Zerodha - Number One Discount Broker in India

[Newbie Day-Trader]

Hey, thanks for that. I only need a broker whose trading platform won't go out of service at important points. I don't need any of the data or charts stuff as of now.

As you already mentioned that none of the discount brokers are reliable with their platforms I was thinking to have two accounts with different discount brokers. I am thinking I will have one with Upstox. Can you please suggest another?

Over the last 4 years Z has failed me on all important days. It won't work on election results day nor on yearly budget declaration days. I lost too much money because of them. I just need a broker who will at least allow me to place a buy or sell order on their platform irrespective of the market volatility.

I tried ICICI, Axis and Angel broking but they are too costly. So please suggest me a discount broker.

Thanks.

Going from Zerodha to Upstox is like jumping from frying-pan into the fire. Personally, when I had bad experience with their platform & glitches, I left Upstox more than a year ago (& they still keep calling incessantly ) but even now, over the last few months, I've noted at least 3 instances of RMS failures from them posted by different traders on Traderji - http://www.traderji.com/community/threads/negative-ledger-balance.106969/#post-1309415

As others have said, if you don't need charting, & other bells & whistles, then go for NSE NOW platform, which is directly connected to NSE whereas even Nest is maintained by brokers & can sometimes have glitches (though not as often as some of the custom platforms like Kite, Upstox Pro, Fyers Web, etc.). I haven't traded a lot with Finvasia but when I have, I've had no issues with NSE NOW or Nest. I used to trade with TradeSmartOnline but it's been more than a year since I have but they were also quite stable then but not sure what they're are like in recent times. If you don't mind some of the other issues, like high net-worth requirements, high margin requirements, then Interactive Brokers are also a good option; I've been trading with them for nearly a year & TWS has always been very stable.

 

[timepass]

Had a call from a Zerodha representative today evening. The call was about 19 minutes duration and very tedious, mainly because it came unexpectedly when I was leaving to attend a sick relative.

The person started by "explaining" how the issue happened, and how it wasn't their fault, that maybe it was my fault that the problem happened. He went on to say that it was my responsibility to square it off on Monday morning.

Mind you, right from the beginning, I held my stand that the matter is with NSE and they should correspond with the NSE as the arbitrator. I said it repeatedly and also strongly mentioned that we shouldn't be having any verbal communication at all.

The fellow was very very insistent, though polite, and went on to "suggest" that I take a "small loss" etc.. and that they will make up some of the loss.

He sounded like a lawyer or someone in the legal department, just a gut feeling from my side. I ended the call with my stand that they should communicate in writing through NSE only.

-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-

It's not that I don't want a speedy settlement, but two reasons : 1) the matter is with NSE and as a matter of protocol, the communication should be through them, 2) There is a serious trust deficit at present and I won't trust Zerodha's spoken word on it.

I am mentioning it here so that any other victims should become aware of how to deal with the situation, and that Zerodha's representatives are a very persistent, very convincing people and can persuade you accept a loss and feel good about it too.

 

[Biker]

@Zerodha A very basic query about demat...

When a client gives POA for his demat account, than does the broker's DP have to forward it to CDSL to finally get the "rights" to operate the account? Or is this something that a broker's own DP can do it internally?

Once a client gives POA, than who has authority to finally grant rights to DP? CDSL, internal DP, etc??

If the DP itself can grant the rights, than what if some unscrupulous brokers take the rights even without POA?

 

[Charles07]

@Zerodha A very basic query about demat...

When a client gives POA for his demat account, than does the broker's DP have to forward it to CDSL to finally get the "rights" to operate the account? Or is this something that a broker's own DP can do it internally?

Once a client gives POA, than who has authority to finally grant rights to DP? CDSL, internal DP, etc??

If the DP itself can grant the rights, than what if some unscrupulous brokers take the rights even without POA?

u wont get reply from Z here. .. they dont care visiting ...........better email them and ask

 

[VJAY]

Had a call from a Zerodha representative today evening. The call was about 19 minutes duration and very tedious, mainly because it came unexpectedly when I was leaving to attend a sick relative.

The person started by "explaining" how the issue happened, and how it wasn't their fault, that maybe it was my fault that the problem happened. He went on to say that it was my responsibility to square it off on Monday morning.

Mind you, right from the beginning, I held my stand that the matter is with NSE and they should correspond with the NSE as the arbitrator. I said it repeatedly and also strongly mentioned that we shouldn't be having any verbal communication at all.

The fellow was very very insistent, though polite, and went on to "suggest" that I take a "small loss" etc.. and that they will make up some of the loss.

He sounded like a lawyer or someone in the legal department, just a gut feeling from my side. I ended the call with my stand that they should communicate in writing through NSE only.

-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-

It's not that I don't want a speedy settlement, but two reasons : 1) the matter is with NSE and as a matter of protocol, the communication should be through them, 2) There is a serious trust deficit at present and I won't trust Zerodha's spoken word on it.

I am mentioning it here so that any other victims should become aware of how to deal with the situation, and that Zerodha's representatives are a very persistent, very convincing people and can persuade you accept a loss and feel good about it too.

Dear TP brother,
Please open on thread too about how can we complain to exchange &sebi ,procedures ,what things we need to keep with us before complain,before complain how we need to communicate with broker etc
...its help many as nowdays these RMS issues are growing and traders actually not know about complain tbinking its headache for them ......

 

[timepass]

Dear TP brother,
Please open on thread too about how can we complain to exchange &sebi ,procedures ,what things we need to keep with us before complain,before complain how we need to communicate with broker etc
...its help many as nowdays these RMS issues are growing and traders actually not know about complain tbinking its headache for them ......

Actually all that information is there in the forum in various threads. But let's get this problem over, and then I will keep a new thread about such "technical" issues with the broker.

 

[marimuthu13]

Had a call from a Zerodha representative today evening. The call was about 19 minutes duration and very tedious, mainly because it came unexpectedly when I was leaving to attend a sick relative.

The person started by "explaining" how the issue happened, and how it wasn't their fault, that maybe it was my fault that the problem happened. He went on to say that it was my responsibility to square it off on Monday morning.

Mind you, right from the beginning, I held my stand that the matter is with NSE and they should correspond with the NSE as the arbitrator. I said it repeatedly and also strongly mentioned that we shouldn't be having any verbal communication at all.

The fellow was very very insistent, though polite, and went on to "suggest" that I take a "small loss" etc.. and that they will make up some of the loss.

He sounded like a lawyer or someone in the legal department, just a gut feeling from my side. I ended the call with my stand that they should communicate in writing through NSE only.

-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-x-

It's not that I don't want a speedy settlement, but two reasons : 1) the matter is with NSE and as a matter of protocol, the communication should be through them, 2) There is a serious trust deficit at present and I won't trust Zerodha's spoken word on it.

I am mentioning it here so that any other victims should become aware of how to deal with the situation, and that Zerodha's representatives are a very persistent, very convincing people and can persuade you accept a loss and feel good about it too.

TP Ji..why should have all these headaches...just move on to other broker, right...??

 

[timepass]

TP Ji..why should have all these headaches...just move on to other broker, right...??

I think I will have to do that eventually, when Zerodha shut down the shutters

 

[marimuthu13]

I think I will have to do that eventually, when Zerodha shut down the shutters

Zerodha wont shutdown the shutters...they are adding daily new clients..

I have a small cabin in shared office, where Zerotha also have office space, and they have about 15 people for new account opening , new traders hunting.......each one has target, almost all are achieving targets..

 

[timepass]

Zerodha wont shutdown the shutters...they are adding daily new clients..

I have a small cabin in shared office, where Zerotha also have office space, and they have about 15 people for new account opening , new traders hunting.......each one has target, almost all are achieving targets..

Great !! How many people do they have for grievance redressal ??