I might end up being quite unpopular with this review given the slack that I-Direct has faced on MS. And request readers to carefully read this review before jumping to any conclusions.
The bad Parts:
Slow: Yes like many I have faced problems with the site being slow and non-responsive at sveral points. Its a problem most would have faced with I-Direct especially when the market opens... the 945 am to 1015 am slot..... S(h)ite happens.......
Qued: Another problem where if you’ve placed the order the status on the site shows as qued which means that it’s neither pending nor executed. It means that the order has been sent to the exchange and it’s just not been executed.
Expensive: @ 0.75% it is the most expensive site available.
For traders rgere are better platforms that provide facilities or the depth and speed of information that an online platform requires.
The good parts
I am choosing my words very carefully here when I say that I-Direct has the best interface amongst most brokerage firms. I have seen Geojit’s in the past and now use Kotak. The interface of both these sites are average to say the least. In fact for online trading Kotak has the worst interface. It has the most confusing transcation details and balance/ cash management data display. Only god could understand it.
Pros-
Simple and easy to use interface- I don’t think there’s a better site that clearly states your transaction or communicates various other important information about your usage that easily.
Balance transfers: To allocate money between various segments is the easiest task amongst all sites. You don’t need passwords to add/allocate moeny between different segments such as IPO, MF, F&0 etc. unlike many other websites.
Transparent: I am carefull again out here. Please don’t mix up expensive brokerage wityh lack of transparency. You want lower brokerage then chose Geojit or Motilal Oswal. Again with Geojit there ain’t any decent value additions like good research et al. With Motilal, dude their focus has never been online broking so one could draw his conclusion easily.
Research; I-direct has one of the better research desks around. Don’t crib about the tsock call that you lost heavily around. The story is the same everywhere. You went bonkers putting your money @ 20, k levels don’t blame your broker. Also its easier to get fundamental calls correct, most brokerage get them right. But their intra-day weekly and daily calls are the better ones amongst other brokers
Others: Demat transactions: Again here ist quite peacefull. Password resetting and unlocking has never been a problem and I don’t think the security is compromised here.
So your a simple investor whose not so desperate for locking Reliance at Rs 1285 instead of 1280 then this site is the best.
Also please remeber its better to have the seamlessness of a bank account linked instead of waiting 2 days for money transfers. Here Money can be transferred in an instant.
Kotak is the worst, Geojit no value addition, Reliance brings a deep sense of Trust ;), Motilal of 19th century bania.
IDirect is way better than many of them therefore the best amongst the worst of brokerage houses we have.