Is Reliance Money any better now ?

chirag2be · #1 17th September 2008, 04:07 PM

Folks..

Heard and read plenty of horror stories about Reliance Money in past several months from technical issues related to servers, pathetic experience while opening account, wrong balances, broken links and bad software experience, no customer service, wrong charges, delays in trades.. etc etc.. a very long list for a typical broker when he is in alpha beta testing cycles at the expense of customers

Now the million dollar question, have they gotten any better to make decent money using their platform ? OR i am in for a big trouble and set to lose money in my greed for lower brokerages ?

Please post your honest opinions. Whatever is the case RM seem to be growing bigger day by day.

- CK

andygp · #2 17th September 2008, 06:01 PM

I have been using RMoney for last 1+ year and I have never had any major problems. Some minor issues that have happened:
1. Sometime back they had seller shortage and did not deliver the stock to my DP, instead put back the cash in the account. However, this was not communicated by email to me.

2. No consolidated Tax document is provided.

3. They suddenly changed their email system (albeit for better) and did not send an email about the procedure to an alternative email address, so I could not log-on to my email account for some time.

4. Customer service using phone is pathetic, however I have not needed to use it that much. Only once when I activated instatrade.

5. Their instatrade platform is not very stable. Neither does it have keystroke based order entry, but for positional trading 3-4 trades/day using limit orders etc. it works fine. True scalping activities may be difficult.

6. They do not have a portfolio system where I can quickly check my stocks, losses profits etc.

7. No security based margins. It has to be fully cash.

8. The security key went bad once and I could not execute trades for 2 days. Only call and "square-off" facility was provided.

coolboy007 · #3 17th September 2008, 11:34 PM

Quote:

Originally Posted by andygp

I have been using RMoney for last 1+ year and I have never had any major problems. Some minor issues that have happened:
1. Sometime back they had seller shortage and did not deliver the stock to my DP, instead put back the cash in the account. However, this was not communicated by email to me.

2. No consolidated Tax document is provided.

3. They suddenly changed their email system (albeit for better) and did not send an email about the procedure to an alternative email address, so I could not log-on to my email account for some time.

4. Customer service using phone is pathetic, however I have not needed to use it that much. Only once when I activated instatrade.

5. Their instatrade platform is not very stable. Neither does it have keystroke based order entry, but for positional trading 3-4 trades/day using limit orders etc. it works fine. True scalping activities may be difficult.

6. They do not have a portfolio system where I can quickly check my stocks, losses profits etc.

7. No security based margins. It has to be fully cash.

8. The security key went bad once and I could not execute trades for 2 days. Only call and "square-off" facility was provided.

YOUR POINTS

1. I dont know never faced a seller shortage joined rmoney in march 2008

2. Agree on this

3. you are right they gave notifications in relmoney inbox only but new msn mailbox is 1000 times better.

4. I get connected to cust care easily eexcept 2:50 pm the auto sq off time

5. INSTATRADE is biggest problem , it stops updating quotes sometimes , but u know when i joined in march it has improved a lot , once in 20 times i face a problem with insta.

6. DUDE u r totally wrong check they BETA PORTFOLIO , u wont believe its a relmoney product. All consolidated loss / profit is there even tells capital gains tax

7. ANOTHER BIGGEST PROBLEM. Thats why have 2 accounts other is for delivery based buying. Even the shares in demat are not kept as collateral.

8. Dont know mine is workin fine till now

THough relmoney has improved if u r a intraday trader i dont suggest it to you , quotes are sometimes delayed. One of ma frnd has a broker which provides ODIN , he sees rates there and trades thru relmoney. Order executions is fast in relmoney.
I trade in options and positional trades so for me in futures the brokrg is negligible.

chirag2be · #4 17th September 2008, 11:50 PM

Thanks andygp and coolboy.. sounds like its not yet fully stable but not completely useless either if you are determined to save brokerages. I wonder what will happen to other brokers if they really improve upon their technology and customer service. Me to planning for options and positional trading and i have other accounts to get me reliable real time quotes. Hence not dependent on realtime updates from Instatrade. I was wondering if performance of order placement, execution, cancellation etc. is acceptable to give it a shot. And from your posts it looks it worth it.

Those who disagree.. let us know your thoughts.

andygp · #5 18th September 2008, 10:32 AM

Coolboy,

Can you please tell me how to access this Beta Portfolio in instatrade? Last time I checked the portfolio link, they said its under construction.

Thanks.

coolboy007 · #6 18th September 2008, 12:32 PM

Quote:

Originally Posted by andygp

Coolboy,

Can you please tell me how to access this Beta Portfolio in instatrade? Last time I checked the portfolio link, they said its under construction.

Thanks.

For instatrade its tough to find follow these steps , portfolio service is working now

1. After loggin insta go to charges and click limit card.

2. on VIEW YOUR STATEMENT click CLICK HERE

3. Then on right side click MY SETTINGS

4. Finally on right click potfolio and see the wonderful portfolio

I use these steps dont know if any easy method is there

coolboy007 · #7 18th September 2008, 12:37 PM

Quote:

Originally Posted by chirag2be

Thanks andygp and coolboy.. sounds like its not yet fully stable but not completely useless either if you are determined to save brokerages. I wonder what will happen to other brokers if they really improve upon their technology and customer service. Me to planning for options and positional trading and i have other accounts to get me reliable real time quotes. Hence not dependent on realtime updates from Instatrade. I was wondering if performance of order placement, execution, cancellation etc. is acceptable to give it a shot. And from your posts it looks it worth it.

Those who disagree.. let us know your thoughts.

If you have other broker for REAL TIME quotes then blindly go for relmoney , order executions is fast and even real time quotes are hardly down these days they nearly always come. Placement execution everything is good.

Accnt opening takes just 750 out of which 500 is for brokerg , the 500 2 month card or 1 year card.

fast_rizwaan · #8 18th September 2008, 09:01 PM

One thing, AMO (after market order) is not there in reliancemoney.

coolboy007 · #9 18th September 2008, 09:56 PM

Quote:

Originally Posted by fast_rizwaan

One thing, AMO (after market order) is not there in reliancemoney.

Yeah and i miss that sometimes. Dont know what it will take them to start this service

ratan jain · #10 18th September 2008, 10:10 PM

Oh I heard there has been a lot of improvement.

I have heard that now you can actually get an order confirmation withing 2 hours of punching the order, if the order is punched before 12 pm.

Also, all order cancellations and order modifications are reflected within 3 hours compared to 2 days previously.

Further, it even prepares you for next days trading, as all orders punched after 1 pm are confirmed by 11 am the next morning