When you are ready to start trading in stocks, one of the most crucial decisions that you would be taking will have nothing to do with stocks at all. The decision we are talking about is - choosing your stock broker. With more than a dozen share brokers in India offering amazing brokerage services and some of them being better than the traditional ones, it gets hard to choose the brokerage firm that works best for you. Before you even start investing, you will have to register with a brokerage firm that will handle all your trades. If you are one of those traders who are on a quest to find the best online brokerage firm, here are the important 5 things that you need to consider: Check the Per Trade Cost: The cost for every trade you make can be termed as the holy grain of the online brokerage sector. As this is a number, it gets easy for traders to compare it with other firms that offer the same services. But traders have to be careful not to rely on just a single cost like the stock trade cost as some firms have hidden charges too which not every trader is aware of. So, it gets important to investigate about all the costs and choose the stock broker accordingly. For example, one firm might offer you the lowest commission on stock trades but it will be of no help if you trade in options or are planning to invest in the mutual funds. Also remember not to open an account with the brokerage firm as it just offers the lowest commission. Motilal Oswal offer lowest brokerage demat accounts without any hidden charges and the process to open an account online takes less than 15 minutes via eKYC process. The Variety of Investment Options: A good brokerage firm is one which provides its customers with an ability to invest in a number of assets like ETFs, bonds, real estate investment trusts, futures and options, and stocks. Even if you wish to trade only in stocks for now, you also need to consider the possibility of trading on other assets in future and your brokerage firm should be able to provide you with all such possibilities. Minimum Initial Investment: Novice traders often plan to start off with small investments and invest more once they are confident about their trading strategies and once they start earning profits. So to accommodate the same a number of broking firms have come up with a low initial investment. Even if you choose the best broker and if they are not able to provide you with a minimum account deposit, then they certainly might not be the right ones for you. Traders can open the best online trading account with firms that have no minimum deposit requirement or might only require you to start with a minimum amount Quality of Customer Support: Even experienced investors do need assistance at times and hence one needs to choose a firm that offers the best customer support. Motilal Oswal have their support team available even after the regular business hours and their customer support is also available in various forms like email and Live Chat. If you are one of those traders who prefer physical locations, you need to choose the brokerage firm that has good number of branches throughout India. Availability Research Tools: One of the last things traders need to consider is the kind of research and the educational tools that the brokerage firm offers. If you wish to study more about a stock or know how you can multiply your investments with time, you should have some free resources handy. Hence, it is good to choose the brokerage firm that offers such research tools. While almost all the brokerage firms ' offer tools that are used for research, it is important to choose the broker who offers those that are useful to you. Conclusion: As a conclusion it can be said that choosing an online broker for your trading account is just similar to anything else. This is one decision that you cannot make without doing a little investigation. The more time you are willing to spend on research, the easier it gets to find the right broker who can offer you with the level of service you are looking for.
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