Despite, lot of bad reputations I opened an account in reliance money having heard of the low brokerage charges. Later, I realised that "Low Brokerage" is like a lure to trap innocent investors.
They have a huge hidden charge which they call "Mandate Charges". None of them actually knows the meaning of this extra charges. More over, your Ledger Balance will shock you from time to time. Suppose you made some profits in intraday position today. Next day you’ll be suprise to see your ledger balance 2 to 3 hundred less than today’s oppening balance.
Worst thing happens when you will try to withdraw your fund. You will see a pending withdrawal request for one day and disappears next day without crediting your bank account. 3rd day you will see some balance lower than previous days.
Now I don’t trade in Reliance Money. But I use reliance money instatrade plateform to monitor my favourite stocks and use ICICI direct to trade.
ICICI direct is reliable and trustworthy. No need to wait for transfering fund in and out. Its takes only 1 or 2 seconds just allocating funds for equity or futures, IPO. Only problem is high brokerage.
High brokerage can be tolerated but playing with our funds, no way.