How to Choose the Best Discount Broker in India: Points to Consider

-

Indian stock market has been running well over the past few years creating a wonderful opportunity for the investors to utilize their money for better returns. Backed by a stable government and strong governance in the country the “Make in India” slogan gives an opportunity for Indian companies to operate with high productivity and better efficiency.

The stocks of listed companies in the Indian stock market growing with the growth of the economy and the company’s performance encouraging the market index to keep moving in the upward direction. Amid this financial market growth, you should also have accounts with brokers to invest in the top companies listed on the stock exchanges. If you don’t have an account with any broker and mulling opening with one, you must be aware of various things.

10 Points to Consider While Choosing the Best Stock Broker in India:

  1. Check the Background of the Stock Broker

Nowadays due to the rise in the investor’s participation in the stock market, you can see many companies even mobile app-based small business enterprises offering broking services in India. On the other hand, many companies and stock broking firms have been operating in the market for many decades having better experience and knowledge in the same field with the specialization of offering more personalized broking services with better management.

Hence, always check the background of a broker, how long it is in the same industry, their client base and their feedback or reviews. Check the goodwill of the company, and other facts and figures about the company who are associated with it like existing clients, friends, relatives or family members to know about its quality of service in the stock broking business.

2. Full-fledged Service or Discount Broking

A discount broker can provide you the retail broking services at low broking charges but maybe it is not offering other related services in the stock broking industry. So, you need to check this before choosing the best discount broker in India.

A Full-fledged broking company offers industry related multiple services in financial markets like trading and investing in equity markets, commodity markets and currency markets. Moreover, these full-fledged broking houses offer the facility to invest in mutual funds, ETFs, bonds and government securities from the same platform along with discount broking services.

3. Ease of Opening Demat & Trading Account

This is one of the very important factors you need to check before selecting the best stock broker in India. To trade or investing the stock market you need to open two important accounts called a trading account and a demat account. The former is used to buy and sell or keep records of all your transactions done while trading in the stock market.

The latter, — the demat account is used to hold your securities in the dematerialized form when you buy any stock. At the time of opening both these accounts, you need government-certified identity and address proof documents. Aadhar card and PAN card are used as the address and identity proof to verify and authenticate your both accounts for use.

Here many stock broking companies provide the digital account opening facility with the paperless process in which you have to present all the documents in soft copy format. The account opening process should be hassle-free and fast with minimum documents to not waste your time and efforts are one of the points to consider while choosing the broker.

4. Trading or Broking Fees and Hidden Charges

This is another very important factor you need to check and make sure of before choosing the broker for the best platform for trading in India. At the time of opening the trading and demat account, most of the broking companies ask for charges like demat charges or annual maintenance or platform fees. Some of them offer free for the first year and charge from next year.

Similarly, there are various free introductory offers given by the discount broker to allure the investors but you have to check how much it charges for the demat or annual maintenance fees for the platform or any other hidden fees charged by the company. Also compare the broking charges, whether are charged per trade or in percentage terms on the overall value of the transaction when buying or selling the stocks in the market to make sure you get the best deals.

5. User-Interface of Online Trading Platform

The discount broking concept was developed with the motive to provide an online trading platform that is accessible through various devices. Here you need to check the user interface of the online trading platform offered by the broking house for trading. Open and navigate the application or web page, whether it is user-friendly responsive or compatible with cross-platforms making it easier for the user to add money, withdraw and execute the buy or sell orders.

Moreover, there should be a simple and concise view of market data, the latest news and research reports accessible at one click to provide you with all the information about the stock market. Also, check the analytical tools and other additional features offered by the broking house to make your online trading and investing experience seamless and enjoyable.

Comments

Post a Comment

Popular posts from this blog

IPO allotment for retail: how are shares allotted for the retail category

-
Image
  IPO allotment refers to the process of allocating shares to investors who have applied for them during an initial public offering (IPO). It is a crucial step in the IPO process as it determines how many shares each investor will receive based on various factors such as demand, availability, and regulatory requirements. The IPO allotment is typically conducted by the underwriters or syndicate members, who carefully assess the applications and allocate shares accordingly.   The importance of IPO allotment for retail investors The IPO allotment is particularly important for retail investors, as it allows them to participate in the offering and potentially benefit from the company's growth. It provides an opportunity for individual investors to own a stake in a publicly traded company and potentially generate returns on their investment. Additionally, the fair and transparent allocation process ensures that all investors, including retail investors, have an equal chance of rece...
Read more

How to Deploy Strategy in Algo Test with Moneysukh Trade Radar

-
Image
In Algo Trading software like Algo Test or Trade Radar, you can choose from existing strategies or create your own strategy as per your expectations from the market. However, choosing or creating the strategy would be not enough to make it successful. The right deployment is equally important to make your strategy effective and work efficiently. To execute your option strategy while trading through Algo trading you need the right approach to deploy the strategy in your  Algo trading  software. Here we are going to discuss, how you deploy your option strategy efficiently with strategy deployment features with stepwise guidance to deploy the strategy through your broker’s trading account. Key Requirements to Deploy Strategy To deploy the strategy you need certain details to log into your trading account etc. Let's find out what are other details required to deploy a strategy in Algo. Algo Account to Login First of all, you need a trading account through which you can get access ...
Read more

How to Decide Best Entry & Exit Points in Intraday Trading?

-
Image
  Intraday Trading also known as Day Trading is the one-day game in which you have to buy and sell or vice-versa on the same day before market close.  Intraday trading  is not easy, especially for inexperienced traders who find it difficult to select the right stocks or don’t know where to enter into trade and exit timely. Also Read:  How to Do Intraday Trading: Best Stocks, Charts & Strategies Entering and exiting at the right points in  intraday trading  is one of the most crucial decisions to make your day trading successful. Today in this article we will tell you how you can decide the entry and exit points in intraday trading. What are the Entry and Exit Points in the Trading or Day Trading? In long trade positions or buying, the entry point is the best possible level at which you should  buy the stock  so that there are fewer chances of hitting the stop loss and there is a possibility of movement in the stock to give you some profits. Co...
Read more