How to Open a Brokerage Account in India

‘Have you invested in the stock market?” It has become one of the most common questions in this pandemic-ridden world. More and more Indians are joining the stock market and invested billions of dollars in the last two years. Last year alone, 70 million new and first-time traders joined the stock market in India. However, not all of them had started their journey with the best brokerage account in India. Most of beginners don't know about what is brokerage account, first understnd what is it, how its work and its cost. Some fell for fancy offers or buzzwords, which may be good initially, but it will cost more to operate in the long term.

Therefore, if you are planning to invest in the stock market or want to explore day trading options, you must open a brokerage 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 brokerage account provider’s website or mobile application and follow the following steps:

Step 1: Correctly enter your active mobile number and email address. You will soon receive OTPs on them to verify them.

Step 2: Correctly fill out their new user registration form and provide your PAN and Aadhar details. Your Aadhar and PAN verification will commence, and once they are verified, you will be taken to the next step.

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. Remember, if your broker provides you with a username and password, don’t forget to change it.

Step 4: Now you will be asked to add a bank account to your profile and add money to your brokerage account for trading.

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.

Step 6: After a successful account opening, you will receive a welcome email and text message at your registered email address and mobile number you had given earlier.

How To Find The Best Brokerage Account In India?

Finding out the architects of the best brokerage account in India is not a difficult task. There are a few perimeters available, and if all of them but at least most of them according to your priority of trades, get matched, it will be fine for you.

The best brokerage account in India will allow you to trade all these facilities on a single brokerage account at a low cost.

But low cost is not the only factor we are looking for in a brokerage account in India. Let us check out the other perimeters too:

Different Costs of a Brokerage Account

A broker can ask you for money for account opening, account maintenance charges (yearly or monthly), and most importantly, Brokerage Fees. Every broker gets a commission from you; every time you trade, it could be buying or selling, and the broker charges you a commission per trade. Therefore, you need to be extra careful as sometimes the brokers charge very high amounts as commissions. However, the providers of the best brokerage accounts in India generally charge very little or a flat fee on trade, making your profitability calculations easier.

Leverage Offered

Leverage allows you to trade in an expanded volume. Suppose your broker is offering five times or 5X Leverage; that means, if you have INR 1000 in your trading account, you can trade up to INR 5000. In easier words, using INR 1000, you could only purchase a certain share of only ten pieces, while it’s getting traded at INR 100 per piece.

But using the Leverage, you can buy 50 pieces of that share. The providers of the best brokerage accounts in India offer a great deal of leverage.

User-Friendliness and Trade Execution Speed of the Trading Platform

The trading platform is where you will access your brokerage account and the stock market via your broker. The providers of the best brokerage accounts in India offer their platforms both for computers and mobile devices and allow you to trade from anywhere. However, not all platforms are user-friendly or easy to use.

The execution speed of your trade also matters, as generally on a stock exchange trades are executed in fractions of seconds. Therefore, speed is also an important aspect to look for.

Customer Support

No matter how experienced you are, sometimes, something will bother you, and not all your answers will be available on your broker’s FAQ page. Therefore, you need to ensure that you get quick and easy customer support from your broker. The best brokerage accounts in India generally offer round-the-clock customer support.

Learning Opportunity And Tools

If you are new to trading, you need to learn about trading and the market. This is why most of the best brokerage accounts in India started to offer an online learning opportunity for their clients free of cost on their platforms. There are also many great tools like MACD, VWAP, etc. available to help you with market speculations.

Why Open A Brokerage Account With Choice?

‘Choice’ is one of the pioneers among brokerage firms in India. ‘Choice’ fits all the parameters we have discussed earlier on finding the best brokerage account in India.

‘Choice’ offers superfast online account opening facilities from your home computer and mobile phone. On the ‘Low Brokerage Fees’ segment, ‘Choice’ only charges a flat 0.02% commission per trade per intraday trade and equity delivery.

Apart from these, ‘Choice’ also offers competitive Leverage for Intraday traders. You can trade in large volumes using their proprietary platform, ‘FinX.’ It is an excellent platform for intraday trading, not only because it’s very user-friendly; it also offers extremely fast trade execution.

If you think this is it, wait. ‘Choice’ has some more to offer to prove its tag of being the provider of the best brokerage accounts in India.

‘Choice’ has a free yet intelligently designed space for learning. There are hundreds of free resources and tools available on their website and platform for you to learn and become better at trading every day.

To sum up, brokerage account opening benefits with choice are:

• Free  Account opening with No Annual Charges
• Low DP Charges (Rs. 10 Only)
• Low Brokerage Charges as less as 2 paisa
• Free Research Advisory
• Free AMC for First Year
• A research team to assist for all technical and non-technical guidance with no extra charges.
• More than 25+ years of experience which is the most important factor in this industry.

Furthermore, 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.