Want to know all about Upstox? Then, you have landed on the right article. In this Upstox review article, we're going to explain all the aspects of it.
Have you ever been interested in the stock market but don’t know where to begin? Do all the websites and options puzzle you? Well, you are far from being alone in this regard.
For a person new to the market, stocks are, understandably, a maze to navigate. While they may pay dividends in the future, going in blind is never a good idea.
That's where Upstox comes in! So, what is upstox?
Upstox is an online discount stock broker that helps you trade, save, and Demat. Not only is Upstox one of the first discount brokerage firms in India, but it is also the second-largest one in the industry.
Upstox's investing and 100% online trading platform helps customers invest and trade in all sorts of facilities, including Stocks, Commodities, Futures, Options, and Currency.
For those interested in investing in Mutual Funds, Digital Gold, and IPOs, Upstox has something for you too. Upstox offers those as mentioned above as add-on facilities and lets you invest them at no brokerage fee, i.e., free.
Also on Upstox share price is very listed easy to understand manner. There’s a lot to know about Upstox. Let’s look at all of this in detail.
Upstox Review: About the Stockbroker
To understand Upstox better, let's start at the very beginning – how and when Upstox began. During the global financial crisis of 2009, Mr Raghu Kumar, Mr Ravi Kumar, and Mr Shrinivas Vishwanath started RKSV Securities.
The founders' names - RV from Raghu Kumar and Ravi Kumar and SV from Shrinivas Vishwanath - were used to derive the RSKV acronym.
The brothers Raghu and Ravi hold the same degree with different specialisations: Ravi has a Bachelor of Science in Information and Computer Science, whereas Raghu has his in Actuarial Service and Finance.
Both of them worked together on trading models. Raghu's job was to write the algorithms while Ravi would code them. Srinivas also has a Bachelor in Science and has worked with Morgan Stanley, Citi, and Cerner Corporation before he partnered with the Kumar brothers to launch RKSV Securities.
This wasn't the first company Raghu and Ravi started. They attempted it when they began a proprietary firm in the US. Here, they traded with their own money to earn more profits.
They made a large amount of money from this in only two years; however, the 2008 market crash ruined everything. This led them to return to India and start RKSV Securities alongside a third partner, Shrinivas.
Their time at the proprietary firm taught them that the brokerage costs were too high and the technology too outdated.
They founded RSKV Securities to better deal with these two primary issues. With the help of an online platform, the concept of zero brokerage was utilised here to the maximum. Upstox partnered with Tavaga Advisory Services in 2019 to promote cost-effective Exchange Traded Funds.
Through the help of Tavaga – a leading investment advisory firm – Upstox aims to help investors reach user-defined targets and save even more money.
In September 2019, RSKV bagged one more critical investor – Tiger Global Management, New York (worth INR 177 crores). With the additional funding, Upstox further aimed to use advanced and latest technologies to improve their products.
Upstox helps provide customers with a simple investment experience, ease of trading, and other technology-driven services. Upstox has some of the best brokerage charges around. In addition, their in-house trading platforms, Upstox Pro Mobile and Upstox Pro Web, offer a wide variety of services and products for users.
These trading platforms offer trading and many other features, such as analysis and charting. The platform base of Omnisys NEST RMS (Risk Management System) and Omnisys NEST OMS (Order Management System).
The advanced and rich trading features available on the platforms is just the cherry on the top! Investors get access to a plethora of other tools as well. This includes Upstox Margin Calculator, Options Strategy Builder, Brokerage Calculator, Order Generator, and more.
As a result, customers can freely build personalised strategies that align closely with their specific needs and requirements. Features alone don’t make a platform great. It must be easy to use as well.
Upstox's trading platform is very user-friendly. Just fill in the details as asked, and the outcome will appear on your screen in virtually no time! Upstox has some big-name investors supporting it. This includes Ratan Tata, GVK Davix, Kalaari Capital, and Tiger Global Management.
Moreover, as Upstox follows an online-only business model, they could severely cut down costs. The money they saved here was put toward low-cost brokerage fees for most trades and no brokerage fees on delivery trades.
While Upstox used to have only a sole office based in Mumbai, they expanded to include more offices in Tier 2 and Tier 3 cities, albeit with limited functionality and facilities.
What Upstox values most is the safety of its investors and their money. To them, security is the highest priority.
Whether it is commodities, currencies, futures, stocks, options, or any other related service, Upstox wishes to help young people, retail investors, and institutional corporations make the right decision regarding trading and investment.
Is Uptox Safe and Good
Yes, it is! Upstox (RKSV) is a safe and reliable stock broker platform.
Funded by none other than Ratan Tata, GVK Davix, and Kalaari Capital, Upstox has solid personnel backing it up. Upstox is easily one of the best discount brokers in India. This is especially true for traders. The reason for this is twofold:
Traders only need to pay a flat fee of INR 20 per order brokerage, irrespective of what trade they are making or its volume.
Upstox's trading platform is one of the fastest and most efficient in the market
This is an absolute must to obtain high profits in day trading in today's world—Upstox does exactly that.
Beloved by the public, Upstox places second in the list of largest discount stock brokers in India, trailing right behind Zerodha. Its current user base consists of over 10 lakh Indians.
The flat fees per trade, no brokerage fee on delivery, special offers like brokerage credit, and its high-tech trading platforms are only some aspects that make Upstox a great choice. Whether you are a veteran or a beginner at investing, Upstox will not disappoint you.
Upstox 3 in 1 Account Review
By collaborating with IndusInd bank, Upstox has made it possible for you to open a 3 in 1 account, i.e., one that allows for trading, saving, and Demat.
This 3 in 1 account is a zero-balance account and is called IndusStox. The primary benefit of such an account is the interest you earn on funds allocated from your Savings account to be used for trade.
Furthermore, every INR 200 you spend on debit card transactions will award you with 6x reward points. These reward points can be put into brokerage charges.
This IndusStox account comes with a couple of benefits for users. These include:
- upstox intraday charges for each trade is INR 20.
- Users get INR 1000 worth of brokerage credit valid for 30-days.
- No minimum balance is required.
- Your account number can be customisable. For example, you can set it to your anniversary or birthday if you so desire.
- There are no brokerage charges on delivery, i.e., it's free.
- Funds allocated from your Savings account to be used for trade can earn interest.
The best part? Opening a Upstox 3-in-1 account is free! No additional charges are incurred. Truly an excellent choice for anyone interested.
Account Opening Charges of Upstox
Opening an account with Upstox is relatively inexpensive. You can open a fresh new account at only INR 199. Upon creating an account, Upstox offers you certain benefits for a week (the first 7-days).
New account users can avail of Commodity, Currency, Equity, and F&O trades at zero brokerage charges for a week. However, INR 20 per order is charged once the 7-day period has lapsed.
upstox charges - Brokerage
Upstox has a variety of brokerage charges. However, when it comes to long-term investments such as Equity Delivery trades, Upstox provides you with zero brokerage charges, i.e., no need to pay any brokerage to Upstox.
INR 20 brokerage fee per trade is charged for all other trades, including Futures and Options and Intraday.
Here is a detailed breakdown of the brokerage charges at Upstox:
Currency Futures: 0.05% or INR 20 per executed order (whichever is lower).
Currency Options: INR 20 per executed order.
Commodity Futures: 0.05% or INR 20 per executed order (whichever is lower).
Commodity Options: INR 20 per executed order.
Equity Futures: 0.05% or INR 20 per executed order (whichever is lower).
Equity Options: INR 20 per executed order.
Equity Intraday: 0.05% or INR 20 per completed order (whichever is lower).
Equity Delivery (investing in stocks): Zero brokerage, i.e., INR 0 (free).
Mutual Funds and Digital Gold: INR 0 (free) (Direct Mutual Fund and Digital Gold investments are, thus, brokerage free).
Maintenance of your Demat account requires a maintenance fee of INR 25 + 18% GST. The brokerage charges are an extra addition to this preexisting cost.
Upstox : Pros and Cons of Upstox
Before opening an account with Upstox, knowing its merits and demerits is vital; this will help you make a more informed decision and not regret it at a later point in time.
Here we have outlined the pros and cons of using Upstox.
Pros:
Upstox is the second-largest stock broker in India, with some of the best rates in the market. Delivery trades have no charges and are free, while all other trades have flat brokerage fees – no more, no less.
Upstox is constantly looking to improve and better themselves. They continuously work on new product innovations.
Their trading platforms are highly developed. Create customised strategies to enhance your return portfolio and gain access to smart tools to plan. Other partner products are also available.Mobile trading apps (for both Android and iOS) and web-based platforms are available. There are no additional charges for using these platforms.
The Upstox Pro Web Trading Platform offers multiple indicators to monitor markets whenever you desire.
The mobile and web platform has Cover Order, After Market Order (AMO) and Trailing-Stop/Stop-Loss (SL) features.
Margin against shares is available with Upstox.
With the help of Upstox Developer Console, you can build your code and trading application using common languages such as Python.
Additional tools such as Margin Calculators and Upstox Brokerage are available.
Furthermore, you can also access Mutual Funds, Gold investment, and FREE IPO options with the same account.
For traders who wish to create their personalised strategies for F&O trades, Upstox Strategy Builder for Options and Upstox Option Chain Tool is available.
Bridge For AmiBroker lets users write their strategies on AmiBroker AFL. With the power they get from AlgoLab and Upstox AmiBroker Bridge; trades can be placed on Upstox.
Through their YouTube channel and other learning blogs, Upstox has also begun Investor Education initiatives.
Cons:
There are no unlimited monthly trading plans at Upstox.
As Upstox is an online discount stock broker, they have no advisory services, usually available in offline stock brokers.
Once again, as Upstox is an online trading platform, there are very few (if any) physical locations you can go to.
The lack of advisory services and core research at Upstox means users are not provided with recommendations or stock tips. You must conduct your research before proceeding with any investment.
Delivery trades do not offer Margin Funding.
An additional INR 20 per executed order is charged on call and trade. Thus, the total fee one has to pay would be INR 20 Brokerage + INR 20 Call and Trade Fee.
Documents Required to Open Upstox Demat Account
Opening a Upstox Demat and trading account requires certain documents. Therefore, it is best to keep these documents handy before beginning the application process, as you will need to upload them.
These documents are as follows:
Aadhar Card
Bank Account Details and Proof
Pan Card
Your Signature
(Optional) Income Proof: Only required for those wishing to trade in Community or F&O.
Having a webcam on your laptop/computer/phone is also necessary to complete the IPV (in-person verification) process.
You must capture an image of yourself (if opening an account for someone else, their picture is needed) and upload it onto the platform.
Once the account creation process is successfully completed and your documents safely uploaded, your Login Credentials will be sent via email. Only after obtaining these details will you begin your trading journey.
Closing Details of Upstox
We hope you can get a better idea of Upstox, the second-largest stockbroker in India, through this Upstox Review article. Also known as RKSV Securities, Upstox has been a tough competitor for many stockbrokers in the industry.
Kotak Securities, Angel Broking, Motilal Oswal, HDFC Securities, ICICI Direct, etc., have all faced stiff competition from Upstox. Not to mention Zerodha, India's #1 stockbroker and a Unicorn Startup, is also a competitor.
Upstox stands out against its competitors because of its efficient brokerage model, cutting-edge trading platforms, and superior interface. As a result, traders and investors look to Upstox when deciding which stockbroker to choose.
Anyone who is the way to go for a quick and reliable trading platform with affordable and efficient brokerage charges and a reputable background – Upstox is the way to go.
Your Demat, trading and saving needs are well-met with Upstox. This is the company to go with it for anyone new to stocks and who wants to begin their investing journey. You cannot go wrong with this discount stockbroker!
Frequently Asked Questions
1. Do I have to pay for using the platform?
No, not at all. One of the best parts of using Upstox is checking the Upstox mobile and web platforms for free. When you believe you are ready to make a trade, you can open an account with Upstox.
While the trades naturally cost money and a certain fee, there is no fee to use the trading platform itself.
2. Does the RBI approve Upstox?
Yes, Upstox is approved by the Reserve Bank of India (RBI) to provide trading in forex, commodities, and stocks in India.
RBI allows exchanges to facilitate Forex trading and exchanges through approved brokers in India, such as HDFC Bank, ICICI Bank, etc. Through these approved brokers, you can now trade in 7 currency pairs.
3. Can I earn money from Upstox?
Yes, you can earn money through Upstox. One way to make money is through the Upstox Referral Program. Through this program, you become a sub-broker.
You will earn a part of the brokerage paid by your referrals when they open a Upstox account. The other method to earn money from Upstox is by investing in stocks.
4. What if Upstox shuts down?
Many people ask this question. There is always the fear that you will incur huge losses if your broker shuts down. This fear is unfounded. Even if Upstox shuts down due to unavoidable circumstances, your shares will remain with the depositories, i.e., they are safe.
CDSL and NSDL have control over your Demat account, not the broker (Upstox in this case). IPF can help you recover up to INR 25,00,000 if your money is stuck in the account you made with the broker,
5. Is Upstox good for beginners?
Yes, Upstox is very good and highly recommended for beginners! Trading with Upstox is significantly easier than trading with other more traditional brokers.
Furthermore, as Upstox charges you a flat maximum fee of INR 20 per order brokerage, no matter what the trade is, it is a much more accessible and convenient platform for beginners.
They also have their own Upstox Learning Center to help educate beginners about trading and investment.
