Upstox Brokers Review

Upstox is backed by some investors including Ratan Tata, Kalaari capital and GVK Davix.

Upstox has its own trading platform that provide trading, advanced charts, analysis and much more features. Upstox make it easier for customers to trade by providing both mobile and web based platforms. Upstox trading platform is developed on Omnisys NEST OMS (Order management system) and Omnisys NEST RMS (Risk management system).

Upstox provides free trading to its customers in Equity delivery segment and free trading account. Upstox provides a paid service, that is, Upstox pro, from where traders can trade in Equity F&O, Equity Intraday, commodities and currency derivatives.

Overall Summary

 

LIKES

  • Upstox offers free trading to its customers, meaning customers are free from brokerage charge while trading in equity delivery.
  • It provides mobile trading apps on both Android and iOS devices, making it easier for its customers to operate.
  • It has launched an option chain tool to help customers measure volatility, compare prices, get details on market depth and much more.
  • Upstox provides a web platform where users can manage and supervise their portfolio.
  • Margin against shares is provided.

DISLIKES

  • No option available to invest in IPOs, FPOs or mutual funds.
  • Additional Rs.20 charged for call and trade.
  • Margin funding is not available on delivery segments.
  • 24/7 customer service is not provided.

Commissions & Fees

UPSTOX ACCOUNT OPENING CHARGES

UPSTOX BROKERAGE CHARGES

 Brokerage Plan- Priority

UPSTOX TRANSACTION CHARGES

LEVERAGE OFFERED BY UPSTOX

RESEARCH  

Upstox is a low-cost broker firm in India, launched in January 2012. It provides trading services at discounted prices. Upstox offers traders the opportunities to trade in equities, commodities, currency, futures, and options through its trading web platform and mobile app. Upstox makes a turnover of INR 7000 crore daily.

Upstox aims at making investing or trading trouble free for its customers by providing magnificent features such as analysing, charts and much more through the mobile app and web-based browser, from where an order can also be placed.

It offers free of cost trading account and free trading in Equity delivery segments. Upstox is a member at NSE, BSE, MCX, and MCX-SX and customers can invest in the following:

  • Equity
  • Futures Trading
  • Options Trading
  • Currency Trading
  • Commodity Trading
  • NRI Trading

Upstox is backed by some investors including Ratan Tata, Kalaari capital and GVK Davix.

Upstox has its own trading platform that provide trading, advanced charts, analysis and much more features. Upstox make it easier for customers to trade by providing both mobile and web based platforms. Upstox trading platform is developed on Omnisys NEST OMS (Order management system) and Omnisys NEST RMS (Risk management system).

Upstox provides free trading to its customers in Equity delivery segment and free trading account. Upstox provides a paid service, that is, Upstox pro, from where traders can trade in Equity F&O, Equity Intraday, commodities and currency derivatives.

 

CUSTOMER CARE

Upstox provides various communication channels to its users to be in touch with the stockbroker:

  • Email
  • Phone
  • Social media
  • Web-form
  • Chat-bot

However, there can be more communication channels added to provide services to its clients on time such as web chat or toll-free numbers.

The customer care service provided by the discount broker seems to be average and is not up to the desired mark. Upstox lacks in providing good customer service because:

  • High turnaround time
  • No toll-free number provided
  • Long waiting periods while calling your stockbroker

CONTACT DETAILS

Phone support :+91-22-6130-9999
Sales support :+91-22-2654-4100
Email: support@upstox.com
 
Upstox also provides a web support portal on their website that provides detailed information on various areas such as Account opening, trading platforms, trading account etc. Hence, through this portal users can gather general information about key areas.

TIMINGS:
If you want to call Upstox customer care, the timings are 8am to 7pm during weekdays and between 10am to 2pm on Saturdays. The call support is not active on Sundays.The email turnaround time lies between 1 hour and 2 days according to the severity of the problem.

Platforms & Tools

UPSTOX PRO WEB

Upstox pro web is a browser-based application launched by upstox. There is no need to download or install this application and users can get access to trading through this application on any screen such as a laptop, mobile or tablet.

Upstox pro web possesses highly advanced features such as API integration with third-party applications, advanced charts, algo trading and much more that enable users to carry on their analysis and understanding of the market in a proper way, gaining insights into a market in depth.

This also provides an interactive user interface through the use of HTML 5. Also, this application is lightweight and the broker ensures regular updates so that new features and advancements are introduced frequently.

 

FEATURES:

  • This application provides real-time market data at a faster rate with the use of socket technology.
  • It makes technical analysis easier and reliable by providing 107 indicators and 10 drawing tools. Also, orders can be placed directly from the charts without switching to another screen.
  • The application provides an option of drag and drop, in which users can drag a scrip and drop it onto the chart screen. This ay the system shows the scrip in form of a chart, saving the time of the users.
  • Users can get access to historical data of the last 10 years, helping them in fundamental analysis.
  • The broker shares a partnership with Dartstock that is a stock scanner business, hence platform allows free scan of stocks.
  • Users can customize layouts, themes, and alerts according to their own preferences, meaning you can access 5 different windows with different layouts, themes, features etc. at the same time.

ADVANTAGES

  • The web app goes through an update every 2-3 weeks, allowing users to get access to new features and get rid of problems frequently.
  • The platform provides placing of multiple types of orders such as limit orders, stop-loss orders, market order and more.
  • Users get an option to shuffle their widgets based on their own convenience
  • It provides 100 studies so that users can frame their own technical and fundamental analysis strategies.

DISADVANTAGES

  • Since upstox does not allow to invest in mutual funds, users cannot do it from this software as well.
  • This app seems to be difficult to be used by beginners, specifically.

UPSTOX PRO MOBILE APP

Upstox provides a mobile-based application through which users can trade and invest in Equity, currency, future and options segment at Bombay National exchange (BSE) and National Stock Exchange (NSE).

The mobile app also offers 100 technical indicators, charting flows and some other features desired for users who perform technical analysis in intraday trading. The app is available on both iOS and Android devices.

 

FEATURES:

  • After logging in, NIFTY indices are shown on the page that provides current market price and overall trend, enabling users to get market movement of the day.
  • There is an option of Specific index listing where you can look at stocks listed with their current market price and a decrease in price.
  • While tapping or searching for a particular stock, one can get the information of a particular scrip and details for technical and fundamental analysis.
  • To buy or sell, you can click on buy or sell options respectively and after doing so, few details about the stock are asked such as quantity, price, type of order, type of execution. After mentioning the details, you can tap on the review option.
  • Then a summary of your order will be shown where for one last time before placing your order you can verify and confirm the order.
  • Users have access to the charting functionality option, which shows the complete movement of stocks in the market.
  • Then there is a feature called ‘Market status’ which shows whether a market segment is open or closed for the day.
  • Alerts and notifications on scrips with particular price condition, price value levels etc. can be set accordingly by the users.
  • Provides flexibility in setting up an unlimited number of market watch lists with an unlimited number of scrips in each list.

Users can add funds from bank accounts to trading accounts by clicking on add funds option. Users are allowed to transfer funds from 25 banks.

GALLERY

ADVANTAGES

  • The mobile app provides numerous features of technical analysis.
  • Guest login with limited features is also available.
  • Updates are initiated rapidly within 3-4 weeks.

 

DISADVANTAGES

  • Customer service is not quick.
  • Charting may take time to load in small cities or with low internet bandwidth.
  • Features offered to tend to be limited.

NEST TRADING PLATFORM

Nest trading platform is a desktop version of upstox’s trading platform. Users can install it on a desktop or a laptop. High frequency traders or investors can take advantage from this since it offers various advanced features.

FEATURES:

Customisable Interface

Users are allowed to customize every area based on their own preferences. Layouts, fonts, shortcuts, and colors, everything can be edited so that traders can become efficient in trading.

Multi Monitor Support

Data can be streamed to multiple components on multiple monitors.

Advanced Charting

With advanced charting and numerous indicators, users can perform better technical analysis.

Advance order types

Cover orders and bracket orders can be placed with the help of this platform.

Shortcuts

This platform facilitates high speed in trade by providing hotkeys and shortcuts that can be customized.

OTHER NOTES

HOW TO OPEN AN ACCOUNT

For opening a demat account on UPSTOX, you are required to follow the following steps-

  • Go to the Upstox online demat account opening page to start the process.
  • On the following page, put in your basic details and Sign Up.
  • Thereafter, enter your Aadhar card details and required OTP which you must have received on your linked mobile number for the verification.
  • You are required to have scanned copies of important documents ( Aadhar, PAN, Cancelled cheque and bank statement) and upload those whenever you are directed to that page.

After getting done with these steps, your demat account will be created.


FINAL THOUGHTS

Upstox may prove to be a wise choice for individuals who seek stockbrokers offering cheap brokerage and few trading platforms.

However, there are other brokers such as Zerodha and 5Paisa that provides these services as well, Hence, upstox, in order to gain more value and lead in Indian stock markets.

Few things can be improved by the broker such as building its own in-house trading terminal software, increasing trading and investment services and its customer service, which is quite average yet.