Evaluate your Broker before Account Opening- Check List & Evaluation Results Update

whisky

Well-Known Member
#1
Hi Friends,

I have created a below checklist and evaluating different brokers on below parameters and will post my result. request you all to please provide your evaluation also for the Brokers.

CHECKPOINTS FOR ACCOUNT OPENING?
1 Know about Broker history & it's Management?
2 Broker Location, HO,Regd. Off, Branches
3 STATUTORY CHARGES ( Specifically Transaction Charges/Turnover Charges & Clearing Charges)
4 Check for DP Charges
5 Check for Clearing Charges
6 Client Account Opening Charges
7 Systems offered (NOW/NEST/ODIN ?)
8 Any System/Software Charges
9 Segments Avaliable
10 EXPOSURE provided segment-wise
11 Brokerage Plans
12 SMS Notification-Every Transaction / Day End

The above will help all of us...
Regards..
Seema
 

whisky

Well-Known Member
#2
Re: Evaluate your Broker before Account Opening- Check List & Evaluation Results Upda

My Results for today..

-Achiievers Equity failed on Transaction Charges(Very high in comparison), account opening charges(750/-),System Charges(250/- p.m. ODIN)
 
#3
Re: Evaluate your Broker before Account Opening- Check List & Evaluation Results Upda

@ SEEMA V,

VPS Share representative today updated their thread here in Traderji.

Your checklist is quite thorough. I think you should inquire about VPS services as well.

Best.
 
#4
Re: Evaluate your Broker before Account Opening- Check List & Evaluation Results Upda

Hi Friends,

I have created a below checklist and evaluating different brokers on below parameters and will post my result. request you all to please provide your evaluation also for the Brokers.

CHECKPOINTS FOR ACCOUNT OPENING?
1 Know about Broker history & it's Management?
2 Broker Location, HO,Regd. Off, Branches
3 STATUTORY CHARGES ( Specifically Transaction Charges/Turnover Charges & Clearing Charges)
4 Check for DP Charges
5 Check for Clearing Charges
6 Client Account Opening Charges
7 Systems offered (NOW/NEST/ODIN ?)
8 Any System/Software Charges
9 Segments Avaliable
10 EXPOSURE provided segment-wise
11 Brokerage Plans
12 SMS Notification-Every Transaction / Day End

The above will help all of us...
Regards..
Seema

Hai,
This is a Very Good Initiative by you. Actually even I am doing something similar for myself. My bad. I never shared. You took it ahead by sharing this Idea in this forum, that too by starting a separate thread. That is really praise worthy.

Keep up the Good work :clapping:

Regards,
Prakash.
 

whisky

Well-Known Member
#5
Re: Evaluate your Broker before Account Opening- Check List & Evaluation Results Upda

Hai,
This is a Very Good Initiative by you. Actually even I am doing something similar for myself. My bad. I never shared. You took it ahead by sharing this Idea in this forum, that too by starting a separate thread. That is really praise worthy.

Keep up the Good work :clapping:

Regards,
Prakash.
Thanks Mr. Prakash, looking forward to your support on this...
 

whisky

Well-Known Member
#6
Re: Evaluate your Broker before Account Opening- Check List & Evaluation Results Upda

Guys,

I came across with Wisdom Capital plan 1111/-, anyone has any experience and can provide any input about the company background and the management. I checked on their site but could not get any information about the management team...

I am in discussion with many more discount brokers... will keep you all posted with my observation..
 

neo1599

Active Member
#7
Re: Evaluate your Broker before Account Opening- Check List & Evaluation Results Upda

Hey,

Just created another thread for due diligence, didn't search before posting and now I find a similar thread running thought I would add the list I have created here as well.

Link: http://www.traderji.com/brokers-tra...read-post-before-going-broker.html#post824773

Contents:
--------------------------------------------------

The aim of this thread: Due Diligence of Brokers before joining up.

With so many discount/regular brokers popping up all over think it will be a good idea to put up a thread on Due Diligence of brokers before you place your money with one.

The questions(basic) which comes to mind:

1- Physical address of the Registered Company.

2- Visit to Physical address.

3- Years of operation.

4- Legal/arbitration cases, if any.

5- Exchange membership no. and type of membership.

6- No. of Empoyees. Best to list city and support staff for different
exchanges.

7- Time frame for payout and pay-in.

8- Margin Requirement. (Noticing a variation here)

9- Instruments available for trading. (Ex: MCX brokers will usually not let you trade certain products, infact will not even know all the products, learned the
hard way)

10- RMS system and in cases of their mistake, response and reversal time frame.

11- Any previous regulatory action.

12- Ph. no.s and accessibility of top brass incase of requirement.

13- Turnover details and charge details. (This is where most brokers earn a lot without knowledge of most clients)

14- Reference no. of any client.
----------------------------------------------------------

This is just a short list of questions, I am sure a lot of experienced members can add more questions to the list.

RKSV and Zerodha are most prominent discount brokers with reps on the site. Would appreciate if they can start by giving us these answers. Would make people much more comfortable and secure going into this.

Send the list after it has been completed to your broker and get the answers and post here, help others and yourself make an informed decision with regard to brokers.

Cheers
 
#9
Re: Evaluate your Broker before Account Opening- Check List & Evaluation Results Upda

Hi Friends,

I have created a below checklist and evaluating different brokers on below parameters and will post my result. request you all to please provide your evaluation also for the Brokers.

CHECKPOINTS FOR ACCOUNT OPENING?
1 Know about Broker history & it's Management?
2 Broker Location, HO,Regd. Off, Branches
3 STATUTORY CHARGES ( Specifically Transaction Charges/Turnover Charges & Clearing Charges)
4 Check for DP Charges
5 Check for Clearing Charges
6 Client Account Opening Charges
7 Systems offered (NOW/NEST/ODIN ?)
8 Any System/Software Charges
9 Segments Avaliable
10 EXPOSURE provided segment-wise
11 Brokerage Plans
12 SMS Notification-Every Transaction / Day End

The above will help all of us...
Regards..
Seema
thanku very useful for new bees and old members.
:clap:
 

whisky

Well-Known Member
#10
Re: Evaluate your Broker before Account Opening- Check List & Evaluation Results Upda

Guys,

My expectations from VPS is also over (review-Failed) as they are very new in the business, started online business few months back, A/c opening charges Rs 300/-. If downloaded form Rs 200/-.
Low on Exposure as providing Intraday only- F&O segment 2.5 times, CDS - 2 times and MCX - 2 times. For Cash segment - F&O stocks - upto 8 times, selected mid cap ( 268) - 4 times.
Does not have their own DP
Though they have good Fixed monthly, hybrid plan but the whole goodness is taken away by high Clearing charges and Txn Charges as they are not a clearing member in NSE F&O segment and MCX.

Transaction Charges & Clearing Charges are additional variable cost which can be minimized/avoided if we wisely select our broker.
 

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