Discount Broker Comparison

[abhay.fintech]

Off-topic, but Is it foolish to keep a 10 lakh account with a discount broker? How big an account do you have with your discount broker?

I am a POSITIONAL options writer and I need to keep my funds with the broker for the full month till expiry. I usually write 25 lots of NIfty option every month and keep them till expiry. I need to fund my account with almost 10 lakh to do this (shares collateral worth 5 lakh + 5 lakh cash)

Am I sensible to do this with a discount broker (In terms of capital safety)? What you people usually keep with a discount broker?

 

[kaly422000]

Off-topic, but Is it foolish to keep a 10 lakh account with a discount broker? How big an account do you have with your discount broker?

I am a POSITIONAL options writer and I need to keep my funds with the broker for the full month till expiry. I usually write 25 lots of NIfty option every month and keep them till expiry. I need to fund my account with almost 10 lakh to do this (shares collateral worth 5 lakh + 5 lakh cash)

Am I sensible to do this with a discount broker (In terms of capital safety)? What you people usually keep with a discount broker?

i think with 10lk u can have good nigotiation with offline brokers. for discount broker better if u keep the margin low and chosse such broker who have good fundtransfer technology. many discount broker need proof of fund trasfer(have to upload screenshot of bankstatement ) after fund transfer. but big amount sud not be sent through online ,u can disscuss how to pay cheque with discount broker. further they dont have free call and trade option ,wheather offline u have full support through phone if ur system have problem or net problem after order execution.

 

[headstrong007]

Off-topic, but Is it foolish to keep a 10 lakh account with a discount broker? How big an account do you have with your discount broker?

I am a POSITIONAL options writer and I need to keep my funds with the broker for the full month till expiry. I usually write 25 lots of NIfty option every month and keep them till expiry. I need to fund my account with almost 10 lakh to do this (shares collateral worth 5 lakh + 5 lakh cash)

Am I sensible to do this with a discount broker (In terms of capital safety)? What you people usually keep with a discount broker?

No problem with a discount broker, this is just new age online broking model to reduce cost. I m using over 20 lakhs capitals each with multiple trading a/c since 8 years trading with multiple discount brokers.

**************
The Investor Protection Fund Trust from SEBI, compensates the investors to the extent of funds found insufficient in Defaulters' account to meet the admitted value of claim, subject to a maximum limit of 25 lakhs per investor per defaulter/expelled member from January 6, 2017.

https://www.nseindia.com/invest/content/defaulters_committee.htm

***********
Some of the trusted brokers I know safe for trading with high cap like 50lakhs or above... RK. Global (1st discount broker), Zerodha, RKSV, TradeSmartOnline, SAS, SAMCO, Finvasia, now Fyers too..
Everyone has some pros and cons..Find it using internet..

There are many others....like wisdom, astha with small customer base..
its better to go with a discount broker with moderate customer base...too small customer base may be a risk(not popular for many reasons/new broker) and very large customer base also creates problem like system crashing in volatile times.. like Zerodha...

Choosing a discount broker is often trial and error method to find which is most suitable according to your trading style.

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No need to worry if splitted capital with a discount broker is upto 25Lakh. Sebi is increasing the limit rapidly..10-15-25..

 

[abhay.fintech]

**************
The Investor Protection Fund Trust from SEBI, compensates the investors to the extent of funds found insufficient in Defaulters' account to meet the admitted value of claim, subject to a maximum limit of 25 lakhs per investor per defaulter/expelled member from January 6, 2017.

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No need to worry if splitted capital with a discount broker is upto 25Lakh. Sebi is increasing the limit rapidly..10-15-25..

:thumb:


Does the Investor Protection fund also compensate for shares which I have pledged as collateral? (I am asking since they are not in my demat as they are pledged... But I have the audit trail that they were debited from my account and credited to broker account).

 

[headstrong007]

:thumb:


Does the Investor Protection fund also compensate for shares which I have pledged as collateral? (I am asking since they are not in my demat as they are pledged... But I have the audit trail that they were debited from my account and credited to broker account).

All debit/credit of shares recorded to any demat, so could be backtracked easily if required. Most probably money used for trading by shares pledged is also under Investor Protection fund, bcoz this is investors money.
But, it is better to directly confirm it from Securities and Exchange Board of India.

 

[headstrong007]

kaly422000,

In their site, they clearly mentioned Trade Tiger Access Charges charges are Rs3000 querterly or Rs 10000 annually [plus 18% GST, its almost 12k now :annoyed:] which is much higher than previous AMC charge 6000. So beware of them.. By the following condition, they can directly debit that charges from your a/c.

http://sharekhan.com/common/terms.htm

Trade Tiger Access Charges. (Applicable for online trading only) :-
I hereby agree to the terms and conditions for the TradeTiger TM Access Charges, namely:
I/We understand that Sharekhan is entitled to charge an access fee for usage of the trading software Trade Tiger provided to me/us.
I/We hereby authorize you to debit my account for Rs. 3,000 and relevant statutory charges towards Quarterly Access Charge for using Trade Tiger. I/We further acknowledge that the this service would non transferable.
I/We understand that in case I/We opt for annual subscription, the charges would be Rs. 10,000 excluding statutory charges.
I/We also understand that the upcoming features in Trade Tiger may carry additional charges and that charges are subject to change.
I/We understand that the Trade Tiger may be deactivated in case of non payment of charges and that subscription amount once collected would not be refunded.
I/We acknowledge that the Access charges would be adjusted against the brokerage generated in my account over the subscription period. I/We also acknowledge that in case brokerage generated is less than the Access Charges then the balance would not be refundable.

 

[cloudTrader]

RKSV is going to provide Fox Trader Trading Platform soon. Tomorrow they will organise a webinar on YouTube on the same.

Although Fox Trader has a monthly subscription but it has really exciting features.

https://www.reliable.co.in/Default.aspx

 

[kaly422000]

kaly422000,

In their site, they clearly mentioned Trade Tiger Access Charges charges are Rs3000 querterly or Rs 10000 annually [plus 18% GST, its almost 12k now :annoyed:] which is much higher than previous AMC charge 6000. So beware of them.. By the following condition, they can directly debit that charges from your a/c.

http://sharekhan.com/common/terms.htm

Trade Tiger Access Charges. (Applicable for online trading only) :-
I hereby agree to the terms and conditions for the TradeTiger TM Access Charges, namely:
I/We understand that Sharekhan is entitled to charge an access fee for usage of the trading software Trade Tiger provided to me/us.
I/We hereby authorize you to debit my account for Rs. 3,000 and relevant statutory charges towards Quarterly Access Charge for using Trade Tiger. I/We further acknowledge that the this service would non transferable.
I/We understand that in case I/We opt for annual subscription, the charges would be Rs. 10,000 excluding statutory charges.
I/We also understand that the upcoming features in Trade Tiger may carry additional charges and that charges are subject to change.
I/We understand that the Trade Tiger may be deactivated in case of non payment of charges and that subscription amount once collected would not be refunded.
I/We acknowledge that the Access charges would be adjusted against the brokerage generated in my account over the subscription period. I/We also acknowledge that in case brokerage generated is less than the Access Charges then the balance would not be refundable.

ys i now understand. so terrible and thanx for info . but unfortunately many of their franchises dont know about that. i asked as many as 5 franchises today and they denied or may be tried to hide that but one branch stuff nearby said it will come. any way better to stay away. it is just a madness. if their probable new clients know it sud they open account with them. another broker is in same catagory and that is ventura .but they debit rs 5000/ initially for access of their software pointer. now may be to open an account with any broker have to know mainly for software access charge. and to shortlist those brokers who dont charge for their software. mainly discount broker dont charge for software. but for delivery trade i want to depend on full service broker . if any one or u can guide those full service brokers who dont charge for trading software.

 

[MewarLion]

@abhay.fintech

Nature of Claim *:
A. Non-receipt of securities purchased
(Details to be enclosed as per format provided at Annexure 1, point A)
B. Non-receipt of funds on account of sale trades
(Details to be enclosed as per format provided at Annexure 1, point B)
C. Non- receipt of credit balance
D. Non- receipt of Margin
(Details to be enclosed as per format provided at Annexure 1, point C)
a) Provided in form of funds
b) Provided in form of securities
E. Corporate benefits on securities kept with trading member
(Details to be enclosed as per format provided at Annexure 1, point D
for CM segment and point E for F&O segment)
F. Total claim amount
https://www.nseindia.com/invest/content/reg_claim_agnst_mmbr.htm

Please note the possible claim type against investor protection fund as per NSE website given in above link. One may conclude that shares given towards margin are covered.

 

[kaly422000]

No problem with a discount broker, this is just new age online broking model to reduce cost. I m using over 20 lakhs capitals each with multiple trading a/c since 8 years trading with multiple discount brokers.

**************
The Investor Protection Fund Trust from SEBI, compensates the investors to the extent of funds found insufficient in Defaulters' account to meet the admitted value of claim, subject to a maximum limit of 25 lakhs per investor per defaulter/expelled member from January 6, 2017.

https://www.nseindia.com/invest/content/defaulters_committee.htm

***********
Some of the trusted brokers I know safe for trading with high cap like 50lakhs or above... RK. Global (1st discount broker), Zerodha, RKSV, TradeSmartOnline, SAS, SAMCO, Finvasia, now Fyers too..
Everyone has some pros and cons..Find it using internet..

There are many others....like wisdom, astha with small customer base..
its better to go with a discount broker with moderate customer base...too small customer base may be a risk(not popular for many reasons/new broker) and very large customer base also creates problem like system crashing in volatile times.. like Zerodha...

Choosing a discount broker is often trial and error method to find which is most suitable according to your trading style.

--------
No need to worry if splitted capital with a discount broker is upto 25Lakh. Sebi is increasing the limit rapidly..10-15-25..

for small trader or may be for every one better to avoid samco and fyers.though fyers have splendid platform. better avoid their demat ,it is better to add another demat with their trading account. cause both the broker have a mandate form for NACH/ecs which may authorise them to debit amount directly from the bank account, though they mention if contacted that for only demat charge. fyers may also charge for their trading platform in near future. trusted are zerodha, upstox,tradesmartonline ,sas online. ITS ONLY MY IDEA. enquire properly before opening an account