Decent low-profile Discount Broker

[pannet1]

What is Darkpool ?

while this is not the answer to the question but there is a parallel to this. listen to Brad Katsuyama, the hero of flashboys book, on what he have to say. It is important for us because we may have an answer to the question, who is always winning on the other side and why?

 

[CougarTrader]

What is Darkpool ?

Darkpool is an unregulated online psuedo-exchange or marketplace where real public shares or equities or other contracts are privately traded between HNIs or Institutions at a mutually agreed price generally without public knowledge and without a fuzz or noise or price manipulation at their main exchange. This takes-off liquidity from their main exchanges which in-turn is a problem for everybody. Yeah! we still live in a far better part of the world. Our simplicity is our power! Hope that remain intact with us....

 

[CougarTrader]

while this is not the answer to the question but there is a parallel to this. listen to Brad Katsuyama, the hero of flashboys book, on what he have to say. It is important for us because we may have an answer to the question, who is always winning on the other side and why?

For sure within 100 years for us!

 

[CougarTrader]

Not sure if they're necessarily facing any restrictions or opposition in India (do you have a source?) but I think they're more used to developed, deeper markets with higher participation-rates, & hence, super-cautious about giving leverage in an undeveloped, shallow market like India due to the fear of it potentially crashing big time on some big global news, given the tenuous nature of the global markets as it is. Nonetheless, I think they definitely are looking to further penetrate the Indian retail market given that they lowered their minimum balance requirement from 2k to $500 fairly recently, & of course, last year itself they lowered the brokerage to match Zerodha's standard but I agree with you that they definitely need to consider leverage if they want to stand any chance of expanding in India, & IF they do that then, I could see them destroy a lot of the Indian brokers.

I hope your suggestion to get IB on-board goes through, & if they decide to participate on the forum & listen to what Indian traders want, then it will a win-win situation for both. I'm currently trading with IB, & fairly happy & haven't faced any issues but their margin-requirements are very annoying!

Hi @Newbie Day-Trader,
Welcome to this thread which I started couple of days back. I am collecting information/feedback for a reasonable Discount Broker for sometime now. My orders need reliability and trust. Live experience with the big Discount boys have not been encouraging for me.

Last week I engaged into a conversation with a sensitive IB agent who did not directly indicate friction of IB's ease of doing business in India but vindicate enough. IB was providing MAS and leverage but since SEBI started probing on margin cap based on net-worth and other BS; IB stopped their margin as they were amongst the FDIs who were questioned. Unlike other brokers, IB is not controlled by locals, so, anything decisive that happens in IB, either Hong Kong or U.S. gets involved. Now these foreigners have their own mind-set and expectations in accordance to their own SOPs which does not match with our local Exchanges at several grounds; that's what I was told for not providing margin and for not having footprints for all exchange products. Moreover, locals who are employed in IB does not bother much as they are just puppets to their foreign bosses. They work 9am to 6pm and do whatever told to do.

 

[Loss_Lover]

@CougarTrader your concerns are for whom who considers Trading as a primary means of livelihood. How many even consider this endeavor as legit in our country? Who has time and energy to read, digest several hundreds of TA books, sit down for hours, weeks, months at a stretch to develop a custom strategy or technique, backtest and suit own needs? Those who do, they figure out their own way. Decision-makers of todays Brokerages somewhere down the line understands this, that's why major emphasis is not laid on building a solid platform rather on trapping newbies and provide the so-called "user-experience" for they fail in the interim and make way for other newbies. Its like a cycle. After toiling hard for several years now, if anybody offers me the world's best platform at zero cost, I will still deny, because I know my needs and what for works me. If I am following a system that everybody else is following, then I have no edge and prey to all hounds lurking in the market uncertainties. Trading is not for party-animals to come-in have party go home, sleep. By all means one should enjoy Trading but it needs consistent (तैलधारावत ) effort to be a better self. Biggest challenge is realizing these needs that suits or works out for an individual.

 

[CougarTrader]

Another observation from last week's research after making around 15-20 calls to different Brokers and Sub-Brokers; as far as Discount Brokerages are concerned, no matter whatever the service quality, Zerodha is still favored the most, if not @Zerodha then @RKSV. That's the general mentality! The field is more of salesmanship-networking-marketing rather than providing resource-worthy infrastructure. Unfortunately, I see that even people lose money because of poor services; they ill-talk about them but still do not abandon them and continue their services. Isn't it that hypocrisy?

Brokers now have Teams of Marketing soothers who are trained to make you feel good even when you loose money because of their OMS/RMS. Wonder why not shift focus fiscally towards technology?

Starter Brokerages don't even know what they are missing, instead they pester to "Open an Account", that's all! And those in Business for more than 3-5 years either are least bothered or have an extreme degree of egoistic attitude that the whole Universe's epicenter begins and ends at their firm/or their (often outsourced) products only

As a serious responsible retail trader whom would you choose?
@Newbie Day-Trader gr8 post brother, couldn't have said better myself...... Day trading is hard from all aspects and our Broker's poor OMS/RMS make it even harder. Shorter time-frame Trading depends all on Execution and we get "Royally Sucked" at that very juncture

Senior Day-Traders I humbly request you all to enlighten me!

 

[Newbie Day-Trader]

Another observation from last week's research after making around 15-20 calls to different Brokers and Sub-Brokers; as far as Discount Brokerages are concerned, no matter whatever the service quality, Zerodha is still favored the most, if not @Zerodha then @RKSV. That's the general mentality! The field is more of salesmanship-networking-marketing rather than providing resource-worthy infrastructure. Unfortunately, I see that even people lose money because of poor services; they ill-talk about them but still do not abandon them and continue their services. Isn't it that hypocrisy?

Brokers now have Teams of Marketing soothers who are trained to make you feel good even when you loose money because of their OMS/RMS. Wonder why not shift focus fiscally towards technology?

Starter Brokerages don't even know what they are missing, instead they pester to "Open an Account", that's all! And those in Business for more than 3-5 years either are least bothered or have an extreme degree of egoistic attitude that the whole Universe's epicenter begins and ends at their firm/or their (often outsourced) products only

As a serious responsible retail trader whom would you choose?
@Newbie Day-Trader gr8 post brother, couldn't have said better myself...... Day trading is hard from all aspects and our Broker's poor OMS/RMS make it even harder. Shorter time-frame Trading depends all on Execution and we get "Royally Sucked" at that very juncture

Senior Day-Traders I humbly request you all to enlighten me!

About people complaining about brokers like Zerodha & RKSV, & STILL using them anyway..... I don't completely get that either given that when Zerodha started having major problems frequently, I opened accounts at a bunch of other brokers despite having been a loyal Zerodha-customer for years; I left Zerodha early last year & have never looked back since but from what I gather, based on what some people persistent users have said, some are afraid to move to smaller brokers for the fear of them going bankrupt, some like the leverage that Zerodha offers, & who knows what else. For me, stability is THE most important thing, like it is for you, which is why I've remained with IB despite their other annoying stuff regarding higher margin requirements, weird shorting restrictions in Cash market, etc.

 

[CougarTrader]

About people complaining about brokers like Zerodha & RKSV, & STILL using them anyway..... I don't completely get that either given that when Zerodha started having major problems frequently, I opened accounts at a bunch of other brokers despite having been a loyal Zerodha-customer for years; I left Zerodha early last year & have never looked back since but from what I gather, based on what some people persistent users have said, some are afraid to move to smaller brokers for the fear of them going bankrupt, some like the leverage that Zerodha offers, & who knows what else. For me, stability is THE most important thing, like it is for you, which is why I've remained with IB despite their other annoying stuff regarding higher margin requirements, weird shorting restrictions in Cash market, etc.

Infrastructure wise IB is great. I just love their Amibroker plugin for DataFeed. But product wise and margin wise IB is very restricting and needs persuasion.

 

[Fistig]

This article list about the decent mid range quality brokers, these broker are for new investors who are new in the business and want to take this business serious in the future these brokers will give them quality in much less price, these kind of articles usually get high traffic form the youngster who wanted to get themselves register in the market.

 

[CougarTrader]

This article list about the decent mid range quality brokers, these broker are for new investors who are new in the business and want to take this business serious in the future these brokers will give them quality in much less price, these kind of articles usually get high traffic form the youngster who wanted to get themselves register in the market.

Any suggestions? My trading style needs a discount broker with reliable OMS, good MIS Option Selling Margin and a comprehensive Back Office.