Hi mtrji657
I am a trader with more than 15 years of experience. I have both experience of proprietory as well as personal trading. Due to illness of my father, I've to come to my native place. The condition was so worse that I am not able to go back to my work place. At the same time, there was not so opportunity in my native place. So after sometime, my entire savings has got vanished and to my utmost dismay, I was at such a position i can't move from my native place. So the idea of personal trading came to my mind, although I knew that it was not the right time to trade in the market. But I've no option. Then I started searching brokerage houses to open an account. I found brokerages vary from 0.01% to 0.05% depending on your volume. Most of the brokerage houses offer Diet ODIN, NOW or NEST trader as trading interfaces. Previously I have experience in handling all these platforms along with NEAT terminal. After lots of research, I've zeroed two brokerage houses named ZERODHA and RKSV and opened account with both of them. I discarded others as I found the trading tips flashed on their terminal as crap and they always put me in confusion. Secondly my personality suits the brokerage structure of those two companies. After trading for almost two months in these two companies, I am sharing my honest view in this forum.
1. ZERODHA has order based brokerage structure (which is suitable for casual or non frequent trader or positional trader) where as RKSV has volume based brokerage structure (which is suitable for high volume trader such as jobbers and arbitrageurs).
2. ZERODHA offered NOW and NEST trader as trading terminal whereas RKSV has offered NOW as trading terminal. In this case, I found ZERODHA has more edge as NEST trader is better than NOW because NEST trader has never hanged in my laptop and it runs from 9 am to almost 11 pm nonstop. But NOW in both cases hangs (one to two times daily, I think it is due to internet problem as I use photon plus data card of tata indicom). My personal experience is that NOW works better on Window XP rather than Window 7.
3. From client service point of view, I find RKSV has higher edge than ZERODHA. The major problem I found with ZERODHA is the language problem. Although they have good people, I found it difficult to communicate in hindi. Sometimes, it took 5-6 phone calls to slove a problem. But in RKSV, till now I don't found such cases.
4. If you want to trade in Currency segment, then undoubtedly RKSV has more edge than ZERODHA. For example, If you trade 1-2 times daily, then RKSV is cheaper than zerodha. If you trade 3 to 4 times daily in option segment, then RKSV is also cheap. If you trade 3 to 4 times weekly, then ZERODHA is better. For jobbers and arbitrageurs, RKSV is undoubtedly best.
5. In terms of funds pay in and pay out, both are good.
6. For the sefty of funds, I know stock market is such a place, an oldest of oldest brokerage firm can blow up in a single day. So don't put all your money in any brokerage firm and don't worry much about that.
7. The most negative factor for both these two brokerage firms are their huge statutory cost. It is obvious that neither they are clearing members nor they are depository participants. So better use them for trading purposes (my view).
After experimenting for two months with both brokerage house, finally I decided to use Equity and Currency segment with RKSV and Commodity segment with ZERODHA.
The above remark was my personal one and I have no intention to disrespect these two brokerage firms.
I hope, it will answer your question.
Happy Trading