share experience with reliancemoney.com

[ranj_2k]

I am using Reliance Money since its launch and ICICIdirect since one and half year. My observations are -
1. Reliance Money brokerage is very very cheap in comparison to Icicidirect. In Rs.500 you can take delivery for Rs.6 lacs in a one year time. If you are Margin and F&O trader you can do trading upto Rs.1 Cr. in two months time with Rs.500. Service tax + STT extra.
2. Their Demat annual charges is Rs.50 and transaction charge is Rs.12 per transaction sale.
3. Features of Trading portal is not as good as Icicidirect. But it is sufficient for a small investor.
4. They do not send hardcopy of contract notes. You have to save in html format in soft copy for IT purposes.
5. As such I have not faced any problem in execution of order. Mostly I trade in F&O. Server error mostly I found in Icicidirect in comparison to Reliance.
6. Once you have shares in demat form either with Reliance or Icicidirect you need not to give Delivery Instructions Slip in hardcopy. It is being done automatically by the system.
7. You can link your existing bank account having online fund transfer facility (ICICI, Axis Bank, HDFC Bank, etc.) with Reliance Money A/c.
8. I have also tried Fund Withdrwal from Trading A/c and it comes within 48 hours. Fund also got transferred to Trading A/c instantly and you get the trading margin.
9. Leverage up to 5 times of the available funds for intra day.
10. You can also invest in MF, MF thru SIP, IPO etc.
11. Their news content provider is Capital Market and site developed by Asian CERC both have good name in their respective field.

 

[muralimr]

Is ICICI Bank supported by Reliance money for fund transfers? Till now I heard only about HDFC , Axis & IDBI.

 

[jayanti1108]

In my city Reliance Money only accepts HDFC bank & UTI bank but not ICICI bank. I hv applied 5 days back.

 

[palani]

Dear all,

Their trading software is not good. due to that we are loosing money.
by giving complaints to customer care they are not replying to the correct manner, somehow they want to close the complaint without correct reply there by customer is loosing money, Who is personnely responsible? Nobody.

Nobody is having face to face responsible for the problem.only thro' telechating is possible even that also we are not getting correct reply.

palani

 

[ranj_2k]

Dear All,
My experience with Reliance Money is good. Once you lodged a complaint, they will definitely call you and will try to solve your problem. May be others experience are not good. As per my knowledge most of the brokerage houses are outsourcing the trading software. The trading portals of ICICdirect and Reliance Money has been developed by Asian CERC and hence problem faced by the Investors should be more or less same with both the site.

Advices from senior members are solicited to properly guide the forum.

 

[rajinvestor]

My experience with Rmoney is also bitter & getting more bitter day by day.
1. Rmoney website is very user-UNfriendly I am using net since 1999 and I've been a heavy user of internet. In fact 6 yrs ago I have done marriage with one of my netfriends hence noone can say I am new to net sirfing. Demo never worked. Insta trade promises are like politician's promises 2. Short delivery -Auction Five times in just two mths. I am a new investor in stocks. I had to search in wikipedia to know what's short delivery.
3. Opening Ledger balance doesn't match with previous day balance.
4. Low brokerage is a sugar coated pill. They are having hidden charges like "MANDATE CHARGES".
5. They have deducted 417 Rs for Limit card charges in spite of the fact that I have 2500 Rs limit card with 60 lac delivery limit. They count ordered value for limit calculation and not traded value. If you edit your order both orders will be counted.
6. There portfolio service is worst. 50 shares of Ambuja cement which went short delivery like dena bank, Rel. Capital, ONGC etc but there portfolio shows them purchased and showing profit also. Now they say portfolio will soon be available. Kindly bear with us.
I am not only customer of Rel.Money but also an investor. I've 76 shares of Reliance capital & much more invested in other reliance scrips. Hence I won't charge and defame falsely a company where I am heavily invested. Perhaps Reliance management has ego problem like USA. As U.S., it's economy and $ are loosing its glory. May be with time reliance will have the same fate. If things will continue like this I will tilt my portfolio towards L&T,Bhel,ABB,Punj Lloyd and away from ADAG & MDAG. May God give reliance people sense to understand that there is difference between running refinery and brokerage like buisinesses where common man is customer & CUSTOMER IS THE KING IN MARKET.

 

[pakatil]

CUSTOMER IS THE KING IN MARKET

I think it is the biggest Joke of our times. Customers are taken for a ride in the most unimaginable ways. More so the hapless Traders. There is not much difference between Brokers. Broking is a well oiled machine that has been configured to cheat in the most innovative means. Traders have no choice but to undergo all these misdeeds that are heaped on them.

Cheers
PAKatil

 

[veeruisgreat]

Reliance Money is one of the finest online brokerage platforms that i have been associated with in recent times. I have absolutely no major complaints against them

 

[ketan123]

reliencemoney is the biggest looser company. i m ashmed while i am also the member of that third class company who shows that they are leader.

 

[dnjadeja]

use odin diet software u all will surprised why m i stucked with these web based slow software.... take exprience of odin diet with any reputed broker...