ProStocks is a Stock Broker and Depository Participant with the SEBI. ProStocks is a fast-growing flat-fee bargain stockbroker that trades on the BSE and NSE online. The unlimited trading plan at ProStocks is well-known. For Rs 899 per month, you can trade unlimited equity and derivatives, or for Rs 499 per month, you can trade unlimited currency derivatives. In terms of limitless trading plans, they are the cheapest broker. This method saves the average stock trader 60 percent to 99 percent on brokerage fees.
ProStocks also has a Rs 15 per transaction price plan that is popular with new investors and traders. In this plan, ProStocks customers pay a flat Rs 15 for each executed order, regardless of its quantity.
At the BSE and NSE, ProStocks trades in the equity delivery, equity intraday, equity derivatives (F&O), and currency derivatives (F&O) categories. The custom-built trading platform provides easy trading via an installable trading terminal, a website, and a mobile app, all of which are available to all consumers at no cost. Additionally, they offer the NSE NOW trading platform.
ProStocks’ 2-in-1 account (Trading + Demat account) simplifies stock trading for investors by ensuring that all transactions between the trading and Demat accounts are seamless. Compared to other discount brokers, ProStocks offers the cheapest call and trade amount. In comparison to most other brokers, ProStocks charges an additional Rs 10 for each trade for trading through a dealer, whilst most other brokers charge an additional Rs 20 per trade for Call & Trade.
ProStocks Review : Types of Accounts
1. The Unlimited Trading Plan- ProStocks offers unlimited trading plans in the stock cash, equity derivatives, and currency derivatives segments on a monthly and yearly basis. For a minimal fixed monthly charge of $899 for Equity and $499 for Currency, clients can trade unlimited times without worrying about brokerage bills. The customer can profit from the limited price movement because the plan’s break-even threshold is still relatively low.
2. Flat Fee Trading Plan- The Rs15 per trade trading plan is the most ideal plan for both casual investors and frequent traders in the Indian stock market. Trading is offered in all categories at the same pricing on the BSE and NSE.
3. Yearly Plan- For 8999, the stockbroker offers unlimited equity cash and equity F&O trading on an exchange, as well as unrestricted currency trading on an exchange for a year. Customers will not be charged any additional brokerage fees, but all other fees will be collected as usual. This is a one-year price guarantee.
Trading Software for Prostocks (Prostocks Trading Platforms)
ProStocks provides three trading programs to suit the needs of all types of stock market investors. All of the trading apps are available for free to all of the company’s customers.
1. ProStocks Desktop
ProStocks Desktop is an installable trading terminal developed for regular traders that require professional trading features such as tick-by-tick intra-day charting, live streaming, several markets and segments in the same window, and quick and easy order entry and execution. Dealers designed and tested an incredibly sophisticated yet simple trading terminal. ProStocks Dealers utilize the same terminal to execute hundreds of call and trade orders each day.
2. Web ProStocks
ProStocks Web is a browser-based stock trading website aimed towards inexperienced investors and traders. The website is platform-agnostic, meaning it can be accessed from any web browser on any machine with an internet connection. The user-friendly website has all of the essential tools that an investor needs to trade in the stock market. The website provides real-time market data, including live quotations, news, and access to a variety of markets and segments.
3. Mobile ProStocks
ProStocks Mobile is a mobile trading program for consumers who trade on the go. ProStocks mobile is a secure, simple, and powerful trading program that works on both Android and Apple smartphones.
Pros of Prostocks
Prostocks have the following advantages. Before you register an account with Prostocks, you should study the benefits and drawbacks. The advantages and disadvantages of Prostocks might help you decide if it is right for you.
1. Monthly Trading Plan – The Rs 899 Equity and Equity F&O monthly plans, as well as the Rs 499 Currency monthly plans, are among the most affordable in the Indian brokerage market. It allows you to trade as much as you want in a month. For casual stock market investors, the Rs 15/trade plan is ideal.
2. Lowest Transaction Charges – Because they don’t incorporate any fees, they charge the lowest transaction change (guaranteed). 3. Unlike most other flat-rate brokers, such as Zerodha and RKSV, PCM charges a fee.
4. ProStocks Call & Trade has the lowest commission rate in the industry. They charge Rs 10 for each order that is completed. 5. Zerodha and RKSV, two competitors, charge Rs 20 per trade.
6. Online IPO Application – With a ProStocks account, you can apply for new IPOs (Initial Public Offerings) immediately.
7. ProStocks provides a two-in-one account (Demat + Trading). Transactions between these two accounts are smooth using the 2-in-1 account.
8. Demat Account AMC – When you pay a one-time refundable deposit of Rs 1000, you get a Demat account with no AMC. Every other broker charges an AMC of Rs 600 to Rs 1000.
9. Trading Platform – ProStocks has one of the greatest trading platforms in the industry. The website, terminal, and mobile app are all free trading apps with full functionality.
10. Customer Service – According to most customers, ProStocks provides great customer service.
11. Referral Service – For customers referred by a client, ProStocks offers a 10% brokerage referral fee.
12. Customer care is available 24 hours a day, 7 days a week via Advanced Interactive Voice Response (IVR).
13. Prop Trading is not available in ProStocks. This indicates that your funds are secure with them.
Cons of Prostocks
Prostocks have the following drawbacks. Take a look at the list of Prostocks’ flaws.
1. No 3-in-1 Account – Because ProStocks does not provide banking services, they do not offer a 3-in-1 account. They provide trading as well as Demat accounts.
2. No Commodity Trading – ProStocks has not yet begun trading in commodities. The broker claims that commodities trading will be available shortly.
ProStocks focuses on offering low-cost execution services to its consumers. It’s a completely internet-based business. Its Unique Selling Point is the variety of plans available, including monthly and annual programs. It is ideal for traders who are willing to make large market trades. Traders can save a significant amount of money on stamp duty and PCM costs. The stockbroker is always working to improve the customer experience and will be able to solve the issue in a short period.