How to open Upstox Account
- There are two ways to get started with your account: the online account opening method and the traditional method of submitting the actual form.
- It is more important to choose a broker that matches your trading style and understands your financial objectives than the method you use to open your account.
- Sometimes brokers charge more for submitting the actual form, so make sure you check all the account opening costs related to the opening process.
- Head to the Upstox online demat account opening page.
- Enter your basic details, and click Sign Up.
- Keep scanned copies (i.e. soft copies) of your documents (Aadhaar, PAN, Cancelled Cheque, and your latest bank statement) with you for when you are directed to upload them.
- Enter your Aadhaar details and the OTP you receive on your linked mobile number in order to verify your identity.
- That's the way it should be. Your demat account should be created now.
- Or if you don't have cancelled cheque click here to Sign up without providing any cancelled Cheque
- You will need to fill out this form and attach proof of identity and proof of address. This evidence can be presented using photocopies of appropriate documents.
- Once completed, you are also expected to sign a contract with your broker. This document will outline your responsibilities as a trader / investor and that of your brokerage firm. Keep a copy of this document with you for future reference.
- Once your broker has verified and processed your documents, you will be given your account number, just like you get a bank account number. If you are trading with Upstox, this number is called Beneficial Owner Identification Number (or BOID) or Unique Client Code (UCC).
- You will also receive additional confidential data - such as a login ID and a key to access and transact online portals. Note that these transactions are likely to be charged. You may have to pay a fee to use some portals.
Both types of account fees are likely to accrue to you when you are looking for your preferred broker and once you have completed your registration process. Primarily, these charges can be classified into 3 types:
- Account opening fees
- Annual maintenance fee
- Transaction fee
The account opening fee will be collected by your broker for the entire process of registering your demat account. Not all brokers charge these fees, so you are likely to meet some people who do not pay such fees. Some online brokers may charge a nominal account opening fee for trading on different segments.
The annual maintenance fee is usually a prepaid amount that your broker collects to keep your account active throughout the year. While these charges are usually nominal (Rs. 300 - 800 per year), many brokers in the industry have now started charging zero fees here. The race to provide the best rates and services to traders has created some fierce competition in the landscape of the brokerage industry.
The transaction fee refers to the fee that your broker will charge for moving (debiting and crediting) your dematerialized account and your stocks or other securities. This can vary greatly among brokers depending on their target audience.
You can open a dematerialized account online by filling up a form on the broker's website. Make sure you have all the necessary documents in hand.
With the proliferation of cashless transactions and increasing reliance on digital technology in the financial world, account opening with stock brokers has also become an online portal.
The traditional method of opening an account involves printing the actual form and sending it by courier to your broker's address. When deciding which type of account opening process to choose, keep in mind the account opening fees and the hidden courier charges.
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