Discount Broker Comparison

[SKU]

BPR what you have to say on reliability of discount brokers. How we can identify the reliable broker, is there any comparison on this aspect?

Waiting for your work on this

 

[Trade2Learn]

Dear BPR,

VPS has send me a mail.They are withdrawing their online trading platform.They have asked all the trader to stop taking positions and withdraw the money to their bank accounts.
So u have to delete VPS from ur broker comparison :rofl:

 

[poortrader]

Dear BPR,

VPS has send me a mail.They are withdrawing their online trading platform.They have asked all the trader to stop taking positions and withdraw the money to their bank accounts.
So u have to delete VPS from ur broker comparison :rofl:

That is indeed bad news as they seemed to be active in forum also. Less competition means bad news for retail clients.

 

[SKU]

I visited their office in merrut on saturday for account opening.Every one seemed quiet friendly.And reason for their low cost may be as they are operating from their home.But good setup.Waiting for account info

So low cost VPS operating from home could not sustain what can expect from a sub-broker of Aliceblue a Wisdom Capital operating virtually, a big ?
WC with in 4 months of start, first shut down their office in Naraina Village Delhi, then handed over to someone in Janakpuri Delhi, now continuing with virtual office address from Gurgaon, Haryana and that too without any support staff. I have seen his owner Dev Mookerji's thread who used abusive language being drunk & is banned in TJ. After that he created so many ids n doing promotion still in the forum.

BPR there is no point in comparing all as VPS is live example for you so shortlist first those discount brokers like Zerodha who can be relied and sustain the business.

No point in running behind discounts blindly.

 

[bpr]

Dear BPR,

VPS has send me a mail.They are withdrawing their online trading platform.They have asked all the trader to stop taking positions and withdraw the money to their bank accounts.
So u have to delete VPS from ur broker comparison :rofl:

what!!! did they tell you the reason?

 

[bpr]

Waiting for your work on this

If you see in the latest excel I have actually tried to do that.
But unfortunately for new brokers it is not easily possible to tell them if they are reliable.It only builds up over time. All it depends is how they are treating their customers and doing their business in the long run.

If you have any parameters in mind that we can track and compare then I can surely include in the excel.

 

[bpr]

saw this in another thread
"Dear Traders,
It has been nice association so far and we hope that you have enjoyed this relationship as much as we have. We at VPS have strived to provide you our best that we have to offer. Till date our product remains unique in the industry and as envisaged it has delivered value for every kind of trader. Our Customer Support Desk works hard to assist you in whenever you need them.
Off late we have seen erosion in retail participation in equity market and since last three month very low level of participation in MCX. Margin in broking business are under heavy pressure and slowly but surely this business is getting out of preference of business houses. We are also considering moving out of retail broking as margins are too low and in future we may see further pressure on already wafer thin margin. In view of this we are withdrawing our online discount broking product i.e. Rs 10 per trade with MAX CAP.
It is our advice to all our clients that they may stop creating new positions in their account and try to shift their position to their other accounts with any other broker. We do not wish to cause any inconvenience to any of our client and will request them to put their request to withdraw their deposit from their accounts thru back office. We would be glad to assist you in any manner that you want thru this process. You may open trading a/c with any other discount broker and shift your positions. Our customer support desk will be available till 30 Nov 2013."

Very bad news they were actually looking quite good but could not sustain their business.

 

[Trade2Learn]

saw this in another thread
"Dear Traders,
It has been nice association so far and we hope that you have enjoyed this relationship as much as we have. We at VPS have strived to provide you our best that we have to offer. Till date our product remains unique in the industry and as envisaged it has delivered value for every kind of trader. Our Customer Support Desk works hard to assist you in whenever you need them.
Off late we have seen erosion in retail participation in equity market and since last three month very low level of participation in MCX. Margin in broking business are under heavy pressure and slowly but surely this business is getting out of preference of business houses. We are also considering moving out of retail broking as margins are too low and in future we may see further pressure on already wafer thin margin. In view of this we are withdrawing our online discount broking product i.e. Rs 10 per trade with MAX CAP.
It is our advice to all our clients that they may stop creating new positions in their account and try to shift their position to their other accounts with any other broker. We do not wish to cause any inconvenience to any of our client and will request them to put their request to withdraw their deposit from their accounts thru back office. We would be glad to assist you in any manner that you want thru this process. You may open trading a/c with any other discount broker and shift your positions. Our customer support desk will be available till 30 Nov 2013."

Very bad news they were actually looking quite good but could not sustain their business.

I got the same mail .I never traded with them even after opening the account.This discount broker idea looks attractive but its real hard to survive.Those who think zierodha is a discount broker is also not correct.Zerodha is only gud for those who trade high volume per order and are heavy traders.If a retail trader who trades 1 lot per trade and 2-3 trades per day ,it comes out to equivalent to the charges of a 1p broker or with a slight difference.
If one read zerodhas thread ppl are having so many issues daily, and new problems everytime.
So can't say about anything abount discount brokers now .

 

[SKU]

If you see in the latest excel I have actually tried to do that.
But unfortunately for new brokers it is not easily possible to tell them if they are reliable.It only builds up over time. All it depends is how they are treating their customers and doing their business in the long run.

If you have any parameters in mind that we can track and compare then I can surely include in the excel.

Some points can be included

1 Broker history & it's Management,their qualification, Broker is registered main broker, their registration no. etc.
2 Broker Location, HO,Regd. Off, no. of Branches, no. of employees etc.
3 Have on DP
4. Have on clearing
5. When they started business , if new, what they were into prior to this business. etc.

 

[cooljai]

A very good initiative and thanks for the hardwork.
Will it be possible to add a check-box next to each of the brokers, so that we can choose which all brokers we want to compare?
So even in future, if another broker winds up like what happened in case of VPS, we can simply leave that unchecked.
Also, one might want to exclude certain brokers from the comparison for any reason (eg.Want to exclude ones which needs advance deposit, like action financial or only ones which are in the business for some time etc)