Beware of RelianceMoney !

bslk · #11 4th January 2007, 10:33 PM

Quote:

Originally Posted by sudhir gupta

Where is question of panic ? I already have three brokers - Indiabulls, ICICIDirect and RK Global for last two years.

Would you mind telling about your experience with RK Global?

Thanks

abhayt · #12 4th January 2007, 11:02 PM

I guess RM is still in an incipiant stage...So better wait for its so called "official" launch and then start any trading with it...

Anyways my account is still in the process of getting opened...I was specifically aked for a nominee who is a major(having a PAN card) to avoid any hassels later...thats y I suggested the same..Rest you can take up the matter with the customer care..

regards,

sudhir gupta · #13 4th January 2007, 11:41 PM

Quote:

Originally Posted by bslk

Would you mind telling about your experience with RK Global?

They have ODIN - the industry standard trading plateform from Financial Technologies (now being exported to China's developing brokerage houses).But no BSE.

Never had any problem except that when their system is down- generally few minutes every alternate days, you call them and they tell you to reboot your computer instead of admitting frankly that their system is down.

Money Transfer (HDFC) to their account takes 5 minutes. Money to be taken out from their account to my account takes 1 working day. Faster than Indiabulls. But ICICI direct is instantaneous.

I use ICICI Direct for BSE scripts not traded on Indiabulls AND for me, the flickering ever changing data of trading screen - PIB or ODIN is most beautiful sight in the world.

I loath ICICI Direct and RelianceMoney for their trading interface.

ICICI direct is now trying to make up for their high brokerage and lousy trading interface by mailing glitzy research reports ! But I don't think they will be able to sustain their customer base with forthcoming E-Trade and others offering the very expensive 'real' RT intraday data free along with state-of-the art trading interface.

thanks.

tnr123 · #14 4th January 2007, 11:44 PM

Hello everybody!

After reading the postings in this heading "Beware of reliancemoney" I am of the opinion that the the person who has initiated this topic is misleading the others without knowing all the facts. Iam doing trading by using their TradeNow facility. They are telling the Instatrade is under trial and will be launched soon. My advise to the viewrs is that "Beware of the persons who are initiating this kind of postings". I am not a franchisee- am a trader.

sudhir gupta · #15 5th January 2007, 12:02 AM

Quote:

Originally Posted by pradeep1

. I am using Insta Trade now and there is no problem of any type........I am also franchisee of Reliance Money. Any Query contact 9311275266, 9311275267 . Delhi

Quote:

Originally Posted by tnr123

They are telling the Instatrade is under trial and will be launched soon. My advise to the viewrs is that "Beware of the persons who are initiating this kind of postings". I am not a franchisee- am a trader.

Quote:

Originally Posted by tnr123

Dear members, when Reliance Money Ltd is coming with very very attractive low brokerage, what is the future of present so called reputed brokerage houses to name a few like ICICIdirect, HDFC sec, Indiabulls, Motilal Oswal, Sharekhan etc?

who is what ?

with best regards,

Trader07 · #16 5th January 2007, 12:07 AM

Hi tnr123,

I'm curious to know how you trade without real-time streaming quotes on TradeNow.

How do you know that you're getting best bid/ask for your trade when you can't see the market ? Have you tried to verify the actual price of your trade with NSE ?

If the trader doesn't get to see the current market price in real-time, then it should be quite easy for a broker to include his jobbing profit in the executed order.

best rgds
T7

Quote:

Originally Posted by tnr123

Hello everybody!

After reading the postings in this heading "Beware of reliancemoney" I am of the opinion that the the person who has initiated this topic is misleading the others without knowing all the facts. Iam doing trading by using their TradeNow facility. They are telling the Instatrade is under trial and will be launched soon. My advise to the viewrs is that "Beware of the persons who are initiating this kind of postings". I am not a franchisee- am a trader.

shreyadr · #17 5th January 2007, 01:29 PM

Quote:

Originally Posted by sudhir gupta

Where is question of panic ? I already have three brokers - Indiabulls, ICICIDirect and RK Global for last two years.

AND am fairly conversant about user-ids and passwords etc.

I'm just amazed to see the false aura a RELIANCE name associated business creates. I'm trying to make fellow members aware of the realities.

RelianceMoney kit does not mention anything about separate user ID or passwords required for TradeNow, InstaTrade, PowerTrade. It does't even mention the word PowerTrade. May be you are more privileged to have that info.

Also, it appears from the RelianceMoney documents that InstaTrade is not something very unique. It appears to be a simple JAVA based internet plateform which other broker are providing as entry level trading software for free (every online outfit except ICICI direct).

But you have not touched my question.

Have you yourself been able to get a reply from their Online Customer Support ?

And of course, RelianceMoney does not allow its customers to nominate their children as nominees unless their children have their own PAN cards. No other Brokerage requires it. But then, Sir, it is no ordinary brokerage but a 'RELIANCE'. Take it or leave it. Please do not recommend it to other members of the forum till you yourself have traded on it.

in this case, i wish to narrate my experience.

i had applied on 7th Dec,06. i kept the a/c on my single name and made my husband as nominee. i have a/c with UTI bank whose 1st holder is my minor son and i am his guardian. i am second holder also. R trade simply rejected my application for the reaosn that '1st holder of the bank a/c is minor' while i am already doing online trading with the same a/c thru 5paisa.com

dosen't sub-broker knows all these things ?

now after following up constantly with sub-broker, on 22nd Dec,06 he called me and told me so.

he said i need to open a separate bank account , which i don't want.

then he said there is one more option that i can put my funds in reliance liquid fund and can be trade thru that. which i did, i have received the statement of my fund also but no sign of kit yet. also there is no online transfer to & fro between bank account and this liquid fund is possible, which create more problem for depositing and redemption of money.

also daily NAV will create a problem for me if today's NAV is less than yesterday's.

Ambani brothers are just making announcements one after another, after the demise of Late shri.Dhirubhai but no reality found

beginner_av · #18 5th January 2007, 01:40 PM

trader without real time quotes? well cv should have been here!!

tnr123 · #19 7th January 2007, 03:50 AM

I trade with reliancemoney due to their lowest brokerage structure though their present trading platform "Tradenow" doesnot give live streaming quotes i.e. we have to press refresh button to know the latest prices with best five buy and sell offers. I was a member of ICICIdirect one year back. In ICICI also I used to press refresh button to know the latest quotes (I donot know the present status of ICICIdirect as I have closed my account one year back due to their HIGHEST brokerage which will not, in my opinion, benefit to a trader). Ofcourse, live streaming quotes are also very important to the trader. I came to know Reliancemoney has this facility in Instatrade platform whic is yet to be launched to their retail clients. As per my knowledge, no seperate user id/passwords are required for different platforms in reliancemoney. I have been sending and receiving replies from their customer service.

I am requesting BEGGINER_AV to tell what is meant by 'cv' as mentioned in his message.

with thanks

-

tnr123 · #20 7th January 2007, 03:58 AM

In my opinion, there is no need to discuss about Reliancemmoney under the heading 'beware of reliancemoney'. The biginner should have posted his views in the topic "anybody know about r-trade" whici has all the information required by us. Members, please express your views under one heading as we are talking about the same company. Very experienced members are giving their valuable observations, questions, answers, their experiences in that topic.

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