Prostocks Review

ProStocks Review 2021 (Brokerage Charges, Margin, Pros, & Cons)

ProStocks is a broking venture/ brand of Sunlight Broking LLP with offices in Mumbai and Daman. 

Founded in 2016, ProStocks is a new player in the brokering industry, but with a very competitive flat brokerage of Rs. 15 per executed order and zero AMC charges. 

One can trade in stocks (delivery & intraday), equity F&O, and currency F&O. Presently, ProStocks does not provide trading in commodity F&O or investment in mutual funds. 

ProStocks

ProStocks Brokerage Charges 

ProStocks charges a flat Rs. 15 per executed order on most of the trading products & segments. This is lower than the Rs. 20 charged by most of the discount brokers.

The brokerage details are as under –

Trading SegmentsBrokerage
Equity DeliveryZero Brokerage
Equity IntradayRs. 15 Per Executed Order
Equity FuturesRs. 15 Per Executed Order
Equity OptionsRs. 15 Per Executed Order
Currency FuturesRs. 15 Per Executed Order
Currency OptionsRs. 15 Per Executed Order

If you trade in large numbers then you can benefit from ProStocks unlimited trading plans for a fixed price. 

The unlimited trading brokerages are under –

Trading SegmentsUnlimited trading in an exchange for a month
Equity (delivery & intraday) and Equity DerivativesRs. 899 per month
Currency Futures and OptionsRs. 499 per month

Apart from that, ProStocks has a “Call & Trade ” facility, in case you do not have access to the trading platforms.

For intraday and F&O the charges are Rs. 10 per trade and for delivery, it charges Rs. 25 per trade.

ProStocks Account Opening & Annual Charges 

Presently, ProStocks does not levy any account opening or AMC charges. Following are the annual fees & charges for opening an account online –

ParticularsCharges
Trading and Demat account opening chargesRs. 0
Trading account annual maintenance chargesRs. 0 (with Rs. 1000 one time refundable deposit)
Demat account annual maintenance chargesRs. 0

However, as mentioned above, it collects a refundable fee of Rs. 1000 upfront during the account opening. The fees is refunded at the time of the account closing.

ProStocks Trading & Demat Account Opening

ProStocks offers both online and offline account opening. You can find details of both the account opening method on the account opening page. 

If you want additional details then ProStocks has a set of account opening FAQs and a call back facility on the account opening page. 

You can fill in the name and the contact details and wait for a call to have a discussion with the ProStocks team.  

#1. Online Account Opening

The online account opening is an Aadhar integrated paperless account opening process. All the documents are digitally authenticated using Aadhaar OTP.

You need to fill in the online form and upload the following documents:

  • One photograph 
  • PAN card
  • Address proof
  • Canceled cheque leaf or bank statement having name and IFSC code

You need to sign the POA and nomination forms and send them physically to ProStocks. 

#2. Offline Account Opening

ProStocks gives you the option to open the following account offline

  • 2-in1 (trading + Demat) accounts
  • Trading account opening
  • Only Demat account opening

One can download the forms from the ProStocks website.

ProStocks Margins Provided

ProStocks does not do Prop (proprietary) trading, i.e trading for its own. 

ProStocks also does not use one client’s money for providing exposure to another client nor uses it for its own exposure. A common method used by the brokers to misuse available margins. 

Hence, the leverages available at ProStocks are similar to other discount brokers. 

Trading SegmentMargins
Equity Delivery (Cash and carry)One time
Equity Intraday (MIS) Up to Five-times 
Equity Intraday F&O (MIS)One time
Currency F&O (NRML)One time

Also read – Angel Broking vs Sharekhan

ProStocks Demat & Trading Account Features

#1. Flat Brokerage Charges

ProStocks is one such discount broking company that charges lower than Rs. 20 brokerage fees. The lower brokerage helps you save on trading costs or undertake more trades. 

The best part is the unlimited monthly and yearly trading plans for a fixed fee that helps  traders with requirements of a large number of trades.

For example, one can opt for an unlimited equity plan for Rs. 899 and do unlimited trading without worrying about charges on individual trades. The unlimited plan for the currency segment is Rs. 499 per month.

#2. Lower Available Margins

When compared to other discount brokers like UpStox, ProStocks offers a minimal amount of margin. 

The intraday margin is only 7-times and there is no margin on currency F&O. The maximum margin it offers is for intraday cover order trades in the equity cash segment of 10-times, which is far less than the 20+ times offered by UpStox.

#3. Zero Account Opening & AMC Charges

The best part of the ProStocks is Rs. 0 charges for account opening and annual maintenance. Traders looking for cost reduction will benefit from both the features. 

However, ProStocks asks you to deposit a refundable Rs. 1000 fee upfront at the time of account opening. The fee is refunded at the time of the account closing.

#4. Trading Platforms

ProStocks offers decent desktop, web-based, and mobile app-based trading platforms. The unique feature is that you can place orders right from the charts in the bulk trade watch and stock action watch.

However, there are no other value-added products like  Screeners, stock reports, other research reports or alert tools available even for purchase. 

The ProStocks Mobile app has an average rating of 3.3 on the Google Play Store.

Benefits of ProStocks Demat and Trading Account 

  • No proprietary trading
  • Can place orders from charts, bulk watch, and advance tick watch window
  • Unique unlimited monthly and yearly intraday trading plans for a fixed fee
  • Zero account opening and AMC charges 

Cons of ProStocks Demat & Trading Account 

  • Low mobile app usability & delayed charts updates
  • Low margins available as compared to other discount brokers
  • Rs. 1000 upfront refundable amount collected while account opening

ProStocks Trading Platforms 

ProStocks provides two sets of trading platforms:

  1. In-house ProStocks trading platforms
  2. NSE NOW trading platforms 

Here, I am providing you the details of ProStocks’s own trading software. The ProStocks trading platform supports new traders as well as frequent traders.

#1. ProStocks Desktop

ProStocks Desktop

ProStocks Desktop is a downloadable trading application with a customizable default screen (with user-defined colors) and a trading analysis window. 

The platform offers 6 real-time charts with advanced analysis tools (including several trading indicators) for quick analysis and strategy building.

One can have unlimited scrips included in the market watch. 

Intraday traders can see 7 charts simultaneously. The intraday tick-by-tick chart is for periods ranging from 1minute, 5 minutes and up to yearly charts.

The desktop platform also helps you to place orders right from the charts in the bulk trade watch and stock action watch features.

#2. ProStocks Web

ProStocks Web

ProStocks web trading platform is a browser-based application that is accessible on a range of devices like PC, desktop, tablet, and mobiles. You only require a device and a decent internet connection. 

ProStocks Web trading platform works on the HTML 5 browser and has all the features of a desktop terminal within the browser window.

One can create “Multiple Market Watch” depending on the asset class, industry type and product type. 

The single platform can be used to access multiple exchanges and segments, like BSE & NSE (Cash), F&O, and Currency.

The best part of the web platform is that

  • It does not require download of software on individual PC
  • You do not have to enforce version check
  • All the updates and bug fixing happens online 

#3. ProStocks Mobile App

ProStocks Mobile App

ProStocks Mobile App is a smartphone-based trading platform that helps you get real-time access to quotes and trading on mobile devices. 

ProStocks Mobile App is compatible with iOS and Android smartphones. The app is lightweight with 23.3 MB size on iPhone and 6.8 MB on Android devices. 

However, the app is rated only 2.9 on the Google Play store and there are poor reviews regarding app usability and the updates of the charts being out of sync with the real-time market prices. 

Conclusion (Final Review)

ProStocks offers trading in equity and currency segments only. But you can’t invest in commodities or mutual funds.

ProStocks  Demat & trading account is best for you if you like to execute a large number of trades and want to save on trading costs.  You can take benefit of the unlimited monthly and yearly plans. 

Additionally, you can save annual trading costs from Rs. 0 AMC charges.