With more and more people investing in equity to expand their portfolio, the stock market has never provided a better opportunity to grow capital. Surprisingly, the COVID-19 crisis, like the 2008 crash, gave an idea that investments will dip to an all-time low. On the contrary, the Indian stock market witnessed one of the highest trading volumes and turnover.
This also goes on to show that more people are trading on a regular basis and it is obvious that cutting costs on the brokerage front has become essential. Having a firm brokerage house filled with technology and lower costs is what every trader is looking at. Hence, we are today reviewing a broking house that covers both of these requirements, such as technology and competitive access to equities markets. Let’s talk about Upstox.
Upstox, also known as RKSV Securities, is one of the fastest-growing broking houses in India letting people trade at competitive broking charges, high margins, and with their constant focus on innovation and technology, it has an efficient and easy-to-use user interface.
Upstox is especially the best for those who trade a lot and want to cut down on brokerage charges. The broking company is registered with NSE, BSE, MCX, and Forex letting you trade in equities, futures, options, commodities, and currencies all under a single platform via:
- Upstox Pro Web
- Upstox Pro Mobile
How safe is Upstox you may ask, especially after the recent fiasco of broking houses getting bankrupt such as Karvy Broking? There are two important points you should consider to answer this important question
- Upstox is backed by a bunch of high-profile investors such as Ratan Tata, Tiger Global.
- The stockbroker also ranks number fourth in terms of an active customer base.
These attributes are very important and make it a very safe and reliable partner for your stock market investments. If that intrigues you already, let’s dive right in to know more about Upstox and the features that might benefit the trader.
#1 Upstox Pro Web
Pro Web is Upstox’s browser trading platform that was recently updated to v3.0 with enhanced technological advancement such as powerful charts to spot market trends. It has over 100 indicators that you can customize as per your analysis pattern.
The Web platform works at lightning fast speed so that you do not miss that important ticking second to place your order. It also supports complex orders such as CO and BO. The most revered feature, however, is the 1 click trade option which helps you get in or out of a trade without missing the beat during the volatile sessions.
#2 Option Chain Strategy Mode
While we all know worrisome futures trading can be, it is possibly a better idea to trade in options or if you really want to trade in futures, then a hedge by using options. The benefit of options as a trader is known by us all, and I won’t go into the details of that.
We already talked about how Upstox is a technology-driven broking company. Upstox built an Options Chain Strategy Mode right within the Pro Web 3.0 for you to do efficient options trading. The major plus point of this feature is that it cuts down on going through the entire options chain on NSE website and finding the right strike prices. This mode helps the options trader to quickly create option strategies as per the volatility.
The most popular options trading strategies such as the long call, the long put, the short put, long straddle, long strangle etc. can be analysed within a few clicks, all via graphs for you to easily understand the trend if you want to make a trade for the day or an expiry.
Probably the most anticipating part of this review, and why not because we are reviewing a technologically advanced broking platform that is still the cheapest to use. Although the basic idea is, you pay nothing if you take an equity delivery trade and you pay a flat fee for intraday, F&O, commodity and currency.
Upstox has 2 account types, which is a unique feature in itself since it provides you with the ability to choose what suits you the best.
- Upstox Basic Plan
This plan comprises of INR 20 or 0.05% (whichever is lower) per trade for F&O and intraday trades flat. You also get a 20x leverage on cash trades. However, we at InvestorJi strongly advice traders to never trade on leverage. Trade only when you have cash in hand.
- Upstox Priority Plan
This plan charges you INR 30 or 0.10% (whichever is lower) per trade for intraday and F&O trades, with an extra 25x leverage on cash segment.
If you never trade on leverage, it is best to opt for the Basic plan. Obviously, you do not pay any brokerage if you take the delivery of shares. These are one of the lowest brokerage charges, probably all over the world.
#4 User Interface
The platform has a modern UI loaded with features so its much more fun, easy and quick to trade on either the Pro Web or the Pro App while you’re on the go. Gone are the days of making a call to your broker and placing the order while your desired buy or sell price runs away.
#5 All in One
While the Pro Web and Pro Mobile will help you trade in Equities, F&O, Currencies and Commodities, you can also invest in Mutual Funds via Upstox for free. Upstox provides you with access to powerful trading platforms like AmiBroker, Fox Trader and Dartstock.
For more nerdy traders, Upstox Dev helps you create your own apps with developer console.
Over to You
All in all, Upstox has the potential to become one of the leading brokerages and technologically sound brokers in India with feature-packed web and app platforms. It has an amazing support system such as live chat, phone, and email support.
It is one of the leading broking houses in the country with reasonable rates and higher margins for trading on leverage. Its Options Strategy Builder Mode is probably the best by far.
A few drawbacks about Upstox which could be addressed in the future could be, it’s a new organization with only 8 years of operating experience. With limited experience, the organization is still in the process of evolution and coming up with several niche features. It is largely a digital platform and has a limited on-ground presence in two cities (with two offices in Delhi – and HQ in Mumbai). From a functionality standpoint of login, it does not allow multiple logins in a single application.
You should definitely try out Upstox as your broking partner. It has been able to survive the COVID-19 crash very well so far. If you have any queries regarding Upstox, don’t forget to comment down below and we would be very happy to answer them all. Click to read more about the all-new Upstox Pro Web 3.0.
Anchit is a 25 years old Civil Engineer with a knack of investing, travelling, blogging, movies and a lot more. He has been investing and trading in stocks since 2014 with his best investments being UPL, United Spirits and IndiGo.