Online Stock Brokers
In this I will compare all the online stock brokers available in India and try to discuss there strength and weakness.It will take some time so please bear with me.Someone want to add something please do, I would be greatful to them.
Tuesday, September 18, 2007
Reliance Money: Update
Finally I have my Reliance Money account activated and started up. But I am really surprised at the level of User Interface they have provided in the site. It just sucks, even if it cannot touch the ICICI User interface but then you expect certain level of sophistication from a big brokerage firm like Reliance. There are many things which are missing from the web interface of the site.Say for example, to get a quote you have a pop up which is coming out every time and in that also you cannot just change the name of the scrip.
You again have to go to the initial page and open the quote for the other script which is very bad when you are doing day trading. Also, the page for open and trade book comes in a pop up which is very bad. And add to that, there is only one popup which can be opened for the time being. So it makes you have to close the first window when you want to open the other functionalties. So on the Ease of Use and User Interface I will give Reliance maybe 4 out of 10.
The charges are really where they will make a mark in the Indian Brokerage Market. The rates are really very competitive and they really give a limit of Rs 10,000,000 at a flat brokerage of 500 for 2 months which makes it much cheaper than any other Brokerage present in the market. I am basically using it for derivatives.
Also they have brought a new concept of RSA secure ID which rather than making it more secure frustrates you big time. Because if you don't have it, you cannot just trade in Reliance money. So do remember to take it to the office otherwise......... no trading for the day. I don't understand how many of the retail account really do require such amount of security.
I have not downloaded there Instatrade software till now. Will give it a try very soon. Being in office it become difficult to download it.
Will update other features when I keep learning about them.
Posted by Samved at 6:01 AM 24 comments
Tuesday, July 24, 2007
Comparision Of Online Stock Brokers in India
The Brokerage which I would be covering here are
1.)ICICI direct
2.)IDBIpaisabulder
3.)Angel trading
4.)Religare
5.)Kotaksecurities
6.)Reliance Money
7.)HDFC Bank
8.)JVfinancial
The points on which I would be comparing these brokerages are
Brokerage
Ease of Use
Software or Net based
Day trading cut off time
Linking to the Bank
IPO /Mutual funds allowed
I will try to make clear these points some more for the newbie investor
Brokerage: This is one of the most imprtant thing which you should see before becoming a customer of any broker.This is one thing which will decide the amount of profit you are making and in the long run in trading beleive me that this will be one of the most important thing.
Ease of use : What is the type of user interface provided.Is some experince required or a novice can work on the same.This should be as simple as possibel for the effective use.
Software or Net (Applet) based :If you are one of those people who are doing the trading from the office from behind the firewall this thing becomes very important.Software is something which you have to install on the system and then only you can use it.Net based can be used from any where.
Day trading auto sqareoff time: For some one who is doing day trading this is also one of the important thing to remember because it can be one of the thing which will decide whether you trade is squared off at 2:45 or 3:15.
IPO /Mutual funds allowed :Is the broker providing only equity trading or also providing IPO/Mutual fund through the site.It always good for a retail investor to get all in one platform so it become easy for him to manage. Link to the bank: This will decide when you will get the money in your bank after it is received in your demat account and which are the bank through which you can link your account.
This is a big work and I am trying to do the same in my free time.So I will try to update around 1 broker per day. Please bear with me and if any one want some other brokers also apart from the mentioned above please let me know, I will try to update them also.
Posted by Samved at 6:57 PM 9 comments
Monday, July 23, 2007
Reliance Money
Finally after a long time I am again updating my blog with the most expected and hot brokerage to come in the long time. By the way apart from the brokerage if someone would have bought the stock of Reliance Money after the brokerage plan was announced he would have recieved a CAGR of more than 150%.( When the brokerage started the price was in the range of 550-600 somewhere in Jan and now it is priced at 1200 and people still stays that it is cheap. Value investing at its best.)
Now coming to the brokerage I have applied for the account opeming and still awaiting the account to me opened even after 1 month but lets agree this happens with a large big product and Reliance is never know for its customer service but for its value for money its brings to the customer. Take any example like the Reliance Fresh long que to the service you get from Reliance Communication.
Coming back again to the Reliance mantra they have again done the same. They are providing brokearges real cheap with the pack likes:-
1.) 1250(500 is the account opening charges) for 2 months with trading allowded of 90 lakh in F&O (Stock as well as Commodity) and 10 lakh of delivery based trading.
2.) Rs 500 in which you get to trade for full year with 5 lakh equity delivery based trading allowded.
3.) 2000 you get the limit in the range of 6 crore.
One good thing which reliance have and is a advantage over customer is the seamless and same way of looking at equity as well as commodity.
Apart from this they have taken the secured accout to the next level with the use of secure id to enter in the account. This seems to take security too far but then why the customer will complain.
They are providing the account access with HDFC, UTI and IDBI bank. Not having the access to ICICI bank can be a bottelneck but ICICI securities will try to say the last turf it have over the competitors.
I cannot tell much about the trading experience but for sure once the accout is open I will update it for sure.
Any Comments are welcome.
Posted by Samved at 3:25 AM 1 comments
Sunday, September 24, 2006
5 Paisa
Brokearage:This is one of the first few who started the online trading in India. There brokerage structure is also quite competitive and it depends on the daily volume to a large extent that what brokerage structure slab you will get into.
The basic account, which they are giving for, the investors are in which :
Account opening charge is Rs.555 and the brokerage applicable is
Cash based: .5
Derivatives .10
MARGIN/Day trading: .10
The other scheme which they have for traders are
Account opening:555
Apart from the account opening charge you have a Quarterly charge of Rs 3000 also you can pay 8000 per year. This charge is adjustable against the brokerage and most probably would be used fully even you are touching a volume of 50 Lakh per month.
The brokerage they will charge if your turnover is in the range if 1 Crore is:
Derivatives: 0.04
Margin 0.05
Delivery based 0.25
There is one more option which they give in this you can take a delivery of up to 2 times the value in your account. (The charge the interest on that at 18 %)
F&O margin: If doing intra day then you can go up to 10 times the margin in your account but you cannot take the position to the next day.
Have a become concept of Relationship manager which will call you with lots of update daily. If you are a type of investor who looks for expert advice then that may be helpful.
Software or Net based: They are providing both the option. They also have a concept of offline in which you have to call your RM any time you want to trade but you can also see your position online but cannot trade online.
Day trading cut off time: I tried to clear my doubt about this but the RM was telling like you can take the margin position to the next day and if there is money in your account then that would be active the next day also.
Linking to the Bank: They are providing the links with almost all the major banks in India like HDFC, ICICI, UTI, Citibank, PNB and they provide the link both side online ie. You can transfer the money from Demat to bank and vice versa online only.
IPO /Mutual funds allowed: They provide both these services online. Another major advantage over the small brokerages.
I have not traded on 5 paisa. So some of the user of the same can update some more points, which I may have missed.
Posted by Samved at 6:50 AM 5 comments
Angel Trading
Brokerage: They are advertising a lot but it is one of the small brokerage house in front of all other brokers of which I have talked till now. The brokerage they are providing is as follows
Cash Based: 0. 5,
Day trading: 0. 05
Derivatives: 0. 05
For trade up to the range of 1 –3 Crore. If you are doing a trade for more than that they maybe you can get a brokerage of something about 0.03 %. That also depends on your negotiation skill that how much you can bring it down.
The account opening charge is 425 for NSE/BSE and if you are going for Commodity the charge will around 625.
Software or Net based: They are providing both the option at no extra cost. So whatever suits you can be used.
Day trading cut off time: The auto square off time is at 3:15 and you can buy up to 4 times the value in your account.
Linking to the Bank: They have a link with HDFC Bank, ICICI Bank and UTI bank but the problem here is that you cannot transfer the money from demat account to your Bank account online. You have to call them and then they will transfer. It takes around 18 – 24 hrs to transfer the same.
But it is possible to transfer the money from Bank to demat account online.
IPO /Mutual funds: This is one of the Online brokers which to not provide this service. They will send some one at your place to collect the forms, which would then be submitted.
Some people have some doubt about the site name ,so I providing the same
The URL for the site is http://www.angeltrade.com.
Posted by Samved at 6:02 AM 0 comments
Saturday, September 23, 2006
Religare
BThis is a brokerage promoted by the Ranbaxy group and with a name like this attached to that there is no question about their integrity.
Brokerage: This is one of the brokerages, which have the maximum number of plans for different set of investor, and trader and I must add that they are quite competitive also but because of the late entrant maybe they are not getting noticed fully.
The most basic plan, which they are providing for the investor comes with the following charges:
Annual Maintenance charge of Rs. 500 and then they brokerage they charge is
Delivery Based: .5 %
Derivatives and Margin trading: .05 %
There is another option in that.
By paying 2000 you don’t have to pay the annual maintenance charge of 500.But that amount of 2000 should always be there in your account.
There is no other account opening charge as such.
Then the other option they have is a monthly brokerage one. In that you have to pay monthly brokerage of 500 per month. What they are offering in this is that you can trade up to
Rs. 100000 for free in derivatives and Margin trading per day.
Rs 10000 free for cash based trading per day.
After that the brokerage charge is as follows (per/day charges)
F&O: 1-10lakh = . 03 %
Cash: 1 lakh = . 3 %
If you are going above that then
Above 10 lakh = .02/the day
Above 1 lakh cash = .2/day
By paying 2500 you can get it for 6 months. So that is somewhere near to 400 per months.
Quite a competitive brokerage, which is trading in a range of +2 Crore per month
The third product they are providing is as follows
Race (Asp version): By paying 299*, you can trade but there would be no technical charts provided and also you cannot create a watch list.
Race lite (Applet version): By paying 499*, you can create a watch list for up to 20 stock and there would be technical charts available but without the historical data. For this you have to keep a margin of up to 10000 in your account.
The highest end product provided by them is
Race pro (Software based): By paying 999*, you can open the account but you have to keep 25000 margin in your account. The brokerage charged would depend upon the trading volume you are generating
If gross turnover (including deliver, margin, derivatives, commodity) Monthly < 1 Crore then the brokerage charged is 0.05.
The next slab is 1 - 5 Crore, brokerage charged is .04.
For greater than 5 Crore the brokerage is .03.
Software or Net based: They are providing both the option at no extra cost. So whatever suits you can be used. It also depends on the scheme, which you are taking.
Day trading cut off time: The auto square off time is at 3:15 and you can buy up to 4 times the value in your account.
Linking to the Bank: They have a link with HDFC Bank, ICICI Bank, UTI bank and Citibank and in this you can transfer the funds both way online.So that is one good thing giving it a seemless online feel.
IPO /Mutual funds: They are not providing this service as of now but very soon they are going to start it. Maybe in a month’s time.
The URL for the site is http://www.religare.in/index.asp.
Posted by Samved at 10:15 PM 20 comments
Friday, September 22, 2006
Motilal Oswal
Brokerage: They have come out with the new brokerage structure with quite a bold advertising to push it also (Full Page advertisement in ET) but what they have given finally is really not that great. The type of brokerage they are giving for the
For delivery based: 0.5 %
For day trading: .1 %
F&O: 0.05 which is like Rs 50 per lakh, which is not cheap by any measure.
And for getting that also you have to minimum deposit of 50,000 or share worth 1,00,000.
For getting the 1-paisa brokerage what they are advertising you have to have a cash deposit of Rs 5,00,000 or shares worth 10,00,000.
It is too high by any standard and it would be difficult for them to get the customer at such a rates.
Also the account opening charge for the account is 1500 for the software version (.exe type) and 500 for web-based usage.
For futher details see the link
http://motilaloswal.com/Retail
Ease of Use: Not very difficult to use. You can become an expert very soon.
See the link for knowing further
http://motilaloswal.com/mybroker/mybrokerdemo
Software or Net based: They are providing both the option the Software based at a slightly higher opening rate. The software product is quite good(MyBroker) and lot can be customized in that. But again you cannot use the same from the office from behind the firewalls.
Linking to the Bank: They are providing the linking with HDFC but again you will be receiving your money only after 24 hrs from the demat account in your bank account.
IPO /Mutual funds allowed: These services are now provided by almost all the online brokerage in India.They are also providing the same.
But one think they are good at is giving lot of advice.If you are type of investor that do the trading after some expert advice then maybe this can be of help
Posted by Samved at 6:17 PM 6 comments
