Pros and Cons of Reliance Money

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No doubt that Reliance Money has redefined the Indian Broking Industry. Their unique Limit Card ( Rs.1000/2months) and Security Token (A third level password which automatically changes every 32 seconds) are new to India.

Cons of Reliance Money

  1. If you trading volume is less than 2 lakhs/month then the effective brokerage would be very high
  2. For every telephone order you will be charged Rs.15/order. ( Other brokerages are giving a toll free number and free 50-100 orders/month)
  3. If you place fund withdrawal request, the amount would be debited from your ledger instantly, but you have to wait for 2 working days to get credit into your bank account  
  4. If you place margin orders ( intra day orders) you need to manually square off before 3.10 PM otherwise there is no guarantee that your open positions are squared off. You may be made to pay auction charges.
  5. If you place intra day orders, you will not be allowed to place stop loss orders.
  6. Shares in you Demat accounts would not taken for consideration while calculating your daily limit ( others give you atleast 50-80% limit)
  7. For intra day trading, they give only 4 times exposure of your ledger cash balance. For F&O, only one time exposure is allowed.
  8. Some times their Insta, Fast platforms did not load properly or rates may not refresh automatically. Their   easy platform is very slow.
  9. Their  DP A/c is not free. They are also charging AMC and for every debit instruction.
  10. They didn’t have any EXE software for trading. All their platforms are browser placed. Hence very slow.
  11. Their trading calls and investment tips are not free for even high value customers.
  12. If you make a service call, their customer care employees would take more than 48 hours to initiate action.
  13. Increase the charges every year
  14. For every request to change your bank details, you will be charged Rs.20
  15. You have to carry security token all throughout a day (wherever you go) with you for trading. 
  16. If you miss security token, it would normally take 15 days to get it replaced. You will be charged and have to miss trading opportunities for this 15 days.
  17. You have to pay full limit card charges even if you trade only one day/2months
  18. Compulsory Power of Attorney for your Demat A/c and Bank A/c?!!!!! 

Pros

  1. Low cost for frequent and high value traders
  2. Mobile trading through GPRS enabled handsets
  3. You can access trading site even in the firewall protected networks and offices
  4. Online seamless, paperless Mutual Fund Purchase and IPO subscription
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