Broker Review

Disclaimer : We do not make any commission from the below brokerages, nor are we affiliated with them in any way, shape, or form.  We think they are excellent, but please do your own research and choose these or any other broker that suits you.

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Zerodha review : These guys have been in the news a lot in the last couple of years.  They are of course, excellent, though they sometimes have issues with their technology.  They are free for equity (delivery based cash segment), and charge a minimal amount for F&O / intra-day.

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Interactive Brokers India review : Possibly the largest brokerage globally, and is a listed company internationally.  With IB, even as an indian resident, you have the option of opening an international account where you can trade on global exchanges, and an indian account to trade on NSE.  (Please note trading international F&O / derivatives as an Indian resident is illegal, but you can buy & sell international stocks in cash segment).

Advantages of Interactive Brokers India :

  • Cheap (1 basis point.  For cash delivery on equity – Under 10 lakhs per trade, minimum commission per trade is Rs. 6, and max is Rs 20). Click here for more details of their pricing. Similarly cheap for F&O.
  • Superb platform – very versatile and customizable.
  • Can integrate with Motivewave software but historical data that reflects on Motivewave is usually 12 months of historical data.  Excellent for short term or day traders.
  • An important feature is that a GTC (Good till cancel) order for both buy or sell can be placed.  These orders are valid for 3-6 months.

Disadvantages :

  • For cash delivery, if a trade is equal to or more than INR 10 lakhs, it becomes much more expensive, so then the trade needs to be broken down into trades of apprx 9.95 lakhs or lower.
  • There is no roll-over permitted on F&O trades for Indian markets.
  • Getting in touch with Customer Support not as easy or quick as Zerodha.
  • Diwali Mahurat trading does not happen.  Since this is platform is used globally, a holiday is a holiday, and no trading is permitted on holidays.
  • Can only trade on NSE, but not BSE or MCX.
  • Quarterly settlement, where unused funds are returned to your bank account, is done religiously.  There is no option to avoid this.  It can be annoying to suddenly find funds have been returned to your bank account at precisely the time you wish to buy a stock.  So you need to keep on top of this, maybe by purchasing liquidbees the day before quarterly settlement is done.
  • There is an in-activity fee of Rs. 200.  Minimum commission per month to them must be at least Rs. 200.  Pls read their minimum requirement on their site.  If there is a Rupee equivalent to US$ 100,000 held in stocks or cash or a combination, in case commissions don’t reach Rs. 200, there is no fee charged.

Interactive Brokers, being an international broker, follows domestic rules precisely on all matters – this is both an advantage and disadvantage.  Also, they do not provide any trade recommendations, which depending on your point of view, can be an advantage or disadvantage.

We are not responsible for solvency of any of these brokers.  Elliott Wave India or its owners cannot be held liable for any future action or inaction by these brokers.  These are purely our personal views and should be treated as such.  Your own research must be done to ascertain whether they are the correct brokerages for you.  In no way can these views be treated as sacrosanct.  Times change, and we have no liability or control over their solvency.