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

[123ravi]

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..

Leave Rmoney ... dont trust their words.. one day they say one thing and next day other ..

brokerage is on both leg ... buy and sell

 

[Know Every thing]

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.

Ya its really Bull, U know one more thing, there some scripts are unavailable to trade, those are available in others, because just i decided to move 5paisa.

U know today wat happened, I Requested to Sell SOme tata metal shares at the limit of 97, for that i put an option for 97, as per i guess the share exactly reached 97, i felt very happy for that, and i thought that this script would be sold, but shocking is, till yet the script shares are in my Dmat and the sell contract is showing Pending for sale.....

This is Tooo much....


Might be Reliance persons don't know that their software is not good...

 

[rajeshau]

try canmoney.

max. brokerage 0.35% delivery & 0.05% intraday (both legs)

lower brokerage in upfront brokerage model. they have put full brokerage list in their website.

however, intraday square off time is again 3 pm

in total OK.

 

[123ravi]

Ya its really Bull, U know one more thing, there some scripts are unavailable to trade, those are available in others, because just i decided to move 5paisa.

U know today wat happened, I Requested to Sell SOme tata metal shares at the limit of 97, for that i put an option for 97, as per i guess the share exactly reached 97, i felt very happy for that, and i thought that this script would be sold, but shocking is, till yet the script shares are in my Dmat and the sell contract is showing Pending for sale.....

This is Tooo much....


Might be Reliance persons don't know that their software is not good...

Now this is really really frustrating event... Some one should address Anil Ambani what he is doing .... ??

He iis a Hitler in share market

 

[123ravi]

Is there any trading platform which give square off upto 3.30pm or allow us to continue the share (brought in limit ) for atleast 2 days??

I think religare is??

 

[deepakji]

everybody should close reliance money account

 

[123ravi]

now I got the information about RM which is worst of the worst just look at it:;

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How safe is your bank account???

Probably the first answer will be
Yes.Why it would be unsafe ?

Now I would tell you something which you do not know.
They have taken Power of Attorney to Operate, Debit and Block your Bank Account !!!!

Is it true. Yes. Go and check the form if you have xerox and ask for new form if you do not have.
See the Power of Attorney they are taking. It is written "Voluntary" but they are not opening an account if you have not given them power of attorney.

They have refused to open my father’s trading account as he did not sign Power of Attorney. I have made a complaint to SEBI and awaiting their reply.

Be careful. The intentions of Reliance Money does not seems to be good.
Giving a Power of Attorney to Operate the bank account is something which no investor will be willing to do knowingly. So in a disguise of bundle of forms - they are taking it without the knowledge of investor.

Though I feel they would not be using it to misuse your funds - because if they do so - Court of Law will punish them badly . But nothing can stop them to get your bank statement/data from Bank Accounts which is very personal and the information can be used/misused/ and probably sold to anyone. Dont’ you feel so ?

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now what v can do about it????

 

[anubhashjain]

Please post your complaint on sebi site

http://www.sebi.gov.in/Complaint7.jsp

I hope sebi will do something for small investors.

Regards,
Anubhash Jain

 

[raj001]

now I got the information about RM which is worst of the worst just look at it:;

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
How safe is your bank account???

Probably the first answer will be
Yes.Why it would be unsafe ?

Now I would tell you something which you do not know.
They have taken Power of Attorney to Operate, Debit and Block your Bank Account !!!!

Is it true. Yes. Go and check the form if you have xerox and ask for new form if you do not have.
See the Power of Attorney they are taking. It is written "Voluntary" but they are not opening an account if you have not given them power of attorney.

They have refused to open my fathers trading account as he did not sign Power of Attorney. I have made a complaint to SEBI and awaiting their reply.

Be careful. The intentions of Reliance Money does not seems to be good.
Giving a Power of Attorney to Operate the bank account is something which no investor will be willing to do knowingly. So in a disguise of bundle of forms - they are taking it without the knowledge of investor.

Though I feel they would not be using it to misuse your funds - because if they do so - Court of Law will punish them badly . But nothing can stop them to get your bank statement/data from Bank Accounts which is very personal and the information can be used/misused/ and probably sold to anyone. Dont you feel so ?

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------

now what v can do about it????

r money is useless, close all accounts

 

[jods]

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

My sincere advice dont go with indiabulls, i have suffered a lot. Try Religare or Angel. They are much better and their customer service is good too.

http://www.traderji.com/brokers-tra...time-doesnot-care-about-existing-clients.html