I am using the Indiabulls online trading system and here is my feedback.
The Good Side
Speed: Good. Login during markt hours takes a long time, but once you have logged in, it is very good. Prices displayed are more current as compared to icicidirect.com
Brokerage:
I got a deal where they charge only 0.4% brokerage so it is cheaper than icicidirect.com
The Negatives:
- Very poor reporting
The online system works across two group companies - Indiabulls Securities Limited and Indiabulls Financial Services Limited. It is very difficult to keep track of ones current portfolio and balance sheet using the reports that they have provided. The reporting system needs to be revamped totally - it needs to be customer centric - after all, I wouldnt really care about how much money or how many shares flowed through ISL or IFSL, what matters to me is how much have I paid so far by way of stock purchases or transaction charges, the cash value of stocks that I sold, what are my current holdings and what is the value of my current portfolio.
- Lack of transparency
There have been several charges deducted but there was no decent explanation of them ever.
- Poor customer support
It took me more than a month to get my login ID and password, after I had completed all necessary formalities and paid the charges. They have a call center number which usually directs you back to your ’’Relationship Manager’’ - what they fail to understand is that you had to call helpdesk as that fellow was missing in the first place. There are some untraceable charges to my account - I have been asking for an explanation for those for more than a month now, but I am still to hear from them.
Overall, I would recommend NOT going for this product. I bought this as all my friends who used icicidirect told me that was bad, but this isnt any good either.
Need to check out the online trading service that Karvy offers.