Selecting a broker


(fabregas) #431

I have been using Zerodha for more than 3 years now. I like their easy to use trading interfaces (Kite and Coin). I do very few cash transactions a year, so my main goal was to avoid paying 0.1% brokerage fee for HDFC securities.

I have never faced issues placing a trade. There are other problems:

  1. Their Q back office is not very accurate. Inaccuracies in holdings, profit, loss, avg. buying price etc. So you cannot rely on it for tax purposes.
  2. Interactions with support team are not always seamless. Many times they don’t try to understand the customer’s problem and unilaterally ‘close’ support tickets without waiting to hear back from the customer. Then you have to open a new ticket with the same problem.
  3. Money withdrawal takes time, sometimes upto 2-3 working days.

I must say that I have never faced any monetary loss due to Zerodha. Just the above 3 things.


(ramana1777) #432

I have been a customer of Zerodha for 3+ years. I always does delivery transactions (no intraday/futures). I have faced login issues 2-3 times in a year. The latest ones I remember are during the Brexit and other is in last month. Zerodha server gives-up when ever there is big crash like events.

I have another a/c with ICICI direct, but nowadays I hardly use it. But ICICI never ever have any glitches, simply awesome. The only issue is the premium they charge.


(AB) #433

You mentioned you have accounts with ICICI Direct, SMC and Prabhudas Liladhar. You are impressed with the honesty of PL as well. You also mentioned that you primarily use ICICI direct for long term investment. Here you are saying you like to use only one account for better tracking which is understandable. So for what purposes you use SMC and Prabhudas Liladhar, if you are still using those.


(mylu) #434

I opened ICICIdirect account long time back @2005-2006 and has been using it will @2012 . In between in 2008 , I opened one more demat account with HDFC securities which also ran till @2012. I closed both the account and switched to SBISMART (SBICAPSEC) from 2012.

They have least brokerage and dont disturb with phone calls on recommending stocks (icicdirect , HDFC were worst of it).

Their interface is not that great and sometimes take long to load and their app is very poor as well. I am fine with them as i use only once in a month for SIP and didn’t face any stock count issues or excess charges till date.

ICICIDIRECT interface is really good but they charge too high on the commission , HDFC interface during that time was also not that great and in line with current SBISMART screens. Not sure about the latest status.

One point to highlight is they both ICICI , HDFC were eager to open 3-in-1 account in short time . Closing them is not easy as u need to do one by one and take a minimum of 3-6 weeks depending on your negotiation power :slight_smile:

One of my friend is still unable to close ICICI demat account which he has been trying for years.


(john_galt) #435

i used zerodha for 2 months. faced some problems and promptly shifted back to icicidirect. As a financial company, their IT backend is pathetic. i dont mind spending a few extra bucks as brokerage because my transactions are low volume. others may find brokerage a serious concern.


(Chandra) #436

I am using icicdirect, kotak and zerodha .My views as below.
Icicdirect . trading platform is excellent , brokerage too high.
Kotak : trading platform is below average: brokerage too high.
Zerodha : Trading platform is average: Almost Nil brokerage …Worried about the data integrity… Faced issue with their transaction report ( Annual P&L report was not correct last year, some stocks missed in report , Customer care took long time to give correct report). Seems they still need to work lot on their back-end.


([email protected]) #437

I have been using Zerodha, ICICI Direct and Angel for a while!

I found trading experience is better and faster on Zerodha (apart from 3 major downs during this period)! Both Kite and Pai are good; I like the charts better here, though I would have liked order placement possibility from charts itself. Many innovative platforms are getting added (Smallcase, Coin…) - I find them interesting and one of the recent ones, but haven’t yet used is the new algo trading platform… Reports from Q-backoffice is good, but occasionally gets the dashboard wrong!

I like ICICI for its investment experience (where brokerages matter relatively less) for its features while buying (VTC, price improvement, triggers, cloud orders…). While one can do similar things can be done with other brokers, I find the platform is intuitive and virtually error free.
Angel has better research and customer support; Option chain works better in Angel than with ICICI (Zerodha doesn’t have it and I wonder why?). Trading platform called “Speed” is not great!

Bottomline: Our fortune depends on how well we invest/trade, little on the broker! - even with broker recommendations, it is we who decide when to enter and exit. Suggest go with a broker/platform you like rather than getting caught up on who is better (I like Zerodha for trading; Angel for investing; ICICI for convenience)


(Alok Bhola) #438

One major difference that I have noticed among the three brokerages I use frequently is that when you sell shares through ICICI Direct, the funds get credited to your bank account on the morning of the 2nd day, in accordance with the T+2 rule. Hence, these funds can be used on the T+2nd day.

When you sell shares through HDFC Sec, the funds get credited to your bank account at the end of the 2nd day. Hence, the earliest these funds can be used is on the third day.

When you sell shares through Kotak Sec, the funds get credited to your Kotak Securities account on the second day. You have to then place funds transfer order and thereafter the funds get credited to you bank account the next day. So effectively, you are getting funds in your bank on the third day.

One way of looking at this is that the T+2 rule provides a loophole that HDFC Sec and Kotak Sec take undue advantage of by keeping your funds with them for one extra day. ICICI Direct, however, does not follow this unethical practice.

I am curious which other brokerages do not take undue advantage of this loophole and credit the funds to your bank account on the morning of T+2nd day.


(Chandra) #439

ICICIdirect the details of Security projections / Cash projections are very transport. It is very confusing in case of Kotak ( possible I haven’t explored fully).


#440

I have a query regarding ICICI DIRECT. If we want to invest in NCDs via ICICI Direct, there are three type of transactions.

  1. Investing in NCDs during the initial public issue
  2. Holding it till maturity and redeem at the end of the maturity period
  3. Buy / Sell NCDs post listing and before maturity.

The ICICI direct website mentions 0.75% brokerage in NCDs / Bonds as shown in screenshot below. Does this brokerage apply only in case 3 as mentioned above or will it apply for points 1 & 2 as well? It won’t make sense if brokerages are applied for cases 1 & 2 but there is no clear mention of any other charges as well, hence the doubt.

If anyone has invested in NCDs via ICICI DIRECT, can you please share your experience? Thanks


(initin) #441

Hi, I’m new to investing and relatively very new to dealing with liquid funds and recently I’ve bought Reliance Liquid Bees with daily dividend option and I’m using Zerodha but I can’t manage to view the accumlated units in my backoffice. Is there any way I can check it in backoffice or any other alternative.

Any help will be much appreciated.

Thanks
Nitin


(Abhinav Mehrotra) #442

Nitin,

Please check the 3rd page of this document: https://www.reliancemutual.com/FundsAndPerformance/NFODocuments/Reliance-ETF-Liquid-BeES-Presentation-June-2018.pdf

The partial daily dividend units are credited to beneficiary a/c at least once a month. So if it hasn’t been a month for your holdings, then wait. If it has been then contact Reliance MF.


(fabregas) #443

The mutual fund holdings are accessible on the https://coin.zerodha.com/ dashboard.


(aswin) #444

Kite (Zerodha) is behaving very weird. In watchlist LTP fluctuates every second. For ex, it shows GSFC’s LTP as 109.x (+2%) and 134.x (+20%) in the very next second.

Take a look at Deltacorp/ BEPL/ MOIL/ JMFinancial etc…


([email protected]) #445

I had previously written in appreciation of Zerodha and recently, even gave corporate account to them ( though not wholly!). I should agree with you that the support is horrendous and I haven’t been able to withdraw funds for over 4 weeks, because it was transferred to commodity account before it became active! Now considering complaining to SEBI…

I still like the platform with all its limitations, but won’t recommend it anymore


#446

For those using Zerodha,

In case your stocks which qualify under long term holding are not visible in q-backoffice of Zerodha platform or if your average price of Avanti Feeds after bonus did not come to the actual value that it should be, then you should use the following link to view details instead of q > Portfolio > Holdings.

Use this link:
https://q.zerodha.com/report/holdings/

I had the above issue and learnt after calling customer care that this url is yet to be integrated with Kite to reflect the actual holding details and will be live soon. Till then you can use this link to view your actual holdings and their values.


(Roy) #447

Very useful information. Thanks for sharing.


(Devaki Nandan Tripathy) #448

Its really astounding how the marketspace of brokerages have changed since the start of this thread. Last to fall will be ICICI Securities.


(Dr. TarunDS) #449

hi,
i am filing my capital gains for the first time and my Chartered acc is not accepting the format of tax p &L available in my zerodha backoffice.
the tax p & l does not have all the dates of sale & purchase which my Chartered acc needs.
zerodha is saying they dont have any such service and are saying to send the tradebook to them but to compute every trade from it and calculate tax p & l is almost impoosible to compute.
can anyone help mw with tax filing from zerodha?

regards


(Abhinav Mehrotra) #450

Hi Tarun,

Try this, go to Q backoffice, select Reports and then select tradebook in sub menu.

In tradebook, select All FO, All EQ and All CDS one by one, as per your past FY trade history.

No need to put in the symbol, just select dates as 1st Apr 2017 to 31st March 2018.

All trades will be populated, and ready for download.

Hope that solves your problem.