Discount Broker Comparison

[bottrade]

Anyone experience with wisdom capital or prostocks ?

I don't have first hand experience with both the brokers. Looks like Wisdom capital will charge clearing fee for derivatives.

 

[siyalikashyap]

Anyone experience with wisdom capital or prostocks ?
Please share your experience @timepass @siyalikashyap @travi @bottrade @newtrader101 @vsaran @neo.mx

neah no experience - sorry buddy

 

[curiousv]

Thanks. I did not know this.

Have you written to them about it ?

Why some brokers are allowed to charge higher margin and higher haircut?
Do you know what is SEBI and exchange's stand on this?
They say no proprietary trading - so what do they do with higher margin/haircut?

 

[bottrade]

Brokers are not allowed to give high leverage (which poses risk), I guess there is no regulation with regards to how high they can go when it comes to blocking margin.
Brokers have max ceiling when it comes to brokerage fee, but there is no limit to how low they can go. So the reason we have zero brokerage.

 

[siyalikashyap]

Brokers are not allowed to give high leverage (which poses risk), I guess there is no regulation with regards to how high they can go when it comes to blocking margin.
Brokers have max ceiling when it comes to brokerage fee, but there is no limit to how low they can go. So the reason we have zero brokerage.

I guess, exchange ask brokers to provide the particular decided margin to purchase the particular scripts. then they have no role how much they are charging to the clients - low or high - upto the brokers!

 

[travi]

I guess, exchange ask brokers to provide the particular decided margin to purchase the particular scripts. then they have no role how much they are charging to the clients - low or high - upto the brokers!

they cant block lesser margin then stipulated in SPAN file, only higher. And as you may not be aware, intraday shortfall margin penalty earlier was passed on to clients but it is not allowed so every broker charges additional 5% to cover intraday shortfall.
only eod shortfall penalty is passed on to client.

This has become an added cost to business ops.

 

[siyalikashyap]

they cant block lesser margin then stipulated in SPAN file, only higher. And as you may not be aware, intraday shortfall margin penalty earlier was passed on to clients but it is not allowed so every broker charges additional 5% to cover intraday shortfall.
only eod shortfall penalty is passed on to client.

This has become an added cost to business ops.

Ok usefull

 

[bottrade]

And as you may not be aware, intraday shortfall margin penalty earlier was passed on to clients but it is not allowed so every broker charges additional 5% to cover intraday shortfall.

Are you sure about this?
Not long ago Zerodha was still charging, but didn't call it penalty but charged 2x brokerage. It was a spread position, exited long leg first and end up with margin shortfall for few seconds. For that they charged 2x brokerage. When asked they said if any orders got executed while the available margin is in negative, they would charge 2x brokerage. If they didn't call it penalty back then, probably they are still doing it. Don't know how it is today with Zerodha. Anyone who actively trade with Zerodha can tell.

 

[travi]

Are you sure about this?
Not long ago Zerodha was still charging, but didn't call it penalty but charged 2x brokerage. It was a spread position, exited long leg first and end up with margin shortfall for few seconds. For that they charged 2x brokerage. When asked they said if any orders got executed while the available margin is in negative, they would charge 2x brokerage. If they didn't call it penalty back then, probably they are still doing it. Don't know how it is today with Zerodha. Anyone who actively trade with Zerodha can tell.

double brokerage is being charged, but intraday shortfall penalty has been disallowed.
They have refunded those cases, if you are in that intraday category, you can claim refund.

you cant get refund of brokerage though.

 

[curiousv]

Hey guys can you share which one is your main broker that you are using mostly - only want to know the main broker - not the substitute that you might have - I want to compare margin blocked and haircut charged. @travi @timepass @bottrade @siyalikashyap

I also want to know how much difference between monthly and weekly margin requirement? weekly needs more or less margin ?
Zerodha calc does not show weekly margin requirement in their calc - sasonline does but most other don't show weekly requirement on their calc

Also why Shoonya does not allow Bracket and covered orders for options? Does flattrade allows ?

Is there any difference between MIS and NRML margin for option selling ? MIS has less margin requirement compared to NRML?