Supported Brokers on TradingRooms and How to Select One
One of the major decisions you need to make as a Room Member on TradingRooms is deciding on which broker to actually connect with the Room you have subscribed to.
Keep in mind that you can only connect one broker per Room subscription. While you can certainly subscribe to a Room multiple times, only one brokerage can actually be connected per Room.
Let’s kick off this article by first providing an overview of all the different brokers we currently support as of the date of publishing this article.
Supported Brokers
Here is a screenshot which showcases the list of supported brokers on TradingRooms of as 5th August, 2022.
If you have a live, API-enabled trading account with any of these brokerages, then you can integrate your brokerage to a Room seamlessly.
Help Integrating Your Brokerage Account
If you have any questions on integrating your brokerage account, you may send us your question either via:
- Email (contact@tradingrooms.in)
- Join our Telegram channel and let us know your query (either in the group or as a DM to the Group Admin, TradingRooms
- Sending a message on Whatsapp at +919115997999
- Raising a ticket on FreshDesk
General Steps To Follow To Integrate Your Brokerage Account
Here are the steps you need to follow to successfully integrate and connect your brokerage account to TradingRooms. Keep in mind that some of these steps will slightly differ broker to broker.
- Login to TradingRooms
- Click on “Link your Broker Account to start automated trading” (the green panel on the right)
- Select the brokerage
- Enter your Broker Username
- Enter your Broker Password
- You may be asked to enter your PAN CARD or 2FA Pin
- Then, click on Next
On the next screen, you will generally be asked to enter a combination of the following:
- UserID
- API Credentials: API APP ID
- API Credentials: API Secret ID
Click on Submit. If you completed the steps properly, you will receive a prompt that your brokerage has been successfully integrated.
Linking a Brokerage To a Room
Once your brokerage account is successfully connected to TradingRooms, you are good to select it at the Room level.
Once you are a Member of a Room, you have the option of choosing from your list of connected brokerages. You need to pick one broker to connect to your Room. You make this selection in the Settings section.
If you integrated your brokerage account correctly, then trades will begin auto-trading on your selected brokerage from the next trading day onwards.
How To Choose a Brokerage Account From Multiple Integrated Brokerages
Let’s assume you have connected four different brokerage accounts to TradingRooms. You have successfully subscribed to a Room, and you need to decide upon which of these four brokerage accounts to connect to this specific Room.
How do you make this decision?
This may be tricky! Here are some factors you may want to consider.
- Capitalization: You want to make sure that your selected brokerage account is adequately capitalized to handle the trading volume you have selected. For example, if the Room is trading 4 Units, and each Unit takes up a Minimum Investment Amount of Rs. 10,000, that means you need at least Rs. 40,000 to sufficiently handle the trading volume.
- Brokerage charges: Depending on the broker, the brokerage fees will differ. You want to get a good sense of the frequency of trades done by the Room Owner, and then do the quick math to figure out how much you will be paying, on average, in brokerage fees. For Rooms doing heavy-duty trading, you may want to consider a brokerage which doesn’t levy brokerage fees which are very high.
- Reliability of the broker API: Since TradingRooms is a broker-agnostic platform, we will never recommend any one broker over another to our users. We encourage our users to do their homework and understand how a broker’s API fares in comparision to other brokerages. Here, Google is your friend. You may also ask the trading community on Twitter, LinkedIn, and social media platforms and see what others have to say about the broker’s API. Is it sturdy? Is it reliable?
The Bottom Line
When you start your journey on TradingRooms, it can feel a bit intimidating. We strongly urge you to join our Telegram Channel and share your feedback, concerns, questions and comments transparently on the channel.
That being said, automated trading can also be highly rewarding, but only if you first do the preliminary homework and make sound decisions when it comes to which Room(s) to subscribe to and which brokers to connect. Once you do so, you can let the power of API-based, automated trading take care of the rest.
Good luck!
