Upstox eliminates the need of having a physical broker or need of a hefty amount of commission in order to get good trading options or stocks. Upstox is an online brokerage firm and a trading platform that allows seasoned and budding traders/users to navigate, buy, or sell through various available options of stocks, commodities, derivatives, services, etc. The platform believes in zero brokerage firm, one of the standing features among all platforms.
Since its inception, Upstox has grown considerably with time, presenting new innovations and technologies on their platform. It is considered as one of the best trading platforms after Zerodha. The thing to notice is that it is backed by major and prominent investors like Ratan Tata, GVK Davix, and Kalari Group.
Note: Also visit the article- What is Upstox? Business model explained.
Some key safety aspects
Account Security: Upstox employs a pile of layers to protect their users account, and will not release information and details to any third party. Their apps are protected and include two-factor authentication (2FA), which provides strong authentication to the user’s account. It also uses layer technology to protect unauthorized access to data information.
Account regulation: The stocks, various financial authorities, trading options on the platform includes SEBI regulation, and NSE regulation. This acts as a crucial factor in the reliability of the Upstox platform.
Transparency: The stock prices and trading options with competitive prices are kept transparent to the user. Also the information and data are safely secure with the platform, and will not distribute it to any third party over the internet or the e-mails.
Protection of Accounts & Funds: As registered with SEBI, the details and information of the accounts are kept safe according to the guidelines by SEBI. They work closely with the audit agencies and exchanges for the safeguard of accounts and funds details.
Upstox keeps implementing security measures and new technology to safeguard its platform, and to provide good user experience on their platform. Upstox is also leading its way to the profitable factor, by keeping low cost, no offline branches, prioritizing customer services, also by implementing technology to enhance user navigation.
Pros & Cons of Upstox
Let’s get started with the Pros of Upstox first!
PROS
- As it is a zero brokerage firm, it applies no charges for account opening.
- For segments like delivery, intraday, and F&O, it charges flat Rs.20 for per trade brokerage.
- Provides advance order types like AMO, CO, SL, and GTT.
- Comes with a mobile app, that means users can execute their stocks and orders while on the go.
- Its AmiBroker feature helps users to code and execute trading strategies by using the AmiBroker AFL editor.
- Backed by highly trading investors and industrialists like Ratan Tata.
- Zero demat account opening charges.
- Upstox provides margin trading facility that is available at an interest rate of Rs.20 per day for slabs of Rs. 40,000.
- Makes options available for margin against share.
- The upstox option chain tool helps users to find out future prices, comparison of rates, interest, stock performance, etc.
- The MF platform feature of upstox offers customers with 1000s of mutual funds to invest in.
CONS
- Upstox charges a fee of Rs.20 for stock deliveries, unlike the other brokerages which charges zero.
- Upstox only comes with margin against share option, and not with the margin against funding option.
- The platform doesn’t support unlimited monthly trading plans.
- Chargers Rs.20 for every call-and-trade executed order.
- Do not provide API access for automated trading.
- Upstox does not provide tips or recommendations for stocks.
- Like some of the other platforms, upstox does not provide the 3 in 1 account services.
- Do not offer the facility of NRI trading.
- For account settlement upstox charges Rs.20 additional for every executed order.
- Good till canceled orders i.e, GTC are not provided in the delivery segment.
It is crucial to understand the experience of users on the platform, as it varies from one to another. Many find it appreciable and according to their financial needs, while some disagree with the platform, and report issues with it, like technical glitches, service delay etc.
Summing Up
Upstox offers a wide platform that compromises stock prices, trading options, investment options, services, etc. but its suitability depends vary from user to user. Upstox prioritizes security for its platform through different means, that includes regulatory compliance, technology innovation, authentication factor, etc.
