My experiences with Zero brokerage My reason for this is FNO trading.
as of now i could only get 3 zero brokerage firms , where in fact i traded with 2 and opened account with 3rd one here is my review
My first Zero brokerage :
Finvasia: i opend it an year back let me say u it took 2 days ie T+2(opening day + another 2 working days) almost, here are the problems which i faced untill now
cons: 1) orders get rejected or in queue even as of today its not resolved i could hear my friends saying same while was trading with prostocks
(another one which im going to explain soon).
2) next problem i faced here is RMS issue ive never seen such they say u cant trade on same day sometimes when u deposit money via online fund transfer(here i did it via UPI, i have also updated same with supporting issue and screenshots in the finvasia thread. they say its their RMS policy.
3) this is the worst part their line never gets connected there are days when i stay in line for 20-30min to just talk to them , eg on expiry day ie yesteraday i deposited around 1.30pm i was not able to trade i even added screenshots in finvasia tread where i got rejected. i tried connecting to them via phone as in chat they were like nothing can be done u can trade tomorrow, im actually shocked by them as they dont understand a seriousness of a trader its only when a patterns forms or opportunity comes we plan trades. untill 3.30 i couldnt even trade , it even went to voice message etc... at 3.50pm i got call from Finvasia. what is use when everything is over. i requested for payout and closed it.
now lets talk about positives :
Pros: 1) app orders placement is good ,
2) zero brokerage ie lets say if u buy a lot @ 230rs and sell at 231 in banknifty ie 25rs , over all ull be in profit as max all changes (only sebi and taxes) will be 11-12rs per lot even if u do 100 its the same.. far better . but if ur trading with 100lots u should definitely go with zerodha its the best i would say im with it since 2012. we only used zero broking to learn things and save brokerage or while we have less capital.
3) you get an admin message in terminal sometimes @ alert stating that problem resolved etc.
********* i would not add same points here as 3 brokerage houses use same platform i already mentioned it in a other chart thread twith screenshot its all a platform by kambala solutions. backoffice is different in all the three. but terminal is same for the three so comparing terminal is of no use..here.
4) Finvasia is a clearing agent by SEBI.
Prostocks : i opend it few months back it took same t+2days max i think i started trading on third day itself.
cons 1) 1000rs would be the charge in unlimited pack. they say 899 but adding all taxes its 1000 . pay outs are bit delayed finvasia process @ 5pm where here compared its slow they process at 7pm so u get amout by next day only where as finvasia on same day by late nights.
2)back office mobile app has bit complex options when compared to finvasia. where as in finvasia its prisim+backoffice which is very userfriendly.
Pros: 1) order placement is good and yes i have not seen any orders in queue or rejected orders so far in last 4-5 months so far so smooth im actually suprised here as both three share same terminal how can finvasia face problems and prostocks no issues?? only thing is we need to pay additional 1000rs thats all thats ok to pay provided service is good..
2) you dont have to wait long hrs in prostocks to connect to support team during market hrs.. it must be due to low client data base . what matters to a trader is better service when problems comes in...
3) as i have not seen problems so no admin messages here but in over all brokerage their is only 25paisa to 1rs diff. its on higher side thats negligible anyway even if ur trading with 100lots hardly i could see some diff is ther i mean eg if FInvasia if brokerage comes to 1100 here it will be 1120 something like that.. apart nothing more im including this in cons as its same for me... yes terminal is all same for three.
Flat Trade : here i just opened it yesteraday it took t+1 ie it just opened now i got all details i need to figure out same and will surely update , in case of terminal its same so doesnt matter.. regarding payout Flat trade is different . they said they will process payouts @ 9am so what ever may be you will get it by 2pm or max by end of day apart i could see all same.. rest ill update soon as im going to trade with it. now.
Note: im posting this as per other members request in group.
THanks
as of now i could only get 3 zero brokerage firms , where in fact i traded with 2 and opened account with 3rd one here is my review
My first Zero brokerage :
Finvasia: i opend it an year back let me say u it took 2 days ie T+2(opening day + another 2 working days) almost, here are the problems which i faced untill now
cons: 1) orders get rejected or in queue even as of today its not resolved i could hear my friends saying same while was trading with prostocks
(another one which im going to explain soon).
2) next problem i faced here is RMS issue ive never seen such they say u cant trade on same day sometimes when u deposit money via online fund transfer(here i did it via UPI, i have also updated same with supporting issue and screenshots in the finvasia thread. they say its their RMS policy.
3) this is the worst part their line never gets connected there are days when i stay in line for 20-30min to just talk to them , eg on expiry day ie yesteraday i deposited around 1.30pm i was not able to trade i even added screenshots in finvasia tread where i got rejected. i tried connecting to them via phone as in chat they were like nothing can be done u can trade tomorrow, im actually shocked by them as they dont understand a seriousness of a trader its only when a patterns forms or opportunity comes we plan trades. untill 3.30 i couldnt even trade , it even went to voice message etc... at 3.50pm i got call from Finvasia. what is use when everything is over. i requested for payout and closed it.
now lets talk about positives :
Pros: 1) app orders placement is good ,
2) zero brokerage ie lets say if u buy a lot @ 230rs and sell at 231 in banknifty ie 25rs , over all ull be in profit as max all changes (only sebi and taxes) will be 11-12rs per lot even if u do 100 its the same.. far better . but if ur trading with 100lots u should definitely go with zerodha its the best i would say im with it since 2012. we only used zero broking to learn things and save brokerage or while we have less capital.
3) you get an admin message in terminal sometimes @ alert stating that problem resolved etc.
********* i would not add same points here as 3 brokerage houses use same platform i already mentioned it in a other chart thread twith screenshot its all a platform by kambala solutions. backoffice is different in all the three. but terminal is same for the three so comparing terminal is of no use..here.
4) Finvasia is a clearing agent by SEBI.
Prostocks : i opend it few months back it took same t+2days max i think i started trading on third day itself.
cons 1) 1000rs would be the charge in unlimited pack. they say 899 but adding all taxes its 1000 . pay outs are bit delayed finvasia process @ 5pm where here compared its slow they process at 7pm so u get amout by next day only where as finvasia on same day by late nights.
2)back office mobile app has bit complex options when compared to finvasia. where as in finvasia its prisim+backoffice which is very userfriendly.
Pros: 1) order placement is good and yes i have not seen any orders in queue or rejected orders so far in last 4-5 months so far so smooth im actually suprised here as both three share same terminal how can finvasia face problems and prostocks no issues?? only thing is we need to pay additional 1000rs thats all thats ok to pay provided service is good..
2) you dont have to wait long hrs in prostocks to connect to support team during market hrs.. it must be due to low client data base . what matters to a trader is better service when problems comes in...
3) as i have not seen problems so no admin messages here but in over all brokerage their is only 25paisa to 1rs diff. its on higher side thats negligible anyway even if ur trading with 100lots hardly i could see some diff is ther i mean eg if FInvasia if brokerage comes to 1100 here it will be 1120 something like that.. apart nothing more im including this in cons as its same for me... yes terminal is all same for three.
Flat Trade : here i just opened it yesteraday it took t+1 ie it just opened now i got all details i need to figure out same and will surely update , in case of terminal its same so doesnt matter.. regarding payout Flat trade is different . they said they will process payouts @ 9am so what ever may be you will get it by 2pm or max by end of day apart i could see all same.. rest ill update soon as im going to trade with it. now.
Note: im posting this as per other members request in group.
THanks
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