Prostocks, one of the recent flat fee discount brokers offering trading and Demat accounts, is known to offer the lowest brokerage charges. Founded in 2016 with headquarters in Mumbai, the broker has grown quickly across the country to become a renowned broking firm in India. A venture of Sunlight Broking LLP, Prostocks was established by Saurabh Ranka and SP Toshniwal.
The SEBI registered broker and a member of BSE & NSE allows its clients to trade across various segments including Equity cash, Equity derivatives, Currency derivatives, and Depository Services. Being the cheapest broker, Prostocks is popular amongst the traders due to the unlimited trading as well as flat-fee per trade plans.
This Prostocks Review 2020 also discusses the trading platforms being offered by ProsStocks and will also look at their customer service and other facilities provided by them. It is also important to note that Prostocks has an active user base of around 6000 customers which is commendable in the current market scenario.
ProStocks offers the cheapest call & trade amount all other discount brokers. ProStocks offers trading through dealer at an additional ₹10 per trade in comparison to most other brokers who charge ₹20 per trade extra for Call & Trade.
The lowest stamp duty paid by customers also makes ProStocks very attractive to frequent traders. They process and execute contract notes of the client resident outside Maharashtra at their registered office at Daman and charge them stamp duty at the rates applicable in the Union Territory of Daman and Diu which is maximum of ₹50 per day which is very good for traders looking to save money on brokerage.
Instant Account Opening
The broker is also known to offer instant account opening service through the paperless approach. Traders can get started with a 100% online account opening service by using Aadhar card only
In addition to ease of account opening, the platform also allows users to easily calculate the margin trading fee and brokerage applicable per trade by using dedicated advanced calculators.
Powerful Back Office
All the functions and features of this platform are supported by a powerful back office.
ProStocks Trading Platform
It offers a range of trading platforms built in-house by a team of developers. Besides, users can also trade using NOW, an NSE platform with a Prostocks account.
An installable trading terminal, ProStocks Desktop can be downloaded and installed on a desktop computer or a laptop. The trading platform is considered most suitable for frequent traders.
Key features of ProStocks Desktop:
- A fully customizable application that allows users to make changes to the analysis screen as well as alerts & notifications for price & percentage
- Single window view for multiple markets and segments
- Ultra-fast charting in real-time using advanced technology
- Ability to place after market orders
- Customizable market-watch comprised of multiple indices
This is a browser-based terminal that a user can access through a compatible web browser. Eliminating the need for installation and maintenance, the platform is considered suitable for casual investors. Besides, one can also access it from any computer that is connected to the internet.
Key Features of ProStocks Web:
- Can be accessed easily through a range of device and platform types
- Easy to maintain
- Highly reliable and fully secured gateway with multi-level authentication
- Integrated fund transfer and payment gateways
- Allows placing order directly through charts
- Offer real-time market quotes
- Allows creating a watch list from multiple market indices
ProStocks Mobile is a lightweight, fully functional trading platform in the form of a mobile app. Suitable for on-the-move traders, the simple, secure, and easy-to-use app is compatible with multiple mobile operating systems. However, since the app is the most recent addition to ProStock’s platforms, it is reported to consume high bandwidth and needs improvements.
Key Features of ProStocks Mobile include:
- High security
- Real-time market watch
- Real-time quotes
You can download the app here
A third party software, NOW, allows registered ProStock users to access the platform’s trading features. Since the tool is developed and maintained by NSE, there is no direct/indirect control of the broker towards implementing or using this app.
Key Features of NSE NOW:
- Comprises of a comprehensive set of features
- Offers access to various heat maps and charts to analyze stocks at both fundamental and technical levels
- Allows users to customize dashboard widgets, notifications, and alerts
- However, there are a few concerns related to the use of this platform as well:
- Beginners will find it hard to understand and get used to the platform’s navigation
- In case of any problem with the app, users won’t be able to get much help from ProStocks.
The total pricing applicable to a trader is divided into the following segments:
- Account Opening Charges
- Brokerage Charges
- Exchange Transaction Charges
From among these, exchange transaction charges and government taxes are applied by SEBI and government respectively and are fixed.
Account Opening Charges
ProStock gains an upper hand over other brokers by charging zero-cost on account opening from its clients. Thus, one can get trading and Demat accounts opened without paying anything. Moreover, there is no Annual Maintenance Charge (AMC) as well.
|Trading Account Opening Charges (One Time)||0|
|Trading Annual Maintenance Charges||0|
|Demat Account Opening Charges (One Time)||0|
|Demat Annual Maintenance Charges(Yearly Fee)||0|
Prostocks Brokerage Charges
The broker has gained popularity among traders for offering unlimited trading plans, known to be the cheapest among others. While there are separate plans for equity and currency derivatives, ProStocks also offers flat-fee per executed order for casual traders.
Different brokerage plans offered by the broker are as follows:
Flat Fee Trading Plan
Under this plan, the broker charges a flat fee of INR 15/- for every executed order across all the segments. This plan is considered the best choice for traders with less frequency of trading. Here are the details of Prostock’s Flat fee trading plan.
|Equity Delivery||₹15 per executed order|
|Equity Intraday||₹15 per executed order|
|Equity Futures||₹15 per executed order|
|Equity Options||₹15 per executed order|
|Currency Futures||₹15 per executed order|
|Currency Options||₹15 per executed order|
|Commodity Futures||₹15 per executed order|
|Commodity Options||₹15 per executed order|
Unlimited Monthly Plan
Under this plan, users can trade for any amount/quantity without paying any extra brokerage for every trade. This plan can be availed with a one-time fee of INR 899 for equity & derivatives and INR 499 for currency derivatives for the entire month.
|Equity and Derivatives||₹899 per month|
|Currency||₹499 per month|
Unlimited Annual Plan
Traders can also avail unlimited trading plans for a complete year by paying INR 8999 for equity and its derivatives and INR 4999 for currency derivatives.
|Equity and Derivatives||₹8999 per month|
|Currency||₹4999 per month|
Apart from account opening and brokerage charges, Prostocks also levies transaction charges on its clients. Here are the details below:
Prostocks is known to provide pretty good margin facilities to its clients which are very competitive with their peers. Here are the margin details below:
|Equity Delivery||Up to 7x|
|Equity Intraday||Up to 5x|
|Equity Future||Up to 1.5x|
|Equity Options||Up to 3x|
|Currency Futures||Up to 1.5x|
|Currency Options||Up to 3x|
ProStocks Customer Service
The discount broker has equipped its clients with several channels through which they can avail assistance regarding any query or complaint, including:
- Phone Support (by providing a number for clients to call or by offering a callback feature that can be accessed through a simple form)
- Website (by filling a contact form on site)
- Email Support
- FAQs and User Guides provided on the website
The customer service helpline (phone call) is available from 9 am to 5 pm for Call & Trade-related queries, from 9 am to 8 pm for Account Opening related queries, and from 8:30 am to 7 pm for Support related queries. Trading & Demat account holders can call on +91 2262434343 for support on call.
Consumer Complaint Report
This report is an indicator of how the discount broking firm works towards resolving the complaints registered against them at NSE. Looking at this report they seem to be doing reasonably well in this department. Kindly find the details of the report below:
|Exchange||Financial Year||Number of Clients||Total Complaints|
To access the complete list of complaints registered against brokers with NSE, just click on this link
ProStocks stands ahead of the competition with its cheapest unlimited brokerage plans but still needs to improve in certain areas like the quality of its trading software and customer service, although it has grown significantly in its starting years.
The mobile app is relatively new and needs to go through a few updates and the broker needs to build more reputation in the market to attract heavy traders and investors.
It can be argued that Prostocks’s quality of service is not on terms with its peers and that it will require more time to establish itself as a high quality discount broker in India.