ProStocks is a fast growing discount broker offering Demat and Trading Account services. So, here is an exclusive ProStocks Review covering features, account opening charges and ProStocks brokerage charges.
Pro Stocks: An Overview
Prostocks, a venture of Sunlight Broking LLP founded in Feb 2016 by S P Toshniwal and Saurabh Ranka. It is an online Discount broking company. Prostocks offers its customer to trade in NSE and BSE in the segment like Equity Cash, Equity Derivatives, Currency Derivatives and Demat services.
Key features offered to customers are:
- Flat rate pricing
- Trading platform flexibility
- Brokerage calculator
- Superior customer service
Pro Stocks: Product and Services
- Equity Trading
- Derivatives
- Currency
- Depository Services
Demat Fees
| Transaction Details | Fee Charged |
|---|---|
| Demat Account opening charges | Nil |
| Annual Maintenance Charges: Individual Corporate | Nil (Rs.1000 one time refundable deposit) Nil (with Rs.1000 one time refundable deposit) + Rs.500 CDSL fee at actual |
| Transaction Charges per ISIN (Market Trades) Buy ( Receive) Sell ( Debit) | Nil Rs.8+ Rs.5.5 flat for every debit transaction |
| Dematerialization | Rs.50/ setup |
| Rematerialization | Rs.50/ setup + CDSL charges |
| Courier charges per Demat/ Remat request | Rs.50 |
| Pledge | 0/ setup |
| Unpledge | Rs.50/ setup |
| Pledge Invocation | Rs.50/ setup |
| Adhoc / Non Periodic Statement Requests: By Email By Physical | Rs. 10/ request Rs. 50/ request (up to 10 pages). Every additional page at Rs.5+ Rs 50 courier charges |
| Delivery Instructions: First Delivery Instruction Book Every Additional Booklet | Free (5 leaves) Rs.100 (10 leaves) |
| Cheque Bounce/ Per cheque | Rs.250 |
| Failed Transactions | Rs.50/ ISIN |
| Modification in CML | Rs.25/ request |
| KRA Upload / Download | Rs. 50 |
| Service Tax will be applicable on all above charges. |
Prostocks Brokerage Plans and Charges
Unlimited Monthly Plan
This Prostocks brokerage plan is suitable for active traders with high frequency and volume. The trader enjoys unlimited trades with no need to pay brokerage on any amount of transaction.
- Rs 899/month: Unlimited Equity And Equity Derivatives Trading In An Exchange
Flat Fee Plan
Traders are charged Rs 15/ trade flat brokerage for trades executed at an exchange. The scheme is ideal for traders with less frequency.
Unlimited Yearly Plan
A yearly brokerage plan with no limit of quantity of trade. The plan is suitable for active traders having higher frequency and volume.
- Rs. 8999- Unlimited Equity and equity derivatives trading In an exchange
- Rs. 4999- Unlimited Currency trading in an exchange
NRI Trading Plan
The scheme offers NRI with the cheapest brokerage plan. It offers a flat rate of Rs. 100 on investment in equity, Exchange traded funds (ETFs) and trade in futures & options segment.
- Rs. 100/ executed trade
- Zero AMC for Demat & trading account.
Transaction charges
| Equity Intraday | NSE: Rs.325 per Crore BSE: Rs.300 per Crore |
|---|---|
| Equity Delivery | NSE: Rs.325 per Crore BSE: Rs.300 per Crore |
| Equity Futures | NSE: Rs.190 per Crore BSE: Rs.50 per Crore |
| Equity Options | NSE: Rs.5000 per Crore BSE: Rs.2500 per Crore |
| Currency Futures | NSE: Rs.90 per Crore BSE: Rs.22 per Crore |
| Currency Options | NSE: Rs 4000 per Crore BSE: Rs 100 per Crore |
ProStocks Trading Platform
Prostocks offers two types of trading application for Desktop, web, and mobile for the high-quality trading experience. The platform is available free of cost for all customers.
- Prostocks- It is in-house developed trading platforms
- NSE NOW- NOW (NEAT on Web) platform is provided by NSE
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In-House Trading Platforms
1. Prostocks Desktop:
This is an advanced trading software for the frequent and high-value traders. The trading application has advanced market tools to identify and measure trend strength, analyze price movements and make strategies. Features of Prostocks desktop application are:
- Fully customize trading application
- Multiple Market watch
- Advance Ultra-Fast real time charting for investor and professional
- Inbuilt option strategies
- Advance action watch
- Bulk trade watch
- Place After Market orders (AMO)
- Secure online fund transfer
2. Prostocks Web:
The trader can access the terminal from any standard web browser. It has all the features of a desktop application within the browser window.
3. Prostocks Mobile:
The application is available for both ios and android platform helps to track the market on move with ease.
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NSE NOW
1. NOW Desktop:
It offers a customizable platform with advanced technologies. professional tools, charts, and many features. Trading using this platform is considered more responsive and faster than other desktop application.Features of this application are:
- Completely customizable platform.
- Multiple watchlists, streaming live quotes, news and charts.
- Advanced order types like bracket order and after- market order.
- All in one stock, derivative and currency trading.
2. NOW Web:Â
Available in the web browser that saves the hassle of downloading and installing software. This can be accessed from multiple systems. Key features of NSE NOW are:
- Flexible order entry
- Fast and quality execution
- Real-time streaming quotes
- Interactive charts
3. NOW Mobile:
Available in IoS, android, windows and blackberry devices. The app gives you the flexibility to track and analyze market from mobile devices. Key features of the app are:
- Light and adaptable
- Simple and navigation
- Real time news feed
- Customizable account settings
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How to open Prostocks Account? Process & Documents
You can open an account in Prostocks through online application or by sending the filled up application form by courier.
1. Online Application:
Through online mode, you need to perform the below steps:
- Fill the application and submit necessary documents for eKYC verification.
- Pay for Brokerage Plan( if any) and Demat Charges.
- Send the printed form duly signed by customer by courier.
- After receipt of the printed form your account gets activated.
2. Offline mode:
In offline mode, you need to download, print and fill the application form. You need to courier it with the necessary supporting documents which includes:
- Photocopy of PAN card and address proof with signature.
- Photocopy of last 6 months bank statement or last year’s Income Tax Return or six-month salary slip duly signed.
- Copies of all other documents submitted should be self-attested.
- Cancelled cheque to link your primary bank account.
- Trading account documentation fee cheque of Rs 300 payable to “Sunlight Broking LLP”.
Stock Brokers Comparison
| Features | Prostocks | Upstox | Angel Broking | Reliance Securities |
|---|---|---|---|---|
| Service Type | Discount Broker | Discount Broker | Full Service | Full Service |
| Account opening cost | Nil | Nil | Nil | Rs 950 |
| Brokerage | Rs. 15 Flat | Rs. 20 Flat | 0.016- 0.4% | 0.05-0.5% |
| Margin (equity) | Intraday- upto 10x Delivery- 1 time | Intraday- upto 25x Delivery- Nil | Intraday- 10 times Delivery- 3 times | Intraday- 10 times Delivery- 4 times |
| Exchange Enabled | NSE and BSE | NSE, BSE, and MCX | NSE, BSE, MCX, NCDEX, NMCE and MCX-SX | NSE, BSE, MCX, NCDEX, NMCE and MCX-SX |
Investing through Prostocks: Pros & Cons
Pros:
- Low charges in terms of brokerage, transaction charge, stamp duty etc.
- Lifetime AMC free Trading & Demat account.
- A responsive customer service
- Trading platform from both Prostocks and NSE available free of cost to all customers.
- Account opening procedure is managed online.
- Referral program for existing customers in which Prostocks offers 10% brokerage of referred clients.
- Special Brokerage plan for NRI customers.
Cons:
- Commodity trading and Mutual Fund segment are not available.
- Margin on equity, derivative segment is low comparative to other discount brokers.
Prostocks Review: The Bottom Line
Online discount broking companies are getting popular among investors. This is due to its cost saving approach on investment and maximizing profits. Prostocks is one of the new players in this segment. It offers a Flat Rs 15/ trade to customers. It’s free of charge advanced trading platforms from NSE and inbuilt prostocks trade terminal for its customer seem good.
One aspect of having an account with discount brokers is, investors need to do their own research. But, it is commensurate with cheap brokerage plans. On terms of services offered, it lags in few segments and margin provided is also less than other discount brokers.
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Frequently asked Questions
Q. How do I know the status of my account opening?
- Step 1: The KYC team sends an email about receipt of the documents once all the account opening documents are received.
- Step 2: The KYC team verifies the documents and request for in-person verification (IPV), if required.
- Step 3. Once in-person verification is done, they give customers a welcome call. Your details shall be validated over the phone.
- Step 4: When the verification is complete, a welcome email is sent to the customer with account related information.
Q. Is it chargeable to trade for BSE in NOW trading terminal at ProStocks?
A. No. All trading application provided by ProStocks are free.
Q. Where do I post my queries related to account opening?
A. You can go to click to call link on account opening section and ProStocks representatives will call you as soon as possible. You can also write an email to crm@prostocks.com for any of your queries or can call customer care.
Q. What are the ProStocks account opening charges?
A. Their account opening charges are Rs 300, which is waived currently as a promotional offer. So, the trading as well as Demat account are zero AMC. Although, you might be charged Rs 1000 refundable deposit for Demat account.Â
Q. Do ProStocks provide margin funding?
A. No, ProStocks do not provide margin funding to trade in equity cash delivery segment.
Q. When and which intraday trades are squared off?
A. All intraday position/trades resulting from order type MISÂ and CO will be squared off at pre-specified time. Say 03:15 pm for equity and equity derivatives and 04:30 pm for currency derivatives or upon reaching mark to market loss limit, whichever is earlier.
Disclaimer: There is a high degree of risk involved in stock trading. Mutual funds are also subject to market risk. The details given on this website are for informational purpose only. It should not be constituted as professional advice in any regard. Please do thorough research and clarify all the details with the respective brokers before investing your money.
Have you opened your Demat and Trading account? Which stock broker you prefer? Do you like investing through full service brokers or discount brokers? Feel free to share your opinions.