Dhan is 10/10 on all bells and whistles and 0/10 on actual product delivery.
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MTF: the interest is debited to ledger every week and that interest becomes due immediately. Unlike ICICI or most other brokers, Dhan doesn’t let you carry the interest until position closure and instead it is treated like a normal debit and squares off some of the holding on T+6, which DEFEATS the purpose of MTF, not mentioning the high interest it carries.
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Charts are the worst part of Dhan. For example, the recently listed NSE.SULA, shows wrong candles. All the 3 days of price activity is still being recorded in a single candle instead of 3 candles.
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Most other features are either work under progress or not available.
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I’m going to stick with ICICI Direct, as I have done for the last decade. The might of a bank behind ICICI Direct is what makes it such attractive in terms of both product structure and interest rates.
I don’t need all the latest bells and whistles which of course I get with TV Pro subscription, I need a broker who is the most conductive for me to make money and that is NOT Dhan.
Goodbye. Good luck.
Hi @GalaticX, We always welcomed feedback no matter how critical it is. We do our best to ensure a seamless experience is provided to our users.
Point 1: As a broking platform, we do not compete on prices - we want to ensure we provide more value to our users while prices will reflect industry standards. On MTF, we have always stated that we offer competitive prices but we will never compete with other brokers who are offering lower interest rates or match anyone. Any platform that is offering lower interest rates than cost of funds is essentially losing money - we do not want to go in that zone. On MTF, only those positions that are not pledged, will be square-off automatically - as a broker we cannot hold them unless pledged. We don’t charge interest rate until stocks are delivered in demat account. Interest Rates are always published and we have upfront Margin Estimator before taking any MTF trades.
Point 2: Looking at NSE.SULA bit.
Let us know which features are under progress or not available, we have always built things out that are requested and communicated on our forums of all features and products that we are building for.
MTF point: The interest is debited to the ledger and 99% of the platforms DO NOT require that you pay-in the interest amount. But Dhan says, you ledger debit of 400 has crossed T+6 days and you pay-in now.
Don’t you understand the point? INTEREST. Whatever interest is generated on most other platforms is carried forward until position closure and is not required to be paid in every week.
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If 18% is what Dhan calls competitive, then Zerodha’s 10.5% and ICICI Direct is 8.9% and Kotak’s 10% is what? Uncompetitive.
Haha. Someone seems to be in the la-la land.
Every platform has different ways of charging the interest. At this moment we charge interest on a weekly basis - will evaluate if we can extend this further. Banking platforms, I am assuming block amounts. On interest rates, I don’t think Zerodha offers MTF, you may be comparing interest rates for lending against stocks. Banks as I have always mentioned will have an unfair advantage when it comes to any interest rate based product.
Good for you. What works for someone might not work for someone else, and what doesn’t work for someone might work for someone else.
Hope it works great for you.