Best Brokerage Account In India

Since the digitization of the stock market in India in February 1999, the ways of investing in the stock market for average common Indians started to grow at a slow pace. But after 2016’s 4G Internet Revolution in India, more and more Indians started pouring their money into the market and made a lot of money through the best brokerage accounts in India. First know what is Brokerage account its types and How to select best one.

A lot of new stockbroking agencies opened up, offering their services through mobile applications and remarkably crafty websites. But not all brokerage accounts and brokers are the same. Some brokers charge a lot, some almost zero for trading but make money on hidden costs.

The account opening is free in some places, but maintenance charges are extremely high, or you cannot trade certain assets with certain brokerage firms. Therefore, Indians must know the best brokerage account they can open, that suits them for day-to-day trading and investing in assets.

What is a Brokerage Account?

A brokerage account is an investment account that allows you to purchase and sell a variety of investments on different securities, such as stocks, bonds, mutual funds, and Exchange Traded Funds, and various other securities, commodities, and assets.

Your brokerage account is technically known as your securities account. A brokerage account means that the custodian of your trading account is the broker, enabling you by offering a platform to trade on the stock market.

Different Types of Brokerage Accounts

Brokerage accounts can be of different types: an equity account, options account, commodity account, margin account, and currency account. Generally, the brokerage accounts are treated as client funds, as the broker keeps them separate from their funds. This is one of the general guidelines followed in most countries, including India. Depending on your trade preferences, you can choose your best brokerage account in India.

But after digitization, you can opt for a single Demat Account, where you can put all your assets and use it to trade almost every possible asset registered in the market.

Generally, the best brokerage accounts in India offer composite Demat accounts for their clients. This way, by using a single account, you can trade all the available assets in the market.

If you are a beginner and planning to expand your investments and grow your knowledge, you should try sharpening your skills in various assets. Therefore, if your broker offers a large variety of assets to trade on, won’t it be great for you?

How To Choose The Best Brokerage Account in India?

If you go to Google and search the phrase “Best Brokerage Account India,” you will get hundreds of results and articles about why they choose their associated brokers. But they are mostly paid articles sponsored by various brokers who want to attract you. These days, television and social media ads are also trying to attract new investors to open a brokerage account on their platform and promise to offer various lucrative deals.

Therefore, choosing and opening the best brokerage account could be very difficult. So, you can follow the guidelines we have prepared for you.

Check for The Charges

Every brokerage company runs on the commission they charge on every trade successfully executed on the market. Most modern brokers charge the commissions near-zero or almost insignificant to your trade profit. But when you trade a lot on a daily basis on intraday, the charges could pile up and eat your profit margin.

Most of the best brokerage accounts in India provide a flat fee for different assets and depending on your asset, you need to pay the fees. But some brokerage agencies charge a lot, sometimes even up to 10% of your total trade value. So if you are not careful, you will end up paying brokerage fees from your capital.

Check for Hidden Charges

Sometimes, the best brokerage accounts providers in India ask for annual or even monthly maintenance fees. But a lot of brokers are also there who don’t ask for this. There could be an account opening charge too. But the worst thing you need to watch out for is the account inactivity and activity fees.

Sometimes, the brokerage agency gives a specific duration to their clients, and if the client does not make any trade within that window, his/her account may get frozen along with the deposit money for trade. Then the agency can ask for more money to activate the account. If your account is one of the best brokerage accounts in India, you will usually get your money or account opening money back if you wish to close.

Support

All the best brokerage accounts in India come with top-notch customer support. Before registering for a brokerage account, check their customer support. You can always find their reviews available online. Starting new in the market could be challenging using a new trading platform. This is why some top brokers offer free guides and tutorials of their platform and the basics of stock trading for free. You can take great advantage of it.

Available Assets on the Platform

Not all the brokers offer the trade of all available assets on the exchange; neither are they allowed to do it. But the agencies offering the facility of the best brokerage account in India offer a large number of assets, including equities, options, currencies, commodities, ETFs, and many more.

Leverage Offered

Suppose you are planning to trade regularly on an intraday basis. In that case, you should learn more about ‘Leverage.’ If your trading account is associated with the best brokerage accounts in India, you can enjoy huge leverages on every intraday trade you make.

Leverage is the discount you get from your broker during an intraday trade. If a stock is traded at INR 100, and your broker offers a five times leverage, you can purchase the stock at just INR 20. And if you sell the stock at INR 110, you will make and keep the full INR 10 profit.

The agencies offering the best brokerage accounts in India offer huge leverages or margins for their customers, at least five times to up to 10 times. That means, if you have INR 1000 in your trading account, you can trade for INR 5000 to INR 10,000 on that day. But remember, Leverages are only valid for a day. Every broker sets a cut-off time, and it’s around 3:10 PM to 3:20 PM every day. If you do not square off your trades, they will do it for you, and you may lose money on that; also, you need to pay extra for the automatic square off.

Trading Tools

Trading tools are those intelligent and advanced tools made to help the traders for easier speculations and order price calculations. If you are not sure whether your chosen broker is offering the best brokerage account, or you are having last-minute doubts, feel free to ask for a free demo before starting trading with them. You can also learn more about the tools from the free education available on their websites.

Trade Execution Speed

Although this is generally tightly associated with the exchange itself, BSE takes just 6 microseconds to execute a trade. But if your broker uses a slower server for their platform, it can become a disaster for you. As the LTP of an asset is always on the change, and your slow brokerage platform is not showing you the latest data, all your speculations, even if you use the available tools on the platform, will fail to make some profits for you.

The best brokerage account service providers always use the fastest and safest servers for their platforms. If you had asked for a free demo from a platform, you could easily check this factor. This is also applicable for their mobile applications, don’t forget to check the usability of their platforms on mobile devices.

Deposit and Withdrawal Time

Most of the best brokerage account service providers allow you to instantly deposit and withdraw your money. But sometimes, it takes a few days for the money to arrive in your bank account.

How to Open a Brokerage Account in India?

These days, you only need a few minutes to open one of the best brokerage accounts in India. All you need to do is go to the best brokerage account provider’s website or mobile application and follow the following steps:

Step 1: Correctly fill out their new user registration form and provide your PAN and Aadhar details.

Step 2: Correctly enter your active mobile number and email address. You will soon receive OTPs on them to verify them.

Step 3: You will be asked to put a username and password for your account if your broker has not already made it for you.

Step 4: You will be asked to add a bank account to add money to your best brokerage account and withdraw your profits whenever you want.

Step 5: To verify your bank account, the broker may deposit a small amount in it or ask to pay the account opening fees from it. When you do it, you will be taken to the next stage.

Step 6: Aadhar and PAN verification will commence, and once they are verified, you can start trading right away.

Always remember, the best you can speculate, the more profits you can make from the market. The best brokerage account in India can give you hundreds of tools and execute your trades within a fraction of seconds, but if you don’t learn more and learn daily, making a profit can become a very difficult task for you.

Why Open a Brokerage Account with Choice?

The ‘Choice’ is one of the leading brokerage houses in India. In the above, all the top features we have told you to look for in a brokerage agency before starting investing with them, ‘Choice’ fits in all of them.

‘Choice’ offers the top five most desired features we had asked to look for.

‘Choice’ offers Instant Demat account opening electronically from your home computer and mobile phone. But their biggest Plus Point is the ‘Low Brokerage Fees.’ ‘Choice’ only charges 0.02% per brokerage charges per intraday or equity delivery. This is an unparalleled feature of ‘Choice.’

Apart from these, ‘Choice’ also offers great Leverage for Intraday traders. You can buy in large volumes using the proprietary platform ‘FinX.’ It is an excellent platform for intraday trading, not only because it’s easy to use; it is also extremely fast.

If you think just all these make ‘Choice’ as the custodian of the best brokerage accounts in India, there are a lot more they have to offer beyond these.

‘Choice’ is also a great platform for learning. There are hundreds of free resources and tools available on the platform for you to sharpen your trading skills.

With ‘Choice,’ you can track all your trades and assets in real-time, and you will get all the detailed reports on-demand, anytime, every time.