Why Reliance Money Is the One of The Worst Trading Platform::

[123ravi]

I'm starting this thread on account of reliance money because I've found many drawbacks in reliance money trading platform

I'm just new one to this sharemarket world and I've opted reliancemoney as my trading platform.

1} Now initially reliance money is used to charge 1paisa for every transaction (i.e. v have to give advance brokerage of 500rs to get the fixed brokerage of 1paisa on every transaction)
Now from 20/7/2009 Reliance money has increased its broking (for limit users) to RS 15/- on every transaction (One of the shocking increase ever)

So here it goes.Now u pay or take limit card of 500 and then your brokage will be 15 on every transaction.. This is really absurd or in other words CHOR-GIRI.:annoyed:

2} Also now there is another strange thing is that v can only place orders of above 600/- only.ie both buy and sell orders have to be above 600/-.
If orders to b place is not above 600/- the that order will not be executed (Suppose u have to square off 5 share which do not have value of 600/- they r not going to be executed by you and it will be executed by the system at 3.55pm or u have to contact the call center) now this is really really BULL ****.

3}Now the third thing and most important point of consideration. The limit time which is of 2:55pm i.e. v have to squareoff all our shares taken in margin (intraday) till 2.55pm or else the system will square off that share automatically after 2:55pm.
Now in other words reliance money is offering a market exposure to us till 2:55pm only.

Offcourse after 3:00pm v can trade in Delivery only. This is of no use for intraday players coz the time slot between 3-3:30pm shows a great market fluctuation which could help the intraday players to take decision on selling or demating that particular share.
So here also reliance money fails

To summarize in short:
1} High Brokerage both for Limit and Delivery which is Rs15/-

2} Orders can be executed only above 600\-

3} Time limit till 2:55pm

4} Customer service is poor.

5} Unreliable service (plans get changed any time without informing the customer)

I think reliance money just take their customers on a ride.

I just want to know is there any other Trading Platform, which gives better service than Reliance money.

Please help in defeating this nonsense service.

 

[Dev Mookerji]

I just want to know is there any other Trading Platform, which gives better service than Reliance money.

Try Indiabulls with PIB softwares. Or any other broker providing odin as a trading platform like religare .

Please help in defeating this nonsense service.

Open an another account with some other broker. Thats it.

However, I have experience with most of the broker' trading platforms. And Rmoney was the worst among them, still I was working with them, the reason was, their limit card.
Second thing I am having live charts & used to trade on market rates most of the time. So it was not a problem for me. But now when they have increased their brokerage I am shifting to other broker houses.

At current scenario RK Global is the cheapest.

 

[123ravi]

Thanks Dev for guiding me .. I think by doing this thing nobody can rely on reliancemoney

They should change their name to UNRELIANCEMONEY.


i'll try india bulls

thanks

 

[sibumajumdar]

Thanks Dev for guiding me .. I think by doing this thing nobody can rely on reliancemoney

They should change their name to UNRELIANCEMONEY.


i'll try india bulls

thanks

Dear Brother, U can explore with Shriraminsight.com (Brokerage negotiable). I use RT Charts of India Bulls PIB platform & trade with Rmoney, SR Insight & I Bulls for ID & Delivery trading. Iam a full time day trader. Thanks & Happy Trade........SM

 

[123ravi]

thanks Sibu brother for guiding

 

[niteshvsingh]

Today i also realized the new 15/- brokerage.....
this company is chor......

which is the best broker with good software and low brokerages

 

[123ravi]

hi Nitesh....

Today i've been to their branch and asked about the brokerage matter of 15rs.

the matter cleared either stay on existing Limit card (500,1000...etc) and pay rs 15/- brokerage -flat on every transaction (One of the foolishest offerings by RM)
Then i've asked about what about existing customers with 500rs.(remmember the validity is 12months for 500limit card) will there be any refund or they have to loss their 500/- (suppose if they are not willing to give brokage of 15/- per transaction) --The answer was simple YES!!!!

But if someone still wants to continue with CHOR Reliancemoney then you convert to %scheme. In that is takes only 0.05% brokering on each transaction . No need to take Limit Card. More details u can go to following site:

http://www.reliancemoney.com/brokerageLP.htm

Now these are the words from RM now ... We dont know when it will get changed.

really the most Unreliable organisation.. Blood suckers ..
Hope the Anil Am. is looking this thread and know to which side his organisation going (DOWN TREND )

As your querry .. just look above threads of Dev sir and Sibu sir thread

regards
ravi

 

[104979]

I'm a very long term investor and i m doing my trading thru ICICI Direct.com. Of course, you need to pay higher the brokerage and you will get 100% peace of mind. I can strongly recommend, if you are a tech savy guy and want to get smooth transaction, pl go to ICICI Direct.com

 

[niteshvsingh]

Hi,

But the problem is .... in the % brokerage structure...... for Options they charge rs 50 per lot..... which is insane..... so if u trade in derivatives.... then it is a big loss deal......

 

[SR_TA]

Can you guys pls confirm .. on intraday options, do you need to pay brokerage on both legs? When I opted for RMoney, the guy had told me very clearly that in the case of intraday, the brokerage will be only on one leg.. While going through my statements, I am finding weird brokerage numbers..