Discount Broker Comparison

[nac]

Guys, You're scaring the shxt out of me.

 

[jamit_05]

Guys, You're scaring the shxt out of me.

It is scary.

One well-intentioned gentleman, recommended that I have a demat account for long term investments ONLY with big banks.

 

[Creep]

Okay boys, for all of those who used to call me skeptical, reality check... Unicorn has lost 24 Crores is 2011-12, they haven't filed their returns yet for 2012, so they are definitely hiding something, my bet is they are going down and along with client funds... Coming to discount brokerages, the only one making any decent profits is Zerodha and if you compare the balance sheet to next in the line who is rksv they are much much bigger... My site will be up soon and will have all the latest important financials, if a brokerage is going into trouble the financials will help spot.. It is a community initiative and hopefully will make some money on google ads.

 

[Steve]

Okay boys, for all of those who used to call me skeptical, reality check... Unicorn has lost 24 Crores is 2011-12, they haven't filed their returns yet for 2012, so they are definitely hiding something, my bet is they are going down and along with client funds... Coming to discount brokerages, the only one making any decent profits is Zerodha and if you compare the balance sheet to next in the line who is rksv they are much much bigger... My site will be up soon and will have all the latest important financials, if a brokerage is going into trouble the financials will help spot.. It is a community initiative and hopefully will make some money on google ads.

With the sprouting of discount brokers, everywhere, such a site that gives an indication
about the health of the broker is a good initative Mr Creep, this could be benificial to all traders.

Steve

 

[cloudTrader]

In fact it has been happened to me two times before, everytime I get my money back within one month.

Secondly, I will never put money more than 10 lakhs with a single broker.

Thirdly, Unicon and MFGLOBAL may shut down their business, but can you give a single instance of an individual client who lost money due to this shut down.

Fourthly, I can assure you that not a single broker is reliable in this financial world. Every broker is indulged in some kind of pro trading or other activity. So anything can happen to anybody. So by merely thinking that a broker will go bankrupt you will never trade in the market. When a broker starts facing trouble, he shows some early signs of caution. This is the time to take back your money from them. Previously I have written more about them.

Thanks

Can you share about these incidents in some detail , will be helpful for all.

I understand that our margin money, the money deposited with the broker is at risk. And what about stocks in demat account... who has control over them? Is it sensible to not give POA to brokers while opening a demat?

A retired defense personnel [maybe a retd. Wing Commander , I don't remember exactly] had a very big issue with Motilal Oswal when the brokerage house sold his shares worth around Rs. 10+ lakhs in his Demat account without any intimation. The money was siphoned off from his account. He fought a big battle through Consumer Forum at the National level . Outcome I am not very sure but somewhere I read [Money Life] that finally he won the case.

Okay boys, for all of those who used to call me skeptical, reality check... Unicorn has lost 24 Crores is 2011-12, they haven't filed their returns yet for 2012, so they are definitely hiding something, my bet is they are going down and along with client funds... Coming to discount brokerages, the only one making any decent profits is Zerodha and if you compare the balance sheet to next in the line who is rksv they are much much bigger... My site will be up soon and will have all the latest important financials, if a brokerage is going into trouble the financials will help spot.. It is a community initiative and hopefully will make some money on google ads.

This is a good initiative indeed . Something credible like this is needed at large. :thumb:

 

[niranjan]

Okay boys, for all of those who used to call me skeptical, reality check... Unicorn has lost 24 Crores is 2011-12, they haven't filed their returns yet for 2012, so they are definitely hiding something, my bet is they are going down and along with client funds... Coming to discount brokerages, the only one making any decent profits is Zerodha and if you compare the balance sheet to next in the line who is rksv they are much much bigger... My site will be up soon and will have all the latest important financials, if a brokerage is going into trouble the financials will help spot.. It is a community initiative and hopefully will make some money on google ads.

All forum members should thank Creep for the initiative. This does really seem the need of the hour. Also, many people 'believe' that a broker is good, just because the broker has a flashy website. There are infinite scams in the forex market, where the brokers have the cheesiest websites.

I congratulate Creep for taking such an initiative! :thumb::thanx:

 

[Jai Mata Di]

Sorry dear either you are baiased or have zero knowledge which you are trying to pretend.

I am into this field for few years now. I have worked with WC one year and currently with HSBC.

Even if a broker goes bankrupt then also your money is safe. The money remains in client pool account. Broker can't use or mix that money with own funds by any means.

I have insight of approx 2 thousand active traders account's health. 99.9% account holders amount were below 10 Lakh and 80% active traders account size were below 1 Lakh. Yourself mentioned in your previous post that upto 10 lakh is insured by exchanges

So either way your money is safe always.

There are many traders who lost their money due to brokers (example is just above your post by some friends) track my previous post you will see many , you can get many prove in this forums as well as other forums by searching if you really want to know the fact.
What I have said above is famous true incident of MFGLOBAL (already specified that name). You can search goggle to know the read facts easily but you didn't tried as you are biased.
You must know only 93% clients paid back in the MFGLOBAL incident, rest lost their money forever (proved, just goggle it). You have just ignored the UNICON incident also (just real other friends post about them, all are not biased ). You are just ignoring true incident.

WC might be next UNICON. :rofl: . Lets wait and see. They have already changed registration with NSE THRICE. :lol:

As I am trading with my two present big brokers Zerodha, RKSV without any major problem since more than 2 years and fully satisfied with them. I shared my experience to help friends here. And every one see how fast this two brokers is growing in number of clients and turnover, nothing to hide.
After tried with many big brokers I have finalized them in past 7 years. So there is obviously some solid reasons and experience behind it.
Everyone can share their choice and experience here. No harm in it. Final choice is always yours. Why You are Feeling Insecure?

Happy Trading.
----------------


To, Amit,
I don't have any DEMAT a/c, so not aware of details rules. I am only F&O trader past 7 years.
Your friend is right, I know someone with a/c size in several Crores still investing with SBI DEMAT though high brokerage. He prefer big banks for DEMAT.

SAB APNA APNA STYLE HAI. :thumb:

Happy Trading.

 

[sibu3168]

The above discussion is where is your money safe?

Now the question is What I am doing and how much money I am using?

Personally, I always prefer 3 brokers simultaneously. One for day trading, second one for positional trading & BTST type trading and the thirdone for investment. If I consider a broker for investment, at that time for me even a 0.5% brokerge structure is fine and the broker should have his own DP and at least a branch in my area. I will never give him my POA.

Due to limitation of money, if I choose a particular trading strategy (Day trading or scalping, Positional trading and investment) then I never mix other strategies with it.

For positional type of case, I prefer a Zerodha like brokerage house.

But for trading, I desperately need low fixed brokerage structure due to my scalping nature. Even a 20/- per order brokerage plan will generate minimum 2000/- of brokerage per day.

So for the first two instances, for me around 4 lakhs (2lakhs+2lakhs) is sufficient and it can be done with any brokerage house. But for investment purpose, I choose more safety for my money as it will be held by somebody for many more years. At that stage, I will prefer the brokerage services provided by banks or any brokerage house that I know him personally.

So safety of money for trading purpose is meaningless because trading itself is highly risky. Your entire capital can be evaporated before your realisation. Since you are entering into a high risk venture, so some sort of risk will be always associated with you.
If I will always bother about my money for trading, then how will I trade? So to avoid such situation, my minimum criteria is the broker should be a SEBI registered one.

Now the question of default of a broker, "YE UPPERWALA KE HAATH MAIN.". Hoping to getting my money back by SEBI's help within one or two month in case of default. Apart from that I can't do much.

The above lines are my perception.

With best wishes.

 

[Alibaba Alibaba]

What I believe that most the Traderji members are actively involved in trading, even if not active traders.

I have account with most of the brokers being discussed in Traderji forum. Recent activities by WC is really praiseworthy.

I have enquired into the matter of F6finserve as they were long term partners with Aliceblue. Mr Rajat Pundhir Branch Manager of their new corporate office at Sewa Corporate office told me that existing business model with AB will remain continue. But WC was looking for better services particularly for DP..

Wisdom Group has partnered F6 for DP exclusively along-with equities and commodities trading. And the outcome of this partnership is highly traders friendly, i.e.

(i) WC will be having an office with dedicated team round the clock at Sewa Corporate Park, Gurgaon (Where f6 HO is available) for prompt customer care services.

(ii) Trading/Demat account will be activated within 4 hours and account opening fees for Tradin Account for all segments (including DP) is totally free for lifetime.

(iii) Turnover charges will be 250/- crore for Derivatives (NSE/MCX).

(iv) Free NSE Now/NEST/ODIN alongwith Mobile Trading is available.

(v) Stamp Duty will be 100 rs by default or Statewise, which ever will be lesser.

(vi) Brokerage charges will be 9/- Order or 999/- per month With 5X MIS Limit.

(vii) Single ledger for equities and commodities.


I have an account with them already. Have decided to open a fresh account for DP with F6 this time. Don't want to miss the opportunity to have a free lifetime DP Offer.

regards
Alibaba

 

[cloudTrader]

Today at Yahoo I saw this ad of Lifetime & 365 days plan .

http://www.onlinezerobrokerage.com/index.html

But the question is at their website they have not mentioned anything about their structure. They have given names of three cities in their website . If somebody from among the mentioned cities can contact them personally and bring the info at traderji will be great.

Thanks.