The moment you are planning to enter the stocks market as a pro, you may need to hire services of a reputable stocks broker. This is important for people who are planning to be a professional investor in Indian Stocks.
The moment you have taken the right decision, there are chances that you can expect better returns with your trades in stocks. If the decision is wrong then you may also loose a lot of money from stock trades. So making the right selection of a professional broker is also a difficult task. The moment you make a wrong decision then you may have to suffer loses on account of time and money.
Avoid these mistakes
- Stop following your friends and relatives as each person may have his own customized requirements of broker. Make selection according to your needs.
- Avoid going through attractive advertisements. Try and collect more information related to broker before hiring him.
- Avoid trusting only on references as you may have to face consequences if the references are not perfect. So before making your selection you may have to consider a few important points.
When searching the local market for best discount broker in India you may have to conduct your research well. One of the most important aspects to work out is the type of broker you may need to hire. Not every one is created equal so are brokers.
In the current market you may come across one who will be willing to offer you with his service in exchange for small amount of percentage. So the percentage value would in fact depend on the amount of transaction performed. These types are termed as full service type brokers.
Apart from this you may also come across brokers who are discount broker types and are offering their services online over the internet. These types are generally not very expensive and may only charge you with the fee for service they are offering.
Apart from this when hiring discounted broker you also need to consider the pricing factor. This factor is important as it may include your charges for registering with the online broker, initial deposit, annual fee and hidden costs (If any). So it is important for you to work out this factor in advance before you can actually hire the services of one.
Each of the above mentioned factor will help in deciding the amount of money you will have to invest when hiring one.
You also need to keep in mind that online you have the convenience of trading in different and wide variety of range. You can make the selection from amongst different products available. When selecting the discount broker you may have to focus on only few products. You have to keep in mind that each broker may not specialize in trading all types of products.
Fund transfer options
When trading online this becomes an important factor as you should be offered with convenience to make selection of your preferred mode of transaction. This factor is important when you have to withdraw or make deposit with the broker and trading website.