Recently read on an online trading chat forum about VPS and their products. They have by far the most innovative Brokerage Plans in India. Their Hybrid Plans are a dream come true for any trader. Till VPS came into online trading, traders had to choose between Pay Per Trade and Monthly Fix Plans. But not any more, VPS introduced what on many forums traders were demanding - a true discount broking plan where trader/investor can have benefit of Pay Per Trade and monthly Fix together.
They have introduced Max Cap concept, that lets you trade at Lowest Fee of Rs 10/- per order till you reach Max Cap and then the plan automatically converts into monthly Fix and Trade Unlimited plan. But this is not the only USP they have, their Transaction charges are one of the lowest among all online Discount brokers in India. Just compare their Transaction charges with Zerodha( another discount broker), for Future & Options whereas Zerodha charges Rs 440/ per Cr VPS is charging Rs 250/- per cr. The low transaction charge of VPS are a big PLUS for trader like me. On a turnover of 20 cr a month my savings are almost Rs 4800/- a month only on account of Transaction charges. Service tax component that is levied on Transaction charges will be an additional saving. Moreover, Pay Per Order charged by competition are Rs 25 to Rs 15, here it is Rs 10/- that also add to my saving. Over all with their Unique and Innovative Hybrid Product, it is a dream come true for trader like me.
*Combo Plans.** They have also introduced Combo plans. Trader who trade in more then one segment they get a good deal. There SMART PLAN offers trading in Equity and Currency at Rs 10 per order with combined MAX CAP of Rs 2000/-. Competitions is almost charging this much for one segment( RKSV - 1947 Freedom plan).
*Customer Support Service**. A word on their online customer support service is must here. They are very helpful and cordial. They hold your hand every time you need them.
*Account Opening Process .** Very convenient, one can download form from their site or ask for a courier. Online form filling is not yet made available. Once it is there it will add to traders convenience in opening account. They charge Rs 200 as account opening charges if you down load the form and take print out. Account gets opened within 24 hours once it is received by them.
*Trading Platform**. VPS is providing trading in Equity, currency and Commodity. For equity trading platform is NOW, a proven platform that is fastest as far as trade execution is concerned. Charting on NOW is very basic but it gets slightly better if you register to get NEST. For commodity Platform is ODIN. Managing two platform to trade is slightly cumbersome, it would have been better if they had single platform for all segment.
*Margin.**They are providing like any other discount broker 6to 8 times margin in F&O scrips and upto 4 times in Mid Cap scrips. For F&O they provide 2.5 times margin and for currency they provide 2 times margin. For other scrips there is no margin. For someone who trades in penny stocks no margin is made available. So if you are trading in such scrips VPS is not for you.
*Drawback.** the only limitation I found was having two platform if one trades in all segments. But if you trade in only NSE or only MCX I would recommend that consider VPS as a very serious option.
Overall the money saved is quite a bit and their brokerage plans are a Traders Delight. Their plans give traders complete freedom to trade and real benefits of online discount broking.