Discount Broker Comparison

[deepv]

To summarize major issue of Fyers(Fyers Web):

1) Double blocking of margin if you have a position and simultaneous place TP and SL order or similar scenarios.
...
5) Unable to change From NRML to MIS and vice versa.
...

This feedbank looks like a dampener - esp. #1 and #5.

I was checking for alternatives to Zerodha especially for Options writing and felt Fyers is a viable option (in conjunction with their 30-day challenge program).
I was also looking at Upstox as an option due to the extra leverage they provide for intraday option selling under priority plan.
Of the two, I was tilting towards Fyers after going through a few pages on its thread here. They are surely more interactive with traders.

Another factor I was trying to evaluate upon was how much range of BankNifty strikes do these provide for weekly options.
Refer to http://www.traderji.com/community/threads/zerodha-part-3.89121/post-1302561.
Zerodha is causing big time pain due to this.
However I could not locate much input on this factor on either Fyers or Upstox thread, if anyone could throw some light in this regard that would be greatly helpful.

 

[deepv]

...

Universal order Type (No distinction between NRML and MIS) I have asked this feature form other discount brokerage but in vain. Basically when the market is live it will auto release excess overnight margin and towards market closing ( around 3:15PM) it will kick in full margin.
Simplicity at its best.

Thanks for your details about Interactive Brokers, they do provide a bunch of new features which look interesting.
I was just wondering about the quoted point though.
While it saves us as traders to move positions from NRML to MIS (or vice versa), how will they decide which position to keep if margin is not enough when the positions are to be moved back from MIS to NRML?

Also , they doesn't seem to be proving additional exposure for intraday options selling (for stocks and index options).
I could not lay hands the details on the website at least.

 

[vicky_ag]

2) Unable to edit Qty Size of Order.

Curious, what does this mean?

Btw, anyone has ideas about mobile trading clients? I see there is a NOW Mobile version too. anyone tried that?

 

[Newbie Day-Trader]

Yes those were issues
>> Minimum Brokerage Fees: is Rs200 per month
>> Minimum Balance is $500(equivalent INR amount) initial deposit and then $100(equivalent INR amount) on going (Not a big issue this is reasonable I think)
Intraday Leverage I think 2 times (need to confirm)
For me the worst thing is overnight margin they charge 1.25 times the exchange.
I am yet to understand their margin statement but I think they charge more like 1.5 times


Good things abt IB that I have noticed so far:
GTC order: I never think I will be so impressed with GTC order. If I have SL and Profit orders for a overnight position then I don't have to place them again at the morning. this is just a huge relief. Sometimes I am not in front of computer in the morning exactly at 9:15 this is just so good to have.
Also not only that I can place new orders and modify existing orders when the market is closed.
I don't think I can live without GTC order it is just so good.
Such a simple feature and so much impact.
We have been asking about GTC for so long not a single discount broker listened.

Universal order Type (No distinction between NRML and MIS) I have asked this feature form other discount brokerage but in vain. Basically when the market is live it will auto release excess overnight margin and towards market closing ( around 3:15PM) it will kick in full margin.
Simplicity at its best.

Good review. I agree with a lot of what you've said.

I didn't know that they reduced the minimum deposit to $500; it's was $2000 when I signed up last year but maybe they're trying to attract more retail traders but I don't think they can until they have high margin-requirements, net worth, etc., so they really need to look into it if they want more retail business in India.

Received this message today -
Termination of Margin Lending from Sep 1, 2018Dear Client,
Effective September 1, 2018, Interactive Brokers (India) Private Limited will no longer offer margin lending for accounts it carries. Accordingly, you will be required to maintain sufficient cash in your account to pay for all NSE stocks purchases in full. In addition, the margin required for NSE derivative positions (i.e., options and futures contracts) will have to be met with cash.

By the way, their margin-requirements vary greatly from one stock-future to another; for instance, right now, TWS is showing margin-requirement of 54,000 for TATAMOTOR future whereas 10,42,000 for DIVISLAB future.
So, I was already annoyed by the fact that they require super-high margins for some of the stock-futures but from next month, they aren't even going to provide any intraday margins! So, even though I love some of the features, including GTC orders, I'm considering moving to another broker but not sure whether I should or not.

Curious, what does this mean?

Btw, anyone has ideas about mobile trading clients? I see there is a NOW Mobile version too. anyone tried that?

It means that, in FyersWeb, if you put an order to buy 1000 shares of a stock but after a few minutes you want to modify the quantity to 500 shares, then you can't do that; you'll have to cancel the 1000 shares order & place a fresh 500 shares order.

I think NOW has a mobile version but I only ever use any mobile-app to close open positions when the PC or its Internet is having problems; so, I can't really say much in that respect as I always prefer desktop-trading over mobile-trading.

 

[bpr]

Good review. I agree with a lot of what you've said.

I didn't know that they reduced the minimum deposit to $500; it's was $2000 when I signed up last year but maybe they're trying to attract more retail traders but I don't think they can until they have high margin-requirements, net worth, etc., so they really need to look into it if they want more retail business in India.

Received this message today -
Termination of Margin Lending from Sep 1, 2018Dear Client,
Effective September 1, 2018, Interactive Brokers (India) Private Limited will no longer offer margin lending for accounts it carries. Accordingly, you will be required to maintain sufficient cash in your account to pay for all NSE stocks purchases in full. In addition, the margin required for NSE derivative positions (i.e., options and futures contracts) will have to be met with cash.

By the way, their margin-requirements vary greatly from one stock-future to another; for instance, right now, TWS is showing margin-requirement of 54,000 for TATAMOTOR future whereas 10,42,000 for DIVISLAB future.
So, I was already annoyed by the fact that they require super-high margins for some of the stock-futures but from next month, they aren't even going to provide any intraday margins! So, even though I love some of the features, including GTC orders, I'm considering moving to another broker but not sure whether I should or not.



It means that, in FyersWeb, if you put an order to buy 1000 shares of a stock but after a few minutes you want to modify the quantity to 500 shares, then you can't do that; you'll have to cancel the 1000 shares order & place a fresh 500 shares order.

I think NOW has a mobile version but I only ever use any mobile-app to close open positions when the PC or its Internet is having problems; so, I can't really say much in that respect as I always prefer desktop-trading over mobile-trading.

oh no I just saw their mail ...will have to call and ask what exactly are the changes ??

Dear Client,

Effective September 1, 2018, Interactive Brokers (India) Private Limited will no longer offer margin lending for accounts it carries. Accordingly, you will be required to maintain sufficient cash in your account to pay for all NSE stocks purchases in full. In addition, the margin required for NSE derivative positions (i.e., options and futures contracts) will have to be met with cash.

This change requires repayment of your current INR loan (if applicable) by October 1, 2018. Repayment can be made by depositing funds and/or closing the stock positions securing the loan. Please note that Interactive Brokers (India) Private Limited reserves the right to liquidate positions in your account should you fail to take these steps in a timely manner.

We appreciate your understanding of this policy decision and cooperation with loan repayment (if applicable).

Regards,
Interactive Brokers Client Services

 

[bpr]

Thanks for your details about Interactive Brokers, they do provide a bunch of new features which look interesting.
I was just wondering about the quoted point though.
While it saves us as traders to move positions from NRML to MIS (or vice versa), how will they decide which position to keep if margin is not enough when the positions are to be moved back from MIS to NRML?

Also , they doesn't seem to be proving additional exposure for intraday options selling (for stocks and index options).
I could not lay hands the details on the website at least.

they will pick a position in random i think.
In TWS there is a feature where you can mark a position as "liquidate last" that means it will be liquidated last . But I actually need "liquidate first" so that liquidate one of my position first before trying to liquidate anything else.

 

[superman]

Are you not tired of trying so many brokers ? ,, I am sort of now. With this new SEBI rules , I am done testing with brokers, If I am not profitable and not earning worth my time, need to quit trading !

Discount brokers cant help if SEBI is against us . Liquidity will dry and we will suffer.

One day IB might take 2 times amount for delivery also , you never know thanks to SEBI !

 

[Newbie Day-Trader]

Are you not tired of trying so many brokers ? ,, I am sort of now. With this new SEBI rules , I am done testing with brokers, If I am not profitable and not earning worth my time, need to quit trading !

Discount brokers cant help if SEBI is against us . Liquidity will dry and we will suffer.

One day IB might take 2 times amount for delivery also , you never know thanks to SEBI !

I can totally understand your sentiments because this SEBI drama & the resultant uncertainty is really mentally draining & demoralizing.

 

[traderniftybull]

Bhai log, dont think tooooo much of this SEBI drama
we are Indians and have solution (read jugaad) for all sorts of problems
so solution for this problem will also be found, when we have it

 

[2021]

Curious, what does this mean?

Btw, anyone has ideas about mobile trading clients? I see there is a NOW Mobile version too. anyone tried that?

I use NOW Mobile since Zerodha used to provide it and now using on finvasia too. Yes, one fan edit order on NOW mobile. Quantity, price, CNC/mis/nrml/limit/market. Though one can't convert position from CNC to MIS or vice versa on mobile app. Has to login on web or desktop version.