Jan 18, 2005 11:16 PM
7091 Views
(Updated Jan 18, 2005 11:17 PM)
Finally an online trading site is all about trading with your own money and that's where the solidity of a bank is re-assuring.There are a number of online trading sites for trading on the Indian stock market but this has the power of ICICI bank behind it.
This automatically leads to two main advantages incase you are an ICICI bank account holder-your savings bank account and demat account with the bank can get linked to your trading account thereby saving you the trouble of opening fresh new accounts.This would certainly be the case if you were to trade on some of the other popular sites like 5 paise.com.
I trade exclusively outside market trading hours so I can't comment on the problems that frequent traders and day traders face with this site but I have had no problems so far.Outside market trading hours you have to place an order with a limit and a confirmation of the trade comes to you at the end of day by email.You can ofcourse check whether your order has been executed by logging on at any time during the day and checking the order execution.
The money is credited to your account really fast at the end of the settlement period which in some cases means within about 2-3 days.This is a far cry from the days in late eighties/early ninties when sub-brokers use to finally hand the money after a month or two!
You can't overtrade on this site i.e you can't sell more than what you have in your demat account and you can buy only against money in your savings account which is then blocked for trading and can't be used for any other purpose.Till you block(they call it allocation!) the money for trading, you can't trade-Neat simple and safe isn't?
A hard copy of the order execution also comes by post but rather late incase you want a piece of paper for filing your tax returns.
This site does not have its own source for financial news but relies on moneycontrol.com for the content.It is therefore prudent not to bother about the content on this site at all,rather one should get all the news from moneycontrol.com directly.
IPO is a breeze as there are no forms to fill up especially for book -built issues where the form itself is rather confusing.This essentially is the best part of this site as it does away with all the paperwork associated with IPOs.
Incase you are purchasing mutual funds through this site, you will not get any statement of account from the mutual fund company not even an emailed copy.Also the trade confirmation for purchasing mutual funds is rather erratic and comes via email rather late and sometimes not at all.
Content for the mutual fund section is nothing to write home about and in any case you will not get a better site than valueresearchonline.com for mutual fund tracking so don't bother with content on this section.
The site is slowly trying to beef up its content especially for equity trading but still has a long way to go.The site is slow at times and sometimes it looks like the server remains out of use as you can't access the site at all.
The bottom line is that trades are executed without any problems and at the end of the day that's what you would expect from a online trading portal
