Only economy rates. Review on Reliance Money

When I read about Reliance brokerage charges, I was really excited about the money I am going to save on my intraday trading. Even I wrote a review on Reliance Money praising it. Someone had advised me to lower the rating I gave to it since I haven't experienced trading with Reliance Money.

I agreed and reduced it to zero stars. I wanted to come back with an impartial review on Reliance after trading with it for a while. Now I have more than a month of experience with Reliance Money and I could share my experiences. So far I have subscribed to 3 online trading services 1. ShareKhan 2. Reliance Money. 3. Ventura Securities. I will try to compare those 3 in every point. First opening of the account. Its really surprising to me to hear some people having problems in the account opening itself. Sharekhan got my account opened in 2 weeks and for Reliance about three weeks. The best service I got was from Ventura securities. I got my account opened within 5 days(Saturday and Sunday included).  Now to other aspects. My first account is with Sharekhan. I was completely happy with their service in every aspect until I started to feel the pinch of of their brokerage rates especially for day trading. So I decided to move to another brokerage house. When I mentioned in comments of a review about my intention of trying Reliance, I was advised by someone to try Ventura also. So I decided to go for both Reliance and Ventura. I subscribed to Reliance's one year service as I am sure of saving a lot of money in terms of brokerage. Now my experience confirmed that Reliance is the best if anyone wants to save on Brokerage. I am so shocked to find that every other thing on Reliance is a pain.

Yes, I found Insta Trade is very responsive. But the problem is if I don't use it for a while and try to place an order to cash on the attractive price of a stock, I would be asked to Log on again. This is really a big pain. I find more pain later. When I place an order, say for 200 shares at a fixed limit price, my trade report is filled with lot of transactions like 5 shares@67.25, 10@67.25 etc. etc. Sharekhan gives one line of report with the number of shares bought and the average price. So I suggest people who check trade reports frequently should keep in mind this irritating problem. I must say it made me more tense while trading. I also find it very irritating to get very big size windows with big font sizes when I try to access reports.

I am very unhappy about this also. For day traders another important thing is how good is customer service. If you send an email, please do not expect a reply. And you can not expect the local office of Reliance Money to solve your problem. They just tell you to contact Mumbai customer service. And from Monday to Friday, it is almost impossible to get hold of a customer service executive. Saturdays are good to call Reliance customer care. I did this a couple of times on saturdays and my queries have been cleared immediately.  I think I have writeen on all important matters of concern for day traders. I hope my experience could help them make up their mind whether to go for Reliance or not. I suggest Reliance Money only for those day traders who don't mind above problems.

I don't think Reliance money is good for occasional investors. For them I suggest Ventura securities. Ventura has all good features of Sharekhan plus low brokerage rates. Those ocassional investors who don't care much about brokerage can opt for either Sharekhan or Ventura.