Best discount broker in India
Looking for the best discount brokers in India? After all, India is the leading brokerage hub in the world today. With innumerable reputed players in the industry, one can find a perfect match for himself amongst the many discount brokers available here. So how exactly do you pick the best out of the lot?
1. Availability of trading/Charting app
The first and foremost criterion is the trading platform provided by the broker. In India, only a few discount brokers have a web-based trading app that can be accessed easily from anywhere across the globe. These few players include Quotes Platform, FXCM, FastPriced FX, Iffy, iTrader, and Mobileango. The most popularly known names in India are Zerodha, Fyers, Upstox, 5paisa.
2. Transaction Fee
Check for the minimum transaction fee or the cheapest transaction commission charged by the discount broker. While some brokers charge their clients a flat rate, some others charge a transaction fee. It is important to know exactly what kind of fee the broker is asking from the trader before signing up. Moreover, it helps you decide whether you would be comfortable with the lowest brokerage or would opt for another low-cost broker.
3. Reputation
Make sure that the broker has an exclusive preferred stock brokers list in India. If there are no such listings available in your country, then look for a broker in India that has established itself in the Indian market. A wide range of investment products including share trading, mutual funds, bonds, securities, commodities, and more are traded in India. Hence, if the brokerage plans offered are not as diverse as the stockbrokers do in your country, it might mean that the company is relatively new in this market. Thus, India is an excellent choice for new investors.
4. Ease of Trading
Fourthly, research about the brokerage firm’s platform and how they conduct business. Check out their online trading platform and see how easy it is to trade in the stock market through email. You can also request a free demo account and see how easy it is to access and use this account. It is important to note that only some stockbrokers provide free e-mail accounts or a platform with demo trading options. If you are not comfortable with using the demo account, it is advisable not to sign up.
5. Read the fine print
Read the terms and conditions carefully. In case you want a discount broker in India that does not require you to hold a bank account, it is good to check out the various types of investments it allows you to make. Some brokers provide limited trading hours and fixed commission fees for mutual funds. Also, do not forget to read the sections on customer care and support services.
6. Customer Service
Know more about the service options offered by the broker. How can you get in touch with them? What are the other possible ways of getting in touch with them other than contacting them through phone or email? These are some of the important questions that you should consider when looking for the best discount brokers in India. You can also take a look at their service packages to find out if they have anything better to offer compared to the rest.
These are some of the things you should look out for when looking for the best discount brokers in India. Once you are able to identify the qualities of a brokerage firm, you will be able to find the right brokerage company to work with.
You may also watch the below video to see the 5 best discount brokers in India.
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