Unlock Wealth Review, Brokerage Charges, Demat Account & more

Unlock Wealth is a full-service stock broking company whose primary objective is to deliver unyielding stock trading services. It has a total of 110 positive customer reviews that build the stature of one of the best stockbroking companies in India right now.

Although the higher brokerage fee is something they often criticized for, they are experienced and provide fruitful assistance more often. The lack of features in their trading platforms often causes dissatisfied user experience and something they really should improve.

However, they do provide adequate services to their respective trading associates.

Unlock Wealth


Unlock Wealth Customer Ratings & Review

Experience2.6/5
Products & Services2.9/5
Brokerage Charges & Fees2.4/5
Stock Research & Advisory2.5/5
Trading Platforms2.3/5
Overall Ratings2.5/5
Star Ratings★★★☆☆
Total Client Reviews110

 


About Unlock Wealth

Company TypePublic
Broker TypeFull Service Broker
HeadquartersKANPUR (U.P.)
FounderAlok Tulsyan
Established Year2000

Unlock Wealth

Unlock Wealth is a Kanpur based stock trading company established in the year 2000. With 19 years of a competent stock trading service provider, they have successfully become one of the best stockbroking companies in Uttar Pradesh.

The charismatic founder Mr Alok Tulsyan had the vision to obtain Trading Membership of premier Exchanges. Eventually, the company acquired the membership from the Bombay Stock Exchange (BSE) and started its operation within a year. After that, they became a part of online trading organizations like MCX-SX Stock Exchange and finally National Stock Exchange (NSE).

The journey was a roller-coaster ride, but they reached the shore within nine years of operation and continued to provide quality services to their trading associates.


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Unlock Wealth Brokerage Charges

Equity Delivery Trading0.29%
Equity Intraday Trading0.03%
Commodity Options TradingNA
Equity Futures Trading0.03%
Equity Options TradingRs.29 per Lot
Currency Futures Trading0.03%
Currency Options TradingRs.19 per Lot
Minimum BrokeragePercentage of Transaction
Demat AMC ChargesRs.290 per Annum
Trading AMC ChargesFree
Margin MoneyZero Margin
Brokerage CalculatorUnlock Wealth Brokerage Calculator

Unlock Wealth provides stock trading services like Equity Delivery Trading, Equity Intraday Trading, Equity Futures Trading, and many more. However, they charge higher than their rival companies. For Equity Delivery they charge 0.29%, and for Equity Intraday they charge 0.03%.

The same is applicable for Equity Futures Trading. Unlock Wealth doesn’t deal with Commodity Options Trading up until yet. However, for Equity Options Trading they charge ₹29 per lot, whereas, for Currency Options Trading, they charge ₹19 per lot. There is zero margin money in effect.


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Unlock Wealth Other Charges

Transaction Charges0.00290%
STT0.0126% of Total Turnover
SEBI Turnover Charges0.0002% of Total Turnover
Stamp DutyDepends on State (very minimal)
GST18% of (Brokerage + Transaction Charges)

Like every other stock trading company, Unlock Wealth also charge some unavoidable fees. However, these fees won’t affect the profit margin much. So, the traders don’t need to worry.

The charges are transaction fees – 0.00290%, STT – 0.0126% of Total Turnover, SEBI Turnover Charges – 0.0002% of Total Turnover, variable Stamp Duty fees, and the GST of 18%. Please note that the GST calculation is the total of the brokerage fees plus the transaction fees.


 

Unlock Wealth Demat Account Opening Fees

Depository SourceCDSL & NSDL
Account Opening ChargesFree
Demat AMC ChargesRs.290 per Annum
Trading AMC ChargesFree
Margin MoneyZero Margin
Offline to OnlineYes

The traders of Unlock Wealth are happy to know that they don’t charge anything to open an account with them. The Demat and Trading account is complimentary with the free account, so, these are free to open as well.

However, there is an AMC fee for Demat accounts which is ₹290. For the Trading account, it is free though. The account supports both online and offline trading.


Unlock Wealth Offers

Free Demat AccountYes
Free Trading AccountYes
Discount on BrokerageNo
Trading Happy HoursNo
Flexible Brokerage PlansYes
1 Month Brokerage FreeYes
Holiday OffersNo
Referral OffersNo
Zero Brokerage for Loss Making TradesNo

Unlock Wealth provide free Demat and Trading account opening. There is an AMC fee for Demat account, but for the Trading account, it is entirely free of cost. Apart from that, they do have flexible brokerage plans and 1-month free brokerage plans to newbies.

However, they don’t provide any discounts on brokerage, neither they provide any Trading Happy Hour. No holiday offers, or referral plans make the offer section very dull for a trader’s enthusiasm. Of course, they don’t cover any loss suffered by traders.


To know about offers of other stock brokers check below

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Microsec CapitalN G RathiProgressive ShareRudra Shares
Modex SecuritiesNine Star BrokingProstocksR Wadiwala Securities

How to Open a Demat Account with Unlock Wealth?

To open an account with Unlock Wealth, the traders must follow the steps. Please note that the Demat account is complementary with the account.

  • The traders must download the Kyc and Account Opening Forms from the download section or follow the link http://www.upsecindia.com/pdf/KYC_Form_020319.pdf
  • Then traders must fill up the form and submit to the nearest branch.
  • Unlock Wealth will notify you with the account login credential after the KYC verification.

Why Open Unlock Wealth Trading Account?

With 19 years of experience in the stock trading industry, Unlock Wealth is a definite choice to open a Demat account. Here are the reasons that support the statement:

  • The account opening is free of cost, whereas, most companies charge a fee.
  • They provide quality stock trading services with very few complaints against them.
  • They are operating through 920 branches all around India.

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Unlock Wealth Products & Services:

Here are the list of Products & Services provided by Unlock Wealth

Products Offered by Unlock Wealth

Equity TradingYes
Commodity TradingNo
Currency TradingYes
OptionsYes
FuturesYes
Mutual FundsYes
ForexNo
BankingNo
SIPYes
InsuranceNo

Unlock Wealth Service Offerings

Demat ServicesYes
Trading ServicesYes
3 in 1 AcountNo
Intraday ServicesYes
IPO ServicesYes
Stock RecommendationsYes
Robo AdvisoryNo
PMSNo
Trading InstitutionYes
Trading ExposureUpto 2X

Unlock Wealth delivers a wide range of stock trading services like Equity Trading, Currency Trading, Options, Futures, Mutual Funds, and SIP. However, they don’t deal with Commodity Trading.

As discussed, a few times, Unlock Wealth deals with Demat and Trading accounts. Apart from that, they provide Intraday services, IPO services and essential Stock Recommendation services. However, they lack services like Robo Advisory, PMS, and 3-in-1 accounts. Unlock Wealth is a reputable Trading Institution that provides Trading Exposure up to


 

Unlock Wealth Research, Advisory and Stock Tips

Fundamental ReportsNo
Research ReportsNo
Company ReportsNo
Annual ReportsNo
Company Stock ReviewNo
Free Stock TipsYes
IPO ReportsYes
Top PicksYes
Daily Market ReviewYes
Monthly ReportsYes
Weekly ReportsYes
Offline AdvisoryYes
Relationship ManagerYes

Unlock Wealth delivers consistent stock trading services. Here is a list what they provide:

  • They provide free Stock Tips.
  • They provide IPO reports.
  • They suggest Top Picks.
  • They provide daily, weekly, monthly market reviews.
  • They offer Offline Advisory services.
  • They provide dedicated Relationship Managers.

Unlock Wealth Exposure or Leverage

Equity DeliveryUpto 2X
Equity IntradayUpto 2X
Equity FuturesUpto 1X
Equity OptionsUpto 5X
Currency FuturesUpto 2X
Currency OptionsUpto 3X
CommoditiesUpto 2X
Margin CalculatorUnlock Wealth Margin Calculator

The traders often criticise what Unlock Wealth offers as Exposure or Leverage. For Equity Delivery they offer a maximum of 2x. The traders are disappointed as they provide the same for Equity Intraday, Currency Futures, and Commodities. For Equity Futures, they offer a miserable up to 1x. However, for Equity Options, they provide a maximum of 5x. But again,  just 3x for Currency Options.


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Unlock Wealth Trading Platforms

Here are the thorough details on various trading platforms offered by Unlock Wealth to its consumers. All the platforms have been established in-house and always get progressed on an unremitting basis.

Desktop Platform – WindowsYes
Desktop Platform – MacNo
Desktop Browser PlatformYes
Mobile Site PlatformYes
Android App PlatformNo
iOS App PlatformNo
Windows App PlatformNo
Other Mobile OS PlatformNo
Real time UpdatesYes
Portfolio DetailsYes
Online MF BuyYes
News FlashYes
Research ReportsYes
Easy InstallationYes
Global IndicesYes
Stock TipsYes
Personalized AdvisoryNo
Interactive ChartsYes
Live MarketsYes
SMS AlertsYes
Email AlertsYes
Multi Account ManagementNo

Unlock Wealth provide an average trading platform experience:

Unlock Wealth Trading Terminal:

Unlock Wealth delivers a seamless desktop application which supports only the Windows operating system. The traders can review market via Real-time Update option, get details about company portfolio and accumulate information about Global Indices using this application.

The traders can buy MF online or and can check News Flashes from the market. The desktop application comes with Easy Installation option and but lacks some essential features like Personalized Advisory and Multi-Account Management.

Unlock Wealth Web Trading Platform:

With the browser version platform, Unlock Wealth intends to deliver similar features which are available in the desktop application. The good thing is this platform is browser responsive and therefore supports mobile browsers.

Unlock Wealth Mobile App:

Similar to the desktop application and the browser version, Unlock Wealth also delivers a Mobile App for hassle-free stock trading activities on the go.

The app is available in both Android and iOS which can be download from their official website or the respective app stores. It also has live SMS and email alerts to notify the traders what is happening on the market.


Unlock Wealth Customer Care

Dedicated DealerYes
Offline TradingYes
Online TradingYes
24*7 SupportNo
Email SupportYes
Chat SupportNo
Toll Free NumberNo
Branches920

Unlock Wealth provides dedicated dealer support via 920 branches scattered all across India. They provide support to both online and offline users. The traders expect a 24×7 service, which is not available now. However, their responsive email support is capable of handling issues. No chat support or toll-free numbers yet.


Unlock Wealth Complaints and Feedback

Find the list of complaint against Unlock Wealth:

Lodged in BSE0
Resolved in BSE0
Lodged in NSE1
Resolved in NSE1
Percentage of No. of Complaints Received Against Number of Active Clients0.01

After 19 years of operation, Unlock Wealth is brilliant is providing seamless services. Hence, very few complaints have issued against them. Just a solitary one to be precise which have been dealt with successfully.


Unlock Wealth Disadvantages:

Unlock Wealth has a few issues which they should deal professionally. Here is a list of such problems:

  • They charge high brokerage fees compared to other rival stock trading companies.
  • They don’t deal with Commodity Trading.
  • The Exposure / Leverage ratio they offer is insufficient.
  • They offer minimal Research & Advisory services compared to rival companies.

Unlock Wealth Conclusion

Unlock Wealth is a reputed stock trading company in operation for 19 years now. They are operating from 920 branches across India. Therefore, this is quite an accomplishment for a company who has started their venture in Kanpur.

They are trustworthy and fulfil whatever commitment they make and almost negligible complaints from BSE or NSE. Bottom line, if they can resolve some issues, they can be considered as one of the most trustworthy stockbroking companies in India.


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