Are you a beginner? Do you know absolutely nothing about brokers and how to choose one? Well, if that is the case then you are at the right place. You know what your bonds, funds, and investments come second to your brokers. You have to first find out a right broker to start off your stock marketing journey.
Whether you look for Discount Brokers or fulltime brokers, there are numberless options out there. It might get challenging for you to choose the right option if you are not taking steps sensibly.
Is the broker a valued name in the market?
This is quite subjective but the market feedback is hardly wrong. Talk to traders and investors and they might give you proper feedback about the reputation of specific brokers. You can also check different websites and news reports but just use them as supporting arguments. You should find out which brokers have the best demat account for beginners and which broker caters best shares to buy for you. The way the broker treats beginners in the market gets you a fair idea of the sustainability of the broker model.
Does the specific broker cater a 2-in-1 account or 3-in-1 account?
From the point of view of retail investor 2-in-1 account is more vital than the 3-in-1 account. It is more crucial to have the broker and the DP under the same realm so that the procedure can be smooth. Even if the broker you have is not a bank, you can still assign money from your bank account and the procedure can be equally seamless. The finest trading account for beginners is the one that caters seamless 2-in-1 facility at the bare minimum. Such a thing overcomes a lot of technical hassles relating to trading.
What do you think about the online trading platform or broker?
Since online trading caters you the facility of trading from your home or the office, this is what is most preferred today. The finest online stock broker is the one that caters speed and simplicity. In case you have to search for the logical icons, that does not add value. Does the online trading platform of the broker allow you to go from any point to any point in less than three taps or clicks? It is what matters eventually.
Is there any add on the brokerage service caters?
The best online trading platforms for beginners are the ones that hand-hold you via the trading process. Trading is all about analysis, information, transparency, and execution. Does the online website of your broker combine all these four factors? Your broker must ideally cater you a variety of screeners to choose stocks, provide short term trading ideas, get you powerful long term wealth creation ideas, streamline your navigation through the website, charts and even technical support, etc. you also have to find out if the brokerage rates competitive and if there are hidden costs?
Thus, once you have all these things in mind you can make all the choices tactfully regarding brokers.