Long 1 - Read at your own risk ;). Review on Reliance Money

I am Rishi. I am in stock market since June 2006 and have traded with few brokers before Reliance Money. The third Star is given only for Insta-Trade Platform.

I am a regular trader with very good turnover. I trade on extremly small margins (Big Volumes) of 10-25 paise in stocks priced below 40's & around 75paise - Rs.1.00 in stocks above Rs.70. These are Quick in's and outs in 2min-30min. This way I execute 8-10 orders per day (Buy-Sell). Told you all this so that you will have idea of what I will write below.

Before Reliance Money, my turnover was less as I had to think thousand times before order to match Brokerage vs Profit/Loss. Also conversion to Delivery was not advisable due to 30-50paise Brokerage. (One Way)

*Account Opening :

*I opened account with Reliance Money (RM) in 2007' Feb month ending. I recieved Kit and necessary password etc within week which was impressive. RM was new and not officially launched so this processing was Fast.

*Trading Platform:

*There are 2 self-trading platforms in RM.

[A] Web Based : Where we login through https://easytrade...../

This is RM's worst nightmarish platform specially for Intraday Traders.

1) Quotes are often delayed, sometimes 2-5minutes behind market.

2) Every option (Trade, Reports, etc) takes its own sweet time to load by the time opportunities are lost.

3) Portfolio Option is full of mis-information.

4) Trade Execution (The Famous RM "InProcess") can scare your balls out of you if your Order has already crossed Stipulated Price, but they still show "InProcess" till and even after ending of Trading Session.

This is worst in RM as you can loose your clothes if stock turns against you and you cannot Square Off to avoid further losses. (Fortunately at every such moment I have been in more profit...TouchWood)

5) Customer care is hopeless (Its everywhere with every broker, no help when you are in distress)

6) Pre-Mature Log-outs. When you have just logged in and placing order, then the 2nd famous "Session Expired", please re-login screen appears. Dumb. Result : Lost Opportunities. (Workaround : Clear History, Delete Cookies, Offline Content..as given on their "Trouble Logging In"

7) No pre-market orders, and order form lacks many tools for setting up proper Triggers/StopLosses.

[B] Insta-Trade :

(You have to activate this through Customer Care, I did it 2 months back and I am happy till now)

1) Good Auto-Updating Quotes. (95% with real markets)

2) Good Way for realtime watchlist.(Multiple Information Columns & Coloured Triggers)

3) Fair Order Creation/Execution (Right Click Mouse for Buy/Sell/Info etc)

4) Somehow no "InProcess" till now with one 10min exception.

5) Loading Reports takes same time as Web-Based platform.

6) Proper triggers/stop losses can be set.

7) No pre-mature logouts if we do some activity in 5-10 minutes which is fair and secure enough.

So friends, now that you have read all above long describption, we will come to analysis. For me, apart from all the drawbacks, RM is best for the obvious reason of brokerage and partly because of Insta Trade option.

For newbe's I will show some comparision :

Intraday :

Turnover : 1lac

RM Brokerage : 1 paise for Rs.100 t.o. (Rs.1 + Mandatory Charges)

Other Brokers : 5 paise (But Min. Rs.25 per executed order) for Rs.100 t.o. (min Rs.25 + Mandatory Charges)

Delivery :

Turnover : 1lac

RM Brokerage : 1 paise for Rs.100 t.o. (Rs.1 + Mandatory Charges)

Other Brokers : 50 paise (Min. Rs.25 per executed order) for Rs.100 t.o. (min Rs.50 + Mandatory Charges)

So for me the daily calculation works out 50 times of what stated above.

So, its all on your risk appetite as its in stocks. As of now I am with RM apart from many of its drawbacks which I have less hopes of improving. With every order I set Stop Loss parameters and am nervous till I see my positions squared off, but I save lot of money in brokerage.

Its calculated risk. I know I haven't given any advice about whether you should have a RM account or not but other things I have clarified.

Any further queries, PM me.

Thanks & Happy Trading with whatever broker you like.