Cheapest broker for scalping purpose?

[tanmayagrawal]

Who is the cheapest broker for Bank nifty futures and option purpose?

I currently have Zerodha and the breakeven point or now is around 6-7 points in Futures and more than 1 point in option. Please suggest me some broker so that I can reduce it

 

[headstrong007]

The cheapest broker is Finvasia with Absolute Zero Brokerage.
For option scalping, Finvasia is BEST. When u scalp using multiple buys especially using buy average and partial profit booking, Zero Brokerage is the best choice as u have the lowest fixed break even.
Finvasia will reduce your breakeven, especially in options you can buy 1lot+1lot+1lot.... can average 1000 times with the same lowest break even, there is no Rs 20 per trade..brokerage is ZERO.

However, for Future intraday leverage is less. U'll get 50% for MIS, BO, CO all. No extra leverage for BO-CO. Although, there is intraday paid leverage scheme. This is their alternate ways of earning, u don't actually need to use it.
If u r scalping with options(long side) then u don't require any leverage, then Finvasia is the best choice.
However, for Future, u may not like them if u r currently using BO-CO with extra leverage.

Finvasia does have a thread in TJ, read the posts/review there to know more...

 

[tanmayagrawal]

Thanks for your help. Can you please tell me the exact breakeven points for bank nifty for Finvasia including stamp duty ?
in zerodha its 6-7 points for futures and 1.2 something for options.

 

[headstrong007]

Stamp duty depends on your STATE.
SEE The calculator, with Stamp Duty 200/Cr for my State Break Even For Bank Nifty, is 4.696 when BANK NIFTY@25000.
https://www.finvasia.com/calculators
STT is rounded off to Rs.
If u BUY-SELL a Rs 100 option break even is only 17 paise as per my CN. 1 Lot or 10 Lot or 100*10 lot breakeven remains same 17 paise. You can save a lot during scalping.

https://www.finvasia.com/calculators

 

[tanmayagrawal]

That is simple amazing. Thank you so much

Also can we do algo trading through it ?

 

[headstrong007]

Probably Finvasia is providing Symphony Presto which is not good enough.

But, Finvasia is providing same NEST or NSE NOW like other brokers.
You can easily find other 3rd parties Algo trading providers who can help you.

Two famous providers for algo trading are below, u can contact them.
http://www.robotrader.in/afl-to-dll.php
http://rcrtrobo.com/services/

It's better to go with professionals like above for algo trading rather than brokers.