Upstox: Overview
Upstox, another name to be included in the list of fastest growing discount brokers in India. We wonder, how much longer the list of stock brokers in India will eventually get. Every other day you hear a lot of new entrants, or existing players modifying their strategies to survive and succeed in the stock broking world.
Uptstox, formerly known as RKSV Securites, is one of the biggest discount brokers in India, funded by the likes of Ratan Tata, Kalaari Capital and GVK Davix, making the firm a dependable and safe broker for all of your investment and trading needs. Based out of Mumbai, Upstox is a wide-range broker. This stock broking platform offers a huge range of trading products and services.
Using Upstox has huge advantages, especially for traders, given its plans and cheap brokerage despite volume. Also, Upstox also offers one of the quickest trading terminals, which, any trader could tell you is one of the pre-requisite of booking a profit in day trading.
Upstox : Overview
Upstox was founded by Raghu Kumar, Ravi Kumar and Shrinivas Viswanath, in the year 2011, and it has since then become one of the biggest names in Indian trading circles. Upstox’s main selling point is in the fact that it prides itself as cutting edge technology-first low-cost brokerage firm, which focuses on both customer and trading experience.
Upstox offers its low cost services across various segments like commodities, equities, futures, currency, options. This is because Upstox is a registered member of both CDSL, NSDL and along with that is also eligible to provide Depository Participant (DP) services to its customers. Upstox is also a registered member of NSE, BSE and MCX, by its former name that was RKSV Securities.
Upstox offers robo advisory, which is basically algorithm based trading along with automatic stop loss trigger. It also offers its clients to invest in various IPOs as and when they occur.
In terms of customer service, Upstox is decent, which could be one of the reasons why it has grown so quickly and retained its clients over the years, because for any brokerage firm the first essential is customer service. Upstox offers such services through means of email, phone, and live chat with a representative. Along with that, Upstox Help Center and Learning Center helps clear the basics of stock market investing and has a huge list of FAQs to clear trade related queries quickly and save time.
Both traders and investors alike can obtain advantages provided by the sleek charting and other statistical tools provided by Upstox Pro Web and Upstox’s mobile platforms, in order to analyse the markets and book profits.
What also makes Upstox special is its referral program, offering existing customers a chance to make additional money through brokerage credit, simply by referring their friends to open an account and trade using Upstox.
However, it should be noted that Upstox, unlike most of its peers in both discount brokerage segment and full service brokerage, does not offer any research based reports about companies in any of its plans.
Upstox: Types of Accounts
In terms of types of accounts, Upstox keeps it simple. There are two kinds of accounts
1. Upstox Securities Account: This a single account that be used for trading, as well as simply obtaining demat services. This type of account offers services like trading across NSE and BSE in stocks, bonds, futures and options, currencies as well as mutual funds.
2. Upstox Commodity Account: As the name suggests, this type of account is only for trading in commodities on MCX.
Upstox : Trading Tools
1. Upstox Pro Trading Terminal: This a light-weight downloadable software available for Windows, for advanced day-traders.
2. UpstoX Pro Web: Upstox also provides web-based trading through your browser, for non-frequent traders and investors alike.
3. Upstox Pro Mobile Trading Application: Available on Android, this application is for mobile phones for traders trading on the go, but still needing all the basic facilities.
Upstox: Account Opening Process
With Upstox, you can open a 3-in-1 Demat, Trading & Bank Account. This is referred to as IndusStox (a tie-up with IndusInd bank).
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A Demat Account
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A Trading Account
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A Savings Bank Account
Upstox: Account Opening Charges
| Charge Type | Amount |
|---|---|
| Trading Account Opening Charges | ₹249 |
| Demat Account Opening Charges | ₹0 |
| Trading Account AMC | ₹0 |
| Demat Account AMC | ₹300 per year (paid monthly) |
Upstox: Equity Trading Charges
Equity Delivery Brokerage
| Charge Type | Amount |
|---|---|
| Brokerage | ₹0 (FREE) |
| STT | 0.1% on both Buy and Sell |
| Turnover/Transaction Charges | ₹325/crore\t& Demat Transaction: ₹18.5 per scrip (only on sell) |
| GST | 18% on (Brokerage + Transaction Charge) |
| SEBI Charges | ₹5/Crore |
| Stamp Duty | State-wise |
Equity Intraday Brokerage
| Charge Type | Amount |
|---|---|
| Brokerage | Based on Brokerage Plan Selected |
| STT | 0.025% on the Sell Side |
| Turnover/Transaction Charges | ₹325 per crore |
| GST | 18% on (Brokerage + Transaction Charge) |
| SEBI Charges | ₹5/Crore |
| Stamp Duty | State-wise |
Futures Brokerage
| Charge Type | Amount |
|---|---|
| Brokerage | Based on Brokerage Plan Selected |
| STT | 0.1% (on Sell Side) |
| Turnover/Transaction Charges | ₹210/crore |
| GST | 18% on (Brokerage + Transaction Charge) |
| SEBI Charges | ₹5/Crore |
| Stamp Duty | State-wise |
Options Brokerage
| Charge Type | Amount |
|---|---|
| Brokerage | Based on Brokerage Plan Selected |
| STT | 0.1% (on Sell Side) |
| Turnover/Transaction Charges | ₹5500/crore on premium turnover |
| GST | 18% on (Brokerage + Transaction Charge) |
| SEBI Charges | ₹5/Crore |
| Stamp Duty | State-wise |
Upstox: Commodity Trading
Commodity trading with Upstox is no different as compared to other commodity brokers in India. You have to open a Commodity trading account before traing in commodities.
The stock market is diverse in terms of trading practices that traders/brokers can execute. Through the various choices available for trading, one primary sector of the market erupts to be proficient and extensively traded daily. It’s nothing but the sector of “commodities.” That’s what we’ll discuss here.
What is Commodity Trading?
Commodity trading is the oldest form of trading; it’s been in existence since the incarnation of the stock markets. Commodity trading is nothing but the trading of a large number of goods such as gold, silver, copper, oil, natural gas, etc. along with soft commodities such as sugar, wheat, cocoa and coffee.
Investors often seek investments in commodities for a more extended period due to their volatility is increasing in prices. In contrast, there are scrumptious losses as well. Commodities derivatives are relatively safer all thanks to the hedge between its inflation/deflation of prices. It also helps in the diversification of an investors portfolio.
Commodity Trading with Upstox:
For any individual to trade in the stock market, then that person would require a commodity broker to engage that particular transaction. For this very instance, Upstox comes into the picture. Things at Upstox are quite clear and concise. To engage in commodity trade, the following steps would have to be followed.
1. Filling up of a Form
The form is primarily required to ensure the selection in the type of account that you are interested in opening. There are two options, namely, securities and commodities account.
The securities account would help traders to trade on F&O, Equities and currencies on the BSE and NSE. The other account helps traders to trade commodities on the MCX. Choose the MCX option to trade with commodities and proceed. So, if you wish to trade in commodities, you must select the respective option for it.
2. Uploading Documents
You will have to upload your documents. It’s a mandatory procedure, and all the necessary documents are provided below.
ID Proof: PAN card/Aadhaar card.
Bank Proof: Passbook/ bank statement/ copy of cancelled cheque.
Address Proof: Driving license/ passport/Voter ID/ Aadhaar card.
3. Start Trading
Once the documents are successfully verified, a client ID would be sent on your registered mobile number or email address. When the trading account is opened, you can initiate trading in shares and commodities.
Enter that into the Upstox website or into the mobile application to start traING effectively.
Note: Upstox offers a Basic Plan and a Pro Plan for their customers to choose. The services offered are variable.
Trading with Upstox
Though trading is carried out through the web and mobile applications, both have their perks. They are well designed and offer detailed graphs and live updates of the stock market about the commodity being traded.
100+ indicators help in deciding your investment strategy on both platforms. Making quick decisions and effortless withdrawals do make it a feasible solution for commodity trading.
Upstox has a relatively lower brokerage rate in comparison to others for commodity trading. Regards to intraday trading of any commodity, its 20 rupees per trade and free equity trading delivery with no hidden charges. As for opening up the account, its 150 rupees for the commodities account (i.e. MCX) with zero charges on maintenance.
Commodity Futures Brokerage
| Charge Type | Amount |
|---|---|
| Brokerage | Based on Brokerage Plan Selected |
| STT | 0.01% on sell trade (Non-Agri)\t |
| Turnover/Transaction Charges | 0.0031%\t |
| GST | 18% on (Brokerage + Transaction Charge) |
| SEBI Charges | ₹5/Crore |
| Stamp Duty | State-wise |
Commodity Options Brokerage
| Charge Type | Amount |
|---|---|
| Brokerage | Based on Brokerage Plan Selected |
| STT | 0.05% on sell trade |
| Turnover/Transaction Charges | 0.002% |
| GST | 18% on (Brokerage + Transaction Charge) |
| SEBI Charges | ₹5/Crore |
| Stamp Duty | State-wise |
Upstox: Currency Trading
Let’s see how currency trading is done through Upstox.
The stock market comprises of different trading options with various profit/loss scenarios. But its based on investors to decide their investment opportunities. Out of all the various options, one of the trading options is “currency trading.”
What is Currency Trading?
Currency trading is often referred to as Forex or foreign exchange. It’s referred to as the purchasing and selling of foreign exchange in the stock market; all with the mindset of making a profit. It’s to capitalize on the minor fluctuations of the currency to avail of a profit/loss.
Forex trading is the largest market across the globe, with $2 trillion traded daily with projections of higher growth. Liquidity is the primary differentiating factor from currency trading to others.
How is Currency Trading done through Upstox?
Currency trading is carried out through brokers of the market place. In reference to this context, we are going to discuss how to undertake currency trading through Upstox.
Step 1: Opening of Trading & Demat Account
The first and foremost step in currency trading is opening an account with the broker (Upstox). There are different plans for each of your requirements, and all of them are provided below.
1. Upstox Priority Pack
It’s a plan devised for intraday and F&O segment traders. Along with the necessary plans, the pro variant offers currencies, F&O, monitor, analyze, search stocks, and more. The per trade cost is at 30 rupees or 0.05% (wherever is lower)
2. Upstox Basic Plan
For those getting started, these plans work best. It features necessary trading facilities in the equity delivery segment either through the web or through its dedicated mobile application. There is no brokerage charged on the equity delivery segment. The average brokerage fee of currency trading is at 20 rupees per trade or 0.05% (whichever is lower)
3. Upstox Prepaid Brokerage Plans
It’s mandatory to buy a prepaid account if you are looking to trade with Upstox. There are different plans for the same that are either 249 rupees, 499 rupees, or 999 rupees. Customers avail of unique benefits and extra brokerage based on the plan taken.
Note: There is an annual fee of 300 rupees (paid monthly) for the account maintenance of the opened account.
So, you need to open a Currency trading account (tick the option of currency trading while opening your trading and demat account) with the respective stock broker to trade in currency.
Step 2: Choose the Currency Pair
After the selection of the account is finalized, then the user will have to choose the type of currency that he/she wishes to trade. There are four significant currencies traded in the country. They are – USDINR, JPYINR, GBPINR, EURINR.
Step 3: Start Trading
Once chosen, it’s then to trade (buy or sell) the given currency either through the web domain or mobile application. There will be a brokerage fee on every trade successfully transacted, either on selling or buying. Traders trading from either platform would avail of different features based on the account chosen.
Though every broker has different timings for trading right from the opening of the market till the closing times, through Upstox, the trading hours for currency trading for the NSE currency derivatives are from 9 AM to 5 PM.
Note: For currency future and currency options, there is a fixed 20 rupees or 0.05% (whichever is lower) brokerage fee charged per trade.
Currency Futures Brokerage
| Charge Type | Amount |
|---|---|
| Brokerage | Based on Brokerage Plan Selected |
| STT | No STT |
| Turnover/Transaction Charges | NSE: 0.00013% |
| GST | 18% on (Brokerage + Transaction Charge) |
| SEBI Charges | ₹5/Crore |
| Stamp Duty | State-wise |
Currency Options Brokerage
| Charge Type | Amount |
|---|---|
| Brokerage | Based on Brokerage Plan Selected |
| STT | No STT |
| Turnover/Transaction Charges | NSE: 0.065% |
| GST | 18% on (Brokerage + Transaction Charge) |
| SEBI Charges | ₹5/Crore |
| Stamp Duty | State-wise |