Selecting a Stock Broker
Investing in the stock market is a smart move to grow your savings and earn profits. There are two most important things to be kept in mind or to know about. These are the basics of stock market trading and to find a genuine broker or a low-cost brokerage platform.
Beginners or first-time investors are the ones who aren’t willing to take a huge risk or invest a large sum. So for them, it is not possible to pay a huge brokerage which is generally charged by traditional and established brokers like HDFC, Sharekhan, and few others. There are available brokerage platforms that charge mere Rs 20 for intraday trade and delivery trades are free. When it comes to finding a
suitable investment broker or a brokerage platform there are several points you need to keep in mind to avoid fraud.
Below are the things you need to check before you select a broker for your investments:
Research and analysis: You need to conduct your research. Consult with some experienced investors and traders but do not follow them hastily. Visit various brokerage websites and get a general idea about the broker, account opening charges, brokerage charges, etc.
Reputation and background check of the broker: This is the most important step. To know about your broker and his past reputation and performance ensures the safety of your investments and avoid fraud. Check the reviews and complaints of their investors.
In the case of mobile applications, you need to check the rating.
Brokerage and other charges: Investment brokers are registered members of the stock exchange. They can directly buy or sell shares and securities. To do so they charge a commission known as brokerage charges.
There are two types of brokers:
o Full-Service Brokers: Full-service brokers provide advisory service along with the trading facility. They charge for each trade a client does.
o Discount Brokers: On the other hand Discount Brokers give you only the trading facility with no such advisory service. They charge a flat fee for everyday trade. As the name suggests the brokerage is quite low as compared to the Full-Service Brokers.
You can choose any one of them according to your requirement.
Customer service and trading platform: Customer service is important for a day trade. If the service is poor then avoid such platforms. The trading platform is also important; it should be easy to use.
Hidden charges: All charges to be taken should be mentioned and there should be no hidden charges. Check with the customer service as transparency is of utmost importance.
I hope the above info helps you to find a wise broker who will ensure you earn profits on your
heard earned money.
Happy Trading!
2020-10-12 17:10
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