Upstox Review 2024 – Stock Broker In India

Upstox, recently surpassing a user base of 1 crore, has become the second-largest discount broker in India, following Zerodha. This indicates a growing preference for Upstox among traders. Notably, it enjoys backing from prominent entities like Ratan Tata and Tiger Global Management, contributing to its reputation as a safe and reliable stockbroker.

Upstox is lauded for its fast trading platforms, a crucial factor for achieving high profits in day trading. Additionally, the platform charges a flat fee of Rs 20 per trade for intraday transactions, eliminating the need for complex fee structures. The absence of account opening charges further adds to its appeal.

Some key features that make Upstox a favored choice include its advanced technology trading platforms and the potential to save up to 90% on brokerage charges. This is particularly attractive for traders looking to optimize their costs.

Comparing Upstox with other service providers highlights significant cost savings. For instance, assuming a monthly trading volume of Rs 10,00,000 with 20 trades (including both buying and selling), the brokerage charges with Upstox would amount to only Rs 4,800 annually. In contrast, considering competitors like ICICI Securities with a 0.55% charge and Sharekhan with a 0.2% charge, the potential savings with Upstox are substantial.

Upstox stands out in the realm of account opening charges, setting them at a competitive Rs 0 for both Demat and Trading accounts. This aligns with the prevailing trend among stockbrokers in India and offers potential savings of Rs. 300 to 700 for investors, making it an economically attractive option.

Moreover, Upstox distinguishes itself from its counterpart Zerodha by charging zero Annual Maintenance Charges (AMC). In contrast, Zerodha levies Rs. 300 for AMC. For those torn between the two, a side-by-side comparison of Zerodha and Upstox may help in making an informed decision.

When it comes to brokerage charges, Upstox implements a unique strategy. While there are no charges for trading in the “Delivery” segment, engaging in frequent buying or selling activities from your portfolio incurs a nominal fee of Rs. 20 per delivery trade. For other trading segments, Upstox adheres to industry norms

– Equity Delivery: Lower of Rs. 20 or 2.5%
– Equity Intraday: Lower of Rs. 20 per executed order or 0.05%
– Equity Futures: Lower of Rs. 20 per executed order or 0.05%
– Equity Options: Rs. 20 per executed order
– Currency Futures & Options: Futures – Lower of Rs. 20 per executed order or 0.05%, Options – Rs. 20 per executed order
– Commodity F&O: Futures – Lower of Rs. 20 per executed order or 0.05%, Options – Rs. 20 per executed order

Additionally, Upstox offers a Call & Trade service at Rs. 50 per order, providing convenience for those who prefer this option. Investors should exercise caution, particularly with the charges associated with “Delivery trades” on Upstox, ensuring a clear understanding of the fee structure.

The Upstox Brokerage Calculator is a valuable tool that provides real-time information on the charges incurred and enables users to assess stock price movements needed to cover these charges. For instance, a mere 0.12 paisa upward movement in Infosys to Rs. 1410.12 can be adequate to offset the brokerage charges.

Upstox applies zero brokerage charges on Mutual Fund investments and IPOs, making it an attractive choice for those interested in these financial instruments.

Regarding margin offerings, Upstox provides leverage for various segments, such as 5X for NSE/BSE Cash in Intraday and CO/OCO orders. The platform also offers 1.33X leverage for Index Futures, Stock Futures, Index Option Sell, Stock Option Sell, NSE Currency, and MCX Future in both Intraday and CO/OCO orders.

Key features of the RKSV (Upstox) Demat & Trading Account include low brokerage charges at a flat rate of Rs. 20, making it particularly beneficial for traders dealing with substantial volumes. This approach contrasts with the percentage-wise brokerage charges imposed by full-service brokers like Sharekhan, Motilal Oswal, ICICI Direct, and HDFC Securities.

Upstox stands out with its user-friendly and advanced trading platforms. The Upstox Pro Web is a browser-based platform with features like API integration, algo trading, and advanced charting tools. The NEST Trader Desktop software provides a customizable interface, low latency, and multi-monitor support for a seamless trading experience. The Upstox Pro Mobile App is available for both Android and iOS, offering flexibility and accessibility.

While the platform boasts Rs. 0 account opening charges and excellent trading platforms, it does have some drawbacks. Notably, there is a Rs. 20 charge on Equity delivery trades, and the platform does not support investments in Government Securities and bonds.

Opening an account with Upstox can be done through online or offline methods. The online process requires an Aadhaar Card and a linked mobile number for authentication. For those without a linked Aadhaar mobile card, an offline account opening method is available. Required documents include PAN Card, Aadhaar Card, specimen signature, photographs, and income proof for derivative trading.

In summary, Upstox offers a compelling mix of low brokerage charges, advanced trading platforms, and zero account opening and AMC charges, making it an appealing choice for traders and investors.

  1. Begin the RKSV (Upstox) Account Opening Process on the Home Page

Initiate the account opening process by clicking the “Open Demat Account” button on the RKSV (Upstox) home page. This action will open a new window where you can sign up for an online demat and trading account.

  1. Mobile Verification and Application Start

Provide your email address and mobile number during the sign-up. An OTP (One-Time Password) will be sent to your registered mobile number for verification. After successful authentication, proceed to the next stage of the application process. Enter your PAN number and date of birth as part of this step.

  1. Furnish Personal Details

Submit your personal information, including marital status, yearly income, and trading experience by selecting options provided. This process is streamlined, as you only need to choose from the given options rather than filling in all the details. Before proceeding, read and acknowledge the taxpayer declaration by checking the declaration box. Click on the “Next” tab to continue with the application process.

  1. Choose Your Trading Preferences

RKSV allows you to specify the trading segments you are interested in. You can opt for all segments or choose from two sets:

– First Set: Equity, Equity F&O, and Currency F&O
– Second Set: Commodity Trading

If you are new to stock market investing, you can select the first set.

  1. Provide Bank Details

After selecting your trading preferences, furnish your bank details, including account number and the IFSC code of the bank branch. Ensure that you do not use a payment bank, as RKSV does not link trading accounts with payment banks such as Paytm. These bank details are necessary to link your trading account for online fund transfers.

RKSV Securities ensures the security of your bank account details, and all transactions are encrypted for maximum security.

  1. Authenticate Application Using Aadhaar

Authenticate the online application by entering the OTP received on your linked mobile number. If you do not have an Aadhaar Card linked to your mobile number, an alternative offline demat application method can be used.

  1. Upload KYC Documents

In the final step, upload copies of all KYC documents, including an image of your signature and photographs. This completes your application, and RKSV aims to open your trading account within 24 to 48 hours. Upon completion, RKSV will provide you with the trading account login ID and password.

Final thoughts

Opt for Upstox if you seek user-friendly and advanced trading platforms. Upstox provides not only ease of use but also advanced features, making it an excellent choice for traders. Enjoy the benefits of low brokerage charges and high margins, crucial factors in the trading landscape.

Upstox (RKSV) boasts advanced, fast, and stable trading applications for web, desktop, and mobile platforms. These applications are equipped with over 100 indicators and various charting tools, catering to the needs of both intraday trading professionals and beginners. The platform’s combination of advanced features and accessibility makes it a suitable option for a diverse range of traders.

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