Fellow Traders and Investors,
I guess you must have read the press coverage about how IIFL is reducing the brokerage to as low as just Rs 9.99 per executed order and how Mr Nirmal Jain has claimed that they can go even lower.
In Live Mint
Be very careful, because we think true to its tradition and reputation even this scheme from IIFL is conniving to say the least. Here are the reasons why:
- They will be providing you only web based platform, there won’t be any option to use the desktop or the mobile version. If you have to use the desktop or the mobile, you will have to shift to their traditional brokerage plan.
- They are having hidden charges in the name of exchange transaction charges. Check this post to know about how brokerages charge extra in the name of turnover charges. India Infoline charges 0.038% or Rs 380 per crore for futures, whereas ideally it should be only around 0.0021% or Rs 210 per crore. Similarly much higher for options (0.058%) and commodity (0.0041%).
- No option to place call n trade, you will have to move to their traditional plan if you want to do so.
Click here to see all other details about India Infoline.
So instead of being penny wise and pound foolish, it is best to avoid IIFL and use one of the reputed discount brokerages out there. Use our website Comparebrokerages, to make the best choice.
Empowering Indian retail investors/traders,