Last updated – 07.01.2021
Prostocks Review: Prostocks is started in 2016 and is getting popular due to its low price brokerage plans. You can enjoy free equity delivery, low brokerage, UPI payment facility with Prostocks demat/trading account.
Do you make the prostocks account opening decision only based on brokerage charges?
A big No.
To find the all the goods and bads, let’s do a details Prostocks Demat & Trading account review 2020
Prostocks Brokerage Charges
#1. Prostocks Flat Fee Plan
Zero charges on Equity Delivery
In Intraday and F&O, you have to pay Flat Rs. 15 per executed order.
This plan is ideal for long term value investors or new traders.
|Equity Intraday Trading||Flat Rs. 15 per executed order|
|Equity Options||Flat Rs. 15 per executed order|
|Equity Futures||Flat Rs. 15 per executed order|
|Currency Options||Flat Rs. 15 per executed order|
|Commodity F&O||Flat Rs. 15 per executed order|
#2. Prostocks Unlimited Monthly Plan
If you are an active trader, you can pay a lump sum monthly fee and you need not worry about paying brokerage on every order. You can do unlimited trading which is cost-effective for an active trader.
You have to pay Rs. 899/month for Equity trading and Equity derivatives and Rs. 499/month for unlimited Currency trading.
#3. Unlimited Yearly Plan by Prostocks
You can save more money by selecting the unlimited yearly plan in which you have to pay an upfront fee of Rs. 8999 per year and Rs. 4999/year for Currency trading. You can do unlimited trading for 1 year if you select the unlimited yearly plan.
This is highly beneficial to you if your trading frequency is very high. You can save additional money by paying for the whole year.
Prostocks Annual Charges
Account Opening Charges – Free
Annual Maintenance Charges (AMC)
You don’t have to pay AMC for your trading/demat account. However, you will have to deposit Rs. 1,000 (refundable) for Demat account that you will get back at the time of account closing.
Apart from that, DP charges are Rs. 20 per scrip on sell-side for equity delivery trades.
Prostocks Demat & Trading Account Features
Free Equity Delivery: You can enjoy free equity delivery for the lifetime across all segments under the Flat Fee Plan.
Unlimited Trading: You can enjoy unlimited trading by paying a lump sum monthly or yearly fee. Prostocks won’t charge brokerage in monthly and yearly plans.
Free Account Opening: You don’t have to pay any account opening charges and AMC. You have to pay just Rs. 1,000 (refundable) for the Demat account security fee.
NRI Trading Account: NRI can open a trading account with Prostocks with ease. Prostocks has tied up with 5 banks –
1. Axis Bank
2. HDFC Bank
3. IndusInd Bank
4. Kotak Bank
5. Yes Bank
for NRI Equity Delivery Trades with Flat Rs 100 per executed order.
Also Read – 5paisa Demat Account Complete Review 2020
Benefits of Prostocks Demat and Trading Account
- Free brokerage on delivery.
- Rs. 15 per executed order is quite cheap as compared to full service as well as other discount fee brokers in India.
- Unlimited trading without brokerage under monthly or yearly plans.
- UPI payment option is available
- Trading platforms available for web browser, desktop as well as smartphones.
- Prostocks charge Zero margin money.
- 5 Bank support for NRI banking which is maximum as compared to other brokers.
- Low call & Trade charges as compared to other brokers.
Cons of Prostocks Demat & Trading Account
- No 3-in-1 account facility
- No commodity trading facility
- Lower Margin is provided (only upto 7x)
- The mobile app needs to be improved.
- No strategy building tools available for advanced traders.
Prostocks Trading Platforms
#1. ProStocks Desktop
Prostocks desktop application allows you to analyze real-time historical and intraday charts with multiple advanced charting tools on your desktop.
You get 6 real-time charts with advanced analysis tools. You can also create Index Option Strategies to calculate real-time returns.
You can set customized price alerts so that you won’t miss any chance. You can place aftermarket orders (AMO) and view positions, limits and security holdings.
You can also open up to 5 buy and sell windows, buy order window and sell order window from the chart.
#2. ProStocks Web
You can also trade without installing any software in your pc right from your browser. Prostocks web is a secure trading platform that works on html5 to ensure you enhance and secure trading experience.
You get real-time market quotes and online reports even on low bandwidth internet connection.
#3. ProStocks Mobile
With Prostocks mobile app, you get secure and real-time access to quotes and trading on your mobile device.
You can trade in Equity Cash (Intraday and Delivery), Equity Derivatives (Futures and Options), Currency Derivatives (Futures and Options) right from your smartphone.
Also Read – Zerodha Demat Account Complete Review 2020
Comparison Between Prostocks and Upstox
Let’s compare Prostocks with Upstox.
|Brokerage – Rs. 15/order in Flat fee plan|
In monthly or yearly plans, there’s no brokerage charged. You only have to pay a monthly/yearly fee.
|Rs. 20/order or 0.05% brokerage whichever is lower. |
The premium plan offers Rs. 30/trade but no monthly charges.
|No 3-in-1 account facility.||You can get a 3-in-1 account|
|Facility to transfer funds using UPI||No facility to invest using UPI|
|Prostocks doesn’t provide mutual funds investment facilities.||Upstox provides regular mutual funds investment options.|
|5 Banks for NRI Trading account||2 Banks for NRI trading account|
If you ask my opinion, I would suggest you to go with Upstox, due to the upstox’s better service, and one of the fastest trading platforms.
Conclusion (Final Review)
Prostocks is good for newcomers who want to save small brokerage charges as compared to Upstox or Zerodha. But for that, they have to sacrifice a bit of better service and good trading platforms.