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Sharekhan is UNRELIABLE and SLOW. Need a new broker |
pkholla
Black Belt
Joined: 04 Nov 2010
Posts: 2890
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Post: #16  Posted: Wed Oct 03, 2012 9:27 am Post subject: |
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I am with IIFL Their cash delivery and intra are reasonably charged
Be careful as their NFO charges are prehistoric. Their default rate is 0.05% for NF and Rs 100 per Nifty Option lot.
IIFL branch manager agreed to lower rate from beginning but charged me Rs 100 per lot. After lot of screaming brought down to Rs 50 as meherbani but excess not yet refunded even after 6 months
Prakash Holla |
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prst
White Belt
Joined: 24 Sep 2011
Posts: 87
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| Post: #17 Posted: Wed Oct 03, 2012 12:36 pm Post subject: Re: Sharekhan is UNRELIABLE and SLOW. Need a new broker |
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| azaidi wrote: | Hi All.
Just wanted to share my experiences to save others from problems.
I've been trading with Sharekhan for a while and I've been pretty irritated with their slow systems which timeout all the time. However, I was used to their interface and had heard they were reliable, so I stuck with them, despite their brokerage being high.
However, I'm now looking at a loss of 30,000 because their system did not accurately report my open positions in the Turnover Report, so I ended the day on Thursday with an open position of 2 lots.
Their system timed out (as usual) while I was trying to square off and I re-squared off from the Turnover report page after logging in again. However, it seems their servers were not sync'ed correcting, so my account ended up submitting two Buy orders instead of one.
There's no way I'm going to pay high brokerages for a sub-standard system and get mugged coming and going. I now plan to close off my account on Monday and shift to someone else.
Any suggestions for a broker with a reliable and fast system and with lower brokerage? |
Hi,
Have been using sharekhan for the last 2+ years. did not face any major problem during this time.
regarding brokerage, am using prepaid brokerage plan, so am not much worried abt it . |
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saumya12
Brown Belt
Joined: 21 Dec 2011
Posts: 1509
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| Post: #18 Posted: Wed Oct 03, 2012 2:35 pm Post subject: |
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| pkholla wrote: | I am with IIFL Their cash delivery and intra are reasonably charged
Be careful as their NFO charges are prehistoric. Their default rate is 0.05% for NF and Rs 100 per Nifty Option lot.
IIFL branch manager agreed to lower rate from beginning but charged me Rs 100 per lot. After lot of screaming brought down to Rs 50 as meherbani but excess not yet refunded even after 6 months
Prakash Holla |
Prakash, you are paying very high brokerage for options. Try Zerodha they charge 20 INR per trade whether 1 lot or 10 or 100 or 1000 lots in a trade plus other charges. RKSV is also good for unlimited trade in equity and FNO for 1947 per month plus other charges. |
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saumya12
Brown Belt
Joined: 21 Dec 2011
Posts: 1509
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| Post: #19 Posted: Wed Oct 03, 2012 2:58 pm Post subject: |
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Upward movement of Nifty stuck up for the third time due to narrow mouth of BB.
OMG, I posted it here instead of another thread.
Last edited by saumya12 on Wed Oct 03, 2012 6:41 pm; edited 1 time in total |
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sonila
Brown Belt
Joined: 04 Jun 2009
Posts: 1786
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| Post: #20 Posted: Wed Oct 03, 2012 3:06 pm Post subject: |
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| I agree 100 percent. |
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stevenmat
White Belt
Joined: 27 Dec 2011
Posts: 478
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| Post: #21 Posted: Wed Oct 03, 2012 3:25 pm Post subject: |
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i've always had a query.. i dont trade much..but nonetheless... icici direct charges rs100 per lot in NIFTY options..so technically its around rs2 premium extra to calls/puts...
and as we are closer to expiry ..lets say 2 days before expiry..close OTM calls or puts will have very low premium right? (lets say rs 10)..but how will i make money until and unless there is a huge movement in my favour bcoz..although i bought the option at rs 10..i have to cover 10+2(buy side)+2(sell side) = rs 14 just cover brokerage..in effect the option price has to increase 40%+ for me to actually start making money...i have asked icici about the same..but they have no clue what to do..
any suggestions ? |
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chetan83
Brown Belt
Joined: 19 Feb 2010
Posts: 2036
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| Post: #22 Posted: Wed Oct 03, 2012 3:48 pm Post subject: |
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| stevenmat wrote: | i've always had a query.. i dont trade much..but nonetheless... icici direct charges rs100 per lot in NIFTY options..so technically its around rs2 premium extra to calls/puts...
and as we are closer to expiry ..lets say 2 days before expiry..close OTM calls or puts will have very low premium right? (lets say rs 10)..but how will i make money until and unless there is a huge movement in my favour bcoz..although i bought the option at rs 10..i have to cover 10+2(buy side)+2(sell side) = rs 14 just cover brokerage..in effect the option price has to increase 40%+ for me to actually start making money...i have asked icici about the same..but they have no clue what to do..
any suggestions ? |
Dear Stevenmat,
simply change ur broker. Either take Zerodha with Rs.20 per trade or go for IFIN (IFCI venture co. ) they charge min of Rs.30 per lot, so it comes to Rs.60 buy and sell and taxes makes a total of Rs.100.....so look for a change,
Chetan. |
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diamondheart
White Belt
Joined: 04 Feb 2012
Posts: 24
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| Post: #23 Posted: Wed Oct 03, 2012 4:50 pm Post subject: |
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 zerodha |
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saumya12
Brown Belt
Joined: 21 Dec 2011
Posts: 1509
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| Post: #24 Posted: Wed Oct 03, 2012 6:38 pm Post subject: |
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| stevenmat wrote: |
any suggestions ? |
Hi Steve, You are paying very high brokerage for your trade. Just a few post below I have posted about Zerodha and RSKV. Just go through it. |
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Arjun20
Yellow Belt
Joined: 23 Jun 2011
Posts: 945
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| Post: #25 Posted: Wed Oct 03, 2012 6:53 pm Post subject: |
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| saumya12 wrote: | | stevenmat wrote: |
any suggestions ? |
Hi Steve, You are paying very high brokerage for your trade. Just a few post below I have posted about Zerodha and RSKV. Just go through it. |
Apart from these 2, i came across a broker's post on TJ who is offering 500 pm for unlimited trading......
New kid on the block.....  |
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saumya12
Brown Belt
Joined: 21 Dec 2011
Posts: 1509
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| Post: #26 Posted: Wed Oct 03, 2012 11:48 pm Post subject: |
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| saumya12 wrote: | | stevenmat wrote: |
any suggestions ? |
Hi Steve, You are paying very high brokerage for your trade. Just a few post below I have posted about Zerodha and RSKV. Just go through it. |
Hi Steve
Here is an example of trade through Zerodha. I bought some call options today worth 5712.50 INR, and paid 5741.12 INR including brokerage and all other charges.
Last edited by saumya12 on Thu Oct 04, 2012 1:39 am; edited 1 time in total |
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nanjanbala
White Belt
Joined: 03 Jan 2009
Posts: 14
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| Post: #27 Posted: Thu Oct 04, 2012 12:38 am Post subject: |
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| Hi Saumya, I trade lot of options and my brokerage charges come to more than Rs 2000 perday.Is zerodha's service good? |
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saumya12
Brown Belt
Joined: 21 Dec 2011
Posts: 1509
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| Post: #28 Posted: Thu Oct 04, 2012 12:54 am Post subject: |
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| nanjanbala wrote: | | Hi Saumya, I trade lot of options and my brokerage charges come to more than Rs 2000 perday.Is zerodha's service good? |
Yes, their service is good, support staff is good. I am using NOW trading platform which was previously provided by them free of cost. Though they have now shifted to ZTrader a version of Nest Trader, which is also free of any additional charges and shifting their old clients to ZT in batches
Or you may try RKSV if you do more than 5 traders per day, they are also a good brokerage house. And they charge 1947 INR for unlimited trade in equity and F&O, per month plus usual taxes and charges. For heavy volumes I will suggest RKSV.
The choice is yours. |
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nanjanbala
White Belt
Joined: 03 Jan 2009
Posts: 14
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| Post: #29 Posted: Thu Oct 04, 2012 1:21 am Post subject: |
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| Thnks for ur promt reply..I'll check with these brokerages. Btw ur pin bar strategy links are good..Let's see how it works in options. |
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saumya12
Brown Belt
Joined: 21 Dec 2011
Posts: 1509
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| Post: #30 Posted: Thu Oct 04, 2012 1:43 am Post subject: |
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| nanjanbala wrote: | | Thnks for ur promt reply..I'll check with these brokerages. Btw ur pin bar strategy links are good..Let's see how it works in options. |
I do not know whether it will work in options charts or not. But IMO you use it on NIFTY SPOT or FUT chart and take a cue from there, for options. |
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