India has seen an increase in the number of people trading stocks online. More than 30% of Indians are investing their money in the stock market, and it’s not uncommon to find families discussing stocks around the dinner table. When it comes to picking a good broker, there are many factors you need to consider. From whether or not they offer mobile trading features to fees and customer service, all these aspects play into which brokers are best for you.
In this article, we’ll explore some basic things you need to know before choosing your brokerage firm. We’ve also compiled a list of our top 5 brokers that fit all your needs and preferences.
Why you need to choose a broker
If you want to buy shares of stock online, you’ll need a broker. They’re what connect your computer to the stock market so you can trade stocks.
Some brokers will offer more services than others. Some may offer mobile trading features, while others provide customer service in many different languages. It’s important that you find the right fit for your needs and preferences.
Picking the right broker can help keep your costs down, too! Brokerages charge fees for every transaction completed through them—trading fees, commissions, and more. These fees can add up quickly if you don't do your research before choosing a brokerage firm!
Top 5 brokers in India
1. Zerodha
2. Angel One
3. Upstox
4. HDFC Securities
5. Motilal Oswal
What to look for when picking a broker
There are a number of things to consider when picking a broker, but here are some of the most important:
1. Commission and fees
2. Services offered
3. Customer service
4. Mobile trading features
5. Demo account availability
Trading features and tools
Trading stocks can be intimidating, but it doesn’t have to be. With the right broker, you get access to a variety of tools and features that make trading easier. These features come in handy when you’re balancing your portfolio and want to make adjustments based on how the market is doing.
For example, some brokers offer real-time stock quotes and charts that allow you to track your holdings. You can also use these tools to set alerts for when prices reach certain levels or when things happen in the news related to your stocks.
The more information you have about what is happening in the market, the better decisions you can make about how to invest your money.
When picking a broker, look at their offerings and see what types of features they provide. Do they offer mobile trading? Do they provide research on companies? Are there tools included with their service? The more information you have about what is happening in the market, the better decisions you can make about how to invest your money.
Fees and commissions
You should be aware of how much commission the broker charges. Typically, stocks range from $5-$10 per trade. Some brokers allow you to buy stocks for less than this fee by using your debit card, so you want to compare prices.
Generally, it’s best to look at the fees before signing up with a new broker. The features may not be what you were expecting, and you might find that their commissions are too high for your budget.
Customer service
This may seem like a no-brainer, but you don't want to underestimate the importance of customer service. A good broker will be on top of your every need and answer any questions you have on the spot. When it comes to brokers, there's a big difference between customer service over the phone and over email.
Some brokers offer only email support while others offer both email and phone support. If you're looking for someone who will provide you with advice 24/7, look for a brokerage firm that offers round-the-clock customer service.
Customer service is one of the most important aspects of any company - from manufacturing companies to food services companies - so it's no surprise that customers are very choosy about their brokers as well. Even if they can't find full-time phone support, customers want to be able to call at least once a day during certain hours of the day for assistance.
Conclusion
In this article, we discussed the many aspects of choosing a brokerage firm. From fees to customer service, all these factors play a role in which brokers are best for you. In addition to learning about what you will need to consider when choosing your broker, we’ve also compiled a list of our top 5 brokers that fit all your needs and preferences.
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. Invest in your own risks.
*Brokerage will not exceed the SEBI prescribed limit
Kindly, read the Advisory Guidelines For Investors.
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