Upstox: Currency Trading: Brokerage, Charges, Reviews: 2024

Let's see how currency trading is done through Upstox.

The stock market comprises of different trading options with various profit/loss scenarios. But its based on investors to decide their investment opportunities. Out of all the various options, one of the trading options is “currency trading.”

What is Currency Trading?

Currency trading is often referred to as Forex or foreign exchange. It’s referred to as the purchasing and selling of foreign exchange in the stock market; all with the mindset of making a profit. It’s to capitalize on the minor fluctuations of the currency to avail of a profit/loss.

Forex trading is the largest market across the globe, with $2 trillion traded daily with projections of higher growth. Liquidity is the primary differentiating factor from currency trading to others.

How is Currency Trading done through Upstox?

Currency trading is carried out through brokers of the market place. In reference to this context, we are going to discuss how to undertake currency trading through Upstox.

Step 1: Opening of Trading & Demat Account

The first and foremost step in currency trading is opening an account with the broker (Upstox). There are different plans for each of your requirements, and all of them are provided below.

1. Upstox Priority Pack

It’s a plan devised for intraday and F&O segment traders. Along with the necessary plans, the pro variant offers currencies, F&O, monitor, analyze, search stocks, and more. The per trade cost is at 30 rupees or 0.05% (wherever is lower)

2. Upstox Basic Plan

For those getting started, these plans work best. It features necessary trading facilities in the equity delivery segment either through the web or through its dedicated mobile application. There is no brokerage charged on the equity delivery segment. The average brokerage fee of currency trading is at 20 rupees per trade or 0.05% (whichever is lower)

3. Upstox Prepaid Brokerage Plans

It’s mandatory to buy a prepaid account if you are looking to trade with Upstox. There are different plans for the same that are either 249 rupees, 499 rupees, or 999 rupees. Customers avail of unique benefits and extra brokerage based on the plan taken.

Note: There is an annual fee of 300 rupees (paid monthly) for the account maintenance of the opened account.

So, you need to open a Currency trading account (tick the option of currency trading while opening your trading and demat account) with the respective stock broker to trade in currency.

Step 2: Choose the Currency Pair

After the selection of the account is finalized, then the user will have to choose the type of currency that he/she wishes to trade. There are four significant currencies traded in the country. They are – USDINR, JPYINR, GBPINR, EURINR.

Step 3: Start Trading

Once chosen, it's then to trade (buy or sell) the given currency either through the web domain or mobile application. There will be a brokerage fee on every trade successfully transacted, either on selling or buying. Traders trading from either platform would avail of different features based on the account chosen.

Though every broker has different timings for trading right from the opening of the market till the closing times, through Upstox, the trading hours for currency trading for the NSE currency derivatives are from 9 AM to 5 PM.

Note: For currency future and currency options, there is a fixed 20 rupees or 0.05% (whichever is lower) brokerage fee charged per trade.