There are few low-cost digital brokers that provide excellent services in Indian financial markets. In our previous articles, we have shared detailed information about full service and discount brokers. In this post, we are going to talk about Upstox, India’s fastest growing broking firm. Founded by Kumar Ravi, Kumar Raghu, and Viswanath Shrini as RKSV Securities in 2012, Upstox is supported by a group of investors like Tiger Global and Ratan Tata. They have recently crossed 1 million active customer base which speaks volumes. This is evidence of customers’ trust and loyalty in the company and its trading platform.
The Upstox trading platform provides trading on various segments like equities, commodities, currency, futures, options, and more. All these trading segments are available on its Upstox Pro Web and Upstox Pro Mobile app. They are continuously moving towards light model application with quick response time to make their trades faster. The charts are highly customizable with 100+ technical indicators. Recently they have announced the launch of a new platform called Upstox Pro Web 3.0 – a superior user interface developed to keep their customers’ interests in mind.
What is Upstox Pro Web 3.0?
The latest version of the Upstox Web is called Pro Web 3.0. It has been incorporated with powerful features, a reworked user interface, and a quick response time to provide a better trading experience for traders and retail investors.
Before we dive in, let me give you a brief understanding of Pro Web 3.0. It is best suited to options traders, with its option strategies, fast turnaround, and accuracy of crucial data. The platform is more advanced, simple to use, and seamless in execution. It is definitely going to benefit investors and retail investors on a huge scale.
With an option to select charts from multiple charting libraries, Pro Web 3.0 allows you to choose and customize charts in ChartIQ and TradingView. You can also easily modify your bracket orders (OCO) all at one time. In this new version, you can effectively place option contract orders using option strategies. Some of the other most liked features are pinning stocks to the watchlists, toggle view in the watchlist, easy viewing of recent payments history, sending end feedback, and much more.
Important Features of Upstox Pro Web 3.0
Rapid information and accurate data is essential when the risk is high. Options trading requires more knowledge on option strategies and to make a suitable trading model. Keeping this in mind, Pro Web 3.0 comes with a few extraordinary features to enable traders to make fast decisions with low turnaround time.
Improved chart view with hundreds of technical indicators is one of the most awaited features by their customers. There are more beneficial features for retail investors and traders that are listed below.
Pro Web 3.0 with a redesigned interface, quicker turnaround time and client-driven features provides better trading experience to traders. It benefits users to quickly place an order with a simple to use interface.
Integrated with Chart Libraries
TradingView and ChartIQ are two important chart libraries included within Pro Web 3.0. It provides users a wide range of customizable charting options with 100+ technical indicators. Users can choose the best suitable style for analyzing and trading purposes.
Strategy Mode for Option Chain
It is an important feature added in Pro Web 3.0 for option traders. You can place an option contract order using your own customized option strategies. The strategy mode makes it easier to select only those contracts which the trader chooses. This feature makes the Upstox application different from its competitors.
Add Stocks to Your Watchlist
Watchlist is an important feature for users to keep track of their favorite stocks. You can add two indices or stocks on the header for a quick view. Tracking stocks on the watchlist is way more useful than keeping track on paper for users.
Watchlist Toggle View
There are users who are more interested to view the volume of the stock rather than the price of it. This feature gives flexibility to users to view volume or price using the toggle button.
View Order/Portfolio History with the Scrip Details
Users are empowered to view portfolio history and orders alongside scrip subtleties on graphs without heading off to the portfolio. This is an extremely important feature as earlier users had to switch constantly between script detail and order/portfolio tab to view it.
Enhanced Bracket Orders
Bracket order is a feature that helps users to limit their losses. It is an order type where users can place an order along with profit/target value and a stop-loss value. This means that once the order is executed, at the same time target and stop-loss value orders are also placed.
Recent Payment History
Keeping track of fund transfer between trading and bank accounts is really a tedious task. Users of Pro Web 3.0 can now view the last 10 payment transactions under funds. This is really an important benefit where users do not need to keep track of their fund transfers.
How Investors Benefit from trading with Upstox?
Choosing the right stock broker is one of the main requirements before investing in financial markets. A lot of charges are added to your overall trading cost which will compromise your profits. The best approach is to make a list of facilities you want from the broker. Let us understand some of the crucial factors while selecting a stockbroker.
Overall Trading Costs
Stockbroking companies charge commissions as well as other fees for their services. Usually, these charges range from 0.05% to 0.75% across all the trading segments. For example: assume that you have purchased stock at price INR 500 with 1,000 quantities. So your traded value is INR 500,000 (500 x 1,000). If you add a minimum brokerage, you will end up paying INR 250 (500,000 x 0.05%) as commission.
One of the primary benefits of using Upstox is its effective pricing. They charge a flat fee of INR 20 or 0.05% whichever is lower per trader. There is no cost for delivery traders forever. As a long-term investor, one should usually look toward optimizing overall trading costs.
Many brokers add a clause regarding minimal trades required per month/quarter/year. You may have to pay a penalty for not complying with their requirement. Banks such as ICICI Bank usually offer 3-in-1 accounts where you need to maintain a minimum balance in an account. Upstox does not have any such clause or minimum balance requirement. This is another important benefit for traders and retail investors to think of.
Research and Company Reports
Most full-service brokerages also offer research services like Upstox. This allows investors to view companies’ reports, dividends, or access to other related data. Access to such important data can help you to make better decisions regarding buying/selling stocks and mutual funds.
Nowadays people are taking courses or becoming interested in learning and investing in stocks and best investment options for better returns. With the growing number of traders, it is important for stockbrokers to meet different customer objectives. There are very few brokers who give the best service at discounted rates. Upstox Pro Web 3.0 manages to stand out from the competition. Upstox really has simple, user-friendly and each to use application. I hope you will also love to trade with the quick response time. Do let us know your feedback in the below comment box.
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