Since nobody has yet posted to this thread on IBulls and 5Paisa, I yet again share my own limited views on both :
* IndiaBulls has a product called Power IndiaBulls. It is a Java based application. I don't know how Java application like this (with real-time streaming quotes) will work if your computer's configuration is not at the higher end. It is better that somebody who has used PIB with 256 MB RAM and Dial-up connection.
The Charges are nominal compared to I-Direct :
Brokerage for Delivery is 0.5%, Intra-Day is 0.1% for each Leg
Initially, they charge Rs. 250/- for A/c Opening and Rs. 750/- for activating PIB. If you don't want PIB, they have a Web based (Java Applet) trading system.
Though, I-Bulls offers both Cash and FNO, as of now only NSE is available. Their rep said that BSE trading is already available in certain cities, but not in all centres.
One thing worth remembering is that I heard horror stories of people who bought on their recommendations only to see the value of stocks plunge. If that story is true, then stay away from their recommendations. I have not come across very many negative reviews about their trading system. They will give you a demo - Take your decision based on that.
* I have been using 5Paisa's Trading Terminal for the past 2 weeks and am impressed by it. First, even their rep was sceptical whether their system will work over a dial-up connection. It does work and works well.
Brokerages : Delivery - 0.25%, Intra-Day : 0.07%
Min. Brokerage is 5 Paisa per share.
One thing I miss from I-Direct is placing of offline orders. You place an order by Friday night (provided their site is not down due to "maintenance"), check out on Monday evening if the trade did take place. The alternate way is to call your local office and ask them to place an order on your behalf.
With Trader Terminal 2005, both BSE and NSE are available (Trader Terminal only has NSE, so be careful when selecting the product) along with NSE F&O.
The problem with the web site is none of the pages are secure (https://). So it is theoretically possible for some hacker to eavesdrop on the entire thing. Not the case with IndiaBulls or I-Direct.
Since my trading time with them is so short, I cannot comment on support at this stage. But, I do get replies to my e-mails; not often did I get a reply from I-Direct.
Still, I-Direct scores over the rest in offering IPOs online. Apart from I-Direct, I know ShareKhan offers the facility, but no others so far.
* With SSKI / ShareKhan, they offer web based NSE trading. The web site also has a Java Applet for streaming quotes. But whatever little demo I have seen of it, I figure you are better of paying higher brokerages with I-Direct and availing the Pros I mentioned. Their brokerages must be same as IndiaBulls, I suppose. Their trading terminals are certainly not for "investors", only for active traders. That is because, you have to trade a certain volume every month, otherwise you end up paying a fine. I heard rates are abt Rs. 1,000/- per month. If you do not trade enough, then they deduct something like Rs. 500/- for each failed month. I am not very sure about the figures though.
Hope this helps.