Decent low-profile Discount Broker

Best Discount Broker? Also please state your reasons in the thread

  • Wisdom Capital

  • RK Global

  • SAS Online

  • Trade Smart Online

  • TradingBells

  • SAMCO

  • 5paisa

  • MyValueTrade

  • Finvasia

  • Others


Results are only viewable after voting.

CougarTrader

Well-Known Member
#1
First of all no Zerodha, no Upstox, no Fyers. We do not need any fancy charting software or any plastic tools. No need to explain why no Zerodha and no Upstox. No Fyers because they do not provide NEST.

Is there a Discount broker with genuine simple Back Office that shows reports explaining all activities, Platform >= Nest 3.16, stable OMS, BO/CO, genuine order execution, good leverage on MIS Option selling margin (at the very least >= x4) is all we need.

Simple Basic stuff without any fluffy tantrum and please no System failures. RELIABILE AND TRUSTWORTHY. SUCH THAT TRADERS CAN FOCUS ON TRADING INSTEAD GETTING WORRIED ON OTHER THINGS.

Guys how is Finvasia's OMS? Since their brokerage is 0 do they indulge in other malpractices. I read many issues with incorrect Stamp Duties.

Any suggestion!
 
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#2
1 vote Others: None so far.... Some way or other everybody chokes.... Understand if the big boys are choking, then how the kids will do? Beware its not safe alone! Others might have different opinion.
 

newtrader101

Well-Known Member
#3
Tradejini allows single fund transfer usable for all exchanges. They're also providing BO for Commodities. Both are firsts I think. But charts seem to be an issue !
 

Tejas Khoday

Co-Founder & CEO, FYERS
#4
@CougarTrader

By assuming that we provide fancy charting features, plastic tools, and fluffy tantrums, you are trying to downplay the brokers who are genuinely improving the user experience for traders.

If you really think that brokers who simply provide NEST platforms with high leverage are enough to qualify as "RELIABLE and TRUSTWORTHY", then I guess you are not at all aware of what goes on behind the scenes. Just because a broker provides NEST doesn't mean that they are fail-proof. I have sat at length with the founder of Omnesys Technologies (The company that provides NEST Trader) and discussed things about their trading platform which are yet to be optimized. There are many layers in the backend which make broking a complicated business. Most brokers don't understand technology which is by far the most important aspect of the business these days.

And FYI, all brokers provide "genuine" back-offices. Whatever that's supposed to mean.
 
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#5
@CougarTrader

As I have mentioned elsewhere, the industry is in nascent stage, it will need strong continuous push from all well-intentioned participants to ensure a clean environment.

That said, I have traded with TSO and RKSV (before they became Upstox) and had a good experience.

RKG is the original discount broker and still going strong. Many users will swear by their software Odin. Finvasia users are also generally a satisfied lot.

Fyers is too new and I have insufficient experience with them, but they seem to be on the right track. I will soon start trading with them, just getting used to the interface and not yet able to decide whether to use Fyers Web or Fyers One. So far I have only used the .exe based apps for trading, with web versions used only for charting, sporadically.

A consensus seems to be that NOW is the best trading platform if you can do away with the fancy features. It seems to be the best in terms of order execution.
 

CougarTrader

Well-Known Member
#6
@Tejas Khoday
I appreciate your passion for your own product - wholehearted respect to you for that.

By assuming that we provide fancy charting features, plastic tools, and fluffy tantrums, you are trying to downplay the brokers who are genuinely improving the user experience for traders.
I wish that my broker simply provides a platform from which I can flawlessly execute my orders at any given situation on any given day WITHOUT ANY EXCUSES. Our Discount Brokers cannot even provide this bit consistently. So, what will I do with your “user experience, Sir! If this bit is not taken care then rest everything becomes plastic and irrelevant.
If you really think that brokers who simply provide NEST platforms with high leverage are enough to qualify as "RELIABLE and TRUSTWORTHY", then I guess you are not at all aware of what goes on behind the scenes. Just because a broker provides NEST doesn't mean that they are fail-proof. I have sat at length with the founder of Omnesys Technologies (The company that provides NEST Trader) and discussed things about their trading platform which are yet to be optimized. There are many layers in the backend which make broking a complicated business. Most brokers don't understand technology which is by far the most important aspect of the business these days.
You are mixing up things! How can anybody’s requirements or needs judge a Broker’s overall reliability and trustworthiness. A reliable trustworthy Broker will always remain that forever – irrespective of any day or any circumstance. For instance look at Western counterparts – IB, TOS, Amibroker etc. Then exceptions could be rightfully ignored once in a while but not consistent technological failures at every step. I need NEST because it is not resource hungry and pretty simple without any mumbo-jumbo. I want to use it for order execution only. Egos apart, Dartstock is very resource hungry - use any good Performance monitor on a normal i3 CPU 4GB RAM PC.
Most brokers don't understand technology which is by far the most important aspect of the business these days.
Cannot agree further with you on this! I do not wish to pay for faulty APIs. Moreover, being a miniature retailer I do not wish to pay to external data vendors at a hefty cost in order to feed my charting platform either. WILL ANY BROKER TAKE RESPONSIBILITY OF THEIR OWN SYSTEM FAILURE AND REFUND THEIR CLIENT FOR THE LOSSES INCURRED? You might reply back saying yes but in reality you won't. There have been many occasions where uncountable members including myself have reported loss on an ongoing profitable trade simply because of broker's OMS failure or Connection flapping and/or what not excuses. None of the Discount Brokers will ever understand the ground reality. For most trapping and sucking is always better than toiling and serving. Often Discount brokerages are only concerned to increase their client base.
And FYI, all brokers provide "genuine" back-offices. Whatever that's supposed to mean.
I am not home and writing this from somewhere else. I would have gladly shared you some mind-boggling proof from my home PC HDD.

Below is the hard reality if anyone interested:
Every discount broker tactically maintains a web-like trap in the internet. As a total noob if somebody is planning to open a Trading or Demat account and does a Google search, very likely that person will land up to a webpage showing XYZ as the best in India. So, without any second thought that person opens up an account with XYZ. That newbie is very optimistic and unaware of the reality. They think, they have discovered a money minting machine - if they do this along with that (courtesy YouTube videos), they would be printing money like no-one else. However, the reality has different plans. The brain receives narcotic antidotes which makes them addictive. So, even if they lose money, hope and the zeal to overcome despair forces them to trade, trade and trade.

After this every now and then, often on the volatile days, the mayhem occurs wherein XYZ's OMS/platform fails. By the way, mark while that person realizes all this, several months have passed by. That trader has already generated sufficient amount of revenue for the House. Now whether that buddy stays with XYZ or leaves - does not matter. That is the exact reason for the heaven-hell difference between the Customer Service you receive before opening an account and the service you receive afterwards ideally when you require it the most.

A very minuscule section of our population participates in trading (even worse considers it legit). That's the tragedy which leaves new masses to realize all this. As a part of their business plan, XYZ targets these new uninitiated fireflies. So, there are always new lots of newbies ready to try out their luck and ultimately get slaughtered.

In addition to this, generally XYZ either have a proprietary trading desk or is a sub-broker or a subsidiary of a large institution which generates tons of margin. That's why their connection flaps on a useful volatile day and their OMS along with their platform gets messed up! These people are too smart for the regulators to even trace the slightest of their shrewdness. While they receive Young-turt Awards, clients are forced to generate revenue at all circumstance and at all cost.

There is nothing better than being a Broker. And you say it's complicated. Yes it is but worth it. Meanwhile we simpleton retail gets beaten for everything.

No hard feelings just sharing the reality with you!

Sorry for this long post. Really pissed off from the hypocrite brokers. Thank you for reading!

P.S. I trade my own tools using Amibroker like any other sensible serious trader. Because in the entire universe, if anybody understands the technological aspects within the Trading context like application resource utilization, speed, event-execution there’s nobody ahead of Dr. Tomasz Janeczko, the founder and chief software architect of Amibroker. If any Indian discount broker understands this bit and facilitates free easy access to AB (not license wise) but plugin-wise, it will be a different story all together. This will enable brokers to focus more on proper Order executions instead of working on varied different fruitless platform related products. Amibroker is Industry’s best kept secret and no other application can ever compete with that. Worldwide no one could in last 20 years – no Ninja, no Meta; All bows down in front of AB's speed and ever-strengthening competence. That’s one other reason for IB’s success, their TWS platform handshakes with AB without any flaw via a simple free plugin.
 
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pannet1

Well-Known Member
#7
the story of india's first discount broker is very unique. they are the only one successful. so its wrong to put any other discount broker in the same yardstick even upstox for that matter. they have invested so much and were only copying what z provides and yet are not able to copy the success. its business and the bottomline that counts at the end of the day. finally, any company lets say invested on a salary of a staff to exclusively reply on traderji but not much clients turned around, obviously they will stop. so the reason for stopping is different in case of z and up IMHO.

in case of FYERS, they should have stopped even earlier because its the company CEO who is directly replying. the user base they have is not worth even looking at this forum. i feel as a community we need to find a fierce and able competitor instead of showing all our anger on z with all brokers in India.

i too had the same opinion that NEST is best because it has less latency. it was an eye opener when @Tejas Khoday refuted it.
 
#8
the story of india's first discount broker is very unique. they are the only one successful. so its wrong to put any other discount broker in the same yardstick even upstox for that matter.
Anyways we are a copy-paste community. Self-innovation, new out-of-box approach are generally not in our dictionary. Lekin kissi aur ke kaam key upaar juggaad karna nahin chorengey! Ha ha ha! LOL! ;)
 

Tejas Khoday

Co-Founder & CEO, FYERS
#10
@Tejas Khoday
I appreciate your passion for your own product - wholehearted respect to you for that.




I wish that my broker simply provides a platform from which I can flawlessly execute my orders at any given situation on any given day WITHOUT ANY EXCUSES. Our Discount Brokers cannot even provide this bit consistently. So, what will I do with your “user experience, Sir! If this bit is not taken care then rest everything becomes plastic and irrelevant.

You are mixing up things! How can anybody’s requirements or needs judge a Broker’s overall reliability and trustworthiness. A reliable trustworthy Broker will always remain that forever – irrespective of any day or any circumstance. For instance look at Western counterparts – IB, TOS, Amibroker etc. Then exceptions could be rightfully ignored once in a while but not consistent technological failures at every step. I need NEST because it is not resource hungry and pretty simple without any mumbo-jumbo. I want to use it for order execution only. Egos apart, Dartstock is very resource hungry - use any good Performance monitor on a normal i3 CPU 4GB RAM PC.

Cannot agree further with you on this! I do not wish to pay for faulty APIs. Moreover, being a miniature retailer I do not wish to pay to external data vendors at a hefty cost in order to feed my charting platform either. WILL ANY BROKER TAKE RESPONSIBILITY OF THEIR OWN SYSTEM FAILURE AND REFUND THEIR CLIENT FOR THE LOSSES INCURRED? You might reply back saying yes but in reality you won't. There have been many occasions where uncountable members including myself have reported loss on an ongoing profitable trade simply because of broker's OMS failure or Connection flapping and/or what not excuses. None of the Discount Brokers will ever understand the ground reality. For most trapping and sucking is always better than toiling and serving. Often Discount brokerages are only concerned to increase their client base.

I am not home and writing this from somewhere else. I would have gladly shared you some mind-boggling proof from my home PC HDD.

Below is the hard reality if anyone interested:
Every discount broker tactically maintains a web-like trap in the internet. As a total noob if somebody is planning to open a Trading or Demat account and does a Google search, very likely that person will land up to a webpage showing XYZ as the best in India. So, without any second thought that person opens up an account with XYZ. That newbie is very optimistic and unaware of the reality. They think, they have discovered a money minting machine - if they do this along with that (courtesy YouTube videos), they would be printing money like no-one else. However, the reality has different plans. The brain receives narcotic antidotes which makes them addictive. So, even if they lose money, hope and the zeal to overcome despair forces them to trade, trade and trade.

After this every now and then, often on the volatile days, the mayhem occurs wherein XYZ's OMS/platform fails. By the way, mark while that person realizes all this, several months have passed by. That trader has already generated sufficient amount of revenue for the House. Now whether that buddy stays with XYZ or leaves - does not matter. That is the exact reason for the heaven-hell difference between the Customer Service you receive before opening an account and the service you receive afterwards ideally when you require it the most.

A very minuscule section of our population participates in trading (even worse considers it legit). That's the tragedy which leaves new masses to realize all this. As a part of their business plan, XYZ targets these new uninitiated fireflies. So, there are always new lots of newbies ready to try out their luck and ultimately get slaughtered.

In addition to this, generally XYZ either have a proprietary trading desk or is a sub-broker or a subsidiary of a large institution which generates tons of margin. That's why their connection flaps on a useful volatile day and their OMS along with their platform gets messed up! These people are too smart for the regulators to even trace the slightest of their shrewdness. While they receive Young-turt Awards, clients are forced to generate revenue at all circumstance and at all cost.

There is nothing better than being a Broker. And you say it's complicated. Yes it is but worth it. Meanwhile we simpleton retail gets beaten for everything.

No hard feelings just sharing the reality with you!

Sorry for this long post. Really pissed off from the hypocrite brokers. Thank you for reading!

P.S. I trade my own tools using Amibroker like any other sensible serious trader. Because in the entire universe, if anybody understands the technological aspects within the Trading context like application resource utilization, speed, event-execution there’s nobody ahead of Dr. Tomasz Janeczko, the founder and chief software architect of Amibroker. If any Indian discount broker understands this bit and facilitates free easy access to AB (not license wise) but plugin-wise, it will be a different story all together. This will enable brokers to focus more on proper Order executions instead of working on varied different fruitless platform related products. Amibroker is Industry’s best kept secret and no other application can ever compete with that. Worldwide no one could in last 20 years – no Ninja, no Meta; All bows down in front of AB's speed and ever-strengthening competence. That’s one other reason for IB’s success, their TWS platform handshakes with AB without any flaw via a simple free plugin.
I have read your message and need a while to reply in detail. While you have your rationale and are right about a few things. I will have to give you a deeper perspective about some of your assumptions which are not true.
 
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