How to open trading account in Upstox online

In today’s fast-paced world, online trading has become increasingly popular as a means to invest and grow wealth. Upstox is one of the leading online brokerage platforms in India, offering a user-friendly interface and a wide range of financial instruments for trading. Opening a trading account in Upstox is a straightforward process that can be completed from the comfort of your own home. In this step-by-step guide, we will walk you through the process of opening a trading account in Upstox.

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Steps to open a demat account in Upstox online

In today’s digital world, there really shouldn’t be any reason for you to be filling out physical forms when almost the entirety of your information can now be stored digitally. Fortunately, some brokers have the online processing part figured out. Customers can sign up and complete the registration process online. As long as you have an Aadhaar card with your mobile number linked to it, you’re good to go!

• 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 should be it. Your demat account should now be created.

Also Read: What is an IPO?

Step-by-Step Guide to Open a Trading Account in Upstox

Step 1: Registration

1. Visit the Upstox Website: Begin by visiting the official Upstox website at https://upstox.com. Look for the “Sign Up” or “Open an Account” option and click on it to initiate the registration process.
2. Mobile Number Verification: You will be prompted to enter your mobile number, preferably one linked to your Aadhaar card. Upstox will send you an OTP (One-Time Password) to this mobile number for verification. Enter the OTP to proceed.
3. Set and Enter PIN: After mobile number verification, you’ll need to set a 6-digit PIN for signing in to your Upstox account. Once you’ve set the PIN, enter it to access your account.

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Step 2: Account Opening

1. Open Demat Account: Once you’re logged in, navigate to the option that says “Open Demat Account.” This will be the primary account for holding your securities and investments.
2. Enter Basic Details: Fill in your basic personal details, including your PAN (Permanent Account Number) and Aadhaar number. These details are crucial for identity verification.
3. Document Upload: You will be required to upload scanned copies of essential documents such as your PAN card, Aadhaar card, and a cancelled cheque. Ensure that the documents you upload are clear and legible.
4. Complete e-KYC: The e-KYC (Know Your Customer) process is an important step in the account opening process. It involves verifying your identity and address electronically. Make sure all the information you provide is accurate and matches the details on your documents.

Also See: Upcoming IPO in India

Step 3: Choose Registration Method

1. Aadhaar-based e-KYC Method: Upstox offers a paperless registration method using your Aadhaar card details. To proceed with this method, ensure that you have a valid mobile number linked to your Aadhaar card and have scanned copies of your personal documents ready for upload.
2. Traditional Paper Registration: If you prefer a more traditional approach, you can opt for the paper-based setup. This involves printing out account opening and KYC forms, filling them out, attaching self-attested copies of your personal documents and photographs, and sending them to the specified address provided by Upstox.

Step 4: Understand the Charges

Before finalizing your account opening, it’s essential to be aware of the various charges associated with maintaining a trading account:

1. Trading Account Opening Charges: Brokerage firms typically charge a fee for opening your trading account. Upstox’s opening charges may vary, so check their current fee structure.
2. Annual Maintenance Fee: An annual maintenance fee is levied to keep your account operational. Make sure you understand this cost and its implications on your account.
3. Transaction Fees: Transaction fees are based on the number of transactions you conduct, either based on the value or the number of stocks you trade. Upstox offers competitive transaction fees, but it’s important to know how these charges are calculated.

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Tips and Recommendations

• Always keep track of the fees and charges applicable to your Upstox account to avoid any surprises.
• Ensure that you have sufficient funds in your trading account to cover your investments and fees.
• Regularly update your contact details linked to your Upstox account to stay informed about your account status and transactions.

In conclusion, opening a trading account with Upstox is a streamlined process that offers both convenience and accessibility. However, it’s crucial to understand the terms and conditions of the services provided, as well as the associated fees and charges. If you are new to trading or have any doubts, consider seeking financial advice to make informed investment decisions. Upstox’s user-friendly platform and comprehensive support can help you embark on your trading journey with confidence. Happy trading!

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