
| STT / CTT | 0.1% on both Buy and Sell |
0.025% on the Sell | Side 0.1% (on Sell Side) | 0.1% (on Sell Side) |
| Transaction | Rs 325/crore | Rs 325/crore | Rs 210/crore | Rs 5500/crore on premium turnover |
| Demat Transaction Charges |
Rs 18.5 per scrip (only on sell) Zero Zero Zero |
Zero | Zero | Zero |
| Charges | Currency Futures | Currency Options |
| Brokerage | Rs 20 per executed order or 0.05% (whichever is lower) |
Flat Rs 20 per executed order |
| STT | NIL | NIL |
| Transaction Charges | NSE: 0.00013%; BSE:0.00062% | NSE: 0.065%; BSE: 0.026% (on premium) |
| Charges | Currency Futures | Currency Options |
| Brokerage | Rs 20 per executed order or 0.05% (whichever is lower) |
Flat Rs 20 per executed order |
| STT | 0.003% | 0.002% |
| Transaction Charges | NSE: 0.00013%; BSE:
0.00062% |
NSE: 0.065%; BSE: 0.026% (on premium) |
Apart from the above charges, stamp duty is charged based on the state where the customer resides. GST is charged at 18% on brokerage and transaction charges, whereas Rs 15 per crore is charged as SEBI turnover fees.
Pros and Cons of Upstox
Everything comes with its own list of merits and demerits, and Upstox isn’t exceptional, some of them are listed below.This all will help you to take an informed decision while dealing with Upstox.
The biggest advantage is the brokerage free trading offered by Upstox in equity delivery category.
Options of After Market Order, Cover Order and Bracket Order or One cancels Other orders are available on both web browser and mobile application. Stop-Loss is also available on both the platforms.
Clients can purchase IPOs online
Fund transfer is available across 40+ nationalised banks
For higher leverage one can opt for priority brokerage package
It offers over 1000 MFs to choose from, both in lump sum as well as SIP segment
Easy to use interface offering great UX
Active customer service team, ready to help / guide customers with minimum waiting time
Technologically advanced and thus provides superior trading tools like SPAN calculator, brokerage calculator and options builder tool
Upstox doesn’t have unlimited monthly trading plan for its customers
Additional charge of Rs 20 per executed order is levied for Intraday square MIS/BO/CO orders when they are not squared off by the trader
Customer service isn’t available 24X7
Upstox doesn’t provide stock tips or suggestions or recommendations to its clients
It discontinued with their NRI trading and demat account since January’18
How to open your account with Upstox?
Opening account with Upstox is fairly simple and can be done both online as well as offline.
The following documents are mandatory for opening an account.
PAN card
Aadhaar Card
Passport sized photo
Cancelled cheque
Income proof (for trading in derivatives)
Online opening of Upstox account takes more or less 15 minutes, if the above mentioned documents are with you which needs to be uploaded as a scanned copy.
Authentication is done with OTP send to the mobile number linked with Aadhaar. Visit homepage of Upstox and follow simple steps to open demat account. Keep your bank details such as account
number, IFSC code and branch address ready, as the information is needed while filling up the web form. Please note Upstox does not accept payment banks such as Paytm.
Incase you are not comfortable in sharing Aadhaar details, you can opt for offline mode of account opening. You need to download the account opening form, take a print out and fill it up with requisite details and send it along with the KYC documents.
For account opening a cheque of non-refundable amount should be drawn in the name of “RKSV Securities Pvt Ltd”. In case you wish to open a Commodities account with Upstox, ensure that you draw a separate cheque payable to “RKSV Commodities India Pvt Ltd”.
All the documents should be couriered to the following address for further processing.
RKSV Securities India Pvt Ltd.
30 th Floor, Sunshine Tower,
Senapati Bapat Marg, Dadar (West),
Mumbai – 400 013
