Canara bank's canmoney.in

[tintin8801]

i am in kolkata, i had to apply for savings account 1st..........

 

[rajeshau]

hai sunny

i am trading with canmoney since jan 09. they have extended canroyal to me since 3 months, eventhough i hav not opted for platinum scheme. i had requested over the toll free number for canroyal platform. the manager there had given me the canroyal platform on the basis of my turnover, brokerage,,,

i mostly trade in options. they are also offering the canroyal platform for a week on request.

rajesh

 

[murthymsr]

hai sunny

i am trading with canmoney since jan 09. they have extended canroyal to me since 3 months, eventhough i hav not opted for platinum scheme. i had requested over the toll free number for canroyal platform. the manager there had given me the canroyal platform on the basis of my turnover, brokerage,,,

i mostly trade in options. they are also offering the canroyal platform for a week on request.

rajesh

Thanks rajesh and sunny for all the useful information in this thread.

I am planning to migrate to CanMoney in the next couple of days availing the introductory incentives, or to Religare later.

CanMoney has 4 brokerage plans Standard, Silver, Gold and Platinum. and thre trading modules CanBasic, CanLoyal and CanRoyal. They may upgrade to higher modules later based on turnover.

Now my question is, which module will they offer as a starting option particularly with Silver and Gold plans?

Thanks in advance.

murthymsr

 

[Sunny1]

Thanks rajesh and sunny for all the useful information in this thread.

I am planning to migrate to CanMoney in the next couple of days availing the introductory incentives, or to Religare later.

CanMoney has 4 brokerage plans Standard, Silver, Gold and Platinum. and thre trading modules CanBasic, CanLoyal and CanRoyal. They may upgrade to higher modules later based on turnover.

Now my question is, which module will they offer as a starting option particularly with Silver and Gold plans?

Thanks in advance.

murthymsr

basic and royal are same the difference is market watch window which not there in basic. actually canbasic is useless . both are provided to all clients.
only canroyal is not provided to everybody which is nothing but software called trade anywhere. you get software if you opt for special "option trader" scheme or else you generate brokerage of 2000rs./month

 

[murthymsr]

basic and royal are same the difference is market watch window which not there in basic. actually canbasic is useless . both are provided to all clients.
only canroyal is not provided to everybody which is nothing but software called trade anywhere. you get software if you opt for special "option trader" scheme or else you generate brokerage of 2000rs./month

Thanks sunny1 for the very valuable information.

In the meantime, i watched the Video demo modules and found them very informative and got a virtual feel of the whole game.

And by the way, what do you think is the delay in seconds for 'Live Quotes' displayed?

murthymsr

 

[Sunny1]

Thanks sunny1 for the very valuable information.

In the meantime, i watched the Video demo modules and found them very informative and got a virtual feel of the whole game.

And by the way, what do you think is the delay in seconds for 'Live Quotes' displayed?

murthymsr

Hi murthy,
Most of the time Live Quotes are live i.e; no delay. face problem rarely that too only for few secs like yesterday live quotes stopped two time but only for few secs. I noticed this as I use chartsdata software for RT data

 

[murthymsr]

Hi murthy,
Most of the time Live Quotes are live i.e; no delay. face problem rarely that too only for few secs like yesterday live quotes stopped two time but only for few secs. I noticed this as I use chartsdata software for RT data

Thanks again, sunny1.

As the service is new and clients are fewer, good to enter now.

With increased number of customers, as time passes by, hope that the capacities will be augmented to retain the quality of service!
.

 

[murthymsr]

Yes, I submitted the account opening documents. I paid nil, though CanMoney paid to Govt. Rs. 300/- towards stamp duty for the three agreements.

The concerned officer was very courteous. Surprisingly, though this is the penultimate day, not many aspirants were waiting around.

Understood that the incentive scheme may be extended in a different format. You pay the account opening charges now and the same will be adjusted in the brokerage in the next few months.

 

[murthymsr]

Sub: CanMoney Brokerage calculation

Today, I received my Demat account information from their Bangalore office, which encloses the brokerage tariff and conditions. This is at variance with what is available at canmoney.com. (My account is yet to be activated.)

As a typical case, in the brokerage plan of GOLD with Rs 999/- upfront payment:

A) The brochure indicates that:

1) The applicable brokerage for nondelivery is 0.05 %
2) Brokerage shall be charged only on one side i.e., on sale.
3) 50 % concession in the brokerage charges to clients paying a minimum brokerage of Rs.1000/- per calender month.

B) Their web site indicates that:

1) The applicable brokerage for nondelivery is 0.025 %
2) The brokerage shall be charged on both sides i.e. on purchase side and sale side.
3) The 50% concession point of their brochure is not mentioned in the web site.

Let us take a typical case of a total monthly turnover of 100 Lakhs consisting of 50 Lakhs purchase and 50 Lakhs sale.

As per brochure, Brokerage (on sale side only) = 50 Lakhs * 0.05 % = Rs 2,500/-
After 50 % concession, Brokerage = Rs 1,250/-

As per web site, Brokerage ( on both sides) = 100 Lakhs * 0.025 % = Rs 2,500/-
50 % concession is not indicated.

So, as I understand, the brokerage is NOT reduced, but only the wording is changed in this case.

The cutoff point is when the turnover (Both legs) is 80 Lakhs per month, above which, the new website tariff is costly.

If the web site is the latest and the applicable one, tariff reduction is applicale only to traders with less than 80 Lakhs turnover. This is funny.

sunny, rajesh and other members who are using CanMoney may comment and clarify on my understanding of the above brokerage tariff and calculations and indicate the correct calculation.

By the way, the application form also contained a tariff sheet which was signed and submitted. I failed to note down what it contained. Can anybody post the tariff as per that sheet?

Thanks for your time & help.

murthymsr

 

[Sunny1]

Hi Murthy. Me too got the brochure and was confuse but then after a while verifying again and again saw date mention on front and found it was 2008 april. Please check on yours too.