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.
What to Consider When Choosing a Broker?
You can find here the multiple online platforms and stock broking companies operating in India offering trading platforms with the best trading plans at highly competitive brokerage fees. This kind of intense competition and lack of awareness among the common man makes it difficult to choose the right broker to start trading or investing in the market.
Though, you can find various discount brokers in India operating to always choose the top broking companies in India that are also now foraying into discount broking and offering better trading facilities with various additional benefits that you can't find with these small and only app-based trading platforms. In respect of the same, we brought here a few crucial points that you should consider while choosing the best platform for trading in India.
10 Points to Consider While Choosing the Best Stock Broker in India:
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.
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.
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.
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.
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.
Analytical Tools and Trading Features
From the trading point of view, this is one of the most important things you need to check while choosing the top broking companies in India, especially when you open a trading and demat account. There should be analytical tools to check the performance of your investment portfolio and demat holdings positions with the latest price of stocks you have invested.
Moreover, there should be a technical analysis software system like Trading View to view the candlestick chart patterns and apply the best technical indicators before making buying and selling decisions. Few brokers now offering AlgoTrading facilities through their online platforms to get the advantages of high-frequency trading and earn extra profits.
There should be market heat map data with the top loser and gainers list and top activities in the market with key analytical tools and advanced trading features to find out the market trend and make the right decisions while choosing the stocks for trading or investing.
Qualified Team for Research and Analysis
People who are new in the stock market and unaware of the technical terminologies and trading or investing-related basic activities, even experienced investors also need someone to help them select the best stocks for intraday or for long term investment.
Here you need to check whether your discount broker is offering such facilities or not. Top share brokers in India should have a dedicated research team with well-qualified and experienced analysts for fundamental analysis and technical analysis.
These analysts use advanced tools and techniques to perform technical analysis or fundamental analysis and research at their own level to pick the best stocks from different sectors. And then recommend the same to their clients to buy or sell stocks with tips or recommendations to pick the right stocks for long-term investments at the right levels.
Security &Privacy of Data and Funds
This could be the most important factor when choosing discount brokers in India, especially when you are going to deal with new and small brokers offering only limited trading services. Yes, when you open the demat and trading account to start investing you not only share your personal details but also share sensitive data like bank account details.
Moreover, also check the fund transfer and withdrawing mechanisms, if they are using the secured payment gateway system or your fund parked with their wallet or in your trading account is not going to be misused or unnecessary charges will be not levied. Similarly, also check how much time it takes to withdraw your money or transfer funds into your bank account and whether your bank details are safe or not with the broking company or not.
24-hour Customer Support & Assistance
When you search for the best share market broker in India, also check whether it is offering round-the-clock customer support service or not to get online assistance. Because when you have any query while using or trading with the platform offered by your broker you need a customer support service or quick online assistance to solve your problems.
Most of the discount broker operating through mobile application-based trading services offer only the AI-based chatbot system to assist their customers. In an AI-based chatbot assistance system when you face any kind of technical or non-technical problem you can only chat with the bot with limited options to share your problem and get an instant solution.
Top stock brokers in India also offer human-backed customer support services the personalized online assistance to assist their clients and solve their queries as soon as possible. Hence, always check the customer service of the brokers.
Identify Your Goals & Investment Aims
Finally, you also need to choose the best discount broker in India as per your investment goals. If you are looking for a discount broker for intraday trading or trading in the derivatives market you can go with anyone offering the trading facilities at the lowest charges.
If you are also seeking a reliable broking company that can help you achieve your investment goals and help you create wealth through sensible long-term investment in various financial instruments or any other liquid assets.
Here only big broking houses can help you, as they also provide portfolio management and fund management services to manage the funds of their clients. The fund managers help them personally in investing in different types of assets including stocks, bonds, commodities and precious metals creating a well-diversified portfolio for balanced growth.
Your investment goal or trading aims could be the deciding factor when choosing the right discount broker that can meet all you’re trading as well as investing needs through a single window. Here Moneysukh could be one of the best stock brokers in India, you can choose to enjoy the best discount broking services along with various other facilities.
Choosing the discount broker merely for getting the trading facility at low broking charges would not be a wise decision. There are various factors discussed above you need to consider, otherwise once you have started trading and find any desired service missing with the broker, then it would be difficult to switch over to any other broking house.
Hence, check a few things that are at least extremely important like the user interface of the trading platform, broking charges or any other hidden fees, data privacy and safety of funds, stock recommendations by research analysts and customer support services. All these essential services are usually offered by all the top broking companies in India.
Moneysukh is one the best share market brokers in India offering full-fledged broking services to invest or trade in equity, commodity and forex markets.The Trade Radar provides the best trading platform in India to buy or sell any stock listed on NSE or BSE with quick order execution and fast transactions that can be completed in one click.
Moneysukh is also providing the best algo-trading platform to all types of investors including retail customers to choose the most popular & profitable algo-trading strategies and enjoy the benefit of earning from high-frequency trading right here.
Also Read: Best Intraday Algo Trading Strategy
Moneysukh is an experienced industry player in broking services with world-class trading facilities and a strong research team to give tips and recommendations to clients helping them to pick the right stocks and maximize their chances of profits.
It also offers discount broking services to trade intraday or in the F&O segment at the lowest broking charges. With the best trading plans and pricing in the industry, it is trying to make available the best trading facilities to make your investment and trading experience not only affordable but also enjoyable while ensuring the privacy of your data and the safety of funds.