Finvasia had a blanket 10x Intraday leverage across majority of Equity shares, until few months ago. Most traders I knew, who were trading with Finvasia were quite happy with that.
Recently, Finvasia has decided to implement their complicated Leverage policy for Intraday Trading.
They have now introduced a Tier Wise Leverage scheme, which many traders find it funny, and not able to figure out what this is all about.
When other brokers give up to 20x Intraday leverage free of cost to their clients, Day-Traders in India are not familiar with the concept of now paying interest for intraday leverage. Interest payable even for the days you don’t want to trade.
Finvasia has implemented a confusing Tier Wise leverage scheme. The day-traders are now been forced to pay interest if they need additional leverage.
With the new leverage policy in place only an handful of stocks are now available with the free 10x leverage.
Makes me wonder why would a Stock broker decide to do such funny things to make life difficult for their clients ?