Discount Broker Comparison

hmmm
I dont know about their web based trading. I use NestTrader only.
Yes, 45 per segment is nothing, that why I mentioned in my post (that I not complaining),why they are charging for trading platform.
But one thing I will like to add, a broker provides good service, till you wont have to call him for any reason (except for query or petty reasons) . Right na !!!!!!
bull bhai, It is not 45 per segment. They charge 45 per exchange
 

bpr

Well-Known Member
To summarize major issue of Fyers(Fyers Web):

1) Double blocking of margin if you have a position and simultaneous place TP and SL order or similar scenarios.
2) Unable to edit Qty Size of Order.
3) For NRML we cannot place trade from charts with one click. (only possible for MIS)
4) Trade from charts Implemented style is wrong where it is shows avg position (when you have multiple trades in a single instrument in a day) rather than the latest position.
5) Unable to change From NRML to MIS and vice versa.
6) Frequent refresh needed on their platform.

Having said that for a intraday trader most of these are non issue and i think fyers is a good alternative.
But for a overnight trader this is deal breaker.
 
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bpr

Well-Known Member
With IB I am able to trade directly trade from Multicharts.Net and Motivewave app. This was a long time wish for me so good to experience it finally.
Anybody wondering, the same should be possible with NT(and All other 3rd party app which has IB integration ) but I don't have a license for NT so I have not tested it but it should work. With NT free version you can always connect and get the charts working without trading privilege.

TWS is not bad but will take time to get used to it. I am still trying get the hang of it.
you have to first launch TWS app and then launch 3rd party app and the 3rd party app will connect to TWS.
At a time you can connect to only one 3rd party app obviously.
Both TWS and your 3rd party app simultaneously work so no issues and TWS is always a backup if some connectivity issues happen with the 3rd party app.

My second question that I had was can I get rid of my datafeed provider and completely use IB for charting. The answer to that unfortunately is NO.

IB has some limitation with 3rd party apps pulling data.
Here is link that details it.
So in a nutshell if you pull too much data in short duration then it will error out frequently with "pacing violation" timeout error.
https://interactivebrokers.github.io/tws-api/historical_limitations.html

Depending on your usage it may or may not be usable. my experience Multicharts it was worse and with Motivwave it was little better.
But obviously to live trade with these limitation is scary.

Another thing that I notice was data quality.
In my short experience they are bad they are equivalent to say kite quality data.
so yes the dedicated data feed provider(Currently mine is Truedata) data quality is definitely better than IB.

to be continued .....

Please post your questions on IB and I will try to answer.
Also other people who currently use IB please participate.
 

superman

Well-Known Member
With IB I am able to trade directly trade from Multicharts.Net and Motivewave app. This was a long time wish for me so good to experience it finally.
Anybody wondering, the same should be possible with NT(and All other 3rd party app which has IB integration ) but I don't have a license for NT so I have not tested it but it should work. With NT free version you can always connect and get the charts working without trading privilege.

TWS is not bad but will take time to get used to it. I am still trying get the hang of it.
you have to first launch TWS app and then launch 3rd party app and the 3rd party app will connect to TWS.
At a time you can connect to only one 3rd party app obviously.
Both TWS and your 3rd party app simultaneously work so no issues and TWS is always a backup if some connectivity issues happen with the 3rd party app.

My second question that I had was can I get rid of my datafeed provider and completely use IB for charting. The answer to that unfortunately is NO.

IB has some limitation with 3rd party apps pulling data.
Here is link that details it.
So in a nutshell if you pull too much data in short duration then it will error out frequently with "pacing violation" timeout error.
https://interactivebrokers.github.io/tws-api/historical_limitations.html

Depending on your usage it may or may not be usable. my experience Multicharts it was worse and with Motivwave it was little better.
But obviously to live trade with these limitation is scary.

Another thing that I notice was data quality.
In my short experience they are bad they are equivalent to say kite quality data.
so yes the dedicated data feed provider(Currently mine is Truedata) data quality is definitely better than IB.

to be continued .....

Please post your questions on IB and I will try to answer.
Also other people who currently use IB please participate.
IB appears too rigid interms of min brokerage per month, min capital size ,not much leverage
Is it made for retailers like us ? Appears like for HNIs and big fishes
 

pannet1

Well-Known Member
With IB I am able to trade directly trade from Multicharts.Net and Motivewave app. This was a long time wish for me so good to experience it finally.
Anybody wondering, the same should be possible with NT(and All other 3rd party app which has IB integration ) but I don't have a license for NT so I have not tested it but it should work. With NT free version you can always connect and get the charts working without trading privilege.

TWS is not bad but will take time to get used to it. I am still trying get the hang of it.
you have to first launch TWS app and then launch 3rd party app and the 3rd party app will connect to TWS.
At a time you can connect to only one 3rd party app obviously.
Both TWS and your 3rd party app simultaneously work so no issues and TWS is always a backup if some connectivity issues happen with the 3rd party app.

My second question that I had was can I get rid of my datafeed provider and completely use IB for charting. The answer to that unfortunately is NO.

IB has some limitation with 3rd party apps pulling data.
Here is link that details it.
So in a nutshell if you pull too much data in short duration then it will error out frequently with "pacing violation" timeout error.
https://interactivebrokers.github.io/tws-api/historical_limitations.html

Depending on your usage it may or may not be usable. my experience Multicharts it was worse and with Motivwave it was little better.
But obviously to live trade with these limitation is scary.

Another thing that I notice was data quality.
In my short experience they are bad they are equivalent to say kite quality data.
so yes the dedicated data feed provider(Currently mine is Truedata) data quality is definitely better than IB.

to be continued .....

Please post your questions on IB and I will try to answer.
Also other people who currently use IB please participate.
excellent @bpr

seems like a dream come true.

you feedback just shattered the high hopes of IB .... I hope you finally settle down with them without issues. how long did it take to open the account with them ... i am told they make a lot of fuss and takes about one month. is it true.
 

bpr

Well-Known Member
excellent @bpr

seems like a dream come true.

you feedback just shattered the high hopes of IB .... I hope you finally settle down with them without issues. how long did it take to open the account with them ... i am told they make a lot of fuss and takes about one month. is it true.
yeah it took me 3/4 weeks or more I guess...
But there are delays from my side also so not a true estimate
the process is offline(online /offline mixed actually) and you do need to sync up with them and follow their instructions to the T...
if you make mistakes there will be further delay.
You have to declare 25Lakh liquid net worth to enable FNO...
Also they asked a lot of question about your occupation,source of funding, previous employer and what not ??
never faced this questions from other brokers ...Also they do reserve the right to refuse you if they feel uncomfortable.
So in a nutshell you need a lot of patience if you want to open an account with them ...

On the other hand I do need to mention their call agents are all good and handled all my bazillion queries with ease.
Also again after account opening to get started you may need hand holding with TWS so you need patience.
 

bpr

Well-Known Member
IB appears too rigid interms of min brokerage per month, min capital size ,not much leverage
Is it made for retailers like us ? Appears like for HNIs and big fishes
Yes those were issues
>> Minimum Brokerage Fees: is Rs200 per month
>> Minimum Balance is $500(equivalent INR amount) initial deposit and then $100(equivalent INR amount) on going (Not a big issue this is reasonable I think)
Intraday Leverage I think 2 times (need to confirm)
For me the worst thing is overnight margin they charge 1.25 times the exchange.
I am yet to understand their margin statement but I think they charge more like 1.5 times


Good things abt IB that I have noticed so far:
GTC order: I never think I will be so impressed with GTC order. If I have SL and Profit orders for a overnight position then I don't have to place them again at the morning. this is just a huge relief. Sometimes I am not in front of computer in the morning exactly at 9:15 this is just so good to have.
Also not only that I can place new orders and modify existing orders when the market is closed.
I don't think I can live without GTC order it is just so good.
Such a simple feature and so much impact.
We have been asking about GTC for so long not a single discount broker listened.

Universal order Type (No distinction between NRML and MIS) I have asked this feature form other discount brokerage but in vain. Basically when the market is live it will auto release excess overnight margin and towards market closing ( around 3:15PM) it will kick in full margin.
Simplicity at its best.
 
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vicky_ag

Well-Known Member
Universal order Type (No distinction between NRML and MIS) I have asked this feature form other discount brokerage but in vain. Basically when the market is live it will auto release excess overnight margin and towards market closing ( around 3:15PM) it will kick in full margin.
Simplicity at its best.
NRML and MIS seems to be a strange feature coming out of risk management by Indian brokers. I had IB abroad and there aren't any MIS/NRML/CNC orders etc - orders are just orders.
 

bpr

Well-Known Member
NRML and MIS seems to be a strange feature coming out of risk management by Indian brokers. I had IB abroad and there aren't any MIS/NRML/CNC orders etc - orders are just orders.
yeah that is a Indian thing ....it is there for years very difficult to get rid of now...
classic example of over engineering
 
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