Indiainfoline is a big looter

#1
Hello everyone, i would like to post my personal experience with IndiaInfoline. I opened up an account with them falling for cheap brokerages in delivery and intraday trading. But now i regret it as they have lot many hidden charges when compared with other brokers.
1) First surprise was Regulatory charges on every transaction which i didn't notice with other brokers
2) Second is NSDL DP Bill being charged every month
3) Options charges are Rs.80 per lot which is too high
4) Other than their client software (trader terminal), their website for online trading is pathetic. they don't have an option to track your portfolio live with the current market rates?
5) Another big joke with indiainfoline website is, it doesn't square off the SHORT intraday orders at the end of the day automatically. if one forgets or unfortunately is away from computer during closing time and was unable to square off the order, thats it, you are gone..your account will be charged penalties next day. Whereas in other brokers, i've seen the respective system automatically squares off the intraday orders during the expiry

My spouse also has a demat account with another broker which charges a bit high brokerage, but their service is very professional and absolutely no HIDDEN charges. I'm really fed up with Indiainfoline within 4 months. So just posting my experience to warn the fellow traders who are contemplating to open a demat account with india infoline

Regards,
Senthilnathan
 
#2
hi
I agree with you.
cheap is not good always.
indiainfoline never help their customers if customer is in trouble but they screw their own customer when in trouble.
poor charting hidden charges are big cheating approach they have

they give 3day chart instead of standard 5 day chart and the 3d chart doesnt open at all
they dont have standard indicators.
hidden charges always kick companies image on the face
quality in business is must
unfortunately they dont have it
they are good at only one thing
HOW TO CHARGE MAXIMUM CHARGES ON CUSTOMERS

SHAME!
 
#3
I Can sum up the IIFL as follows,

Issues :

1) High brokerage, they charge me 200RS Options (Two side 100/- per side)
2) Intra Day Square off doesnt happen - They square next day morning on open with delivery brokerage. (Intention to take high brokerage + charges) (...very bad :mad:)
3) Most of the IIFL brokers are RUDE !! Except few who are decieving in nature.
4) Margins given are sometimes very low... not worth. Whereas competitors give higher margin

Good Things :

1) Their Software is really good and very reliable.
2) I feel Charting is better than some other brokers for sure.
3) Pay-In and Pay-Out is incredible :)

Having said these things, somehow i feel Brokers & Brokerage spoil IIFL more than it is naturally.

Sagay
 

amanfree

Active Member
#4
Hello everyone, i would like to post my personal experience with IndiaInfoline. I opened up an account with them falling for cheap brokerages in delivery and intraday trading. But now i regret it as they have lot many hidden charges when compared with other brokers.
1) First surprise was Regulatory charges on every transaction which i didn't notice with other brokers
2) Second is NSDL DP Bill being charged every month
3) Options charges are Rs.80 per lot which is too high
4) Other than their client software (trader terminal), their website for online trading is pathetic. they don't have an option to track your portfolio live with the current market rates?
5) Another big joke with indiainfoline website is, it doesn't square off the SHORT intraday orders at the end of the day automatically. if one forgets or unfortunately is away from computer during closing time and was unable to square off the order, thats it, you are gone..your account will be charged penalties next day. Whereas in other brokers, i've seen the respective system automatically squares off the intraday orders during the expiry

My spouse also has a demat account with another broker which charges a bit high brokerage, but their service is very professional and absolutely no HIDDEN charges. I'm really fed up with Indiainfoline within 4 months. So just posting my experience to warn the fellow traders who are contemplating to open a demat account with india infoline

Regards,
Senthilnathan

try zerodha or rk global

zerodha people are pro and their services are good.

but one drawback of zerodha STT is costlies as karnataka charges of STT are most expensive in whole india. but any ways u can always claim refund of STT at the end of year when u file ur income tax return
 
#5
try zerodha or rk global

zerodha people are pro and their services are good.

but one drawback of zerodha STT is costlies as karnataka charges of STT are most expensive in whole india. but any ways u can always claim refund of STT at the end of year when u file ur income tax return
Don't mind me, pal but Zerodha have high Stamp Duty (Karnataka reference here) & Transaction Charges (due to them being relatively small & new right now); not STT, STT is the same with all brokers :)

Zerodha have a brokerage-calculator on their website - http://zerodha.com/download/index.html (it doesn't include Stamp Duty so add it as applicable) so one can always see how much Zerodha will cost you for the same trades that you're doing with your current broker(s) right now & if the difference is net-positive enough in one's opinion then go for it.

Zerodha are undoubtedly the best bet for big/bulk traders but if one is an investor or a small or intermediate trader then one must do one's own cost-benefit analysis before reaching a conclusion. Cheers. :)
 
#6
Hello everyone, i would like to post my personal experience with IndiaInfoline. I opened up an account with them falling for cheap brokerages in delivery and intraday trading. But now i regret it as they have lot many hidden charges when compared with other brokers.
1) First surprise was Regulatory charges on every transaction which i didn't notice with other brokers
2) Second is NSDL DP Bill being charged every month
3) Options charges are Rs.80 per lot which is too high
4) Other than their client software (trader terminal), their website for online trading is pathetic. they don't have an option to track your portfolio live with the current market rates?
5) Another big joke with indiainfoline website is, it doesn't square off the SHORT intraday orders at the end of the day automatically. if one forgets or unfortunately is away from computer during closing time and was unable to square off the order, thats it, you are gone..your account will be charged penalties next day. Whereas in other brokers, i've seen the respective system automatically squares off the intraday orders during the expiry


Regards,
Senthilnathan


I am just curious, how cheap was the brokerage with IIFL? When I joined, I was charged 0.05/100 (intraday) and 0.50/100(delivery). Option = Rs. 100 per lot... Recently, I requested to reduce the brokerage charges... considering my volumes, now I am at 0.03/0.30... but definitely this is also costlier.

Other than that, for the points you have mentioned:

1) Regarding regulatory charges - I thought other brokers would also be having something like this... for eg. transaction charges, etc. Please confirm if this is not the case.
2) NSDL DP Bill - I mostly do intraday, so I have not experienced this much
3) Options charges are Rs.80 per lot which is too high - I am being charged Rs. 100, but the RM promised me (as told by his TL) to reduce it to Rs. 50 if I trade more.
4) Other than their client software (trader terminal), their website for online trading is pathetic. they don't have an option to track your portfolio live with the current market rates?

Hey, this option is there, right? Under the Net Position Tab...
5) Another big joke with indiainfoline website is, it doesn't square off -
I see this as an advantage, somewhat... I usually take delivery or go for BTST when I guess the scrip might go up the next day. The RM is very cooperative, I had occasions when the RM came to my house and collected cheque to increase the margin the next day and stop the automated square off order execution the next day.
 

Similar threads

Broker Special Offers

Intraday Higher Leverage

Save up to 90% in brokerage and get higher leverage for intraday trades.

Name:Phone:
Email:City:
State:
Are you a day trader?