Investing in stock marketing is one of the easiest and best ways to earn the highest of returns than all the other market options but it should be done correctly otherwise there can be a loss too. So deciding or choosing a stock broker in India becomes a major decision. No one is a good trader and investor by birth, so don’t hesitate in taking help. Everybody needs guidance. For a first time investor, the decision becomes more important. In a stock market, nobody wants to end by regretting.
If one has some knowledge, he/she may need little help and can go for discount brokers other than full-service broker but for a newbie, the full-service broker may be required. It is very common to get confused in choosing the right broker as there is a huge number of brokers who provide their services in India. To choose one, there are a number of factors to keep in mind:
Cost: For a trader, the cost is one of the major factors. Everybody wants to get associated with a broker who offers his services at lesser prices than others. To earn a good revenue or profit it is very important to minimize the fees or charges of the broker. So the first thing, one can compare the commission of the brokers and make sure to compare the basic fee and commission on market trades, limit trades, option trades and margin rates before indulging in any deal with the stock brokers. Keep in mind that not always the cheapest is the best. So, decide by discussing with friends or family members who have some knowledge about this.
Trading Platform: Platform should be wide as trading is one of the most competitive fields where every participant put some extra effort to have an edge over others. Online marketing is the most common and effective too as it attracts a good number of customers. One trader needs to be attentive to understand that the nature of competition and behavior changes from time to time. Marketing knowledge is very important.
Initial Start-up: Every business needs some investment and so does the stock market. One needs to deposit a certain amount in the account to start the transactions on the stock market. It depends on the broker and the percentage of their margin. Sometimes, there are some hidden costs of the broker, so make sure to ask the cost and choose the right one.
Customer Service: When a person chooses a website or firm, customer service becomes a very important factor. Service should be available on multiple devices or channels such as phone, e-mail, chat, social media, bots etc. Customer service should be available in at least two languages English and Hindi.
Stock Broker history: it is important to check the background of the stock broker in India. On can check by reading the customer rating and reviews. An experienced broker is always recommended to start with. Check the number of active clients and daily turnover value if available to get the proper history.