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6 Things to Consider Before Choosing a Stock Broker in India

21 May, 2021

6 Things to Consider Before Choosing a Stock Broker in India

Hello investors (experienced and also the ones who are looking forward to becoming one)!

How often have you heard this statement? When it comes to your Demat account, do not settle for less! Do your homework and choose the best option available that suits your trading needs!

Before you learn how to choose a stock broker for yourself, make sure you get your basics right. This is our third blog in the 'Trading Account' series. You can read our previous blogs 'What is a trading account: The beginner's guide and 'Trading account: Need and Benefits' and then learn to select a stock broker in India.

Here are the top 6 things you need to know before you choose a stock broker for yourself

1. Easy and quick account opening
The first step in trading is to open an account and if that is difficult and time-taking, you will not feel like proceeding. So, the most important thing is to check the account opening process. It should be easy and quick.

2. User-friendly platform
Choose convenience before anything else. Check how easy or difficult it will be to deposit or withdraw funds. Quick and on-time execution of trade is extremely important. So, the platform should have a robust trading interface, extremely user-friendly, quick and must have minimal down time.

3. Reputation for security
When it comes to putting in money, everyone wants to make sure that the stock broking house that they are using to invest is safe and secure. Check how old the company or the parent company is, or if it is an institutional broker.

4. Cost-effective
Consider all types of charges before you make your final decision. There are a lot of times you may be charged. There's an account opening charge, there's a charge for a debit from your demat account, there's a charge to convert physical shares to electronic form; and there are many more. Check for hidden charges. See if there are any offers for the first-time investors.

5. Customer service
If you are new to investing, you might want to consider getting in touch with someone from the customer support department who can help you solve your queries quickly. So, make sure the stock broking company that you select has easily available contact information like a phone number of email id where you can connect to get your questions answered.

6. Educational information
If you are new to investing, this one is definitely something you must consider before choosing your broker. There can be a few trading terms that you might not be familiar with, and that's perfectly fine. However, the trading platform should answer your questions. The Online Discount Broker you select must educate you through blogs or knowledge centre so that you can find the information you are looking for before investing.

Now that you are aware of things to consider before choosing your stock broker, get 7 tips to invest in stock market for beginners

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