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.


Open Demat Account with Unlock Wealth

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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.

    Get a Call back from Unlock Wealth

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      1. Open Demat Account

      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.


      Open Demat Account with Unlock Wealth

        Fill Your Details Here
        1. Open Demat Account

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