Prostocks – An Overview
Prostocks is a venture of Sunlight Broking LLP. It is a leading online broker house that allows customers to invest and trade in the Indian Stock Market through the Prostock app.
They facilitate trading in different segments, such as Equity, Commodity, Currency, and Derivatives. They are also starting Mutual Fund services shortly.
They are known for providing a meagre brokerage fee in comparison to traditional full-service stockbrokers. Prostocks is an online broker and hence does not have physical branches, RMs or expensive advertisements.
Their efficient management of expenses enables them to provide services at a lower cost.
Prostocks was founded in February 2016 and is based out of Mumbai.
Prostocks – Mobile Trading App
Recently introduced mobile app of Prostocks is much lightweight as compared to other options available in the market.
Its small file size makes it lightning-fast, and it consumes less space on your phone.
The Prostocks App is available for both Apple and Android users. The app can be freely downloaded from the Google Play Store and iTunes Store, whichever is applicable.
The download size of this app is only 6.14 MB. It has over 10,000 downloads and has a cumulative user rating of 2.9 stars on Google Play Store.
Here are the top features of Prostocks Mobile Trading App.
- Users can trade across different segments, including Equity, Commodity, and Derivatives using only one app.
- Its user interface is easy and convenient for beginners. It allows you to trade and monitor your trading activities from almost everywhere.
- Live market watch, which is customizable and gives you real-time updates on your favourite stocks across different industries.
- All trading activities are auto-synced with other trading platforms such as web trading tools and desktop terminal.
- It is highly secure and fast fund transfer process.
- You get access to a wide range of charts. Lines Charts, Bar Charts and Candlestick Charts can be viewed in different time frames ranging from 5 minutes to 1 day.
- Prostocks Mobile App also has over 100 technical indicators for extensive technical analysis. Bollinger Bands and RSI etc.
Prostocks Brokerage and Charges
Using the Prostocks Mobile App is pocket-friendly. When compared with other full-service traditional brokers, it is cost-efficient and can save up to 60% to 90% in terms of service charges being paid.
- Account Opening – There is no account opening fee imposed by Prostocks.
- Annual Maintenance – Zero Annual Maintenance Charge on Demat and Trading Account.
- Brokerage – Equity Delivery, Intraday, and Derivatives are charged at flat Rs 15 per executed order. The same is applicable for Commodity Intraday as well. However, Currency Derivatives are be traded at Rs 10 per lot.
- Monthly Packages – Prostocks offer monthly packages for regular traders. All kinds of Equity trading and Currency trading can be done for only Rs 899 and Rs 499 per month, respectively.
- Yearly Packages – Similarly, Equity and Currency trading are available at Rs 8999 and Rs 4999 per year, respectively.
Read Also: SMC Global Vs Prostocks Comparison – Side by Side Compare
Other Trading Platforms
Along with Mobile Trading App, Prostocks offer 2 more trading platform options for their users.
Web-Based Trading Platform
This is similar to the Mobile Trading App. All the features remain the same as above.
Web-Based Software does not require downloading and installing; it can be simply accessed through a web link.
Web Trading Platform is compatible with Google Chrome, Mozilla Firefox, Internet Explorer and Safari Web Browser. It is a suitable pick for more casual traders.
Desktop Trading Platform
Prostocks also offers a desktop-based software, which can be installed on Windows computers using an executable. Installation and set-up are straightforward to do.
It is a terminal-based trading platform and comes with professional-grade tools of trading.
It is suitable for advanced traders and investors.
Both of these trading platforms are auto-synced with your activities on the Mobile App. Also, the same set of login credentials works on all the platforms, and there are no additional costs of using these tools.
Read Also: Stoxkart Vs Prostocks Comparison – Which One is Better?
Prostocks Mobile App Pros And Cons
Here is a quick comparison of the pros and cons of being a customer at Prostocks.
Pros
- Well-tailored brokerage structures for beginner and heavy traders. You can choose a plan according to your needs.
- Call and Trade facility available at a little cost.
- The account opening process is entirely online and hassle-free.
- A variety of free and paid trading platforms are available for customers.
- Highly developed in-house platforms that provide enhanced trading experience and prompt error resolution.
Cons
- Prostocks Margin and Leverage are less compared to other service providers.
- Investing in IPOs is not possible with Prostocks Mobile Trading App.
- The mobile-based trading app is newly launched and has a lot of scope for improvement.
Conclusion
When keenly observed, Prostocks Mobile App and related services come out to be a decent option for satisfying most of the client requirements.
Relatively lower brokerage charges and prompt customer service is all that a trader can ask for.
One should also keep in mind that the mobile app of Prostocks is continuously under the improvement process and moving towards providing a seamless and delighting trading experience.
Readers are advised to compare Prostocks with other available options as well thoroughly.
Prostocks Mobile App FAQ
Q. How to login Prostocks Mobile App?
You can download the Prostocks Mobile App from Play Store or iTunes Store for free. To log in, you will require a set of id and passwords, which can be obtained by opening a free Demat and trading account with Prostocks.
Q. Are these Mobile Apps Free?
Yes. All the trading platforms of Prostocks, including Mobile App, Web-Browser Based App, and Desktop Terminal are free for their customers. Though the download and usage of the app are free, other trading charges may apply as per the company’s rules.
Q. What are the Account Opening Charge and Annual Maintenance Charge at Prostocks?
Prostoks provides a free Demat and trading account for everyone. They have online and offline account opening processes, and they claim instant account activation after furnishing your eKYC, eSignature, and other identity-related documents. There is no Annual Maintenance Charge on Prostocks Demat and Trading Accounts.
Q. Do they have zero brokerage for delivery?
No. Unlike other discount brokers, Prostocks does not offer free delivery of Equity Stocks. They provide Equity Delivery at flat Rs. 15 per transaction, regardless of the turnover. Every broker has their way of applying the charges.
Q. Can I trade in derivatives using these apps?
Prostocks enable their customers to trade across derivatives. Currency F&O and Equity F&O are available with the Prostocks Mobile Trading App. Brokerage for Equity Delivery trading is Rs 15 per order, whereas Currency Derivatives are available at Rs 10 per lot.
Stockquantum was founded by Dharmendra Mukati in 2018. I am a Trader and Investor in the last 10 years.
I am writing here about stock broker review, broker comparison, IPO investment, Crypto currencies, technical analysis, fundamental analysis, sub brokership, mutual fund, personal finance, and our experiences.