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

[lazytrader]

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

In that case you would have to look for brokers that allow online transfer of funds where no consent is required from the broker. Most broker I have enquired only tell me that it is possible to transfer funds online to the broker but never occoured to me to ask if the reverse is possible.

I've always had 3in1 accounts. This is something I'll need to look for more info on. I think if you look at backoffice section on demos you can find out if online transfer is possible or not.

This is another good thread that you could post your question. Some very experienced guys could reply (experience with many brokers
http://www.traderji.com/brokers-trading-platforms/4054-reviews-angel-broking-religare.html

 

[Shreenath]

Brokers, Banks and Money Transfers

Hello everyone,
I need to pick a broker soon. I'm also interested in easy money transfer, say from a bank to a broker and back......whenever necessary.

If any help in this regard would be appreciated.

1. I keep hearing 3 in one on these threads. Are the mostly banks who also offer brokerage? Some names I've been reading are SBI, HDFC, ......? While money transfer and personal finance would be easy with them, how do they do when it comes to execution of trades?
1)Fast execution, plus electronic trade confirmations?
2). Commission structure....expensive, medium or cheap?
3)Last but not the least....customer service? If I call them would I be on hold for a long time or someone picks up the phone right away?

If there's no 3 in 1 type of institutions who meet all the above.....
it appears from the votes above that sharekhan leads the pack?

Regarding brokerage -
1. Who offers standalone platforms that are user friendly? Not really interested in browser based brokerage to place trades.
2. Since I use tradestation 8.6 I don't want to pay extra for that capability.
3. Would like to know any hidden charges.
4. Will the platform standup during periods of high volatility? Tradestation is notorious about that....often the platform freezes during high periods of volatility.

Any help and advice for above points will be extremely helpful
Regards
Shreenath

 

[lazytrader]

Re: Brokers, Banks and Money Transfers

Hello everyone,
I need to pick a broker soon. I'm also interested in easy money transfer, say from a bank to a broker and back......whenever necessary.

If any help in this regard would be appreciated.

1. I keep hearing 3 in one on these threads. Are the mostly banks who also offer brokerage? Some names I've been reading are SBI, HDFC, ......? While money transfer and personal finance would be easy with them, how do they do when it comes to execution of trades?
1)Fast execution, plus electronic trade confirmations?
2). Commission structure....expensive, medium or cheap?
3)Last but not the least....customer service? If I call them would I be on hold for a long time or someone picks up the phone right away?

If there's no 3 in 1 type of institutions who meet all the above.....
it appears from the votes above that sharekhan leads the pack?

Regarding brokerage -
1. Who offers standalone platforms that are user friendly? Not really interested in browser based brokerage to place trades.
2. Since I use tradestation 8.6 I don't want to pay extra for that capability.
3. Would like to know any hidden charges.
4. Will the platform standup during periods of high volatility? Tradestation is notorious about that....often the platform freezes during high periods of volatility.

Any help and advice for above points will be extremely helpful
Regards
Shreenath

- Tradestation is notorious for what?
- ODIN I feel is the best trader platform
- Sharekhan has good market share and platform
- Sharkhans quotes are delayed (anyone will using sharekhan will tell you that)
- Customer service not much idea
- Are you in the US?
- Many brokers will provide the local brokers cell phone number for Tech support
- I think there are a few who will provide a toll free call center number
- I found it easy to reply this way if you have more question or clarifications do ask.

 

[Shreenath]

Re: Brokers, Banks and Money Transfers

Hello again,
1. Tradestation is notorious for data disconnection when markets tend to become very very active. Sometimes platform freezes too..
Yes, am in the US.
I read in another thread that NRIs might be allowed to trade with Indian brokers. Need to do some more homework on this; otherwise I might be limited to Icici, canara bank or some international Indian bank having presence in the US.
On a positive note IB has started a service; need to do more home work on commission structure.
Could you please post a link for ODIN?

Thank you once again
shreenath

- Tradestation is notorious for what?
- ODIN I feel is the best trader platform
- Sharekhan has good market share and platform
- Sharkhans quotes are delayed (anyone will using sharekhan will tell you that)
- Customer service not much idea
- Are you in the US?
- Many brokers will provide the local brokers cell phone number for Tech support
- I think there are a few who will provide a toll free call center number
- I found it easy to reply this way if you have more question or clarifications do ask.

 

[lazytrader]

Re: Brokers, Banks and Money Transfers

Hello again,
1. Tradestation is notorious for data disconnection when markets tend to become very very active. Sometimes platform freezes too..
Yes, am in the US.
I read in another thread that NRIs might be allowed to trade with Indian brokers. Need to do some more homework on this; otherwise I might be limited to Icici, canara bank or some international Indian bank having presence in the US.
On a positive note IB has started a service; need to do more home work on commission structure.
Could you please post a link for ODIN?

Thank you once again
shreenath

- You need a account to use ODIN it is only available through brokers (not very sure)
- ODIN is developed by financial technologies (third party) which many brokers like angel broking, religare, kotak provide
- I'm sure I have given you this link in another thread reply but here it is again http://www.traderji.com/brokers-tra...es-between-trader-terminals-5.html#post333894
- those are just demos there isn't much info I have on it since I don't use it but going to get one
- I think people abroad are not allowed to trade intraday in India only delivery trade is allowed(no much idea about futures trading)
- If you come to India open an online account with local address then no one has to know
- I thought tradestation is a standalone software, is it provided by your broker?
- What is IB? Interactive brokers, India bulls or Invest bulls?

Just wanted to add... most brokers here in India don't have good service. If you are planning on calling them from US be prepared for huge telephone bills or get some bulk discount plan You will have to resolve your problem on your own anyway

 

[Shreenath]

Re: Brokers, Banks and Money Transfers

Lazy trader
Hello again.

Tradestation is not only a chart software provider( for a monthly fee or)and a broker(they have their clearing agents in chicago, newyork and elsewhere).

They used to offer both EOD and intraday software..called as supercharts and tradestation 2000i until the year 2000. Later they got greedy and became a broker. They're okay as brokers if you arent into intraday trading.

They pioneerd system writer the first of its kind back in late 70s/early 80s exclusively for US markets. Imagine two cuban brothers coming to florida and starting this business..........can only happen in the United States.

Now its gone through revision and is called Easy Language which is tied into a charting program. When someone writes a program they come up with indicators/paintbars/functions/showmes...etc which are then inserted into any chart......you can scan thousands of symbols with a click for any patterns and narrow your choces through a program called Radarscreen.....the newer extension of this is been auto trading. Using an easy language set of indicators/or anything I mentioned above, if you come up with a strategy, you can automate it and let the pc take over(as long as its powered!!!) and trade it for you. I'm not a fan of that yet....simply coz I'm a discretionary trader.

I think I can use my address back home and open an account....there when I go there next year...I'm planning to spend more time there anyway..........

IB = interactive brokers. Their commission structure is the lowest and their platforms are good considering the commission you pay. Best thing about them which no one has is you can open ONE account and trade everything including
stocks, mutual funds, ETFs, futures, forex....you name it........ Nobody has that yet; they do have account minimums though which could be high for a lot of small players.

For now if Im forced to do swing trading I might open an account with canarabank/icici/sbi/hdfc whoever that will offer me something competitive rates......I have an account with citibank but wont use them for this purpose.....

Well regarding phone calls...things have changed here. Years ago I used to pay 3 bucks a minute for a phone call to my parents......the rates began to fall.....Reliance came up with a competitive 7 cents a minute......which is now no good. Some third partys offer phone cards for 2 minutes. I've migrated to VOIP using my cable modem and get 1300 minutes of phone calls to INdia for a small monthly fee. It's an adapter that goes before the cable modem.....I got rid of the landline.....just the voip phone and mobile phones.

Who do you think is the best of the worst indian brokers for customer service, trade execution and low commission rates?

Thanks so much
Shreenath

 

[lazytrader]

Re: Brokers, Banks and Money Transfers

Who do you think is the best of the worst indian brokers for customer service, trade execution and low commission rates?

No one.

Indiabulls comes quite cose though. Their cu service and execution is supposed to be good but brokerage is a bit on the higher side. when others offer .02% they would give you .03% that's a difference of .01% but still 50% higher.

Another broker, don't know about cu service though, is RKGlobal. Brokerage is Rs9/trade in equities or Rs.9/lot in futures. No one can beat them in commisions and they provide ODIN. (rkglobal.net)

Angel broking and Religare are good too. You'll find a lot of threads with user experiences here.

If you notice I haven't recommeneded any bank because it is the general feeling that regular traders don't get a good deal with banks.

To put them in order of preference:

Indiabulls <- overall topper
RKGlobal <- lowest brokerage, ODIN trading platform, monthly charges
Angel Broking <- tout a lot about their cu service, good platform and brokerage
Religare <- almost like angel broking, is into finacial services and stuff
Indiainfoline <- nothing special, decent platform
Sharekhan <- good platform but problem of delayed quotes problem

Avoid like plague:
SBI <- personal experience, simply the biggest fools you can finds when it comes to trading
From what I have read and heard:
RMoney <- many have brokerage charges issue
Bajaj Hindustan <- disconnection problem

Good that you have VoIP that will save you money but not time. Based on your comments just wanted to know if you think I am to critical/pessimistic? That's just because I am frustrated with these brokers. All they need is the slightest hint that you are not aware of something and they'll take you on a ride. It may take time but you'll join the club too.

One more thing, just use LT and not lazytrader. Just too lazy too think of a good nick

 

[Saav]

Bhai log jyada socho maat, Angel, Sharekhan ya ICICI le lo .

One thing, just try to convince your sales representative, tell him you will do lot of transaction, they will give you a competitive rate....

Angel is cheap, Sharekhan is Trustworthy and their after sales service is good. But still I have seen ppl with ICICI Direct ( bharosemand hai)....

( I am with ShareKhan, 10 piase Intra, 50 Del)

 

[djsinha]

Hi all
I'm using Sharekhan for trading. Brokerage charged by them for trading in NIFTY futures is too much. For buying they're charging 4.36 paise per Rs 100 and for selling it is 11.50 paise. It amounts to around 8 points (both BUY and SELL combined) in NIFTY futures.
This brokerage is hitting me hard. Is this the lowest among all the schemes that they offer? If I trade only in futures and I don't need any RT quote, what is the best broker in terms of brokerage rates and minimum web based error incidents?

Regards
DJ

 

[sibumajumdar]

Hi all
I'm using Sharekhan for trading. Brokerage charged by them for trading in NIFTY futures is too much. For buying they're charging 4.36 paise per Rs 100 and for selling it is 11.50 paise. It amounts to around 8 points (both BUY and SELL combined) in NIFTY futures.
This brokerage is hitting me hard. Is this the lowest among all the schemes that they offer? If I trade only in futures and I don't need any RT quote, what is the best broker in terms of brokerage rates and minimum web based error incidents?

Regards
DJ

Dear, U can try with Reliancemoney (Ido) & for f&o RKGlobal charges only 9.00 per Lot. U can explore both of them. for details go through their web sites. Thanks & wish u all the best of luck......SM