Did you know that India is one of the most popular countries
all over the world when it comes to online stock trading? USA has a number of
brokers themselves but India surpasses USA in terms of the number of brokers by
miles! This makes competition amongst them stiff but incredibly beneficial for
customers. Each company tries to outdo the other when it comes to offering
services and ensuring their clients receive the best profit margins from the
stock trading. So, here are a few things you can keep in mind when it comes to
choosing the right broker:
1. Location
– Just because you are trading online does not mean that there need be no
personal or written communication required with your stock broker. There are times
when you may have disputes to be resolved or originals of signed documents
dropped off at your broker’s office. So choose a broker who is based in your
city or at least has a branch there.
2. Costs
– One of the most important factors to consider, compare the fees and
commission charged by the various brokers to see who is most cost-effective.
Remember, compromising on commissions may result in receiving poor trading
advice. On the other hand, it is not necessary that the costly trade brokers
are the best in the market. So, don’t just judge the worth of a broker going by
their costs alone. Commissions are usually charged on the basis of the length
of your investments in the market – whether they are intraday or long term in
nature.
. Mandatory
requirements – Some brokers may ask you to trade for a minimum amount of in a
particular portfolio that you may not prefer. So be sure to read the fine print
very, very carefully. It is difficult to extricate one from messy business
transactions once all parties have signed on the dotted lines. Fines may have
to be paid and some of your trading money may be sacrificed to cancellation of
your agreement with a specific stock trading broker.
4. Customer
service – Needless to say, the company that has time to listen to their customers’
queries and opinions are the best in the industry. Don’t expect a tutorial in
the subject, chapter and verse, each time you call them. But some basic
information and updates must be provided from time to time so you, as a trader,
are assured that your money is in active hands.
5. Research
– The key to successful trading in any legal instrument in any stock exchange
in any country, the brokerage firm that does research the right way to provide
the most accurate trading tips of course is the champion. This decides how
reliable they are and also helps you decide if you want to trade in larger sums
or just play safe and stick to lower amounts.
6. Diversity
–With so many options being available in the market when it comes to trading,
such as shares, commodities, derivatives and futures, mutual funds, etc.,
choose a broker who provides advice about them too along with online share trading in India.
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