Zerodha vs RKSV ( for currencies)

[DSM]

Nice to see this informative thread. Brokerage is important consideration for a day/high volume trade, but there are a few other important criteria as well.

No system hangup/freeze.
Adequate exposure levels vs. margin.

I too am using RKSV, and my only grouse is that they do not have market order now (they will set this right in the next two month they say). In a fast moving market, you need to get in/out quick, and there is a cost to pay in terms of having to check and then place 4/5/6 digit figure in the system.

Hence, net costs are :

390/cr for RKSV and 506/cr for Zerodha

Moral of the story : Whatever looks cheap is not always cheap, it could be a visual illusion

 

[The Outlier]

Hi DSM,
Other than the market order issue, what is your experience with RKSV till now in terms of :
execution
margin
transparency
etc...

Would be great if you can share

Rgds
The Outlier

 

[DSM]

Execution is pretty quick. No issues there.

Margin. Check exposure levels. They are extreme risk averse (though traders are taking the risk) E.g a Contract of 4Lacks, a margin of 1 lack will not suffice for them for positional trade. 25%+ margin for futures shares? If you are looking for large exposure intraday or positional, other brokers will provide you the scale.

Transparency is no issue.

Help desk, quick and helpful.

The main issue is they have taken off the 'market order' even for futures, though they say they had problem when a client punched in orders for options. Everybody knows even Nifty OTM are not very liquid. So RKSV choose to throw the baby along with the bathwater, instead of ristricting market orders for options, they banned it for futures as well. This has costed me trading opportunities. They have stated that this issue will be resolved after 2 months with their new software.

Hi DSM,
Other than the market order issue, what is your experience with RKSV till now in terms of :
execution
margin
transparency
etc...

Would be great if you can share

Rgds
The Outlier

 

[DataRam]

Execution is pretty quick. No issues there.

Margin. Check exposure levels. They are extreme risk averse (though traders are taking the risk) E.g a Contract of 4Lacks, a margin of 1 lack will not suffice for them for positional trade. 25%+ margin for futures shares? If you are looking for large exposure intraday or positional, other brokers will provide you the scale.

Transparency is no issue.

Help desk, quick and helpful.

The main issue is they have taken off the 'market order' even for futures, though they say they had problem when a client punched in orders for options. Everybody knows even Nifty OTM are not very liquid. So RKSV choose to throw the baby along with the bathwater, instead of ristricting market orders for options, they banned it for futures as well. This has costed me trading opportunities. They have stated that this issue will be resolved after 2 months with their new software.

I totally agree with this. Every other general aspect is handled very well by RKSV people but somewhere as being a Day Trader I feel that they have imposed lot of restrictions. I hope that they keep their words of opening up market order with launch of new software which they claim to be coming soon.

However , in October they told that soon Commodities is coming in their arsenal but still they have to add this market segment. So what soon is pretty soon for them I am not able to figure out.

Still I have faith in them as they brought in Currency segment as they promised, so some leverage has to be given and I am waiting patiently for their action.

 

[RKSV]

Execution is pretty quick. No issues there.

Margin. Check exposure levels. They are extreme risk averse (though traders are taking the risk) E.g a Contract of 4Lacks, a margin of 1 lack will not suffice for them for positional trade. 25%+ margin for futures shares? If you are looking for large exposure intraday or positional, other brokers will provide you the scale.

Transparency is no issue.

Help desk, quick and helpful.

The main issue is they have taken off the 'market order' even for futures, though they say they had problem when a client punched in orders for options. Everybody knows even Nifty OTM are not very liquid. So RKSV choose to throw the baby along with the bathwater, instead of ristricting market orders for options, they banned it for futures as well. This has costed me trading opportunities. They have stated that this issue will be resolved after 2 months with their new software.

Just ran across this thread and wanted to add on the last point -- we have no issues with market orders for futures and cash and selling of options. It's only for option buying where the problem exists.

NSE NOW RMS doesn't let us block market orders segment-wise (as in, allow for futures/equities, block for option buying).

Working on getting market orders on equity and futures at the earliest and a solution for option buying.

 

[DSM]

Thanks RKSV for the post. If I ever come across your boss, I need to recommend double bonus for you. You have been always ready for quick clarification, which is appreciated.

Hope to see the pending issues sorted out soon.

Just ran across this thread and wanted to add on the last point -- we have no issues with market orders for futures and cash and selling of options. It's only for option buying where the problem exists.

NSE NOW RMS doesn't let us block market orders segment-wise (as in, allow for futures/equities, block for option buying).

Working on getting market orders on equity and futures at the earliest and a solution for option buying.

 

[DataRam]

Just ran across this thread and wanted to add on the last point -- we have no issues with market orders for futures and cash and selling of options. It's only for option buying where the problem exists.

This is True . I forgot to mention this in my post. Regarding Cash I had no info as I only trade in F&O with RKSV.

 

[MINITRADER99]

We have to consider efficiency of their system, rate of disruption in service, alternates available in case of system failure etc alongwith cheapness.
I have seen frequent breakdown during peak hours, clogging of the system in sending the order to exchange or confirmation from broker and exchange, retrieval of the reports for viewing or modification etc. No doubt all this problem can not be attributed to brokers terminal only but they needs to be considered.
Unfortunately none of the brokers talk on these matters.