Checklist for choosing stockbroker for new Demat account

Checklist for choosing stockbroker for new Demat account

Every trader faces a lot of ifs and buts before starting his investment venture in the stock market! While the journey of a trader is the same for years, their concerns keep changing every day. Earlier, investors had to hover around the different offices to find the best brokers who would carry out the stock market operation. But with the evolution of online trading, one has to start with thinking about how to open a free Demat Account. Also, with over two dozen options, which stockbroker will be the best for this purpose? This concern is a crucial one as one has to open a Demat Account and a trading account.

The availability of multiple Depository Participants and stockbrokers creates confusion for investors who are just stepping in the market. To open a free Demat Account that has all the useful features and properties, the idea of using this account has to be apparent. And with the help of these well-functioning portals available, one can easily open an online free Demat Account. But starting with the account opening process, let us understand the checklist needed for finding the best stockbroker.

Checklist For Finding The Best Stockbroker Online

No matter how big or a small amount of money one starts with, he will always be skeptical of the Indian stock market. With so much optimism and willingness to give it a good beginning, finding the best stockbroker is extremely crucial! So, if it is a well-informed investor who knows his ways through the right brokerage, he will start with a strong foundation in the market. Let us note down the vital factors to open a free Demat Account with the most reliable stockbroker.

Free Demat Account Facility

Most of the new age stockbrokers are offering free Demat Account facility even if the trading account opening process is chargeable. One can get all the facilities and features of the Demat Account without having to pay anything for opening it.

However, there are several companies of firms that claim to be a DP but are fraudulent. One should always cross-verify before handing over all the share certificates.

Additional Fee & Charges

Although one can comfortably get to open a free Demat Account, maintaining the same requires charges! Every account holder has to pay AMC(Annual Maintenance Charge), transaction charges and postal charges. So, one should compare the prices and account benefits hand-in-hand before choosing the perfect one.

2-in-1 Account Facility

The SEBI necessitated owning both Demat and trading accounts for getting access to the stock exchanges of India. Keeping this obligation in check, most of the reading stockbrokers offer a 2-in-1 account facility. This feature is remarkably beneficial as traders can get more comfortable with the online functioning of both accounts. Some stockbrokers also offer discounts to open free Demat Account along with the trading account.

Mobile Applications

Every investor and stock market trader has to be able to use his smartphones to most of their capacity! A robust and fast mobile app can make looking after the Demat Account and maintaining all the stocks so much easier! One should go through the ratings and reviews of the application offered by the service provider.

Online Trading Portals

Intraday traders have to be extremely careful with this part as a lagging online portal can snatch away several opportunities. The timing and exposure to the market play an important role in how well a trader performs! Therefore, discovering the best trading portals and using them beforehand using free access is a good thing!

Customised Advisory

When trying to find brokers, one should always go for full-time brokers rather than discount brokers. The former offers a lot of other benefits than just providing a Demat Account online. Since a new Demat Account holder needs all kinds of backup support and services, one should always get the best one in the business.

Perquisites & Bonus

A new Demat Account comes with a lot of discounts and bonuses. One can get the AMC free for the initial year, a discount on trading account opening, and a lot of perks and benefits depending upon the Depository Participant. One must always check this list of things before ending up with a decision.

Market Review

The market review of the company matters a lot more than the discounts! The existing customers can tell how many grounds the stockbroker is justifying and what benefits he is offering the best. One should do that market research carefully before ending up with a choice.

A wise online stockbroker firm like IIFL is a guiding light in the field of stock market investments. Investors might get low during the journey, but they would know that the services are in safe hands! The safety and security of the Demat and trading accounts are significant. So, one must always open a free Demat Account that justifies all the criteria on the checklist!

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