Problems Facing With Zerodha Client Services.

[RAVI1952]

You can use Metastock and still trade with NOW. Fancy disco lights on your trading terminal is not going to make you money. You need a platform with fast order entry and execution, and fast RT data which NOW.exe does an excellent job of. Nobody is stopping you to use Metastock or Amibroker for your analysis or charting needs. I am sure there is room for improvement, but I think currently this is the best we got, and its much better then what was available just a couple of years back. If you think there are other trading terminal (Indian), which are better for order entry & execution and RT Data, and don't stress your CPU too much then let me know. (Other than SK TT, ODIN DIET, IIFL TT, which I have tried and cannot compare with NOW in this regard.)

Sorry to note your offensive comments especially----Fancy disco lights........ I wish you go look at the contents rather than making such remarks .

Please try Indiabulls software,if you wish

 

[RAVI1952]

I am not supporter or do not have stake in NEST. There are more than 2 lac NEST terminals being used in live markets by people every day. NSE owns 26% stake in Omnesy- NEST and only 2 OEM companies are there for CTCL business, one Omnesy and second Financial Technologies (own by MCX).
Brokers except Indiabulls, Sharekhan, IIFL ( and two more), all have to use either ODIN, NEST (or now).
NOW is freely offered by NSE to brokers to make better offer against ODIN.
I am not supporting Zerodha trader against some other product. NOW is stripped down version of NEST. NEST have lot many features as compared to NOW and is also much stable product. To implement many things in online terminal broker needs NSE,BSE,MCX, Sebi approvals. It's not something he can enable overnight. Lot of features in NEST are as of now not enabled for clients as Exchange need to allow it, e.g. Bracket orders, trailing SL.

I think we are discussing problems with Zerodha. It appears that your comments are to justify a situation and not to suggest a solution or highlight the issues. If it is so then we are on a different page.
Just for your information,anybody's comments do not mean his/her personal position. These are to highlight individuals experience in a given circumstances. Your position can be different than mine and in your situation one software is good but it need not be in my position unless it is really great and free of most trading problems

 

[GTji]

sorry to note your offensive comments especially----fancy disco lights........ I wish you go look at the contents rather than making such remarks .

Please try indiabulls software,if you wish

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[RAVI1952]

Yes, Indiafools is good too :rofl:

Yes. It is good for you only

 

[sridhar]

Margin required to short options is one of the major reason of confusion amongst most of the brokers in India. Though we are emulating the concept of discount brokerage in the US, technology wise the available choices are quite limited.

By popular demand we give intraday leverage on shorting options and futures trading by default to all our clients. So, if you are placing an order as NRML by default for intraday you will require only 40% of the overnight margins. We educate about the same on our welcome letter that is sent when the account is opened.

This said, we are probably the first brokers to have found a fix for this problem. We are migrating to our own trading platform, Zerodha Trader and we have developed a span margin calculator tool . This tool will tell you exact margins required for writing options/futures based on your entire portfolio.

For eg if you write 5400 calls and buy 5500 calls, margin required to write 5400 calls should drop. Drop by how much?? this will be shown on our calculator before you take the position.

Also, we are giving two product types based on how you intend to trade. If you want to trade intraday with leverage, use the product type MIS and if you don't need leverage use NRML. If you use leverage, you will get time till 3.20pm to square off positions, but at 3.20pm all MIS positions would be squared off. This will give you complete control on how you wish to trade and would not require any intervention from our side. All your MIS positions can be converted to NRML and NRML to MIS in a click of a button on the link f11(admin position).
I'd ask you to give it a shot with the new platform, in terms of features, leverage and brokerage, this would be among the best bet in the Indian market scenario.

I was using Zerodha platform off & on during the last 1 year learning the ropes of F&O trading. Have started serious trading from last week & am making money in situations where I would have only paid out brokerage on other platforms. Have used Zerodha trader today & can intutively tell it is a better product compared to NOW. I have the following queries & suggestions:-

1. I will be taking buy positions in Options, either PE or CE. In such case is the MIS/NRML selection relevant? Atleast in NOW it was not allowing me to select MIS.

2. Your backoffice interface has improved over the past 6 months, but it has a complicated selection screen for many reports with a lot of buttons being redundant. Pls. get a good systems analyst to go over the logic & make it more intutive.

3. Accessing backoffice using non-IE browsers shaould be enabled.

4. There should be a system on your for recording bugs reporting & enhancement requests with tracking nos.

5. Do flesh up the FAQ's, particularly re. financials (margins etc.) & the platform commands.

6. What is the procedure for enabling RT chats & other reports on Zerodha trader? Does one need to register with Omnesys & are there any charges for this?

 

[nrb_raju]

Hello sir
When it comes to their trading platforms I am no fan of Zerodha either. It is worst practical joke omnsys or whatever circus played on them, in turn on us. But then all the brokers in India lack one thing or the other. I have been with oswals, religare, icicidirect, they are all useless. And they all lie. Compared to others I still like zerodha. At least they sometimes genuinely try to help their clients. However I wish that along with opeining doors to FDI in retail we should also consider letting metastock running brokers to enter. And in a week you will see that all these angel, indiabull, oswal would go begging outside some railway station.

Fine said Anillal , not only brokers even exanges do lazy in technologically developped scenario to upfront services.

 

[nrb_raju]

That is infrormative post sir, thank you. But like every trader I know all about this already. My post was to highlight the buggy and substandard trading platforms of which zerodha signs praises all the time but which in reality is just bad workmanship. People here split hair over brokerage and transaction charges but fail to understand that because of this bad workmanship they pay far more both mentally and financially in the end due to system freeze and what not which make them lose concentration and eventually money. I do not know about others but I hate to be distracted by this niggles when I trade. Couple of examples from Now. Start it and first thing it asks is to choose the service provider with this check box 'make it default'. Well I have been checking this box ever since but still the annoying question faces me first thing with check box always empty. The keyboard shortcut for options calculator ctrt pageUp (I think) never ever worked. I have to pull down the whole menu and then go for tools and so on. The system disconnects in the middle of trade, then reconnects and if you ask them why it happens, they become wise guys and try to blame it on your computer temp cache or ISP connection or put it all on to fancy term Latency. An ordinary computer user accepts all this yarn but never asks why does all the other trading platforms run smoothly while NOW is stuck. Odin for example runs without a glitch. There are many more issues I am sure. These are software issues sir, bad workmanship it is. I do not think SEBI and Exchanges etc have issued orders to Zerodha that they are forbidden to get these bugs fixed. A regular issuing of patches in few Kbs can fix such problems as they get reported by the clients. But they do not get them fixed because of the ever present 'chalta hai' attitude instead of professionalism. Except for this buggy trading terminal zerodha people as a whole are excellent individuals. And thanks to their entry in the market that people like religare or RKglobal or angel or oswal have come to their senses. By the way although I said brokers becoming beggers just as a metaphor but still I wouldn't be as sure of it never happening in reality as you are sir. Let's not forget that arrival of a tiny Maruti car made the pride of india, Ambassdor and Fiat, junk overnight. Once people earned decent living by working in Panama cigarette company. One tiny change in the regulation and company went bankrupt and those workers started selling bidi and paan outside the railway and bus stations. Anything is possible anytime sir.

Nice retart , keep it up of hey gross while sunshines,they expecting for onother HM or KP to survive but not like competition.

 

[strongBuddy]

Freeguy,

I will limit myself to commenting since I don't have an account with Zerodha....about Payin, Payout & Scrips requiring 100% funding.....

Payout delay happens and is quite frequent with all the Big names as well....

Payin credit also gets delayed by the big names...and requires some follow-up.

You are perhaps new to the market.... when you start seeing a slide in the market anything you buy will become Cash & Carry...ask those who were witness to the meltdown of 2008...there were many big names whose Terminals were switched off by the exchanges...and therefore even if you had money in your ledger you couldn't buy anything.....

They are going by VAR to push scrips into 100% cash & carry..and etc..which is ok....and anyways if you have such urgency of getting into a particular scrip based on some information...why not leave extra money in your ledger...as it is what is it earning you lying in savings account...

SG

//ask those who were witness to the meltdown of 2008...there were many big names whose Terminals were switched off by the exchanges.//
do the exchanges really stop us from benefiting (or losing) from major crashes... this is the first time i am coming to know....i am just a 18 months old as a trader!

 

[mrkanitkar]

//ask those who were witness to the meltdown of 2008...there were many big names whose Terminals were switched off by the exchanges.//
do the exchanges really stop us from benefiting (or losing) from major crashes... this is the first time i am coming to know....i am just a 18 months old as a trader!

It's not exchange stop you to make money from crash, it's about margins you and your broker with exchange. There are position limits for individual client and broker+ client, if broker's limit (means the size of position he & his clients can create) exceed first then even if you have money in account you will not able to create new position. typically position limits are around 15%.
Here is more info http://www.nseindia.com/products/content/derivatives/equities/position_limits.htm
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Index Futures
The trading member position limits in equity index futures contracts is higher of Rs.500 crores or 15% of the total open interest in the market in equity index futures contracts. This limit is be applicable on open positions in all futures contracts on a particular underlying index.

Index Options
The trading member position limits in equity index option contracts is higher of Rs.500 crores or 15% of the total open interest in the market in equity index option contracts. This limit would be applicable on open positions in all option contracts on a particular underlying index
Futures and Option contracts on individual securities:
The trading member-wise position limit in futures and options in individual stocks is related to the market-wide position limit for the individual stocks.
For stocks having applicable market-wide position limit (MWPL) of Rs. 500 crores or more, the combined futures and options position limit is 20% of applicable MWPL or Rs. 300 crores, whichever is lower and within which stock futures position cannot exceed 10% of applicable MWPL or Rs. 150 crores, whichever is lower.
For stocks having applicable market-wide position limit (MWPL) less than Rs. 500 crores, the combined futures and options position limit is 20% of applicable MWPL and futures position cannot exceed 20% of applicable MWPL or Rs. 50 crore which ever is lower.

Client Level Position Limits
The gross open position for each client, across all the derivative contracts on a underlying, should not exceed:
-1% of the free float market capitalization (in terms of number of shares)
or
- 5% of the open interest in all derivative contracts in the same underlying stock (in terms of number of shares)
whichever is higher
Client level position limits underlying-wise, are available to members on NSE's website.
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[mtrji657]

Hi 3 point is really a problem with ZERODHA