ProStocks is the Mumbai-based online stock broker that was incorporated in 2016. It is a complete online broking company that offers convenient trading at the very economical rates. The firm offers its trading services in Equity Delivery, Equity Intraday, Equity Derivatives (F&O) and Currency Derivatives across NSE and BSE.
The Stock broker provides the cheapest call and trade amount as compared to other discount brokers. It offers trading through the dealer by charging an additional amount of ₹10 per trade.
ProStocks offers two trading plans to its customers which are:
1. The Unlimited Trading Plan (₹899 per month).
2. Flat Fee Trading Plan (₹15 per trade).
3. Yearly Plan.
Let’s discuss both the plans in detail:
1. The Unlimited Trading Plan- ProStocks provides the monthly and yearly unlimited trading plans in equity cash, equity derivatives and the currency derivatives segment. The Clients can trade unlimited times without stressing over the brokerage bills for a small fixed monthly fee i.e. ₹899 for Equity and ₹499 for Currency. The customer can make money in the narrow price movement as the break even point in the plan remains very low.
2. Flat Fee Trading Plan- The most suitable plan for both the casual investors and frequent traders in India Share Market is the ₹15 per trade trading plan. Trading is made available in all the segments at BSE and NSE for same rate.
3. Yearly Plan- The stock broker provides a yearly plan of ₹8999 for unlimited equity cash and equity F&O trading on exchange and unlimited currency trading on an exchange for a year at ₹4999. The customers do not have to pay any brokerage on the top of it but other charges will be charged as usual. This price is locked for a year.
1. The demat account opens with ₹0 AMC on paying a one-time refundable deposit of ₹1000.
2. It charges low transaction charge as it do not include PCM fees to it unlike the most of the other discount brokers like Zerodha and RKSV.
3. It provides the online IPO application facility i.e. the customers can apply for IPO’s directly with the ProStocks account.
4. The stock broker facilitates its customers with the 2-in-1 account to carry transaction seamlessly.
5. It provides the best and fully functional trading platforms in the industry.
6. It provides exceptionally the best customer services.
7. It provides 24*7 customer service by using the Advance Interactive Voice Response.
8. The stock broker provides 10% brokerage referral for the customers referred by the client.
1. ProStocks does not provide 3-in-1 account as they don’t provide banking services.
2. There is no commodity trading facility.
ProStocks focus on providing low cost to its customers with the best execution services. It is a complete internet-based organization. The multiple plans such as Monthly and Yearly plan is its Unique Selling Point. It is best for the traders who are willing to do big trades in the market. The traders can save huge amount in stamp duty and PCM fees. The Stock broker constantly focus on improving the user experience and will overcome the consideration in the short time period.
1) The KYC team sends an email about the receipt of the documents once all the account opening documents are received.
2) The team will verify the documents and request the customer for IPV, if required.
3) After completing the IPV, customer will receive a welcome call and will validate the details.
4) As soon as the verification is completed, a welcome mail will be sent to the customer with all the account related information.
ProStocks offer Zero AMC Demat Account. Unlike other brokers, customers is not required to pay any annual fees. The ProStocks demat account without AMC is for all its customers including Individual, Corporate and NRI.
Yes, a depository account can be opened in ProStocks with the names of four holders but the account can only be used for dematerialization of shares that are held in the same combination. No shares can be credited by purchase or transferred from any other account. Hence the standing instruction for credits will be “N” for such accounts.
ProStocks will open your account on the same day after duly completing the account opening documents that are given in the office, in case you are already KRA compliant and In person Verification(IPV) is not required. If the IPV is required , then the ProStocks will open the account within four working hours post IPV. You will be able to trade from the next day subject to transfer funds for margin in the trading account with ProStocks.
Yes, the customers can link with more than one bank account to your trading account. There are no restrictions on the number of bank account you can link. It is advised to link all the bank account so that the customer can transfer the funds from any bank account they hold.
Nomination can be done either at the time of account opening or later. The Nominee name and address is to be provided by the account holder. The account holder is required to sign before the two witnesses.
Each NRI can purchase the maximum of 5% equity shares of listed company subject to overall limit for the listed equity shares of each company on repatriation benefit basis. NRI investment in equity shares of listed company without repatriation benefit is treated at par with Indian resident and there is no upper limit.
Being a new entry in the financial industry but it is a legitimate safe and reliable stock broker. The firm has received a good market share in a short time period owing to its low-cost pricing, advanced trading platform and faster customer service.
You can download KRA modification form available at the download section of ProStocks website or take the first page from KYC which is a KRA form. Fill in the information that you wish to change besides the name and PAN number in the KRA form, sign it and attach the self-certified PAN Card Copy.
Client can pick and choose one or more segments from the list below:
1) NSE- Equity Cash Segment.
2) NSE- Equity Future and Options Segment.
3) NSE- Currency Futures and Options Segment.
4) BSE- Equity Cash Segment.
5) BSE- Equity Futures and Options Segment.
6) BSE- Currency Futures and Options Segment.
Note: The customer is required to select atleast 1 trading segment at the time of account opening.
Prostocks provide SMS alert facility for demat account holders where by the investors can receive alerts for debits (transfers) to their demat accounts, credits for IPO and offer for sale allotment, sub-division and bonus.