Dont do daytrading with 5paisa.com. wHY?

[rvlv]

gENTS,
I HAD A BITTER EXPERIENCE DAYTRADING STOCKS WITH 5PAISA.COM

I wish to share it with you all.

WHY you should not daytrade with 5paisa.com?

Because
1.their servers fail often
2.you will most likely go for auction and get screwed up for 50000 or even 90000 rupees loss
3.they wont help you but tend to show they are helping.
4.your daytrading brokerage will be changed over to delivery brokerage highest possible.
5.if you miss to cover a short sell ,they cannt even cover it for you on your request in the 1 hour off mkt trading session.
6.MAY BE THEY MAKE MONEY AT YOUR COST-GOD KNOWS.

NET result = Disaster AND A BIG LOSS

Instead gaining 2 rupees you loose 21 rupees a share.

What is the biggest drwback of 5paisa.com?
1. They dont have automatic squareup facility.only icicidirect,indiabulls,sharekhan have this facility.

what use of auto squareup?

you will settle your transactions by computer at 15-10hrs or 15-20hrs.
Even IF power failed,internet gone,telephone link down-it does not matter
the system will square up all your pending positions without any action on your part.

RVLV

My message
if you have to daytrade,
use the brokers that have automatic square up facility.
IT MAKES YOU IMMUNE TO POWERFAILURES,SERVER CRASHES,INTERNET FAILURES, AND PC CRASH DUE TO OTHER PROBLEMS.
Indiabulls is lowest brokerage, 0.03%
icicidirect has highest brokerage.,0.15% to 0.20%
sharekhan has medium brokerage
But surety is
YOU WILL NEVER GO FOR AUCTION AND LOOSE THOUSANDS OF RUPEES OF YOUR MONEY.

CHECKKLIST FOR DAYTRADERS IS
1.LOWEST BROKERAGE
2.AVAILABILITY OF AUTO SQUAREUP
3.STOPLOSS
4.STABLE INTERNET AND UPS BACKUP
5.DIRECT TELEPHONE CONTACT WITH YOUR BROKER

 

[rvlv]

DONT EVER ALLOW YOUR BROKER TO GET RICH BEFORE YOU DO.icicidirect.com and 5paisa.com are two front runners in the race to get rich at the cost their clients.

Are you using them?
think twice!

rvlv

 

[bangerabs]

I had experience with 5 paise treating each transaction as separate even if the scrip is one and then charging minimum demat charges, i.e if u sell 25 shares of a particular scrip four times at different rates in a single day and total sale is say 100., the minimum delivery charges are charged 4 times, instead of 1 time on total delivery. When I checked debits in my ledger, next day my action was to close the trading account with them. Never encourage any brokers who are cunny, crafty and shrewed. Deal only with such brokers, who are more transparent.

 

[yartushar]

i am using geojit from past 2 months. and my experiance with geojit is really very nice. bcz of their low brokerage charges and fast trading.

 

[shijuthomask]

Short-selling happened twice with me and once with my friend in a very short span of 1 1/2 months. Of the 9000 Rs. traded, I lost 3000 after it went to auction. They didn't even do the least to help me.

I wish to share the experiences I had with 5paisa.
1. There web-based software seems to behave erratic often.
a. Two of my friends are able to see other peoples exposure in their login. Initially i didn't believe, but they reproduced this to me.
b. There is no warning on whether we are doing a short selling ahead of placing order. I doubt all the 5paisa customers might have experienced issue with wrong short selling at lease once.
c. Order price changes when it goes to BSE/NSE. I am not sure why this happens.
d. In the web-based app, the server responds too slow. Seeing no response user tends to click the Place Order button multiple times. Result - those many orders will get placed. If you are trading in 5paisa, always keep watching the Order and Trade Report for the short sellings.
e. They are sending passwords up and down in the web link (PACE). I am not sure how secure it is?
https: //mda1.5pmail.com/ resetPassword.php?adminuser=mailadmin&adminpass=Ma23p5Rd&user=xxxxxx&newpass=xxxxxx
(xxxx - originally had my userid and password. I had masked it here.)
f. I am using 128 KBPs broadband line. The web page mostly does not respond in the peak hours (9:55-10:30). Their server does not respond during this period.
g. Can anyone help with understand the concept behind the inter-settlement changes they take?
2. RMs are hopeless.
a. Same as my friend mentioned above. They do nothing to help you, but pretend as they help you. They don't give proper information.
Another short selling issue - Once another accidental short selling happened and I made up my position by buying twice the quantity on the same stock. I called up the RM and asked how should I square off. He replied autosquare-off will happen at EOD. Next day when I checked the Holdings, the entire buy and sell had moved to delivery. I called up the RM, he responded, "Sir, you didn't call me the previous day". When he got convinced that I called the previous day, he responed,"Sir, you called me after trading hours". But I had called them at 2:00 PM.
(After this I learned from traderji that 5paisa does not have autosquare off. This feature was wrongly communicated to me.)
b. If we report any issues with software, they tend to put the blame back on the customer. They make the customer feel, that we are doing big mistakes during the trading.
c. Even though the delivery trades are T+2 rolling, for 5paisa this is T+5. It takes 4 days for the amount to reflect in the exposure. On the 5th day it will show up in the ledger. If you need to know your correct exposure, you need to call up the RM or customer care. (I feel 5paisa should document and inform this to thier customers.)
3. Their customer care is even worse.
a. I got the login after 1 month of relentless effort. And it took another one month to get the welcome kit. When I called up the customer care to ask about the welcome kit, they informed your welcome kit request is not placed.
b. Once there was a correction in ledger, it took one month for them to clear it. They need lot of approval to correct the mistakes they do.

I REALLY FEEL THEY ARE MAKING MONEY FROM THE WRONG SHORT-SELLING AND ISSUES WITH THEIR SOFTWARE.

 

[beginner_av]

great news....hope we and you all enjoyed it...thanks for letting us know..
now for the serious part...all brokers seem to have some horror stories or the other..read about reliance money in another post...my own experience not being very good with religare and sharekhan...and strangely some characters in this forum jumps up to defend these brokers (we all know the antecedents of such characters)....i am sure we can make a sticky thread and put these specific threads together there for others to see it and make wiser or shall i say less foolish choices?

 

[rickyric_ny]

DONT EVER ALLOW YOUR BROKER TO GET RICH BEFORE YOU DO.icicidirect.com and 5paisa.com are two front runners in the race to get rich at the cost their clients.

Are you using them?
think twice!

rvlv

ADD India bulls to this list too... Initially they were good but recently they started to be competitor to ICICI direct.

 

[tintin8801]

ADD India bulls to this list too... Initially they were good but recently they started to be competitor to ICICI direct.

how come indiabulls come in comparison with icici!! ?? pls explain?

 

[anjanr]

sski doesnt have autodquare off. but there support is best of all the brokers i have tried

 

[karim100]

how is geojit financial online trading, is it good enough?

regards
karim