In a world where flashy returns and influencer-backed promises dominate your feed, it’s becoming harder for retail traders to separate fact from fiction. Both Univest and RA Algos by AlgoTest claim to simplify trading through SEBI-registered advice. But dig a little deeper, and you’ll find one is built on transparency, the other on illusions.
Let’s break it down.
Quick Comparison Table
Feature | AlgoTest – RA Algos | Univest |
|---|---|---|
Platform Type | Marketplace of SEBI Registered RAs | In-house SEBI RA (Univest Advisors LLP) |
Backtesting | Available, 25 Free every week | Not available |
Forward Testing | Available, free for first few days | Not available |
Algo Trading | Yes | No |
P&L Disclosure | With brokerage, slippage & charges | Without brokerage or tax disclosure |
Signal Latency | Ultra Fast Execution | App notifications delayed, Telegram used without informing |
Slippage Awareness | Slippage can be added in logs and backtests reports | Ignored, unrealistic entries and exits |
Univest's Red Flags: What We Discovered
Over the course of 10 days of live trading and 1 month of forward (paper) trading, we tracked every trade issued by Univest. Here’s what we found:
1. Delayed Notifications
- App notifications often arrived too late to act on.
- Univest privately told us to use Telegram/WhatsApp instead, but never disclosed this to users.
2. Misleading P&L Figures
- Univest claimed profits of ₹2,908 in options.
- Our actual results: ₹ -19,293 after brokerage and charges.
- No visibility of brokerage, taxes, or costs in their reports.
3. Ignored Slippage
- For options, exact entry prices are shown without realistic execution range.
- Every trade we executed suffered from negative slippage, especially in illiquid contracts.
4. High, Undisclosed Leverage
- Several trades involved naked futures positions, carried overnight with no disclaimer.
- Leverage levels exceeded 4x in some cases, drastically increasing risk.
5. TEJASNET Trade, Manipulation?
- Trade issued on a market holiday with entry range of ₹1,180–₹1,210.
- Market opened next day at ₹1,425, impossible to enter the trade.
- Yet, Univest claimed this trade hit target and included it in performance reports.
6. Fake Reviews and Ratings
- On both Google Play and App Store, rating patterns show fake 5-star reviews.
- Real users mention delayed notifications, misleading results, and losses.
Features and Analysis
1. The Core Offering: Marketplace vs. In-House
RA Algos by AlgoTest
- Marketplace model: Aggregates dozens of SEBI-registered research analysts, each offering their own algos.
- Choice & competition: You can compare track records, backtest any RA’s algo, and select the one that matches your risk appetite.
- Decentralized accountability: Every RA’s P&L data and live performance is published, with full transparency on costs, slippage, and taxes.
Univest
- In-house RA: All advice comes from a single entity (Univest Advisors LLP).
- Limited diversity: Algos are developed by one team; lack of competition may stifle innovation.
- Opaque performance: P&L figures are presented without full breakdowns, leaving users in the dark about real costs.
Why it matters: A marketplace drives RAs to perform, your success is their reputation. An in-house model risks a single point of failure and limited accountability.
2. Backtesting & Forward Testing: Simulate Before You Commit
RA Algos by AlgoTest
- Historical data since 2017: Over 7+ years of tick- and minute-level data across Nifty, BankNifty, Finnifty, Sensex, midcaps, and more.
- 25 free backtests per week: Try any algo without paying; perfect for vetting multiple RAs.
- Advanced modeling: Add slippage ranges, brokerage tiers, exchange levies, and taxes to your simulations.
- Forward testing (paper trading): Free trial period lets you run real-time signals in a simulated environment, capturing live market nuances.
Univest
- No backtesting: Strategies cannot be simulated against historical data, blind faith required.
- No paper trading: Users must deploy capital to “test” performance, exposing them to full market risk from day one.
Why it matters: Backtesting and forward testing are the cornerstone of systematic trading. Without them, you’re flying blind, exposed to hidden pitfalls and untested edge decay.
3. Algo Trading & Execution Speed
RA Algos by AlgoTest
- Automated API execution: Integrate directly with 45+ brokers; trades fire within milliseconds of signal generation.
- Zero manual lag: No reliance on mobile notifications; every order is placed programmatically.
- Robust error handling: Automatic reconnections, retry logic, and real-time alerts if orders fail.
Univest
- Manual notifications: Strategy signals are pushed via app alerts (often delayed) or Telegram messages (undisclosed channel).
- High latency risk: Market moves fast; minutes of delay can turn winners into losers.
- No automated fallback: If you miss a notification, there’s no backup execution.
Why it matters: In derivatives markets, where spreads are tight and instruments are leveraged, execution speed can define profitability. AlgoTest’s automated infrastructure ensures you never miss a beat.
4. P&L Transparency & Slippage Awareness
RA Algos by AlgoTest
- Full P&L disclosure: Strategy reports include gross P&L, net P&L after brokerage, exchange fees, and taxes.
- Slippage modeling: Choose conservative, moderate, or aggressive slippage bands to stress-test dry-runs.
- Real-time P&L tracking: Dashboard displays both live and historical performance, no hidden fees.
Univest
- Gross P&L only: Reports show idealized profits, omitting commissions, taxes, and slippage.
- No slippage: Unrealistically assumes you always get mid-price fills, which is impossible in fast markets.
- Surprise costs: Users discover real costs only after settlements—often too late to react.
Why it matters: Accurate P&L modeling prevents nasty surprises when the bill comes. Knowing your true performance empowers smarter position sizing and risk control.
5. Risk Management & Leverage Visibility
RA Algos by AlgoTest
- Position-sizing tools: Built-in calculators for Kelly, fixed-fraction, and volatility-parity sizing.
- Leverage indicators: See your effective leverage per strategy; avoid hidden margin calls.
- Stop-loss simulations: Test various SL rules (ATR multiples, percent-based) to find optimal drawdown paths.
Univest
- Opaque leverage: No clear disclosure on margin usage; users may inadvertently take 4x or higher exposure.
- No sizing guides: Traders left to guess optimal lot sizes, risking oversized bets.
- Limited risk stats: No Max Drawdown (MaxDD) charts or stress-test reports provided.
Why it matters: Proper risk management is the bedrock of longevity. Transparency around leverage and drawdowns keeps traders in the game through rough patches.
6. User Interface & Experience
RA Algos by AlgoTest
- Strategy-centric design: Dashboards organized by RA, strategy, and instrument—minimizing clicks to insights.
- Drag-and-drop builder: Point-and-click interface for defining strategies, setting SL/TP rules, and scheduling alerts.
- Integrated charts: Overlay indicators, trade markers, and drawdown curves on historical price action.
Univest
- Generic panels: Screens resemble basic order-entry apps; strategy details are buried in menus.
- Manual setup: No visual builder—users must memorize syntax or copy/paste commands.
- Separated modules: Backtests (if any), live orders, and analytics live in different sections, inefficient workflow.
Why it matters: A well-designed UI accelerates adoption and reduces errors. When you can set up live trading as quickly as you test a prototype, edge capture becomes frictionless.
7. Community & Support
RA Algos by AlgoTest
- Active Telegram group (11k+ members): Strategy discussions, weekly market debriefs, and RA Q&A sessions.
- Real-time chat support: In-app chat during market hours for instant troubleshooting.
- Webinars & tutorials: Monthly live workshops with RAs, covering new strategies and platform enhancements.
Univest
- No public community: No forum or group for peer support.
- Slow email tickets: Support queries often take 24–48 hours for a response.
- Limited educational content: Few recorded sessions; lack of systematic tutorials.
Why it matters: Learning never stops in trading. A vibrant community and responsive support shorten your learning curve and keep you on top of market shifts.
8. Regulatory Compliance & Trust
RA Algos by AlgoTest
- All RAs SEBI-registered: Verify credentials, experience, and compliance history at a glance.
- Audit trails: Every signal, execution timestamp, and P&L report is logged immutably.
- Data privacy: Users retain full ownership of their strategy parameters and trade history.
Univest
- Single-entity compliance: Only Univest Advisors LLP is SEBI-registered; individual analysts lack direct visibility.
- Limited audit logs: No public audit trail; users rely on trust rather than evidence.
- Data sharing concerns: Strategies and orders pass through Univest servers, unclear policies on data usage.
Why it matters: In regulated markets, proof of compliance isn’t negotiable. Transparent audit logs and verified credentials protect both traders and their capital.
Why RA Algos Was Created by AlgoTest?
We built RA Algos to offer an honest, data-driven path for traders:
- Every algo is built by a SEBI Registered RA
- You can backtest it, forward test it, and automate it.
- Slippage, brokerage, and costs can be included in our reports
- Nothing is hidden. No unrealistic promises. No fake win rates.
“90% of retail traders lose money in derivatives.” – SEBI
Yet on AlgoTest, 45% of active users were gross profitable in FY. 2023-24, because we give them real tools, not marketing fluff.
Don’t Get Misled by Flashy Numbers
If someone promises 100% win rates in trading, they’re either lying, lucky, or leveraging data manipulation.
Trading is hard. But it can be made easier with:
- Transparent data
- Real SEBI Reg. RAs
- Automated execution
That’s what RA Algos by AlgoTest stands for. Check out RA Algos now!
