Mar 04, 2008 11:19 AM
9509 Views
Design wise 5Paisa trader terminal is best in the industry though sharekhan & Ventura securities have same kind of softwares from same vender (spider softwares).5Paisa traderterminal is most professionally designed software in many aspects.But when u come to back office support they are one of the worst company as far as I know and when ever heavy trading happen the terminal is not working properly.
When you place order the price around 5% more or less than current market price the system showing me send to execution like that.The same status shows for the whole day except you should call and clear the problem thru their customer care center otherwise you could not use your own fund which is blocked due to this error.Local office guys do not have any knowledge to clear the blocked fund.I think back office guys in India infoline real stupids they donot have any knowledge to solve customers any kind of problem (share khan & kotak are doing better in this matter).In India infoline they are charging delayed payin charge even if you do not have margin funding agreement with them.No other broker collecting dalayed paying charge like them.
They are really cheating.If you take position today in future when any margin short fall in some situation what ever may be the reason due to price fluctuation or sometimes NSE increase span margin.All other brokers request to pay the short fall amount if the client fails to full fill this then they square off after 10.30 AM or later depending on broker and do not collect any charge for short fall because they squared of the position on the same day.But in India Infoline they square of some of the position to meat the short fall amount and collecting delayed payin charge at the rate of 18%(6% each month) for a period of 30 days.
This is a really cheating my friend.Think about what we get when we keep our capital in savings account we get 18% interest after 90 days only.But this cheating fellows are charging the amount for 35 minutes.Even though every brokers collecting Span Margin + Exposer Margin for taking any position in future contract.Brokers are depositing only Span Margin to NSE, Exposer margin the are using for thier business like margin funding.Exposer margin is only collected for borkers security not to pay for NSE.As far as I know no other broker is collecting any delayed payin charge for future traders due to this reason.But the India Infoline cheating company is the only one company doing like this as far as I know.Never go for monthly scheme(prepaid) like RS.1000 per month.
They will suck few thousands from you even before you get your fund from them in tricky manner for this kind of cheating they never allow you to transfer the whole amount from your broking account.You should keep minimum of RS.1000 in your broker account.This is not the case for sharekhan, religare and some of the brokers I know.The payout also is very slow minimum two days.Some time they took 7 days to give five lakh payout ( it may not be applicable for small invester like those who have capital of few thousands).Other brokers like sharekhan are giving payout within a day.If you give payout request before market hours they will give you payout around 1.30PM.I agree with fellow members comment about sharekhan customer care.So who is the better (not perfect) in Indian online broking industry.Is the broking industry itself kind of gambling and cheating only.
