Who makes stupid statements that Geojit is the best? Read this.

Who says Geojit is the best and why? I went with someone (say A, name not disclosed) to open an account. I convinced A after reading the thread here. And now A abuses me everyday. Read on. First, they were very slow. You have to get a Doctor?!## (ya thats true) or CA or gazetted officer to introduce you. Like PSU banks!!! Still we ran around and managed. They said it will be opened in 4 days. Its 18 days now and we are still waiting. When A called them, they said your number is ****. You can call and trade. What about internet? It will come soon. "You can see it comes from Finance towers, Kochi" or some stupid place. Incidentally my books come from the US in a week. I heard some people call up and shout about cheques and debit problems and they were saying please wait, it will be done in 3-4 more days.
On top of that their platform is stupid. If you want real time quotes commit a brokerage of 3000 per month. Check my thread below for the rest

Dear Friends,
How can someone claim that this is the best or that is the best. Reading the threads, i realized that there are many members who depend on the valued opinions of others to arrive at a decision, the most common one being which brokerage to choose. Hence it is absolutely unacceptable to proclaim that Geojit is the best. Talking about problems is fine, but promoting one brokerage is not fine. Because there are no benchmarks and metrics to compare them. Take the case of Geojit. Is it plain naivity or a case of sheer innumeracy? How can Geojit be the best and at the same time not give real time data. For near real time data you have to commit Rs. 500 per month and for proper real-time data with fast trade execution you have to commit Rs. 3000 per month. For total trade value of Rs 30 lakhs, the brokerage comes to Rs 3000 at the rate of .1 per cent, which is very high for the kind of trading you are doing (unless all of it is delivery based, which requires Rs. 10 lakhs of trading per month), irrespective of market conditions. Indiabulls gives the same facility for a one time software fee of Rs 750 only. But Indiabulls has other issues. So it brings us back to the same points. Unless there are proper benchmarks and standards to measure the effectiveness of brokers, say on speed of execution, customer support, user friendliness, quality of RMs etc, we can only voice our experiences and not claim that one is the best. A debate is welcome.

So please dont carry self-proclaimatory thread like this here.

Hello,
You seems have a bad experience with geojit. I too had been scouting for opinion regarding a reliable online broker . After reading through several threads i could gather the difficulties and plus points of various online brokers based on the experiences of group members. I also was about to start an account with geojit shortly. But after reading your opinion may be i will check it out again.

Majority of the opinions expressed by group members are regarding brokerage rates. I feel the platform is also important especially regarding the availability,reliability of real time rates , order execution and user conveniance. Ihope some of the group members already into online trading will contribute their experiences which ever online broker they may be trading with.

Basically it is the input provided by members will help many people like me to choose a good online broker.

Today i had taken a demo of odin supplied by select securities. It has both NSE and BSE including futures. For commodity they have a seperate odin exe. The rates seems to be real time may because i use a broadband connection. Since i have not seen India bulls, sharekhan etc i cannot make a comparison. They will be charging Rs.250 as AMC(Annual maintanence charges). They also will be taking Rs.5000/- as advance which will be adjusted against commissions. Exposure is 8-10 times . The commission rates are similar to others.In case of broken connection etc you are allowed to square up the positions with their local or administrative office. I have been told there will be no duplication problems.There is no online fund transfer facility.



Could some of the group members who had experiences with various online brokers give their opinions regarding the the reliability of real time rates , order execution and user conveniance of the platforms they are using presently or has changed for intraday trading. I would be grateful if opinions are also given regarding the web based or odin(exe) based platforms.From various threads i could understand that odin(exe) based platforms are best.

Like my angry friend above who had a bad experience with geojith i also feel the monthly commitment of Rs.3000/- is on the high side and difficult for normal traders. May be a little more clearer information regarding Indiabulls,sharekhan, etc will be very helpful.

Thankyou

Saji

hey guys!u shud try either kotak securities or indiabulls,they're both very gud(i can vouch for it coz i have an a/c wid both)
the brokerage rates are also cheap and the trading software is free wid kotak securities and costs only 750 rs. for indiabulls(just one time payment)
the orders get placed within a fraction of a second and no hassles in tht department.but one thing....u can't apply for ipo's or invest in mutual funds online wid indiabulls,but wid kotak securities,u can do these as well and tht too at no extra cost!

Hello ameet777,

Thanks for your information regarding Kotak and Indiabulls. Just would like to clarify a few things about kotak .

Just visited their website and found various plans named kotakhightrader, kotak freeway which offer keat. And in this keat there are two versions one is a desktop ordinary version and another a premium version for which an additional Rs500/- per month is charged. The KEAT Premium is an exclusive analysis tool with 52 Indicators for Technical Analysis, Derivative Chains, Multiple Watchlists, and more.

My query is other than the facilities mentioned above of KEAT Premium is there any other advantage or plus points by way of realtime rate updates or speedy execution of orders. Or for intraday trading will desktop version of keat will suffice. I have heard from certain quarters keat is a bit slow and rates may not be realtime and also there is a problem of programme hanging or getting stuck in between.

Since you may be already using keat could you kindly comment on the above. And also since you use both kotak and indiabull which do you prefer for intraday trades by way of realtime rates,reliability and speedy order execution. Your comments based on your experiences will be very helpful.

Thankyou

Saji

Dear All,
I wanted to open an internet trading account. So I contacted a number of Online broking houses and having various experience which I am sharing here:

1) Kotak Securities: I wanted to open a “Freeway Account”. As per the website, Max amount in the account can be 1.25 lakhs and “Trading unlimited! Kotak Securities Freeway enables you to trade as many times as you like - at a fixed brokerage. Just pay a fixed brokerage of Rs. 999/- a month and trade as many times as you want”- slogan in website.
To me it means that I pay an amount of Rs 999 /- per month as brokerage and will be able to do unlimited trades within 1.25 lakhs.
But the representatives informed me that the actual meaning is the line is different. Rs 999 is kind of commitment fees. The trading will be charged separately, F&N 0.03% per trade one way. So it is 999/- + brokerage.
Great way of writing in the website!!!!!!

2) Geojit Sec: Initially no response from local franchises. So I put up an adverse feedback in their website. Immediately somebody called up from Kochi to know the issue. Their feedback system works, I have twice used it and they try to sort out the issue. Submitted ultimately account opening from with them, told me that it will take 7 days. The time period is yet to be over.

3) UTI Sec: Told that they will send the form, but they don’t have sufficient people to collect the form the residence. Also inflexible in case of retail investors - still seems to have hangover of the bygone era.

4) Fortis Securities: ‘Contact us’ feature in the website does not work. Keep contact information twice, nobody bothered to call up. Website has incomplete toll free contact number – poorly designed website. If you by mistake go to http://www.religaresecurities.com/, then it will give you only choice to go to a blank webpage. Toll free number is not complete.
Regarding brokerage offered to be, I find Indiabulls and Geojit is as competitive as they are.

A number of members mentioned that at high volume, the brokerage is low. Can anyone be kind enough to define this high volume range based on their experience? I usually trade in F&O and my turnover is about 30 lakhs per month. Is it low, medium or high by general standard?

Regards,

Sarit

Hi All,

After reading all your queries It seems people are yet to find a suitable broker yes ! its true its a money market so rules ethics and regulations sometimes slip way but still system has to work in a proper manner.

IF you have tried it all then I think
You must try
angletrade (Angel Secutires) they also give you angel odien and angel anywhere both good and fast at no extra cost
but you have to work hard with negotiaion because there flat brokerage is
intra - 0.05 and delivery 0.50 so just check them.

Indiabulls is ok till there RM's don't take any interest in your account..........if they takes interest then there is a problem.

As far as Fortis is concerned I would prefer you people call any near by branch guy he will help you out RM's work fast there but am not sure about performance as I am not a client.........

Search is till on so ...........will
keep u posted.

Regards,
gold_ranjit

Hi
I am trading with Indiabulls. I am also opening an account with Anagram securities. It is a subsidiary of Arvind Mills a leader in Textiles. The online flatform Moneypore Express seems to be OK like Indiabulls interface. Their charges are also comparable with Indiabulls. Hope this information is usefull to you peoples. You can visit there site www.moneypore.com and have a look at it. They give intraday calls called Chinta's Call in online platform which seems to be very good as I have observed.
gvnarendra

Gold Ranjit,
something excellent writtern above in your full post,

Indiabulls is ok till there RM's don't take any interest in your account..........if they takes interest then there is a problem.

this is very very true with 5paisa and IB.If the RM takes intrest in your account just start counting days soon you will be out of mkt.

Btw, gold ranjit can you please comment on your well said statement in detail as this will help the newbies alongwith members of the forum to understand what actually we mean and whyat are the conquences.

Actually, on what basis did u say this white truth abt RM and IB,( yeh its true)
did u exp something like this pls share

Hi Gvnarendra,
please give me the following details abt moneypore.


1.can I withdraw funds from my account online with moneypore since its said on your webiste that the account will be integerated.

2.what are the brokerage rates andhow much is the account opening charges and min balance.

I have opened the account recently and yet to feel the pulse of the software. You can withdraw funds from your account online if you have your account with HDFC bank. Regarding the brokerage it is .03% for F&O in each direction and .3% for equities. Hope this answers your question.
gvnarendra