ProStocks Review & Brokerage Charges

ProStocks Review

prostock

Another leading discount broking firm that is gaining huge popularity these days is ProStocks. In fact, it is considered as the fastest growing discount broker in India. With its headquarters in Mumbai, ProStocks was founded in the year 2016.

Founders: S P Toshniwal (CEO), Saurabh Ranka

Offices: Mumbai, Daman

Industry: Online Stock Broker

Products: Stocks, Options, Futures, Currencies

Services: Equity Trading, Derivatives Trading, Currency Trading, Depository Services

Founded: Feb, 2016

Country: India

It is the low cost for which ProStocks is primarily known for. From low brokerage to low stamp charges and others, the cost part of ProStocks is always on a lucrative side. And on technology front, the discount broker carries an edge as its account opening process is completely online which means paperless and hassle-free.

Alike other discount brokers in India, ProStocks provides an option to open your trading account using Aadhaar card. The complete process is totally online and all you need to do is to provide specific details, upload the documents, and deposit the fees against the account opening process.

ProStocks is primarily for the unlimited trading plan. This plan offers unlimited Equity and Derivatives Trading at Rs 899 per month or unlimited Currency Derivatives for Rs 499 per month. They are the low-cost broker in unlimited trading plans. An average stock trader can choose to save between 60% to 99% on brokerage under this plan.

For casual traders and investors, ProStocks offers Rs. 15 per trade plan. Under this plan, the customers need to pay just Rs. 15 per executed order regardless of the size of the order.

ProStocks offers its clients to trade in equity delivery, equity intraday, equity derivatives (F&O) and currency derivatives (F&O) segments at BSE and NSE. The custom build trading platform offers hassle-free trading though downloadable trading terminal, website and mobile app. These all platforms come at free of cost for all its clients. In addition, they also provide NSE NOW trading platform.

ProStocks offers its investors to trade across all segments including:

  • Equity
  • Derivatives
  • Currency
  • Depository
  • Mutual Funds
  • NRI Trading

ProStocks always understand that trading and investing is a complex affair. That’s why the discount broking firm has made its back-office simple, concentrated and quickly understandable. This is what makes ProStocks a way ahead of its competitors.

ProStocks Membership Details

Entity Membership ID
SEBI INZ000048660
BSE Member code 6635
NSE Member code 90084
SEBI DP Regn. No IN-DP-280-2016
CDSL DP ID 12083200
AMFI Registration No (ARN) 119535
Registered Address 146, Center point, Near Somnath, Dabhel, Nani Daman, Daman (UT), India 396210

 

Types of Accounts

There are primary two types of accounts that can be opened at ProStocks.

  1. The Unlimited Trading Plan (Rs 899 per Month)

ProStocks provides monthly and yearly unlimited trading plans across equity cash, equity derivatives and currency derivatives segment. For a small fixed monthly fee (Rs 899 for equity and Rs 499 for currency), traders can choose to trade n number of times without getting concerned about the brokerage charges.

The breakeven point in this plan is so low that customer can generate money in the narrow price movement. Yearly unlimited trading plans are also available at Rs 8999 for equity and Rs 4999 for currency trading.

  1. Flat Fee Trading Plan (Rs 15 Per Trade)

ProStocks flat Rs 15 per trade trading plan is best matched for both casual investors and frequent trader in India share market. Regardless of the size of trade, clients need to pay just Rs 15 per executed order. Trading is available in all segments at BSE and NSE for one same rate.

Process to Open an account at ProStocks

ProStocks is counted one of the very few brokers that feature 100% online account opening. If you’ve PAN CARD and Aadhar card, you can open an account in just few minutes. There is no need to download a PDF, print forms, certify documents and courier it to the broker.

To open an account in ProStocks, there are 2 simple ways:

  1. Fill Online Application
  • Visit ProStocks website and click on ‘Open an Account’ button.
  • In the middle section, click on the button Fill Online Application. From here, you’ll be redirected to the online account opening website of ProStocks.
  • Follow 5 easy steps to fill the online application.
  • Upload the required documents.
  • Download the PDF form, print it, sign it and courier it to ProStocks Mumbai office.

Your account is opened the day forms are received at ProStocks office

  1. Visit Local Branch at Mumbai or Daman

If you’re residing near Mumbai or Daman, visit the office of ProStocks to fill the application form. The office address is available on their website.

ProStocks Account Opening Status

You can also check the Prostocks account opening status by giving a call to ProStocks at +91 22 38 110 110. Your account is opened and activated on the same day when ProStocks gets your account opening form through courier.

Once account is opened and activated, customer gets a welcome email which includes login credential of trading platform and back office. The welcome email also comes with detailed instructions on how to access or download the trading software.

ProStocks Trading Platforms

ProStocks is rated very good when it comes to deliver seamless trading experience to its investors. Even if you’re using NEST from another broker, you can continue to trade using the same platform on ProStocks.

However, if you’re willing to get your hands-on new trading platforms, you can also use its in-house trading platforms.

PROSTOCKS DESKTOP

Prostocks Desktop is a desktop-based trading platform that ProStocks has developed with some great features. The software can be downloaded and installed on a computer. Here are some of the best features are:

  • Customize the trading analysis windows for quicker market info
  • Multiple Indices based market watch
  • Real time historical and intraday charts with several advanced charting tools
  • In-built Option Strategies Made Easy to Master in Option Market
  • Bulk trade watch
  • Set customized order alerts and price notifications
  • Secured online fund transfer for real-time benefits

PROSTOCKS WEB

This web-based application can used on ProStocks website as the interface. Clients can access the application from any system having internet on a standard browser, rather than using an application that can be installed on their local computer. The rich html5 browser-based trading platform allows investors you to trade securely from any location with real time access to news, quotes and trading. It provides all features of desktop-based terminal within the browser window.

Its major features are:

  • Fully secured and reliable trading gateway with multi-level security check
  • Multi segment and multi market front end for trading
  • Real time, pre-trade and rule-based risk management
  • Get real time market quotes and online reports
  • Create multiple Market Watch based on asset class, Industry, product type

PROSTOCKS MOBILE APP

Enjoy the comfort and convenience of real-time access to stock quotes and trading on your smartphone. The app is very lightweight and high on security. No matter where you’re, you can always stay on top of the game with real-time stock market information.

Its features are:

  • Market watch
  • Real-time market alerts and happenings
  • Watchlists
  • Orders report

The app is available for both iOS and Android mobile operating systems.

However, there are certain issues that customers have reported about the mobile app like:

  • Average UI
  • Sluggish data feed
  • Takes up high internet bandwidth

NSE NOW

As it is already mentioned, ProStocks allows its traders and investors to trade using NSE NOW, which is maintained by none other than National Stock Exchange (NSE). Some of its big features are:

  • Large number of features
  • Comprehensive setup for technical and basic analysis using various charts and heat maps
  • Customized dashboard widgets, notifications and alerts

ProStocks Customer Care

ProStocks offers customer service through various channels including:

  • IVR
  • Webform
  • Email

In terms of customer services, ProStocks can be judged as average. From outstanding resolutions to personalized communications, the discount broker always strives to win the heart of its customers. However, it should focus on increasing the customer service channels for its clients.

ProStocks Pricing

As an investor at ProStocks, a client needs to pay the following charges.

  • Account Opening charges
  • Brokerage charges
  • Transaction charges
  • Applicable taxes
Details Fee
ProStocks Trading Account Opening Charges Rs 0
ProStocks Demat Account Opening Fee Rs 0
Trading Annual Maintenance Charges (AMC): Rs 0
Demat Account Annual Maintenance Charges (AMC): Rs 0 (with Rs 1000 one-time refundable deposit)

 

  1. Equity Delivery Trading Brokerage: Rs 15/trade (Flat Fee Plan) or Rs 0/trade (Unlimited Trading Plan)
  2. Equity Intraday Trading Brokerage: Rs 15/trade (Flat Fee Plan) or Rs 0/trade (Unlimited Trading Plan)
  3. Equity Future Trading Brokerage: Rs 15/trade (Flat Fee Plan) or Rs 0/trade (Unlimited Trading Plan)
  4. Equity Options Trading Brokerage: Rs 15/trade (Flat Fee Plan) or Rs 0/trade (Unlimited Trading Plan)
  5. Currency Futures Trading Brokerage: Rs 15/trade (Flat Fee Plan) or Rs 0/trade (Unlimited Trading Plan)
  6. Currency Options Trading Brokerage: Rs 15/trade (Flat Fee Plan) or Rs 0/trade (Unlimited Trading Plan)
ProStocks Charges Equity Delivery Equity Intraday
Brokerage
(Flat Fee Plan)
Rs 15/Trade Rs 15/Trade
Brokerage
(Unlimited Plan)
Rs 0 Rs 0
STT 0.1% on both Buy and Sell 0.025% on the Sell Side
Transaction Charges NSE: Rs 325/Cr | BSE: Rs 275/Cr NSE: Rs 325/Cr | BSE: Rs 275/Cr
Goods and Services Tax (GST) 18% on (Brokerage + Transaction Charge) 18% on (Brokerage + Transaction Charge)
SEBI Charges Rs 15/Crore Rs 15/Crore
Stamp Charges* 0.01% (Max Rs 50 per day) 0.01% (Max Rs 50 per day)

 

ProStocks F&O Brokerage Futures Options
Brokerage
(Flat Fee Plan)
Rs 15/Trade Rs 15/Trade
Brokerage
(Unlimited Plan)
Rs 0 Rs 0
STT 0.01% on Sell Side 0.05% on Sell Side(on Premium)
Transaction Charges NSE: Rs 190/Cr | BSE: Rs 50/Cr NSE: Rs 5000/Cr | BSE: Rs 2500/Cr
Goods and Services Tax (GST) 18% on (Brokerage + Transaction Charge) 18% on (Brokerage + Transaction Charge)
SEBI Charges Rs 15/Crore Rs 15/Crore
Stamp Charges* 0.01% (Max Rs 50 per day) 0.01% (Max Rs 50 per day)

 

ProStocks Charges Currency Futures Currency Options
Brokerage
(Flat Fee Plan)
Rs 15/Trade Rs 15/Trade
Brokerage
(Unlimited Plan)
Rs 0 Rs 0
STT No STT No STT
Transaction Charges NSE: Rs 110/Cr | BSE: Rs 10/Cr NSE: Rs 4000/Cr | BSE: Rs 10/Cr
Goods and Services Tax (GST) 18% on (Brokerage + Transaction Charge) 18% on (Brokerage + Transaction Charge)
SEBI Charges Rs 15/Crore Rs 15/Crore
Stamp Charges* 0.01% (Max Rs 50 per day) 0.01% (Max Rs 50 per day)

 

ProStocks Fee Structure:

  • STT: This is charged only on the sell side for intraday and F&O trades. It is charged on both sides for equity delivery trades.
  • Stamp Duty for all states in India and NRIs: * Except customers from Maharashtra, all customers pay stamp duty of Union Territory of Daman and Diu which is 0.01% (Max Rs 50 per day).
  • Goods and Services Tax (GST): This is charged at 18% of the total cost of brokerage plus transaction charges.
  • SEBI Charges: This is charged at Rs 15 per Crore.

Other Charges:

  1. Call & Trade: Rs 10 per executed order. Note that this is lowest among discount brokers.
  2. Digital contract notes are sent through email only. Physical copies of contract notes can be ordered at additional charge of Rs 50 per contract. Courier charges are extra.
  3. Instant payment gateway charges for over 22 banks – Rs 9 per fund transfer.
  4. DP charges for delivery-based equity selling – Rs 8 per transaction.
  5. Standard NSE charges, transaction charges and statutory levies are charged as shown in above table.
1 Demat Account Opening Charges Rs 0
2 Stamp Charges payable Profront (at actuals)

 

ProStocks Margins

ProStocks offers excellent exposure/margin service to traders. The leverage facility enables traders to trade several times more than the funds available in their account and get more profits.

SegmentExposure MarginEquity Delivery1x (no margin)Equity Intraday7x (Margin intraday sq off) | 10x (Cover Order)Equity Future1.5xEquity Options1x (no margin)Currency Future1.5xCurrency Options1x (no margin)Commodity FutureNACommodity Options

 

MVT Live

In order to keep its investors aware of latest industry happenings, MVT has a dedicated section named MVT Live where insightful information is provided to make investors learn the secrets of stock trading.

Referral Program

ProStocks referral program is very much similar to the referral programs being offered by other discount brokers in the industry.

The commission system is pretty simple. One will get flat Rs. 1000 for each reference.

The incentive is calculated every 10th of the month for all accounts opened in previous calendar month. The total amount is credited to the trading account of the user. He or she may utilize it for trading or withdraw to your bank account.

The Conclusion

MyValueTrade appears to be the best of all stock brokers due to various reasons – flat brokerage plans, average customer services, trading platforms, pricing and margins. However, there is not a single biggest plus point that can put this discount broker a league above others.

If you’re looking to get a mix of all the words, MVT is the one you can count on. But if you have a specific need from the discount broker, it is better to choose from others.