Selecting a broker


(Someone) #387

Zerodha may well be the biggest but their platforms are full of glitches. There was a time when it was bug free but now it definitely doesn’t do proper maths. Their back office platform shows inccurate numbers since last 1 year for a minimum. I have highlighted this multiple times to their support team and they keep saying they are moving back office platform to new one called CRUX soon. Also as they have grown in number their support has consistently deteriorated. I have been with Zerodha for quite a few years now and can say that support quality now is nothing short of frustrating.

While I completely agree that discount brokerage is the way forward it may not be wise to go with largest ones since they may not be able to scale appropriately. Perhaps retail should consider budding/newer discount brokerage services instead. At least till the time newer firms are hungry and willing to provide good support and then once they reach a certain number re-evaluate if success has gone to their head and if it’s time to move on


(Chirag) #388

Zerodha VS Interactive Brokers

One of my main requirement is that the platform should have Python based APIs to place orders.

Can someone experienced please tell me if Zerodha has such APIs?


(skvedula) #389

@investr: Yes zerodha does have python based sdk link below:
https://kite.trade/docs/connect/v1/?python#introduction


(Satish Earthling) #390

https://www.quora.com/What-happens-if-a-trader-loses-money-because-of-a-technical-error-by-Zerodha-or-Fyers/answers/75828235


(fabregas) #391

I strongly agree with this. Its easy to maintain good customer service as long as your scale is small. Zerodha support system has gone down the drain as they have grown.

  1. Their support team unilaterally closes support tickets without hearing back from the customer. A far cry from how Amazon manages support, they won’t close a ticket until a customer is satisfied.

  2. Their Twitter handle is unresponsive. They used to respond in their earlier days. Now a days with SaaS tools its very easy to integrate Twitter with CRM systems. For a ‘fin-tech’ company like Zerodha this is the least that you can expect from them.

  3. Users have consitently complained about long time taken for withdrawals to Zerodha. See this thread. Customers commented on a blog post by Zerodha.

For liquid mutual funds, redemptions under Rs 50k should be available the same day, or latest by the next working day. I redeemed mutual fund units on Friday. Its Tuesday evening and I am still not able to withdraw funds. The support team won’t respond. I have filed 3 tickets on this issue. The first one was closed prematurely by the support team. No one replied to the 3rd request.

I would rather pay a 0.1% brokerage fee and have some piece of mind (HDFC securities is smooth and glitch free). Mutual fund redemption was credited to my account in 2 hours!! I am not a day trader, a long term investor. So I think I am just going to go back to HDFC securities for my future transactions!


(fabregas) #392

Everyone, who wants to use Zerodha, should read through this Quora post before deciding. It tells you exactly how they treat their customers when ‘technical glitches’ happen. Although I have never lost money due to their technical glitches, I have experienced too many of them to now understand that due to their technical glitches, you may spend sleepless nights and wonder where your money went.


(Gaurav Agarwal) #393

Is HDFC securities charging 0.1% brokerage?


(fabregas) #394

My bad. Its 0.5% actually for delivery trades. For intraday it seems to be 0.1%.


(gautham1) #395

Among the big players, icici direct, hdfc, kotak who has the lowest brokerage for delivery?. are they all 0.5% ?


(Roy) #396

WOW! I’ve faced the exact same error multiple times in the past. Luckily, the first time this error occurred, the price of the stock moved in a favorable direction and I ended up making a substantial profit due to the glitch. After that instance, whenever I get a similar error in red saying “connection timeout error” or “gateway timeout error”, I wait for 5-10 minutes without trying to re-place the order. When I later check the orderbook, the order would have gone through, even though the error seemed to indicate otherwise.

It is unbelievable that a top broker like Zerodha would go to such an extent of totally denying the possibility of the glitch occurring, just stopping short of accusing the client of lying.

Not cool, Zerodha!

However, having said that, I do NOT agree with the final outcome of this arbitration. The internet infrastructure in India is terrible and hence, unfortunately, such glitches are inevitable. Also, as far as I know, when we open an account with a broker, we indemnify them against any losses caused due to errors.

Having invested and traded in equities for more than 15 years, I’ve noticed such glitches happening with almost all the brokers I’ve had an account with (albeit at a much lower frequency, compared to Zerodha). In fact, when I just got started, I used to trade on NSE’s own NEAT terminal, sitting at my brokers office (ah, the good old days) and I distinctly remember similar glitches happening on the NEAT terminal on days with high volatility, especially during the last 15 minutes before the closing bell; on certain days I’ve literally had to wait for 10 minutes after the market closed to find out whether my order went through or I’d end up with short delivery and will have to face auction penalty. Seem a little hypocritical to me, when NSE’s own infrastructure is not perfect and yet they point fingers on others.


(Gaurav Agarwal) #397

Do investors get notification from Stock Exchanges in case of Short delivery of securities bought?


#398

NiMo’s in Brokers. Beware of disappearing brokers after they sell your holding. A bit perplexing.


#399

Zerodha Becomes the Leader of Brokerage Industry (Grows 200% in FY2018)- Nothing can stop a Business when its customers love it. Every Problem is a Opportunity (High Brokerage).
FY2018 Estimated Profits
Zerodha - 142 Cr.
Motilal Oswal - 155 Cr.
Edelweiss - 140 Cr.

— Amit jeswani (@Amit_Jeswani1) April 10, 2018

(Dhiraj Dave) #400

ICICI has some other system where you can transfer online shares through e instruction to third party. In fact it is much simpler to initiate same as compared with SPeed which require franking etc by HDFC bank. I have been using same to transfer share to third party brocker who offered me lower brockerage then I sec.


(srikanthg) #401

I have been using Zerodha for 1year, very good for traders, but issues are seen in first hour of trade and account reports are average. Settlement of fund transfer is also not upto the mark.
After the fund settlement experience I seriously believe it’s better to not holds funds at the end of the day transfer back to bank, golden rule for me.


#402

What is your fund settlement experience? Can you elaborate?


(srikanthg) #403

Hi, I wanted more than Rs 50,000 for some personal purpose and it was on Friday I initiated the funds transfer to bank and funds got credited on Tuesday. This didn’t give me confidence about my funds and from then I am not keeping funds overnight.


(phreak) #405

Today’s Zerodha outage seems to be horrible even by Zerodha standards. I don’t know if they can retain that #3 position for long. They seem to be working a fair bit on the customer facing front (Kite) but doing precious little on the backend infra. Today might be the straw that breaks the camel’s back.


(bharat.jain) #406

Yes it’s a little too much … 1.5 hrs outage on a normal working day ridiculous…


(Gaurav Agarwal) #408

Please share the screenshots. We would like to know, how they cheated you?