Discount Broker Comparison
@tradermodified whats the issue with 3.13 or later version?
@ackin12345 backill is a major issue. Either it does not work or if works backfill spoils previously filed candles (charting), while there was no such issue with v3.11
I am looking to change my broker for trading stocks intraday. Current broker ( wisdom ) is preventing scale up.
What i am looking for
1) Looking for long term broker, tired of switching - from zerodha(unstable) to finvasia( less leverage) to wisdom(cant scale up)
2) Platform/Ordering stability. No real point without this.
In the long run stable api is much better but for now nest will also work.
My current tools are actually on nest so moving to api would take some extra effort but thats ok.
This link gives some brokers that provide api but a lot of them are not familiar.
https://algoji.com/selecting-broker-algo-trading/
3) Leverage. My current system will probably need 7-8x for extreme cases if i keep full amount with broker.
Now obv, i would prefer to keep lower amount to reduce broker risk (hence wisdom).
20/28x with upstox looked great but not sure if they are still providing it.
Another way to manage that will be to use two brokers, which is probably what i will do in future as most brokers seem to give 8-16x
Perhaps sharekhan next year when they start discount broking arm ..
4) Square off time. Just adding because i think upstox? changed it to 1500 which is too early. 1520/1515 is ok.
5) Brokerage - 20 per order is great and preferred. If a broker is giving something much better, then percentage might also be ok as long as its reasonable. Currently paying 0.007% which is high. I get around 100 trades in a month in different stocks.
6) So current broker is keeping a hard limit on combined contract size (without leverage). Obviously a blocker, i am not sure if any other broker does this.
7) Ideally, 3 months settlement should not stop me from trading next day. Either they keep money in account( preferred) or have quick turnaround.
Interactive brokers is probably my ideal broker and i use them for Nifty. Great platform and trusted broker.
But they give very little leverage and none for stocks, which is a problem for intraday.
Below is my perception of other brokers, probably flawed and hence looking for opinion from regular traders.
1) Fyers - Right now on top of my list.
pros - simple api, seems stable based on thread ( although had issue recently with squareoff), active in response.
cons - cover orders can get disabled instead of just reducing leverage (So will have to code both cases)
Thats ok when index is up/down 7-8 % on open, when i wont trade anyway, but they seem to do it for smaller moves too just based on anticipation.
Leverage is ok but a lot of them seem to be around 10x for cover orders. Hopefully, will increase once covid/sebi issue goes away.
Not sure if they have good financial backing behind them. Crazy things can happen ( crude -ve !! )
Obviously can say same for many other brokers including my current one.
2) Upstox - Was considering this previously, but there is a lot of negative reviews for them recently
pros - Leverage with 30 brokerage plan (20/28x) - But are they still giving it ?
Big broker, money perhaps safer ?
Used to be stable, better than Zerodha when they were RKSV. Not sure if its still true.
Nest - can just trade with my current tools with less initial effort.
cons - api seems to have been stopped and had lots of negative review when i last looked
Negative feedback from many after covid.
Square off time moved to 1500 ?
3) Zerodha - Would have been obvious choice with cover orders + api + possibly good financial strength and much to loose.
But they have a long record of being unstable regularly. Still hoping that will change in future.
4) Any other that i should consider? tradesmartonline/sasonline/samco/5paise/aliceblue/other ? Absolutely no idea how they are.
I would like to avoid over smart players with hidden charges and hidden conditions and other issues.
What i am looking for
1) Looking for long term broker, tired of switching - from zerodha(unstable) to finvasia( less leverage) to wisdom(cant scale up)
2) Platform/Ordering stability. No real point without this.
In the long run stable api is much better but for now nest will also work.
My current tools are actually on nest so moving to api would take some extra effort but thats ok.
This link gives some brokers that provide api but a lot of them are not familiar.
https://algoji.com/selecting-broker-algo-trading/
3) Leverage. My current system will probably need 7-8x for extreme cases if i keep full amount with broker.
Now obv, i would prefer to keep lower amount to reduce broker risk (hence wisdom).
20/28x with upstox looked great but not sure if they are still providing it.
Another way to manage that will be to use two brokers, which is probably what i will do in future as most brokers seem to give 8-16x
Perhaps sharekhan next year when they start discount broking arm ..
4) Square off time. Just adding because i think upstox? changed it to 1500 which is too early. 1520/1515 is ok.
5) Brokerage - 20 per order is great and preferred. If a broker is giving something much better, then percentage might also be ok as long as its reasonable. Currently paying 0.007% which is high. I get around 100 trades in a month in different stocks.
6) So current broker is keeping a hard limit on combined contract size (without leverage). Obviously a blocker, i am not sure if any other broker does this.
7) Ideally, 3 months settlement should not stop me from trading next day. Either they keep money in account( preferred) or have quick turnaround.
Interactive brokers is probably my ideal broker and i use them for Nifty. Great platform and trusted broker.
But they give very little leverage and none for stocks, which is a problem for intraday.
Below is my perception of other brokers, probably flawed and hence looking for opinion from regular traders.
1) Fyers - Right now on top of my list.
pros - simple api, seems stable based on thread ( although had issue recently with squareoff), active in response.
cons - cover orders can get disabled instead of just reducing leverage (So will have to code both cases)
Thats ok when index is up/down 7-8 % on open, when i wont trade anyway, but they seem to do it for smaller moves too just based on anticipation.
Leverage is ok but a lot of them seem to be around 10x for cover orders. Hopefully, will increase once covid/sebi issue goes away.
Not sure if they have good financial backing behind them. Crazy things can happen ( crude -ve !! )
Obviously can say same for many other brokers including my current one.
2) Upstox - Was considering this previously, but there is a lot of negative reviews for them recently
pros - Leverage with 30 brokerage plan (20/28x) - But are they still giving it ?
Big broker, money perhaps safer ?
Used to be stable, better than Zerodha when they were RKSV. Not sure if its still true.
Nest - can just trade with my current tools with less initial effort.
cons - api seems to have been stopped and had lots of negative review when i last looked
Negative feedback from many after covid.
Square off time moved to 1500 ?
3) Zerodha - Would have been obvious choice with cover orders + api + possibly good financial strength and much to loose.
But they have a long record of being unstable regularly. Still hoping that will change in future.
4) Any other that i should consider? tradesmartonline/sasonline/samco/5paise/aliceblue/other ? Absolutely no idea how they are.
I would like to avoid over smart players with hidden charges and hidden conditions and other issues.
Last edited:
Similar threads
-
Discount brokers or free brokers make money through spread ?
- Started by curiousv
- Replies: 29
-
Suggest me a Discount broker with Trading view charts (Buy/SL from charts)
- Started by id4trade
- Replies: 7
-
-
Comparison of clearing charges between discount brokers
- Started by Creep
- Replies: 2
-
Brokerage charges comparison for equity delivery trading by popular discount brokers
- Started by shatson
- Replies: 1