Frustrated with RelianceMoney!!

I am using Reliancemoney account for the past 3 months and only trading through their online portal, never made any calls for trading and also not used kiosk for trading as well..

When I opened the account Reliancemoney said that there is no transaction commission for buying and selling stocks and this is an offer will be available for one year... so that I traded a lot and today I checked my reliancemoney email, they charged for every transaction of Rs.12/transaction for all these 3 months.. and they taken down all the money from my account.. I am totally axed.. and weird..

I am totally confused with this.. did I misunderstand anything with them or they cheated me?

Now, I like to change the demat a/c to other broker like sharekhan, indiabulls, icicidirect... which one is best? I am a swing trader, which one suits me? Also, should I close the demat account in reliancemoney before opening elsewhere? help appreciated..

This things happen in reliance money .so many customers are not satisified with reliance money. RS.12/transaction allowed for whom trading through phone or r money office.
when u tradin in your own pc. so, i think they cheated u.

yes u can change ur dmat to others. according to me sharekhan is the best.
u no need to close the r money dmat account. u can open multiple account in multiple brokers. no restriction for that.

Thanks for your comments. Still I am bit confuse of creating multiple demat accounts, is it ok? anyone pls confirm me..

12 rs /trade is illegal and they cheat in this way on purpose i know many cases like this , and can say that is deliberate ,bcoz if u r trading from ur own pc then no charges but still they cheat u go and get partner code of ur account which tells u who has got pay out of ur money and catch his throat , 12/trade is given to him, u can understand conspiracy easily , u can get ur money back
have nice time

it's true. I was also charged like that & therefore closed the a/c. Now I m trading with IDBI's www.idbipaisabuilder.in online trading platform. It's easy and fast with less brokerage and absolutely no hidden charges.

Hai I have also the 100% same experience what you have. Today only I have sold complete my stocks from Reliance Money and Bought the same to Karvy Account. It is the best in my experience very fast,reliable (vice versa to Reliance Money). Past week only I have started my transaction in Karvy and I like it 100% and I have taken the decision to change the holdings from Reliance Money to Karvy and side by side I sold from RMoney and Bought the same in Karvy and I don't bother about the Brokerage and want the best one.

Karvy also same brokerage @5paise and based on your transaction, on request, they will reduce it to 4paise. Very Fast, reliable.

Reliance Money software is very worst, very often the stocks are misappering and only after informed to them, they are correcting the same. Otherwise you will lose your money.

see www.karvyonline.com

Hi All, looking at all the above comments, there seems be a mis-communication or lack of communication from RMoney, the Rs. 12 being is charged is in all probabilities coz, you must have opened an account with a FRANCHISE, when you do that, even if you trade online, you get charged Rs 12 per trade. Go to your nearest branch and fill a form to 'CANCEL YOUR MANDATE', this exactly what they call. Once this is done, they will stop charging your account.

Let me give you a run-up to the advantages and disadvantage for R Money

ADV:
Lowest Brokerage
Ordinary trading platform, web-based, no software
Margin available on Stocks as well

DISADVANTAGES
For day traders, most of times rates dont updates as quickly as they should

Constantly (30 min) keep logging In-Out to get constant updates, for every technical problem there is only solution, Log Out..

Poor backend processes, a complain i raised 20 days back is still to be resolved

On the limit card, you get XX amount of turnover, today, it shows my last details updated till Jan 12, 1 month old data....

***********************
All said and done, i would say, opt for RM if you are looking for cheap brokerage rates, but keep a HAWK EYE on your ledger each day, or money starts to leak out.

What is do is, use RM to trade and ODIN (from another broking account) to check rates....

Hope this helps clear all your doubts.

Reliance Money is the worst online Portal. Since the inception they have made many changes by reducing the services provided on Portal and increasing the brokerages & they deduct money without the concent of the customer. Weather you trade or not you have to pay them Rs.1000/- every two months. Overall They have gone away with intial schemes which was just to lure customers have been done away with. In short Anil Ambani feels the Indians are fools.. But let me tell all its not true they have to pay huge price for the same.. Daily 100's of people are closing account with them. IN CASE YOU HAVE ACCOUNT WITH THEM CHECK YOUR LEDGER AND AWAIT A BIG SHOCK.

Reliance Money is the worst online Portal. Since the inception they have made many changes by reducing the services provided on Portal and increasing the brokerages & they deduct money without the concent of the customer. Weather you trade or not you have to pay them Rs.1000/- every two months. Overall They have gone away with intial schemes which was just to lure customers have been done away with. In short Anil Ambani feels the Indians are fools.. But let me tell all its not true they have to pay huge price for the same.. Daily 100's of people are closing account with them. IN CASE YOU HAVE ACCOUNT WITH THEM CHECK YOUR LEDGER AND AWAIT A BIG SHOCK.

Reliance products are not to be RELIED.We had payment problems with
Reliance Communications as well,earlier.