Formerly known as RKSV Securities, Upstox, is India’s second-largest discount stockbroker. The technology-based broker offers one of the best trading platforms in the stock market. Upstox had garnered approximately 12.20 lakh customers by September 2020. With its affordable brokerage charges, you are assured of saving money and earn handsome returns.
Upstox has been in existence for eleven years and receives its funding from three top investors, GVK Davix, Ratan Tata, and the Kalaari capital. Hence, it is a safe stockbroker to entrust your stock investments. Its attractive trading features, such as chart updates, advanced analysis, and a data-driven user interface provide an efficient trading experience.
The stockbroker has competitive and affordable brokerage charges. For instance, Upstox has zero fees for equity trading delivery. It also offers a flat rate of Rs. 20 for Equity intraday, Commodity, Futures, and Options trading. Upstox provides a hassle-free and online account opening process. The broker does not charge any fees to open Demat and trading accounts. You will only pay Rs. 25 per month for account maintenance.
Upstox offers its clients two trading plans depending on their margins and leverage. The basic package gives a 20X leverage on the cash segment and charges a Rs. 20 brokerage charge for each trade. The priority (paid-for) service provides higher leverage and significantly more margins. For example, it will give you up to 25X leverage on the cash section and 4X on MCX futures. The priority plan is ideal for advanced traders due to its additional trading features.
Upstox Trading Platforms
The stockbroker provides both mobile and web trading avenues. The Upstox Pro Nest platform is specific to desktop or laptop computers. You can easily install the file on your PC to enjoy advanced trading tools. Upstox Pro web version consists of lightweight software that you can access via a browser on a computer or smartphone. The platform provides several indicators that enable clients to analyze the market in real-time.
Upstox mobile App is a sophisticated application with extra features, including live updates, vertical charts support, and money transfer services. The app supports advanced orders, such as bracket and cover. It is also lightweight and compatible with all Android and iOS smartphones.
Upstox’s advantages include:
- Upstox’s clients do not pay brokerage charges for equity deliveries.
- Cover, Bracket, and After-Market Orders are available on the web and mobile trading platforms.
- Upstox mobile app requires no installation or user charges.
- Its Developer Console enables clients to code their trading apps using user-friendly languages like Python.
- Upstox’s option chain tool provides unique features, including comparison charts, market depth analysis, and future prices.
- Upstox’s Bridge for Amibroker offers coding and execution options via the Amibroker FL editor to help in your trading strategies.
- Its MF platform has numerous mutual funds that customers can invest in.
- Upstox has a margin against the shares option.
Here are Upstox’s disadvantages:
- Upstox doesn’t provide 24/7 customer service.
- There are no investment options for IPO, NCD, and FPO.
- The stockbroker has no offers for unlimited trading plans per month.
- Upstox charges INR 20 per order for the call and trade feature.
- Upstox’s Equity segment lacks Good Till Canceled (GTC) and Good Till Date/Time (GTD) orders.
- There is no margin funding for delivery trades.
- Upstox charges an additional Rs. 20 for intraday CO, CO, and MIF orders when the customer doesn’t square them off.
- Despite offering a free brokerage fee in the basic plan, clients ought to pay Rs. 21.83 for Demat transaction charges. The amount is higher than the Rs. 15.93 fee that other stockbrokers charge.
- Upstox has no NRI trading or API access in automated trading.
- The stockbroker does not give any stock tips, research, or advisory services.
Is Upstox Reliable?
Upstox is a trustworthy stockbroker in the Indian stock market due to its over ten years of experience, credible investor back-up, top-notch technology usage, and a large consumer base. It is a SEBI-registered broker with no significant trade violations during its operation. Moreover, it is a member of NSE, BSE, and MCZ stock exchanges. Upstox has not registered any debt as it has been a profit-making organization.
Upstox has gained authority as the second leading stockbroker in India; hence, reliable. However, its customer service is wanting as it lacks a personal relations manager. Some customers have complained about system lagging and service delays, especially on significant days. Nevertheless, your preferences, budget, and trading experience are some of the factors to consider when selecting the rightful trading partner.
How to Use the Upstox Mobile App
Upstox mobile app is a free-to-download application that supports various trading segments, such as derivatives, stocks, commodities, and currencies. You can install the app on your preferred mobile device and enjoy a convenient trading experience.
Here’s a step-by-step guide on how to use the mobile app to trade in the stock market:
- After installing the app on your device, log in to Upstox. The login will redirect you to the main screen displaying NIFTY indices (show the day’s market movements).
- Click on a specific index to get the list of stocks listed there. You will also get more details, including the current market price and percentage value decrease.
- After checking further information, such as fundamental analysis, you can choose to either sell or buy that particular stock.
- Provide the order’s inputs, such as quantity and price after clicking on the “Buy” or “Sell” options.
- Click on the “Review” button to confirm the order after checking its summary of details.
The mobile application also offers other features, including charting functionality and market status.
Upstox is among the preferred stockbrokers in the Indian stock market due to its simple paperless account opening process and low brokerage charges. If you are looking for a tech-based stockbroker with affordable deals, Upstox could be a perfect choice. However, the company should improve its customer service and minimize system breakdowns to maintain the clients’ trust. Moreover, to attract more customers, Upstox can streamline its brokerage and account maintenance charges.Upstox Review- Is it Reliable?