With whom we got our trading account?

[nac]

DISCLAIMER:

I am not an associate or a partner or an employee of any broking firm.
I am not promoting any broker or its product.
Don't blindly open account based on this thread, its just a summary of posts I read about brokers.
--------------------------------------------------------------------------

For your information, I got trading account with India Infoline and Religare (RACE).

Its not my objective of making a summary of posts I read about brokers and trading account (I don't got any experience in summary writing. You can take this as a layman version of summary writing). Its just the information I got while reading some posts. When I felt that this would help someone those who are looking for brokers to open a trading account, then I put a bit of work extra to make it little better.

I am starting this thread just to throw some light on WITH WHOM WE GOT OUR TRADING ACCOUNT, this may aid someone those who are looking for brokers to open a trading account.

Data collection done on the basis of threads which carries broker's name. And some other thread I read. I didn't dig the entire forum. So, its just a sample not the whole picture.

Since this is done by a human being, there is a probability of mistakes/errors. If you ask me, I would say 100% of accuracy, but still there could be an error or two.

I am writing this thread based on the posts posted in this forum. Its NOT MY VIEW about brokers, this is a VIEW OF OUR TJ MEMBERS.

Data collected:

Total no. of members - 372
Total no. of accounts - 454
Total no. of brokers - 30

i.e., 372 TJ members got 454 trading account with 30 brokers.

Every data are random basis, I was not following any particular member. Data about accounts is based on opened account. There is a possibility of those account got closed, those are not considered in this sample.

I am listing TOP 10 broking firm based on no. of accounts we have with them.

RKG - 11%
ICICI - 10.4%
Reliance Money - 10.4%
Share Khan - 9.5%
Religare - 9%
Geojit - 8.1%
Angel - 7.9%
India Infoline - 7.3%
Kotak - 4.8%
India Bulls - 4.6%

% Indicates how many accounts are opened with that brokers in percentage wise. (eg: 11% of 454, i.e., out of 454 accounts, 50 accounts are with that broker)

FOLLOWING ARE THE INTERPRETATION BASED ON POSTS I READ IN THIS FORUM ABOUT THESE BROKERS.

RKG: http://www.rkglobal.net/

Brokerage is cheap
Many posts says frequently trading platform hangs/freeze.
Customer service is not good.
They are operating from very few places.

ICICI: http://www.icicidirect.com/

Brand value is plus.
High brokerage.
Good trading calls.
Good customer service.
Platform is better. Web based platform is pathetic.

Reliance Money: http://www.reliancemoney.com/

Decent brokerage.
Platform is better. Web based platform is pathetic.
Customer service is bad.

Share Khan: http://www.sharekhan.com/

Brokerage is bit higher.
Decent platform.
Customer service is better.

Religare: http://www.religareonline.com/

Decent Brokerage.
ODIN is good. RACE is better.
Customer service is poor.

They are providing two platforms other than web based. I think, RACE users can't use ODIN with the same account and ODIN users can't access RACE.

Geojit: http://www.geojitbnpparibas.com/default.aspx

Decent Brokerage.
Decent platform.
No idea about customer service.
Many complaints about their practices.

Angel: http://www.angelbroking.com/

Decent Brokerage.
Good platform.
Better customer service.

India Infoline: http://www.indiainfoline.com/

Decent Brokerage.
Decent platform.
Pathetic customer service.
Many complaints about their practices.

Kotak Securities: http://www.kotaksecurities.com/

Brokerage is bit higher.
Decent platform.
Many complaints about their practices.

India Bulls: http://www.indiabulls.com/securities/

Decent brokerage.
Good platform.
Better customer service.

RATINGS

I am rating few things based on the posts I read. Considering only those 10 broking firms even though other brokers are better than some of these brokers in some aspects.
I rate like this.

GRADE 1 - BEST
GRADE 2 - BETTER/NICE

PLATFORM:

GRADE 1 - ODIN (RKG, Religare, Angel,)
PIB (India Bulls)

GRADE 2 - Trade Tiger (Share Khan)
Trader Terminal Adv (India Infoline)

BROKERAGE:

GRADE 1 - RKG

GRADE 2 - Religare
India Bulls
India Infoline
Angel
Reliance.

Other than Reliance, others can be negotiated based on volume and bring down the brokerage. I am not sure about reliance. As far as I know, .01% (one side) is possible for intra day and FnO.

CUSTOMER SERVICE:

GRADE 1 - ICICI

GRADE 2 - India Bulls.

TRADING CALLS:

GRADE 1 - ICICI

Since this is just a summary, I am not giving any conclusion or suggestion. You can read this and get a knowledge of views of our TJ members with their broker and trading account.
I would like to update this thread once in a quarter or something. I don't know whether this is possible or not. For updation, I need to edit this thread. How others can be known that this thread is edited. (They may get to know by seeing the bottom of the thread), but still they don't know which part is edited. Is this possible to make it flash the things, I edit (When Updating)?

Thank you for reading...

 

[bunny]

Hi Nac,

Thanks for this. This compilation required a lot of efforts.

However I would like to differ on sharekhan's customer service. Its the worst, its more than terrible. Waiting times are quite long. On many occasions. I have waited in excess of 10 mins because "All our executives are busy at this moment". Till date, I have tried calling the customer care around 12 times or so. However, I was able to reach an executive only 2 out of 12 times.

Compared to this, ANAND RATHI's customer service is EXCELLENT. If you send them an email asking a query, they will actually call you an answer it over phone unless its not possible to reply over phone(say software updating instructions for ex).

Compared to sharekhan, their prepaid brokerage schemes are also cheaper.

Only issue is anand rathi's software as it lacks decent charting facility. But if you have charting software with RT data feed, its not much of an issue.

Right now, I am using sharekhan's trade tiger to see charts, but anand rathi to place orders.

 

[nac]

^ Fortunately, I didn't rate SK's customer service while rating. When the very first response comes and if that's not satisfies, I might have felt little bad.
Yeah, opinion differs.
And about anand rathi, I couldn't right about anand rathi since it ain't fall in the top ten.
What's the platform in ananthrathi? Hw about charting and technicals?

 

[trader.trends]

Have been with Indiabulls and happy with their service. Excellent trading platform (PIB). Transaction transparency is 100%. Everyday you get the transaction summary, contract notes and the Collateral obligation details by email. Funds transfer both ways is good. Brokerage is a little expensive. But as with everything you have to pay for quality. It works on Linux and that is a big advantage for me. No other trading platform does. At least I don't know of any other platform on Linux.

 

[nac]

^ Your brokerage is bit expensive?

Try to bring it down. I don't got account with IB, but when I inquired about brokerage and they offered .01% each side (intra day cash and Futures)

 

[alroyraj]

^ Your brokerage is bit expensive?

Try to bring it down. I don't got account with IB, but when I inquired about brokerage and they offered .01% each side (intra day cash and Futures)

Great job you did mate. Its always good to know what our fellow Traderji members use. Typically Indiabulls starts with 0.5(del) and 0.05 per leg . They say we'll see your volumes then we will reduce.It depends on the place you are actually .I am from Bangalore , the situation is better in metros like Chennai,or Mumbai .Did you commit any volumes or did they suggest any prepaid amount? Basically they do not reduce so easily .

Other than that whatever trader.trends said above is true quite transparent. Only jhatka i got was when I discovered they charge a minimum brokerage charge of 5 paisa per share for sub 100 Rs shares so no IFCI, Moser Baer or Suzlon for me.

 

[nac]

^ It ain't actually a commitment but its a kinda commitment.

I was looking for broker with cheaper brokerage. I called near by IB branch, they gave me a structure. I said its bit expensive, I am gonna do jobbing, so the daily turnover would be 8 digits. He said his higher authority will call back offer me a better structure. And that was the structure he gave me, then.

No need to commit, atleast we can bring it down to .03%. I don't know how IB work in this thing. But, I think its decent even for a starter.

 

[PGDIMES]

GR8 man! What an effort! Though you have rated the Brokers on 3/4 parameters, but it would really help to know in % terms (or in scale) what qualifies for the words many,better,etc (e.g.-70 to 80% of the clients of Reliance money are unhappy with their customer services,so it is low on customer service,etc,etc.)

 

[nac]

Yeah, it will be better to identify how good they are when things are represented in %. Since everybody not commenting about the entire thing, its hard to bring it in %.

 

[akhi kashyap]

i 've got 3 sharekhan ,icici direct and reliance money supertrade.all are good platforms!