Is Upstox safe, good & reliable broker for stock trading & investment?
- Asked By
- Updated On:14-Dec-2020
- Replies:2
Short Answer
Yes, Upstox is safe, good and a very reliable stock broker for trading and long term investing. Being registered with SEBI, NSE, BSE, MCX and CDSL the stock broker has built a good reputation and a decent customer base over the years.
Detailed Answer
Is Upstox safe & good? Reasons
Upstox happens to be one of the premier stock brokerage firms in the country that have revolutionized the way traders/investors are executing trades daily. But with stockbrokers, there can be few hiccups here and there that might cause specific problems in the mindset of traders/investors.
Upstox provides its trading through its web, desktop, mobile platforms. All of them are well protected and offer extreme levels of protection and security. Each of the trading platforms is exceptionally detailed with live charts and “easy to place” trading orders on the go.
Dealing with the safety and reliability of the trading platform, the company is quite resilient in what it offers. Based on what it has to offers, Upstox is backed with reputed investors such as Ratan Tata, GVK Davix, Tiger Global and more.
No doubt, since in establishment in 2012, Upstox has transformed itself into becoming the 2nd largest stock brokerage firm in the country in terms of daily exchange turnover, customer, etc. The company has acquired an extensive database, but with every stockbroker, there are few ups and downs. Let’s have a closer look at it.
Upsides of using Upstox: Advantages
1.No margin funding
2.No advisory services
3.No client shares in the pooled account
4.Economic business strategy
5.Trust of lakhs of customers
6.Trusted by popular investors
7.Simple brokerage plan
8.High scalable business model.
9.Commission-free direct mutual funds.
10.Bracket and cover order available.
11.Fund transfer with more than 40+ banks nationwide.
12.Zero charges on account opening.
Though everything looks bright and dandy, there are few downsides that one must look into. These may/ may not affect your decision of considering Upstox as your stock brokerage platform. But it’s a necessity to consider these before you make your final decision when deciding a good and reliable stockbroker.
Downsides of Upstox: Disadvantages
1.There is no API to algo traders.
2.No GTC orders.
3.No NRI trading account offerings.
4.Unavailability of margin funding.
5.There are no unlimited trading plans.
6.There aren’t any region-wide offices. It’s an online stock brokerage firm.
7.Might get expensive as there are additional 20 rupees for auto square off in intraday orders and for call & trade orders.
8.No advisory and research services.
Even after all the benefits, if you still aren’t convinced about the reliability and safety of the stock brokerage site? Then the company is listed on the NSE and BSE. The company also has its registration with SEBI. For more details, you can check out SEBI to know more about the company’s registration.
Is Upstox Safe? Final Review
Though there might be few drawbacks, the advantages surpass the downsides by a significant milestone. The company has no record of exceeding any violations whatsoever. The stock exchanges and depositories regularly audit Upstox. The company continues to update its trading platforms to make it as safe and secure as possible.
Do you have any other Pros & Cons to share about this stock broker in India? Feel free to review it on your own parameters and discuss your opinions on different discount brokers in India.
In short, it’s quite a reliable stock brokerage platform until you find other options to engage your trades. Furthermore, the company has bagged several awards for its services that it has to offer and if you were to trust them with your money, then it’s in safe hands at the end of the day.
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Discussion (1)
When talking about the best stock broker in India, we cannot rule out Zerodha. It is the market leader in bargain stockbroking, is premised in Bengaluru, and accounts for more than 15% of total retail trading activity in the country. Mr. Nitin Kamath formed the leading brokerage firm in 2010 Kamath, and it now has a customer base of over 6 million.
Discount brokers have gained a lot of popularity in the past couple of years. Zerodha is currently India's largest and most trusted discount broker which is also the best option for beginners. It has all the necessary qualities required for a good broker like low commissions, low-maintenance charges, high-quality trading terminal, etc.
With every stockbroker, there are some advantages and disadvantages. The cons of Upstox are plenty but covers up through its advantages. However, its disadvantages are that the trade and call feature is charged 20 rupees, IPO & FPO investment opportunities are not available, under the delivery segment, GTC & GTD orders aren’t supported, etc.
Stock Market is always at risk and involves around a lot of aspects. A daily news viewer also needs time to understand what is exactly going on. To actually dive into the world of stocks, it is important to read about the companies and their strategies and that is what stockbrokers do. They understand the company, do their research and expect the price of stocks by studying the company's ways of dealing with stock market strategies and also about the market forces. Let us now go through the actual topic and understand things better.
Yes, Wisdom Capital is good, safe, and reliable for all stock trading and investing options. However, weighing in on the lack of trading options and the unjustified charges imposed, it is a cause of worry. But other than this, the broker is reliable enough to execute a trade from the platform.
As online trading is getting popular every day, it is becoming even more important to choose the right trading platform. Choosing the best trading platform can give you more flexibility to trade in the various trading market.
Bangalore based online discount broker Groww was found in 2016 and provides plenty of trading and investment opportunities. Users can invest in mutual funds, currency, derivatives, equity, and more. the investment opportunities are backed with guidelines set by NSE, BSE, and SEBI.
Upstox is a great discount stock broker that provides excellent features at a lower cost. Some of the benefits of using Upstox are margin against shares, free equity delivery, ultra-low brokerage, bracket order, and cover order availability, mutual without any commission fee, excellent trading platforms, and more.
Although everything the Stock broker offers is fantastic, there are a few downfalls of using Groww. These include the exception of trading in the commodity segment, doesn’t have a savings account in 2-in1 accounts that it offers, popular financial tools such as cover orders bracket order aren’t available, and more.
Investing in an IPO can be considered safe as there are no major Capital Loss risks and most companies that come up with an IPO price their shares at decent valuations which gives an opportunity to the investors get the shares at a discount from the market price. Most good quality companies also give good Listing gains and good returns in a short time. Some examples are, IRCTC, Route Mobile, Burger King, etc.
Harshil Patel
Recently they have started issuing 3-in-1 accounts tie-ups with Indusland Bank making trading a seamless affair. However, they need to work more on their site as it crashes at times and improves their customer service. Other than this, it's a good platform providing all essential trading tools at a reasonable price.