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Upstox brokerage review

Best Upstox (rksv) Brokerage Review Online

Formerly known as the RKSV securities, is the second largest discount broker in India. The broker started in 2012 and was founded by Ravi Kumar, Shrini Viswanath, and Raghu Kumar. It has over 13,000 clients and accounts for 2% of the total daily turnover at the NSE. The company offers Equity, currency and commodity trading services at the NSE, BSE and the MCX. The system for which it has been built on is the Omnisys NEST OMS (Order Management System) thus making it easy for users to place orders through web browsers and mobile applications. The broker is backed up by the Kalaari Group, Mr. Ratan Tata and GVK Davix and delights itself in being the first technological low cost brokerage firm.

The trading platform that Upstox provides offers analysis, charting, trading and other features that are rich in content.The platform has been constructed by a team of professional engineers of Upstox at the head office of the company in the Sunshine Tower.

Lower Parel, Mumbai.

The company offers a fee trading account but trading in Equity F&O, Commodities, Equity Intra – Day and the currency derivatives will come at fee of Rs. 20 per order traded regardless of the amount traded. It also has a trading academy that specializes in training and educating people about the financial markets and how they can benefit and makes profits from them. The classes are online so that it can reach a lot of students whether local or international to teach them about the basics of the stock market to option trading strategies and also introducing algorithmic trading to more experienced traders in the markets.

Upstox’s trading platforms

The broker firm has 3 trading platforms for which users can access their services. They have web, mobile and desktop platforms.

I.The Upstox Pro Web

Due to the increase in the number of people who have turned to online trading, the Upstox website has been turned to a tool that is more sophisticated and cutting edge to make it calculate and place trades at a fast pace in accordance with the movement of the live market. The browser is very light weight meaning it can be accessed via any means whether using a laptop, desktop or another form of media without having to download any application.

II.Mobile platform Application

The app needs to be downloaded on the user’s phone and after which it will easily open a trading account and start placing the trades. The app also has a loginless feature. The app will allow the user to easily such for stocks, gain access to all the NSE cash, futures, currencies and options, providing cutting edge charting tools plus a host of many other features.

III.Desktop platform

Upstox offers the NEST tool using the Omnisys Nest feature that is downloaded on the desktop and thus it becomes the broker’s official trading terminal. It offers access to advanced trading charts, user portfolio, fund transfer, margin report, multi monitor support, customizable shortcuts and interfaces.

Accounts

The broker offers two types of accounts when a user registers and will suite them.

Upstox Basic – This offers just the basic trading features of Equity Delivery using just both mobile and website.

Upstox Pro – this account offers a number of different trading options but comes at a fee of Rs. 20. The account offers stock analysis, search, trade and monitoring stocks, commodities, currencies and F&O. It also provides advanced charting for technical analysis used by professional traders and having a wide range of chart types and indicators with a data rich user interface.

The advantages and disadvantages of using the broker

Advantages

The Equity delivery segment is brokerage trading free in that the customer does not have to pay any brokerage for trade delivery in equity segment.

The mobile trading app is compatible with both Android and iOS phones and there are no software user charges.

The After Market order, the Brokerage order and the Cover Order are available for both the web and mobile platforms.

The stop loss is available for both the web and mobile platforms.

The Upstox pro comes with a number of indicators to monitor the markets live.

The Upstox Amibroker Bridge helps users code their own strategy and execute it using the AFL editor.

There is a developer console that lets users build their own coded trading apps using languages like python.

Disadvantages

The Good Till Cancelled and Good Till Date orders are not available in Equity segment but are available in the commodity trading.

There is no margin funding but there is a higher leverage option in the Upstox Pro account.

The brokerage fee is higher than other brokerage fees offered by different platforms.

The monthly trading plans are limited.

  • Every executed order for a call and trade is charges an additional Rs. 20.
  • The firm does not provide stock and trade tips or recommendations.