Friends,
I would like to share my 7 years experience with few brokers on online share trading. I find lot of articles appearing concerned with broker house.
Name of broker. S/w. Customer Service. Brokerage.
ICICI GOOD GOOD VERY HIGH
SSKI BETTER IT WAS BEST. NOW ONLY GOOD. VERY HIGH.
MOTILAL GOOD SATISFACTORY JUST OK
ILFS POOR POOR JUST OK
REFCO POOR POOR JUST OK
GEOGIT POOR POOR JUST OK
5PAISE GOOD POOR JUST OK
INDIA BULLS BEST POOR OK
RELIANCE MONEY WORST VERY POOR (BUT IMPROVING) CHEAPEST
RELIGARE POOR SATISFACTORY OK.
The above is based on my experience. Some of them had hidden charges which was not disclosed while opening the account. (5 paisa and Geogit -over which I closed the accounts).
Thus each broker has some or other draw back and every time I find that one has to open the account to get proper know-how about the said brokers. I am fed up and during the last 7 years I failed to find some one who is really good in all respectS. I still find that SSKI is best but due to high brokerage, I hv never made profit with them and therefore am now keeping away eventhough I had not closed account. Most of the borkers give different brokerage depending upon assured volume. India Bull is only the broking house which gives lower brokerage without any conditions but worst with them is their contract note system. Web based contract note does not have head or tail nor I hv ever been able to download it. They send by courier or post; many times it takes a fortnight to reach and some times do not reach at all. This is only a worst area of IB and after protracted correspondence/suggestions, I hv finally decided to quit. So far, in 7 years, I could find none.
The above is without any prejudice and based my experience. Incidentally, only last year I made marginal profit which was due to reduced brokerage by India Bulls. Inspite of this, I shall be quitting IB since their contract note system is creating problems and many times I had to incur avoidable loss.
Confused about Share khan ledger balance and capital gain report