Upstox Review (Introduction)
Upstox was formerly known as RKSV, which now is amongst the leading discount broker trading platforms. In this post, we review essential Upstox features and offerings and find out if they are an ideal solution for your needs.
It has over 1,00,000 tentative customers across India with a daily turnover amounting to 15,000 crore INR. They have been providing trading options with unbeatable price margins.
It also offers additional trading segment like currency, commodities, equities and other options which is available on their Pro web and pro mobile trading platforms.
Upstox is a platform backed by investor groups namely Ratan Tata, GVK Davix AND Kalaari Capital.
Upstox, as a platform for trading, offers analysis, trading, comparison, charting along with other relevant trading features. It is easy to use and has mobile and web accessibility across platforms which enables users to place an order easily.
The platform is built exclusively on the Omnesys NEST Order Management System (OMS) & Omnesys NEST Risk Management System (RMS). Their trading account is free with brokerage exemption in the segment pertaining to equity deliveries.
Upstox Pro provides additional trading opportunities and products like Equity F&O, commodities, currency derivatives, and equity Indra-day. Upstox Pro, as the name suggests, is a paid service for their advanced traders.
Upstox Mobile App
Nest Trading Platform
Analyzing Upstox Pro Web
Upstox Brokerage Charges
Upstox brokerage calculator
upstox margin calculator
How to open an account in Upstox?
Demat account Offer(promo code)
upstox api algo demo
zerodha vs upstox vs 5paisa
Upstox Customer Care
Advantages & Disadvantages
1. Trading Platforms
Reviewing Upstox as a Trading Platform
Upstox is offering one of the most cutting-edge trading platforms in its niche industry. The seminal trading pitch for most discount stock brokers of the country is their in-house development of the trading platforms.
Their services spread across all platforms and devices with unhinged service and advanced options. There is still a lack of trading terminal as of yet. Its in-house build makes it more accessible and appealing for people to place their orders.
They provide two account types for trading which the investors/traders can choose as per their need.
The Upstox basic version offers the fundamental trading tools and features in the equity delivery segments, which is also available across all platforms and devices. RKSV doesn’t apply charges to the brokerage for the equity delivery segment when used via Upstox.
➤ Upstox Pro
This is a paid service that refers to advanced users or even the frequent traders in places like Indra-day & F and O segments. Apart from the features offered in Upstox basic, the Pro provides additional features such as analysis, trading, monitoring of stocks, stock search, commodities, F & O, and currencies.
It also has options charted for professional and advanced traders for additional analysis. Their wide range of features like chart type, indicators among others is also quite alluring. Their UI is rich in data and easy to use.
➤ Nest Trading Software Platform
Upstox’s NEST Trading Platform which is available for desktop is just an executable file that can be easily installed on any laptop and PC. So, it primarily offers advanced tools for trading, explicitly catering to traders who frequent as well as investors. Some of its features are:
- It provides high-speed trading along with reduced delays during each transaction.
- Their interface can be customized which is up to user preference.
- Each user has a provision for streaming data simultaneously on its multiple interfaces.
- Users can perform advanced chart analysis with its charting feature.
Upstox has no apparent control over the maintenance of this software, which is one of the major concerning factors. The feedback and concerns are mostly transferred to the development teams where the incorporation of such changes is highly unlikely.
➤ Analyzing Upstox Pro Web
Upstox Pro web is yet another trading platform which, again, is a paid service and is accessible through any browser across platforms and devices. Users can quickly start using this application without the need to download or install any additional software.
It is accessible through a browser with a specific URL. You can also access it through mobile devices as long as it has a working internet browser.
Here are some features of Upstox Pro Web:
- It doesn’t weigh heavy on any device and is accessible easily through any browser.
- It has high functional charts with over 100 indicators, allowing users to make and mark their observations on market and trends associated.
- The ordering window is also conveniently placed on the screen for users to place the order as they see fit.
- They have assigned keyboard shortcuts for quick access.
- There are some issues concerning its usability since the beginners might have a hard time comprehending the structure of this application.
➤ Upstox Mobile App
Upstox is popular as a sophisticated mobile application for trading. Some of its features include:
- Live updates and streaming of prices from NSE Cash, NSE F&O, BSE Currency, BSE Cash, NSE Currency.
- Additional tool support such as vertical charts, indicators, drawing tools, etc. helps users make sense of the data so that they can take actions accordingly.
- It also covers advanced order types like bracket orders and cover orders.
- Availability of smooth money transfer with 40 plus banks in the app.
- It has an overall 4.5-star rating on the Android App store.
- Light on storage: 21 megabytes.
- The app has 100,000 to 500,000 installs as of yet.
A local version of the app with the Tamil language is going to roll out soon. It will be the first of its kind as a mobile trading app to have Tamil as its language. The primary reason for this version is the client base from Tamil Nadu, and this seems to be a well-woven move from Upstox.
A few concerns regarding this mobile application:
- Low tier city might impose low internet bandwidth on its users, which will give rise to significant connectivity issues.
- The time required to load the charts in case the user is trying to configure or perform any technical feat for analysis while using this application raises significant concerns.
2. Upstox Brokerage Charges as of 2019 (Account Opening, Brokerage Charges)
- Trading account opening charges incur 150 INR (equity) and the same amount for commodity.
- Upstox annual maintenance charge or AMC is INR 0.
- Demat account opening incurs no apparent charge.
- However, Demat annual-maintenance charges or AMC is 150 INR per year. You need to pay it upfront.
- The cumulative account opening fee comes to at INR 531 i.e. INR (150 + 150 + 150 + 81 + 18% GST).
➤ Upstox brokerage calculator
Upstox has designed a platform for all its users in which they can calculate their brokerage charges, profit loss and transaction charges for exemplar GST. The upstox brokerage calculator is counted among the top 10 brokerage calculators. Using Upstox brokerage calculator you can calculator your brokerage to see your net profit loss.
How Good is Upstox Customer Care?
Upstox is offering its clients the following channels for communication so that they can get in direct touch with them.
- Social Media
- Chat Bots
This discount broker platform can progressively increase the channels for communication. It can also incorporate more viable ones such as Toll-free number, web chat, or auto-assigned bots to help end-users find better options to solve the issue at hand.
However, the communication service is alright, but the ones who frequent issues will have a hard time calling the service line.
How to open an account in Upstox?
Offer: Free Upstox demat Account
The process of opening an account on Upstox is reasonably fast as opposed to other discount broker trading platforms. The entirety of the process is available online, and there isn’t any offline availability, yet. Users can also open Upstox Demat quickly and their Trading Account with the help of their PAN card and Aadhaar Card.
You should keep the following documents ready for fast-tracking application procedures.
- PAN Card
- Aadhaar Card
- Canceled Cheque
- Bank Statement (latest) with respective MICR/IFSC code
You will be eligible for trading effective immediately without having to sign any documents. It can tentatively take up to 48 hours for the generation of user credentials and password, post-application completion. But sometimes the users can get it within 24 hours as well.
If you are selling and transferring Mutual Funds, then you’d require the signature of the Power of Attorney document which needs to be couriered to Upstox.
After opening an Upstox Demat account, you can Upstox login and start your trading by using all of the Upstox platform, Upstox Brokerage Calculator, Upstox Margin Calculator, Upstox Pro Mobile Application and Upstox Web Application.
Advantages & Disadvantages of Upstox:
What makes Upstox stand out among the crowd:
Here are some key highlights of Upstox that gives this platform an edge over its competitors.
- Upstox is a trading platform which exempts brokerage fee while trading in equity deliveries. So, the customers are not liable to pay any brokerage for their respective shipments in the equity segment.
- Users can avail Upstox via any mobile devices that support iOS and Android. Software incurs no additional charges for installation.
- AMO or aftermarket order, OCO or one cancels other, and BO or bracket orders are available via web and mobile versions.
- SL or stop-loss/trailing-stop is available in both its mobile and web versions.
- Upstox has its pro web trading platform which offers additional indicators, monitoring the market strata.
- Upstox bridge for AmiBroker can be used to execute and code all your trading strategies with the help of Amibroker AFL editor.
- Their developer console will specifically help you code/build your very own trading app with languages like Python, which is a user-friendly language to incorporate.
- Their optional chain tool assists traders to find spots, comparison charts, future prices, circuit-level details, market depth analysis, and open high low close. It also allows their customers to assess public interests, market volatility, and also to monitor respective market performances.
- Upstox MF platform also offers up to thousands of mutual funds for you to invest in. The customers can either choose SIP patter or a lump sum for their investment.
Margin against respective shares can also be availed.
Customers who are in the requirement of higher leverage can avail of their priority brokerage scheme.
- It has an advanced trading platform that provides flexibility and ease of trading online.
- They give a flat INR 20 rate per orders executed, providing transparency across their trading segments.
- Users can avail of fund transfer in forty prominent banks of India.
- Upstox provides a natural pathway for users to open their Demat accounts, unlike most stockbroking platforms.
- Low and Fix brokerage is allowed irrespective of each trade volumes.
A few drawbacks to take care of:
- Currently, in Upstox, there are no provisions to make investments to FPO, IPO, NCD, and Bonds.
- Their call & trade feature incurs additional INR 20 per order executed. It is similar to other trading platforms, such as ProStocks and 5Paisa. (INR 20 for the brokerage as well)
- There’s no availability of Good till canceled order for the equity segment. However, GTC/ GTD (Good till canceled/Good till date) orders are available for their commodity trading segment.
- They don’t offer any trading plans that are unlimited per month.
- They produce an additional charge of INR 20 per orders that are executed for Intraday square BO/CO/MIS when the customers fail to square them off.
- A brokerage fee is exempted only in segments about equity deliveries (only in their basic plan). Sections otherwise including commodity F&O, Currency derivative, equity F&O are charged for brokerage at INR 20 or even lower each trade.
- The basic plan is brokerage free, but it still incurs a Demat transactional charge of INR 21.83. It is higher than any other discount broker who charges up to INR 15.93 per Demat transactions (debit).
- There are no segment handling stock tips or relevant advice for their users.
- All around the clock customer services can’t be availed.
- Their NRI trading with respective Demat accounts is no longer available since January 2018.
Upstox is indeed a great choice, but even better for traders who are explicitly looking for a cheap brokerage from a decent stock broker/trading platform. But the option for that specific requirement is limited since the alternatives to Upstox are Zerodha and 5Paisa.
But the tentative scheme would be to bring more value through fragmented stockbroking space in the country. They also take care of in-house trading software and also provide additional investment offering to their clients. These are amongst the few things that can be tweaked for it to be helmed as the best.
Another persistent problem with this platform has been with customer services, which genuinely can be improved for better service and customer assistance. With all the features and options that it provides, Upstox can easily rank among the most popular discount broker platform in India.
The company currently houses 1,00,000 customers with a daily trading turnover of INR 15,000 crores. It offers excellent opportunities to users who are looking for long term investments and those who frequent the stock market.