MONEY ::::: In online trading, is it good to do through local agents or private companies than Banks ? I have heard that we can save brockerage if we trade through local software and can escape from the Slamming Brockerage of Banks like ICICI, HDFC, AXIS etc. Is it a truth or just a propoganda of individual/company brockers ?
Among the local agents are Geojit, Kotak, Sharekhan, Motilal Oswal, Advani, IndiaBulls, Reliance Money, Angel broking etc. You will have to check out from the city in which you are to see if they have local offices.
Among banks are HDFC Securities, UTI Securities, ICICI Direct and a host of other banks.
Each one has its own policy and brokerages are depended on what is offered by each. I am not personally happy with what is being charged by the banks as they are on the higher side.
I have two online and two Non-online Accounts.
Icicidirect is worst in terms of speed, brokerage, etc, but if offers highest margin for traders, up to 25 times, no one gives this. But this high margin also prove fatal to the traders as it will tempt them to trade in large quantities. Till recently the square off time of icici was 3 pm for margin trades, now it is extended till 3.30 and the option of carry forward the positions to 2 days is introduced.
So, it is better to have trading accounts with banks as well as non-bank companies as both offer different facilities.