Why I Opened An Upstox Account?
|It’s FREE | Zero Brokerage| India’s Second Largest Broker | Easy to Trade Options | Ratan Tata & Tiger Global Backed Company !
We would have heard a lot about stock market and stock brokers. However, lesser number of us would have heard about discount brokers. Discount Brokers are the people who did democratize stock trading. Upstox is one of them and India’s second largest broker.
We would be thinking, what does democratize stock trading means? Well, the answer is, they could reach a farfetched population and could provide trading accounts for FREE, Zero Brokerage for Delivery Trading, Very Low Intraday, Futures & Options Brokerage. So we have Jackpot Savings on brokerage compared to a traditional full service broker. All this with latest tech savvy trading platforms on Web, Computers & Mobiles.
Now, how much is this very low Intraday, futures & options brokerage? It is as low as Rs 20 per Trade Order or 0.05% of turnover, that too whichever is lower. So it’s Maximum Rs 20/- per trade. So even if you buy or sell 100 or 1000 lots of any derivative, your brokerage is Rs 20/- per trade. Typically, for some full service brokers, brokerage is Rs 50–75/- per lot. So straight away, the brokerage is minimum Rs 5000/- for 100 lots (Rs 50 x 100), whereas for Upstox, it is only Rs 20/- Similarly for Intraday, how much ever is the quantity, Maximum brokerage is Rs 20/- per order.
It’s FREE to Open Trading/DematAccount, any other cost & documentation required? Well, I opened my account for FREE. It is coupled with an offer for Unlimited Free Brokerage Credit for 30 days. There is an monthly maintenance fee of Rs 25/- I uploaded the following files/documents to open the account in less than 10 minutes.
Scan copy of Income Tax Return for last 2 years.
Scan copy of cancelled cheque leaf
Scan Copy of PAN Card
Scan copy of my signature in White Paper.
In addition for E-Verfication, we have to key in Aadhar Number, an OTP will come to Aadhar Linked Mobile Number, Also, our real time photograph to be uploaded from Webcam or Mobile Cam with GPS location switched on.
Here is the complete list of documents that will be accepted by Upstox to open an account; from their website.
How much is the Leverage at Upstox ? They have 2 plans named Basic and Priority. I opened the priority account.
The difference is explained in the screenshot below. Leverage is as high as 15X for Intraday trading. Ie if you have a capital of 1 lac, you can do Intraday trading for 15 lacs.
However for priority membership maximum brokerage is Rs 30/- per Trade Order Vs Rs 20/- per Trade Order for Basic plan.
What other Specifics About Upstox ? They are India’s second largest broker with nearly 2 million active clients. They are backed by none other than Ratan Tata & Tiger Global among others.
Why I took an Upstox account despite having accounts with Other Brokers? Upstox do not have trading range issues while trading in Options. Strategy Mode is Available in Web Version for easy trading with Options. High Leverage & Low Per Trade based Brokerage Vis-à-vis, low leverage and high per lot based brokerage.
What is special about Upstox Customer Support? I submitted my docs at 11:48 PM on January 9th. The account got opened within 24 hours by 8 pm on Jan 10th 2021 (that too being a Sunday !!)
There is a Chat Support feature on web version where an agent instantly helps us to solve our queries during trading hours. My query was on activating the Upstox’s back office account Keystone which was resolved immediately.
What’s New? There is a Market Opening & Market Recap Email am receiving daily which keeps me informed on major news, market events. There is an official Upstox Telegram Channel also that is launched to keep us abreast on news, events, jargons in short.
So Let me also say with Upstox, Trade Faster, Trade Smarter.
Here is the Link to Open an Upstox Account for FREE.
Please do use the above referral link to open your trading/demat account if you found this article useful.
This could be a limited offer, hence take the next 10 minutes to open the account. It’s as easy as that.
If you need more details, please feel free to reach out on the comments section of the blog. More details can also be found on their official website www.upstox.com
Edit on February 1,2021 :
Cons : They are intermittent server issues being faced especially on high volume days. Today on Feb 1,2021, being the Union Budget Presentation Day, Server was down almost entire afternoon. Better to stay away from doing trades on the platform during the volatile days.
Image Courtesy : Google / Upstox Website
