Aman1

Well-Known Member
closing account with Fyers after a lot of thinking. I want to switch to interactive brokers. Anyone with some experience of trading with IBkr. Any reviews please?
 

TracerBullet

Well-Known Member
closing account with Fyers after a lot of thinking. I want to switch to interactive brokers. Anyone with some experience of trading with IBkr. Any reviews please?
IB is good, but cannot trade them for stocks intraday as they don't give any leverage and have issues with shorting ( at least this used to be the case when i opened account with them).

Since there is no extra leverage for Futures anymore, they seem to be a decent option for FnO and overnight cash trading/investing.
They have also stopped asking for monthly minimum brokerage, so they are feasible even when your activity is low.

Platform is very stable with lots of features and no delay. There were maybe 2-3 outages in last few years as per their notification. Anyway i have not traded with them for some time so my recent experience is limited.

One major issue, esp with intraday trading, is that quarterly settlement takes time. You will miss few hours as you scramble to send money back. This is very similar to Fyers. But even further ( could be wrong), they do not have instant money transfer and from i remember ( could be wrong again) they did not support rtgs. So you will probably miss a day and need some backup broker. Zerodha is best here, atleast so far money has come few hours before market open and i had plently of time to send it back through rtgs. Still cant understand what stops every broker from always sending money on Saturday.

So for intraday, Z seems like the best option.

IB is probably a good option for overnight trades and if needed with a backup broker. For instance a positional trader/investor could trade them with Z and have two decent and reliable brokers that should cover for outages. That is what my plan is for next year, lets see ..
 

Aman1

Well-Known Member
Thanks a lot TracerBullet. I'm mostly an option buyer nowadays. So, leverage and short selling won't affect me. I went through their order management bit deeply like trailing stop, hotkeys and robustness of trading platform etc. You have summed it up quite nicely. Thanks again.
Z is also ok. But opening and closing Demat accounts with many brokers really bothers me.
Anyway I have applied to open an account with them but they are taking bit longer as they stick to the rules very strictly.
 
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CougarTrader

Well-Known Member
What a joke... Lol... ha ha ha :D
Forget about what has been happening with Z for last 7 years, last time I checked Twitter, it was down on last monday 04-Oct-21. Enjoy!

Z strategically has placed all articles online to lure newbies - saare bhamre ek saath chipak jate hain!
Z has nothing of its own, everything is outsourced and further outsourced with them....

Beware of what you say (other newbies might follow and fall for their trap).... In reality, those two rascal honcho brothers does not deserve an iota of any retail trust...
 

VJAY

Well-Known Member
Friends,
What are the issues with Fyres ?Please share your experience..I opened account with them though still not started traded....They stopped recently AMC for demat...
 

TracerBullet

Well-Known Member
What a joke... Lol... ha ha ha :D
Forget about what has been happening with Z for last 7 years, last time I checked Twitter, it was down on last monday 04-Oct-21. Enjoy!

Z strategically has placed all articles online to lure newbies - saare bhamre ek saath chipak jate hain!
Z has nothing of its own, everything is outsourced and further outsourced with them....

Beware of what you say (other newbies might follow and fall for their trap).... In reality, those two rascal honcho brothers does not deserve an iota of any retail trust...
hahah, quite funny.
https://zerodha.tech/blog/being-future-ready-with-common-sense/
See point 11.

Friends,
What are the issues with Fyres ?Please share your experience..I opened account with them though still not started traded....They stopped recently AMC for demat...
They are decent.
Now also providing free api + data. python client is good ( atleast for v1). In comparison, for ex, 5Paisa has horrific api and even rms is buggy.

Issues that i faced
1) Settlement delay - money in bank by 1200-1400. With Z i get it ( so far ) before 8 am. So plenty of time. Dont know if there is any broker that does this. Big issue for intraday traders.
2) Stability. They are fine most of the times, but still have had 3-4 problems in last year. Also more likely to get temporary error from api. Z in comparison has worked smoothly for me, but this could also have some luck to it.
3) Square off time. I prefer 5mins extra given by Z, but i guess most follow 1515 and this may not be an issue for many.
4) This depends on you, but i rather not keep too much money with smaller brokers. Z is much more profitable so lower risk.

For me, i am struggling to get another large broker that can work as well as Z for my use case. Really would like one to reduce outage risk. But so far angel/upstox dont seem to be ready yet based on other people's views. upstox does not even provide api. Had tried 5p - complete waste of time.
 

CougarTrader

Well-Known Member
That is a outright lie which they portray to public...

Yes its their server purchase or acquisition, but neither do they develop, nor do they maintain... for each stuff (be it OMS, Chart, back-office, etc..) they have different vendors who function as a partner to Z...

BTW Z is the most disorganized broker on face of Earth... Have closely observed them for good some time! Unnecessarily innumerous times their faulty setups have royally screwed retailers, that too, year after year... The real problem is that, retailers do not research much and are mostly blinded by instant gratification to just abide by hearsay....

It is still not clear whether their server down issues are deliberate (for any implied gain) or accident... It has been happening ever since and same BS around volatile days... It is even dangerous & criminal if their self owned everything causes issues for years at a stretch. If those are their stuffs, for once have they taken responsibility of their own shit? Never!

You raise complain, NSE will blame you with their pet statement, "tech shit can happen anytime", nevertheless, Z is their goldilock.... You go to SEBI, they will say exchange has already provided resolution... Not a soul will dive deep...

@#@% future ready, my foot! That's their narrative to lure only...

Since this thread is about a different broker, if you want, we can continue the discussion in appropriate thread...