Going to open account in Indiabulls

[soft_trader]

Hello friends,

I am a newbie in this trading market, with a trading experience of around 1 month. I have an account with IIFL, but due to it's high brokerage, and lack of some functions such as World Indices, etc. I am deciding to open another account.

So I have called up Indiabulls and they are offering me lower brokerage than IIFL. And what's interesting is they are offering me a whopping 50x exposure!!! Yeah! you heard it right, it's 50x :clapping:

But I want to know that is their trading platform good and stable? How is their PIB terminal and what is it's Pros & Cons? How is PIB's trade execution? Is it worth the money invested in it, I mean the PIB charges of Rs. 750/- is it wise to purchase it with that amount.

I am avoiding sharekhan because to me their trade tiger seems messy to me, with the options too hard to figure out.

Any help will deeply appreciated. You can also suggest any other broker, but the broker's trading terminal (desktop based) should be neat & clean.

Thank you all in advance.

 

[Newbie Day-Trader]

Hello friends,

I am a newbie in this trading market, with a trading experience of around 1 month. I have an account with IIFL, but due to it's high brokerage, and lack of some functions such as World Indices, etc. I am deciding to open another account.

So I have called up Indiabulls and they are offering me lower brokerage than IIFL. And what's interesting is they are offering me a whopping 50x exposure!!! Yeah! you heard it right, it's 50x :clapping:

But I want to know that is their trading platform good and stable? How is their PIB terminal and what is it's Pros & Cons? How is PIB's trade execution? Is it worth the money invested in it, I mean the PIB charges of Rs. 750/- is it wise to purchase it with that amount.

I am avoiding sharekhan because to me their trade tiger seems messy to me, with the options too hard to figure out.

Any help will deeply appreciated. You can also suggest any other broker, but the broker's trading terminal (desktop based) should be neat & clean.

Thank you all in advance.

Well, you can see many complaints here about IIFL's high brokerage & undisclosed charges & everything so I'm not surprised that you want to switch to some other broker :lol:

I've definitely heard & read a few good things about PIB but whether it's worth the money or not would probably depend on one's expectations, which differ vastly from one person to another.

I've also heard good things about KEAT Pro X (Kotak) & FLIP (Geojit) but as usual, you may've to haggle a bit to get lower brokerage.

On the other hand, if you're a "bulk-trader" then Zerodha must be considered, as they're offering a single plan of "0.01% or Rs.20 whichever is LOWER" (you could trade lacs or crores worth of orders for only Rs.20 . Their platform NSE NOW is one of the fastest in the country & relatively stable & they've above-par customer-care too (check out Zerodha-thread)

Sriram-Insight are providing Nest, which again, is one of the fastest in the country & relatively stable but again, you may have to haggle a bit as usual.

Do take my words with a grain of salt though because experiences can differ vastly from one person to another, some people think Sharekhan is the best broker in India while others say it's the worst......so again, it comes down to expectations & trading-styles & trading-needs of each person, which differ vastly from one person to another. Ultimately, it comes down to whether a broker fits into a person's own cost-benefit-analysis & trading-style or not so......logon ki suno, par dil ki karo.

Just my two cents

 

[soft_trader]

Thank you, "Newbie day trader" for your kind and honest suggestion. And also thank you for taking your precious time answering my query.

I will definitely consider your suggestion for sriram insight, geogit & kotak. I will contact them and compare their brokerage and software.

And regarding Zerodha, I am impressed with their brokerage plan, and will probably send them the documents within few days.

Thank you friend, thank you very much

 

[soft_trader]

Submitted the documents for account opening in IndiaBulls. Still don't know that whether it is a wise decision or not. I have negotiated with them to 0.02 Intraday and 0.20 Delivery. My RM convinced me of opening a commodity account also, and told me that he will refund the account opening charges and the Power software charges within 30 days of account opening.:thumb:

Just wondering that, can a RM refund the charges? Does he has that much power to refund those charges?

Let me see that this guy can able refund those charges.

 

[Newbie Day-Trader]

It depends on the company's policy, if they've decided that a certain type of customer (whom the respective RM expects to meet their certain brokerage expectations) then they can refund it; other brokers also have such policies, even Angel had it & they did refund the money as promised for making a trade within 15 days - http://www.traderji.com/brokers-tra...rokerage-excellent-service-53.html#post485345

And by the way, did you get a demo of PIB to see if it meets your requirements? (sorry, forgot to tell you to ask for this earlier ) Many houses don't mind providing a demo of their software before we make a decision. Cheers

 

[soft_trader]

It depends on the company's policy, if they've decided that a certain type of customer (whom the respective RM expects to meet their certain brokerage expectations) then they can refund it; other brokers also have such policies, even Angel had it & they did refund the money as promised for making a trade within 15 days - http://www.traderji.com/brokers-tra...rokerage-excellent-service-53.html#post485345

And by the way, did you get a demo of PIB to see if it meets your requirements? (sorry, forgot to tell you to ask for this earlier ) Many houses don't mind providing a demo of their software before we make a decision. Cheers

Yeah! They gave me a demo of how their PIB works and the features of PIB. And all I can say that I am pretty impressed with their PIB. Charting is also good. PIB interface is well designed also.

 

[sayantan2u9]

Yeah! They gave me a demo of how their PIB works and the features of PIB. And all I can say that I am pretty impressed with their PIB. Charting is also good. PIB interface is well designed also.

could you trade with the demo account for few days or is it that they showed how the feature works

 

[soft_trader]

Friends it is a wrong decision for me to open account with indiabulls. It is now nearly 1 month still my account is not opened completely.

And the most irritating thing I came to know about it's commodities a/c is that, I can't withdraw funds from the commodities account of my own. For the withdrawal I have to call up my RM and request him to place a withdraw request for me. Pretty annoying.....

 

[chetanbang]

somewhere i read that pib provides only current day intraday chart, which i don't like. day traders need atleast 3 days intraday chart to make high probability decisions.

 

[soft_trader]

somewhere i read that pib provides only current day intraday chart, which i don't like. day traders need atleast 3 days charts to make high probability decisions.

Yes! you are absolutely right chetan bhai!

PIB only provides intraday chart, no historical, nothing. Even not the previous day chart. I am thinking of quitting Indiabulls!!