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

[srinivas.nukala]

r money is useless, close all accounts

HAI
I'VE BEEN USING RMONEY FOR TRADING SINCE 1YR(THE FIRST YR IN STOCK MARKET)
Now i could realise the hidden dangers in rmoney
even i'm shocked with their limit card
I do have ICICI DIRECT demat
i'd like to close my rmoney demat account
what is the procedure?
can any body advice me whether to maintain demat in icici direct a good idea or not?

 

[bangerabs]

Simple. Use Delivery Instruction book, fill it up, send it to R.Money. Your shares will be transferred. Once u find your DP A/c. with RM 'nil', write to them to close DP & Trading Account.

 

[kthakker0]

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

Hi, can you email ([email protected]) me the transaction charge that is being levied in your contract from SR Insight.

 

[darkstar]

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.

friend i am also rmoney client know shift to religare with 1.5 p bkg . they cut 15 rs per execution suppose i buy 100 shares of zzz and i got 30 shares than 50 shares and 30 shares of allotment they charge 15 rs than 15 rs than 15 rs total 45 rs for 3 time execution of shares is that true pls tell me .
wating for reply
thanks

 

[rajaAA]

reliance money guys r chor actually they have introduced % brokery which is even worst and actually i was using pr 10000 plan which was fair according to brokerage and now they r saying that pr 10000 plan will not be available .although pr 5000 plan is available ( though it is very costly than pr 10000) according to turnover limit .they are simply chor charging rs 50 per lot in options and rs 15 per trade and they make fool of us buy saying that 1 paisa will be charged .they make false statement and sometimes they lock their account when the market is good .i wud advice sincerely not to trade with reliance money they should be punished for it

 

[rajaAA]

i would definitely prefer angel broking geogit and rk as they are not chors like reliance money

 

[raj001]

They r big frauds...... call centre closed nd they never to mails in 20 days.. i have raised a grievance 20 days back still no reply.....

 

[darkstar]

reliance money guys r chor actually they have introduced % brokery which is even worst and actually i was using pr 10000 plan which was fair according to brokerage and now they r saying that pr 10000 plan will not be available .although pr 5000 plan is available ( though it is very costly than pr 10000) according to turnover limit .they are simply chor charging rs 50 per lot in options and rs 15 per trade and they make fool of us buy saying that 1 paisa will be charged .they make false statement and sometimes they lock their account when the market is good .i wud advice sincerely not to trade with reliance money they should be punished for it

friend i am also in same boat , so i change to religare 1.5 p for trading 15 paise for dilivery. friend they heart becouse so many have change there account they slowly and steadily realizing that !

 

[greatindianwiseman]

I want to close my RM a/c. What are the exact charges for transferring shares from Rmoney to other DP?

As per RM DP charges structure available on the site, Rs 12 is charged for instructions through internet whereas paper instructions cost Rs 25.
Anyone aware about how I can do ONLINE instructions so I can pay less ?

Below is the relevant DP charges from the site:

2 Transaction Charges on Sell (Market and Off Market)
i)For Instuctions given in Physical Form 25 per ISIN
ii) For Instructions received through Internet / Online Trading through Reliance Securities Ltd. 12 per ISIN
iii) Extra charges for processing of instructions submitted on the execution date (accepted at Client's Risk, only for Physical Instruction) 10 per ISIN

 

[darkstar]

I want to close my RM a/c. What are the exact charges for transferring shares from Rmoney to other DP?

As per RM DP charges structure available on the site, Rs 12 is charged for instructions through internet whereas paper instructions cost Rs 25.
Anyone aware about how I can do ONLINE instructions so I can pay less ?

Below is the relevant DP charges from the site:

2 Transaction Charges on Sell (Market and Off Market)
i)For Instuctions given in Physical Form 25 per ISIN
ii) For Instructions received through Internet / Online Trading through Reliance Securities Ltd. 12 per ISIN
iii) Extra charges for processing of instructions submitted on the execution date (accepted at Client's Risk, only for Physical Instruction) 10 per ISIN

i also closed , shift to religare which one wana to shift there bkg charges and other charges pls describe in detail
thnks again