Many readers are facing the problem of OTM strikes not being permitted in BANKNIFTY and NIFTY with one of the leading brokers.
At present, most brokers offer similar services at same prices so we should not be stuck with just one broker.
I use — ICICIDIRECT and FYERS.
Out of these two, FYERS is the low cost broker and I am using their services since 2017.
ICICIDIRECT account is operative since 2003.
Why suggesting Fyers?:
Readers can find what they say about themselves by visiting their site Fyers.in or clicking the link here:
In October 2018, one of our trades was suffering a technical glitch of NSE.
The spot price for HINDPETRO was Rs. 174.45 but NSE system was not allowing a price above Rs. 49.05 for PUT 240.
We were in this trade and the price should have been at least Rs. 66.00.
At the same time, the high price for PUT 230 was permitted at Rs. 77.00
PUT 230 selling at a price higher than PUT 240.
I talked to Mr. Tejas Khoday, CEO of Fyers. He understood the problem and assured me that he will talk to someone at NSE. This was a real trading glitch and would have harmed our trade if the stock price reversed.
He called back to inform that it will be rectified within next few minutes. That was done and I could exit at Rs. 76.00.
With this kind of service to a new account holder, it surely makes a case for recommending them.
Please use the link:
I am associated with Fyers now and will get some compensation if you open an account and trade with them.
Probably that will meet the expenses of hosting services of this site or maybe not.
But my recommendation not based on what I get out of it. Make an informed choice.