Upstox (earlier known as RKSV) is one of the leading discount brokers in India. With more than 20,000 customers across the country, Upstox does a turnover of INR 7000 crore on a daily basis. This stockbroking firm was launched in the retail trading segment in January 2012 by 3 founders namely Raghu Kumar, Ravi Kumar and Shrinivas Viswanath.
The broker is known for designing and developing its own trading platforms for its clients. With a team of 20+ developers, the broker maintains its trading platforms as well.
As far as customer education is concerned, Upstox offers "Trade Academy", through which it organizes seminars across multiple locations in India. However, in the recent past, it seems the focus towards this initiative has declined and much lesser number of such seminars are being held. Further, the ones that are being held are primarily in metro cities of the country.
Today, Upstox is a member of NSE, BSE, MCX and MCX - SX and allows its customers to invest in different trading segments including:
- NRI Trading
"Upstox has an active client base of 17,729 at the National Stock Exchange till May 2017"
Based out of Mumbai, Upstox has a presence in New Delhi and Bangalore as well.
"Upstox has a very sleekly designed office based out of Lower Parel in Mumbai. It gives you a very fresh and dynamic feel where employees can reach out to everyone else with utmost ease."
Upstox Trading Platforms
Upstox offers some of the most high-tech trading platforms in the Industry. Most of the trading platforms of the discount stock broker are developed in-house which is certainly a unique selling proposition among the discount stock brokers in India. They offer trading platforms across devices with advanced features.
Find further details below:
The desktop version of Upstox's NEST trading platform is an executable file that can be installed on a desktop or a laptop. It offers advanced trading tools for high-frequency traders and investors. Some of the features are listed below:
- Provides high-speed trading with very low delays during transactions.
- Interface can be customized or personalized as per client's preferences
- Users have the provision of streaming data on multiple interfaces at the same time
- Advanced charting features for users to perform technical analysis
The only concern with such an application is that the discount broker himself (Upstox in this case) does not have much of a control when it comes to the maintenance of the software.
So if you are a client of this broker and you have some feedback regarding the application, there are very low chances of that getting incorporated. Mostly, the feedback will be transferred to the NSE development team (or financial technologies) and the decision of incorporating the feedback stays at their will.
"Upstox also started Trade Academy where they focus on hold offline seminars and webinars for users to understand the basics and fundamentals of trading or investment."
Upstox Pro web is a Trading platform for the web that can be accessed from any browser. Users can use this application from anywhere without downloading or installing any software. Clients can just open a browser and visit a specific URL to access the application and start trading. This application can also be accessed through mobile phones or tabs.
Here are some of the top features of this trading platform:
- A light application can be accessed through any browser or device
- High functional charts with over 100 indicators and charts that allow users to observe the market and stock trends.
"Provision of Bracket order not available within the application. Overall, it provides a decent user experience with different data points for analysis."
- Ordering window is displayed on the screens so that users can place orders instantaneously
- Features such as Workspaces can be customized as per user preferences.
- Keyboard shortcuts provided to enter orders quickly
"There is some usability concern with this application though. Thus, beginner clients will have some hard time understanding the way application works, at least initially."
Upstox is one of the most sophisticated mobile apps for trading. Some of the features of the mobile app include:
- Live-streaming of Prices from NSE F&O, NSE Cash, BSE Cash, NSE Currency and BSE Currency
- Line charts, candlesticks with chartings indicators and drawing tools for users to comprehend data easily and take actions quickly
"You can access the mobile app of Upstox with demo user id and password. Get in touch with Us for you to provide you with the credentials."
- Advanced order types such as Cover Orders & Bracket Orders
- Easy money transfer with more than 40 banks available within the app
A couple of concerns about this mobile app include:
- Connectivity issues observed in smaller tier cities or with users having low internet connection bandwidth.
- Concerns with the loading of charts in case you are looking to perform technical or fundamental analysis using the mobile app.
Upstox Customer Service
Upstox offers the following communication channels for its clients to get in touch with the stockbroker:
- Social Media
The discount broker certainly can look forward to increasing the number of communication channels such as Web Chat,Toll-freee numbers, even automated bots so that users and clients can have a better number of options to get service on the move.
However, as of the now, the communication quality is fine but primarily the focus of the executives stays a little "salsy" in nature. Thus, clients of the discount broker who are regular traders and are looking for quick assistance might find the overall quality below average.
Till 15th May, 2017, the discount stock broker had the provision of free account and annual maintenance charges. However, post that they have started charging for opening as well as maintenance of accounts.
Use this Upstox Brokerage Calculator for complete charges and your profit
"With Upstox, You can open account using your Aadhar Card as well. With this, the overall account opening process takes few hours."
Upstox offers pretty competitive brokerage charges in the league of discount brokers. The brokerage is fixed ₹20 at Cash (Equities), Futures, Options, Currency Futures and Options, and MCX Futures. For instance, even if your order has 15 lots of options, you still pay ₹20 for that particular order. At the same time, equity delivery trades are not charged at all.
"You will be required to pay ₹20 per executed order for using Call and Trade facility"
For more information, you can check this detailed Upstox Review