Review Of Upstox

Upstox Review

Profile

Upstox formerly RKSV Securities is India’s second largest discount broker with over 13,000 active clients.  Started in 2012 this discount broker is funded by marquee names such as Ratan Tata, Kalaari Capital, and others. It currently contributes to over Rs. 7,000 crores in daily turnover on NSE.

This is an in-depth review of Upstox and its trading platforms. Click Here for the Upstox profile.

Pricing

Upstox follows has a simple pricing structure. It offers free equity delivery trades and charges a maximum for Rs.20 for equity intraday, F&O, and commodities. Upstox offers a brokerage calculator which makes it easier to calculate the charges.

Pricing Verdict: Upstox much like its bigger peers offers a good deal. Free equity trading will be a good draw for beginners.

Upstox is best suited for:

  • Beginners
  • Frequent traders
  • Mobile users

Margins

For equity intraday, Upstox provides margins up to 20x on F&O stocks and up to 2x on other stocks.

It provides margins up to 6X for Intraday futures. It provides up to 4x for selling options and 1X for buying using MIS, bracket and cover orders in intraday.

It provides margins of up to 3X for all commodities.

Upstox provides margins across segments only for intraday and does not provide leverage for equity delivery and overnight positions similar to other discount brokers. There is no indication yet if Upstox will come out with margin funding, but this is the margin policy at present.

Upstox provides a margin calculator to make it easy for traders to calculate their margin requirements.

Trading platforms

Upstox provides trading platforms for desktop, web, and mobile.

Upstox Pro Web

Upstox Pro is a web trading platform which was custom developed in-house. It is a lightweight platform with unique widgetized workspaces and advanced charting.

With their latest update, Upstox has introduced workspaces which can customize to users linking with widgets. Sections such a watchlist, charts, books have been made into widgets, which can be placed anywhere in the workspace.

The charting is a breeze in Upstox Pro. There are over 100+ technical indicators and 10 drawing tools. One good feature if you are a regular trader is that you can watch multiple charts side by side.

 Since watching charts in a different workspace and switching to another workspace to place an order is not optimal they will soon be launching a feature to place orders from charts.

Our verdict

Upstox Pro is a beautifully designed web platform; largely unimposing for beginners and resourceful for regular traders. It might take a bit of getting used to for beginners, it is not as easy as Zerodha Kite, the most significant competition for Upstox. One potential downside to this widgetized workspace style is that the experience on small screens won’t be the best.

Mobile

The mobile application follows a similar design scheme as the web version.

But there were some quirky things we noticed in the mobile app. Historical charts are available only in the landscape mode and not In the portrait mode. Constantly switching between two views can ruin the user experience here. Charting is easy and fast on the app and its easy see the amount of work put in by the developers.

Bracket order or OCO (One Cancel The Other) is not available. This can be a deal breaker for people who trade on the go.  If you are a mobile user then you will love the app minus the quirks. It also has a tab which shows corporate actions related to the stock and a fundamental tab data with some basic parameters. Apart from these kinks, the mobile app is a decent platform from Upstox compared to clunky, cluttered and outdated apps of other brokers.

 

Desktop

Upstox offers NEST desktop tool. NEST can best be described as a reliable workhorse which gets the job done. NEST just provides basic charting, you get 22 days of intraday charts and 1 year of historic charts. On this count, it is a disappointment.

Platforms verdict: While the web and mobile platforms are beautifully designed the desktop tool is a bit of a letdown for hardcore traders.

Mutual Funds

Upstox recently launched its own MF platform, but disappointingly it is a regular Mutual Funds platform. In the long-run direct mutual funds always give higher returns because of the absence of any intermediaries and the ensuing savings because of that.

Where Upstox falls short

A underwhelming desktop offering is a negative for a brokerage that has built such amazing web platforms.

Upstox still offers regular mutual funds and not direct mutual funds. By investing in regular mutual funds investors pay up to 1.5% upfront and 1% every year for as long as they remain invested which in the long run makes a huge difference.

Bottomline

Upstox is a solid choice with its great suite of platforms and tools. If you are a first-time trader you will most likely be drawn to the beautiful platforms at zero brokerage. Although the web platform is well crafted it takes a bit of getting used to and does not look the best on smaller screens. Overall it doesn’t matter if you are a beginner or an experienced trader if you are looking for a broker Upstox should be in your shortlist.

Pros

  • Great pricing
  • Well crafted platforms
  • Tools such a margin and brokerage calculator
  • Responsive support and learning resources
  • Easy to get started with Aadhar based signup.

Cons

  • No mutual fund platform yet
  • Turnover charges on futures and options is higher than competitors
  • The online trading platform doesn’t suit small screens.

Here is a comparison of India’s 3 biggest discount brokers. Compare pricing, active clients, financials and more.

Upstox Vs SAMCO Vs Zerodha