Confused - Sharekhan vs Icicidirect vs Hdfc vs Kotak vs Indiabulls vs 5paise

[Xaero]

How long have you been using reliance money? Do you know that reliance money has the worst reviews due to their complicated brokerage structure?

If it works for you fine but just from the reviews I would say they are the last brokerage anyone who takes opinion would choose.

 

[lazytrader]

Dude, I'm just hoping my comments would help someone who would otherwise get trapped with some weird brokerage scheme that everyone who uses complains about. I know because I got stuck with a stupid broker with very bad service because I didn't ask enough people before getting an account.

 

[scorpio77]

HI LT,

Which is the broker you recommend for a combination of
Futures and option trading (80%)
Delivery based equity (20%)

The brokers (SK and 5 paisa) are offering 0.05 and 0.25 and Rs 70 or 1.5% (whichever is higher) per lot for options.

Can trade only through web interface. Do any of them offer charting without any download / installation?

Thanks in advance.

Dude, I'm just hoping my comments would help someone who would otherwise get trapped with some weird brokerage scheme that everyone who uses complains about. I know because I got stuck with a stupid broker with very bad service because I didn't ask enough people before getting an account.

 

[lazytrader]

HI LT,

Which is the broker you recommend for a combination of
Futures and option trading (80%)
Delivery based equity (20%)

The brokers (SK and 5 paisa) are offering 0.05 and 0.25 and Rs 70 or 1.5% (whichever is higher) per lot for options.

Can trade only through web interface. Do any of them offer charting without any download / installation?

Thanks in advance.

Hi scorpio,

Can't say much about web based charting. However most trader do provide web based option to place orders as a backup in case the software doesn't work. I can't say much about this maybe someone else can clarify - I think ODIN doesn't require any installation, you can simply zip the ODIN folder and take it with you to work and use charts in there <- Again I am not sure about it because I havent used it but from demos it looks like it uses a zip self extractor which means if you are able to run a software from a computer then the all that is required is the folder containing all the ODIN updated files like masters etc.

I feel ODIN is a better platform simply because it is third party so brokers don't modify it to their liking as they want and it will stay pretty much standard. Besides extracting data from ODIN for use in other charting software like amibroker, metastock, fibotrader, fcharts etc is possible - in realtime!

As for brokerage - Religare gives you .025% and .25% for annual payment of Rs.2500/- adjusted to your brokerage amount (your charges are reversed if annual brokerage is over 2500 in the year). It seems to be a decent plan even for low volume users.

If you are sure to generate a volume of 10 cr for the year in F&O (about 1 nifty lot buy and sell/day for 250 days not counting delivery brokerage) you can get .015% and .15%!! for upfront brokerage of Rs.15,000 adjusted to total brokeage amount Bit too high to commit for a yr.

There are other plans as well. Overall I feel Religare with their brokerage plans are quite good. I wanted to check out Angel because they seem to be emphasizing on cu service a lot, provide ODIN too and seem to offer low brokerage.

So can't put my finger on it right now. If you contact Angel and Religare reps and let me know what they are offering then maybe we can discuss the pros and cons a bit further.

I do have to mention that India Infoline terminal is one of the best I have seen. But ODIN doesn't seem to be that bad. Sharekhan has the delayed quotes problem so I am ruling them out straight out. I don't like to signup when I know there is a issue beforehand. Besides I think the problem escalates when there is a volume spike on the exchange.

I don't know if you have read my thread here: http://www.traderji.com/brokers-trading-platforms/29178-differences-between-trader-terminals.html

I insist you go through it. I really learnt quite a bit from it. Dont forget the check out the demos in my first post of the thread.

If you don't mind paying extra for good service and terminal then IndiaBulls beats hands down. If you want the lowest available brokerage without any volume gurantees then it is RKGlobal. I don't know if anyone can beat RKGlobal brokerage wise. Again they provide ODIN. Brokerage is Rs.9/lot in F&O and Rs.9/contract in delivery. They have a monthly charge I think Rs500 for NSE cash and F&O segment. (BSE again is calulated as another segement).

I am trying to find a balance between cu service and brokerage and platform so I would say get in touch with Angel, religare and RKGlobal. Platforms are the same - ODIN. So comes down to cu service and brokerage.

You choose!

Let me know if you have any new info. I am doing an extensive research on each broker to find one that I can stick to for good. No future hassles.

Hope that helps :thumb:

 

[scorpio77]

Thanks a Ton! LT

Your info has been very useful. Will keep you updated on the progress.

 

[Sunil]

How do you find out which is the less loaded server?

The latest version of Trade Tiger has "Auto select best server" feature, with an alternative to manually choose the desired server too.
("best server" means, the server with the least no. of members logged in)

 

[trader4life]

Sunil Sir,
Can you suggest me a good technical analysis software please.What is the one you use.
thanks
:clap:

The latest version of Trade Tiger has "Auto select best server" feature, with an alternative to manually choose the desired server too.
("best server" means, the server with the least no. of members logged in)

 

[murthymsr]

Hi
I find this thread to be highly informative and useful to all beginners in choosing their broker.

One very important thing is the facility to transfer the funds (profits), when they arise, from the trading account to the bank account without any manual action by the broker. One must be able to do it online and this transfer must be automatic and instantaneous. Then only it can be called a real 3-in-1 account.

How many brokers qualify on this criteria? Any information on this will be very much useful to all.

I have been using ICICIDirect and the funds transfer is instantaneous. CanMoney also may be just as good, I hope.

Thanks for your time.

murthymsr

 

[lazytrader]

By automatic do you mean transfer of funds back to your bank account without requiring any action on your part?

I don't know if any broker does that. You can always withdraw funds online by requesting payment which will be done electronically. I don't know of any broker that would automatically credit money to your bank account each day. They earn interest on the money with them.

I have this account with SBI 3-in-1. Since I trade intraday my money is always in the bank only costs are withdrawn from my bank account. If there is net profit then nothing is withdrawn or credited. Then profits stay with the broker (motilal oswal) which can be withdrawn same day (credited to bank by next day morning) but the service is so bad that I would recommend anyone and everyone to stay away from it.

 

[murthymsr]

By automatic do you mean transfer of funds back to your bank account without requiring any action on your part?
.........

Not On my part, but without any l action on the broker's part.

Suppose, I have some profit in the trading. I may be able to click a button or two on the trader's site and the money is transferred instantaneously into my bank account. I think this is the most desirable facility.

On the other hand, I make a request on phone or through net/terminal and the broker will 'consent' and does some action after which only, money is transferred into my account. This is NOT preferred.

In the second case, the broker may delay the transfer, if he so desires for his own reasons and we may have to tell all our 'miseries' to get the transfer done/consented by him.

In the first case, the transfer is done instantaneously and in the second case, it is done by next day morning at the earliest.

I hope, I made it clear at least now.

Thanks LT for your quick response.

murthymsr