yes… mstock mtf was working on 19th Jan as well as today
Dhan management has our best interest at heart
Customers query : Why doesn’t Dhan have a one time prepaid brokerage option
Dhan’s response: We dont want to our customers to practice excessive trading
Customers query: Why was MTF shut on 19th Jan
Dhan’s response: because of Settlement issues
(Surprisingly other brokers don’t settle at all cos they were working just fine)
Customers query: Why is MTF suspended today
Dhan’s response: To protect our customers from market volatility.
I don’t understand whether they are our brokers or our parents.
Why can’t they settle M2M to protect their own funds and stop pretending to worry about our well being.
And their customer service is awesome.
First 5 mins, an IVR will tell u that their number has changed, and the new number is exactly the one which we dialed… Then for next 10-12 mins , IVR tells u they r busy servicing other customers. And when you finally are fortunate enough to speak with an actual human being, they will give you a one line answer…that as per our policy…blah blah
My wife has tried to complete her KYC online and offline with them atleast 7 to 8 times…Finally she had ro go with MSTOCK
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Please understand, your customers are adults and they know their limits and capabilities.
As far as your own interests (dhans) are concerned, You have made us sign contracts of share pledge for MTF…in case we are not able to furnish M2M loss, you are entitled to auction our shares and recover your capital. Correct me if i m wrong. Please do not try and pass your (dhan’s) shortcomings as concern for your customers.
Your only concern should be to provide a glitch free, hastle free trading portal . That is what we signed up for.
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I already have account with IciciDirect. Unfortunately they have also increased MTF margin for me. Now I can only get 2x max
Do note that I’m not some newbie. I have more than 25L as my base Capital.
How’s hdfc sky btw? Do they have as wide mtf coverage as Dhan?
(Nice meeting you regardless)
Dont go with Kotak for MTF, I am with them right now and looking to change.
Was looking to come back DHAN but now no chance post MTF has stopped.
Kotak has issue that they forefully unpledge stocks and convert to Delivery using your ideal money from account. Which push you towards margin short fall any other trades you took e.g. Hedge or F&O.
I would like to hear about HDFC Sky and ICICI DIrect if anyone using for MTF.
Market always require some disciple irrespective of type of trades you take. One can loose a lot of money even in complete cash segment. So people need to take trades as per their appetite.
People who trade using MTF are mostly swing traders, so this move is a blow to them.
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There are many ways to control your risk despite position in MTF …through far month future shorts, Options shorts or Portfolio Level Put buy…
Can the delivery orders later be converted to MTF , for better leverage ?
no as per my experience of MTF trades done.
Zerodha announces any new feature first and foremost on Trading Q&A. Do you have any official link which says they have started MTF in beta?
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That’s interesting. Can you share any screenshot of MTF on Kite?
I too recently switched to Dhan for MTF and for various other features… now, I’m pondering to go back to something else or find something new…
Any suggestions?
All other platforms have higher pledge charges as compared to dhan
I feel HDFC Sky looks interesting with lower brokerage charges however for MTF they have more interest charges of 12% Right ?
Also do you faced issue of converting MTF to delivery from Broker side without your concurrence ? I faced this multiple times in Kotak so thinking to shift
point,
Btw which platform is best for MTF??
Thanks. I have account with them and used for longer time however last year I first shifted to DHAN and then to Kotak which not given me good exp… So thinking to go back to ICICI Direct again now…especially for MTF
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we will buy when the market falls. but you are shutting down . i am getting interest here and i am running one of my strategies . very bad . all exit my portfolio . I will go another broker.
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@GalaticX Do you the brokerage makes difference when compared with DHAN and ICICI Direct. Since your preferred broker is ICICI not sure why you are again looking at DHAN as they shut down the MTF?
Hi @GalaticX and everyone on this thread @Ankuk @Mahesh1 @Yash_100 @manugmn @t7support @syedasif11 @mayankg2000 @bdeepan6 @varesh12 @Saurabhs19 @8682864876 @itsKeshav
We have temporarily paused MTF, not that we have shut it down completely. We very rarely do these kind of decisions, possibly this is first time we have taken such a step and have communicated the thought process above.
Just reiterating the same -
While this is very interesting thread (i’m following this) - we do not want to halt conversations on this, few things are missed out or assumed incorrectly. So let me just highlight these from the perspective of sharing few things…
a. Risks in broking business are unlimited not just for the trader, but for a broker. Lets say, if users pick stocks with 4X leverage via MTF, for every INR 100 rupees - as a broker we bring INR 300. Which means, for INR 100 Crores of MTF exposure for all of our clients, our own funds of INR 300 Crores are involved. (Credit: @Lelouche mentions this)
b. It is incorrect to assume that Dhan makes 16% on MTF and our risks are covered, please be advised that there is cost of capital involved as we borrow funds to build a lending book. Dhan is not an NBFC or supported by a bank - so yes, there are costs involved and they are significant. Anyone who runs a business and has taken capital from NBFCs will know these rate of borrowing.
c. There are many other charges involved in MTF like Pledge / Unpledged and Demat charges or annual AMCs, etc. Some of interest rates are shown upfront as less, however they compound on daily / weekly basis as well. Or one has to opt for a monthly or yearly subscriptions or maintain a certain value of portfolio.
d. Margins related to MTF will be reviewed across trading platforms when markets are at its peak. Margins or Interest or Charges may go up, or coverage on stocks go down in such situations.
We have as team had consciously made choice of planning pricing on Dhan so that our users get the max benefits - while our single largest source of revenue is brokerage, and rest is minimal. Yes, thanks for the lovely mentions for Customer Service at Dhan, this feels good. There is lot more we have to do on Customer Service front and we are on it.
If you are looking for alternatives to Dhan for your MTF positions (in this temporary period), please review your alternatives in full. When things seem to be normal, we will open fresh positions in MTF.
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I am not using MTF, not planning to use MTF. I also don’t recommend MTF as this is against my risk management philosophy. I trade only with Dhan and hope to continue trading with Dhan irrespective of the MTF status on Dhan.
