UPSTOX ( formerly RKSV) is a discount broker operating from Mumbai and was started in 2009. It was started by 3 online entrepreneurs namely Raghu Kumar, Ravi Kumar and Viswanath, Shrinivas after returning from USA. They have experience in trading in US market before starting this venture. They are one of the first discount brokers to start business in India and have more than 25,000 clients trading with them. They have their offices based in Mumbai and New Delhi. They have recently received funding from Kalaari ventures and Ratan Tata. They are doing a daily turnover of over Rs 6,000 crore and are one of the largest discount brokers in India.
The provide one simple brokerage plan :
On all other segments, regardless of the size of the trade you place, you will only be charged a flat fee of Rs. 20 per order traded. What it means in simple language is they will means in simple language is they will charge you Rs. 20 only if you buy shares worth Rs 1,00,000 or Rs 10,000,000. You only pay Rs. 20 per trade across all segments: Cash (Intraday), Futures, Options, Currency F&O, and MCX Futures. Many full service brokers charge you brokerage as a percentage of turnover or on the size of the trade. For example, a broker might charge you Rs. 20 per lot on Options, so on a trade of 10 lots you are paying Rs. 200 in brokerage while using this plan you will only end up paying Rs 20 thus saving Rs. 180.
And again, a HUGE advantage with this plan is that delivery based trades are absolutely, completely free. So if you are someone who takes delivery of trades (investments), you would end up saving 100% of your brokerage
They used to have unlimited plans but they have been discontinued as of January 27, 2016. People who are already using unlimited plan can continue using them but they would not be offered to new customers.
Upstox has also created a module for teaching investor how to trade using technical analysis. They both have free and paid courses which anyone can take. To know more about it, read our review of Trade Academy.
In case you have some confusion about the brokerage rate, please provide your details below and the will call you.
NRI trading plan
Upstox has also started providing trading facility to NRI clients. The rate per trade for NRI clients is Rs 200 per trade. For more info, provide your details and they will call you.
Upstox trading platform
Upstox trading platform is state of art trading platform which has been made keeping in mind the traders and the issue they face. It is really easy to use and is one of the best trading platform in India.
Desktop Based platform
Upstox also have a downloadable file which has to be installed on your computer before you can use it. It provides real time quotes and charting functionality. Funds transfer and charting can be done real time on there software which is easy to use.
Upstox like other discount broker operates completely online and there is no physical offices where a client can go to. There account opening is also done online and a client has to fill a form online, print it and send it to their office in Mumbai with other documents required for account opening. The other documents required for account opening are
- Self attested copy of PAN Card
- Self attested copy of address proof
- ITR or 6 months of bank statement
- Filled and signed form
Once they receive the form, they will go through a In person verification (IPV) online using webcam where they will check your PAN Card and any other address proof which you have submitted on webcam. Once the IPV is completed, it will take 2-3 business days for your account to be activated. You will not receive anything by mail but it will be sent to your email account. I just opened the account with them and the account opening was very easy. You can find detailed information about Account opening with Upstox here. The account opening charges are ZERO if you open the account now clicking on the button below.
Upstox Demat Account
Upstox now have there own DP. So you can open you Demat account with them and it will expedite the online account process to a large extent. In case you are not sure whether you need Demat account or not, please go over our article on What is Demat Account.
RKSV securities complaints at NSE:
Number of customer complaints lodged against share broker RKSV as per NSE Data:
Exchange Financial Year Total Complaints
NSE 2016-17 5
NSE 2015-16 3
NSE 2014-15 4
NSE 2013-14 1
NSE 2012-13 1
Some people are concerned about the safety of their investment with discount broker but you can be assured that they are properly registered brokers with SEBI and as per the data available you can see that the number of complaints against them is also very low in number. Finally with the Demat account in place, most of the share you own are never lying with the brokers but with the Depository which are government owned entity.
As per there website they have a daily turnover of Rs 5,000 crore or almost 1% of value traded on NSE exchange.
UPSTOX have a special offer going on in which you will get a credit of upto Rs 2000 if you take this offer. For more details visit Upstox website by clicking on the image below.
So as we have discussed above, Upstox is a decent online discount broker of India. But remember discount brokers don’t provide advisory services about which stock to buy. So if you are just starting in stock market and want someone to hold your hand, they are not the right broker for you. Also, if you are not very comfortable with using computer, it would be difficult to trade with them. You can use call-n-trade services but remember there is an extra charge of Rs 20/ trade if you use it and sometime there could be some delay in reaching them on phone.
But if you are a trader and comfortable using computer, I can assure you that it could save thousand and thousand in brokerage charges for you.
Like it and want to open account with them, click on the button below, provide your contact details and someone from RKSV will call you.