I am not affiliated to any-body or any-one. Common Indian, love participating in the markets! I remain busy for 16-18 hrs everyday, there might be delay in my reply. But I'll try to reply as and when possible.
Before anything else, if you do not have >= 5L margin and/or do not have a plan to execute your trades, DO NOT ENTER THE MARKETS!
Might sound rude, but that's for your own good... Supermen/Superwomen die first in the markets... Be practical and anticipate practical gains!
IBKR is a no nonsense broker
. If you are damn serious on your trading, you must consider them because as a fellow trader I think you deserve all that they offer! At current pricing, what IBKR India is offering is a steal - be it their TWS platform or their free super-stable API.
Cons (feel free to post more in comments)
1) Unlike other brokers, probably there will be no hand-holding (but all required information is readily available online if searched properly)
2) Reaching customer service is tough, you need to plan your administrative stuffs beforehand (email or raising tickets works the best)
3) Call & trade costs Rs.2000/- per trade (don't worry their platforms are super-sleek, your orders won't get stuck. For me, that need never arose)
4) Charges max Rs.200/- per month if that
amount of commission is not generated (first 3 months free, otherwise waived if account worth >= 10L)
5) No intraday leverage (IMHO it is a good thing in the long run)
6) On F&O positions, margin required is 5% to 10% greater than Exchange (again that is a good thing IMO, as they don't want you to loose it all, since markets are uncertain for any wild move - read Mark Douglas if in doubt)
7) Trades only in NSE
8) Might require learning curve of at least 30-90 days, if complete novice that might further linger depending on grasping ability. Need to learn their TWS platform which has tons of features along with all sorts of custom flexibility options (you will be challenged to break-out of your comfort zone; but once you do, you shall have beauty to behold)
Pros (to avoid TLDR; keeping it short)
1) Flawlessly trade directly from TWS charts
2) Top-notch data security
3) Order Execution is fastest, incomparable to any other Indian broker, also order modifications happen instantly. IBKR's main OMS server is co-located inside NSE's server in Mumbai. NSE has servers in all Tier-1 cities; the delay happens with other brokers because your orders generally goes through several abstraction layers, increasing latency.
4) Flexibility to tune into market with their plethora of unique, innovative Order-types. You get GTC (not GTT) by default.
5) Very stable trading platform and no track-record of bullshit happening. Whatever has been the market condition, neither TWS Classic nor Mosaic has faltered for once. Just make sure to have a good internet connection from your end for "peace of mind" trading
6) Use their free NSE Market-Data API subscription and connect to Licensed Amibroker (that comes with IBKR plugins) for any sort of custom live-charts. You can also directly trade from AB too and do lot many cool stuffs if you know AFL
7) Free paper-trading account (though few limitations apply
), very helpful to understand how their platform functions
Few links worth mentioning:
Information for Indian Individuals
P.S. And seriously should you wish to trade on a New Year's eve or on 1st January, go see a psychiatrist! Plan your trades, don't let your trades plan you.