Zerodha is one of the top stockbrokers offering the benefits of multiple order types to its clients. One such order type is the basket order. Wondering what is basket order in Zerodha?
Well, hang tight with us as we answer your question and make it a much more familiar concept for you.
Zerodha Basket Order
As the name clearly depicts, basket Order is basically a combination of orders placed all at once. It is a facility Zerodha gives you for futures and Options trading so that you can place more than one order at once thus minimizing the margin value.
To make use of this order, make sure you have activated the segment. Check out how to activate F&O in Zerodha.
Once you activated the segment you can easily reap the benefit of this facility through the Kite application and Kite web. To place a Basket order in Zerodha to trade options you need to login to Sensibull through Kite, create a Basket order and add your orders so that they get executed all at once when you place the final order.
You can also save the basket to use anytime in the future. A maximum of 20 orders can be added to one basket. You can edit, delete, duplicate and change the sequence of these orders anytime.
Along with placing multiple orders, you can also check your margin requirement and the margin that will be blocked after placing your order in the F&O segment. The basket order in Zerodha also provides you the benefit of margin reduction in F&O trades.
To get it done, place the buy order followed by the sell order. This helps in reducing the initial margin in Zerodha that is required to place the trade in the F&O segment.
However, when it comes to placing equity basket orders, you can go with any sequence of orders since there is no concept of Margin in this segment.
How to Place Basket Order in Zerodha?
Now to place basket order follow the steps below:
- Click on the scrips you want to buy or sell.
- Select the buy/sell button.
- Fill in the detail like quantity and price.
- Confirm and place the order.
How to Exit Basket Order in Zerodha?
Now once you place the basket order either for selling shares or buying shares if you want to square off some or all of your trade positions in the basket, then you need to place the reverse basket order by creating one new order.
Here are the steps for the same:
- Select the shares or open positions in the existing basket.
- Add them to your new basket by clicking on sell (for the buy position) and buy (for sell position).
- Confirm your order.
Now here comes the question about how much charges you have to pay for the order placement. So, here just do an evaluation of when does Zerodha charge brokerage?
Zerodha charges a brokerage on the basis of per order and since basket order includes multiple traders but the execution of single order hence you need to pay standard brokerage charges i.e, Rs 20 per order.
Through this article, we gave you all the details about what is Basket order in Zerodha. If you have any further questions, feel free to drop them down in the comments.
If you have any more stock-market-related questions in your mind, feel free to drop your details and we will arrange a callback or an answer.
