People who are careful in the choice of their brokers end up rich. Most of these people chose brokerage firms that had lots of experience. But, more importantly, they choose the right broker according to the fees they have to pay.
Dealing with two types of brokers
When you talk about the top stock brokers in India, you are talking about two distinct types of brokers. One is the discount broker and the other is the full-service broker who offers you everything from a trading account to the bank account link and the timely advice on what to invest in from time to time. If this sounds good to you, they are costly too. They charge a percentage of the total amount you invest. And, can work out to a big sum if you like to indulge in many trades through the day.
The other is the discount broker who charges a flat sum for each of the trades. This is a cheap option that lets you keep on making trades without paying much for it. But, there are traders who prefer this option. They are not having big portfolios and like to just move the thing along. For them, this type of trading account is the best option.
Check their registration
One important thing to check while selecting the broker is whether they have been registered with SEBI. You can see how much of experience they have and what their track record is. This helps one to choose the better trading house for making trades.
There are certain charges associated with the trading practice. These include account opening fees and an annual maintenance fee. These differ from broker to broker and usually, they remain about the same. People who want to make profits in the trade will seek big leverages while making small payments. Brokers who offer this will be preferred over those who don’t.
Types of trading accounts
Check who the top stock brokers in India (like wisdomcapital.in) and select one according to the trading platform they offer. There are two types of trading accounts they offer. One is the Online trading platform that takes you direct to the market trading site when you log in. The other is the software that you have to install on the machine and then use it.
Many newbies will think that going with the online option will help you make quick trades. But, the reverse is true. The software package is faster as it loads fast and you do not have to refresh it. You have to refresh the page often with the online version. In the software version, you get plenty of information by way of intraday charts and technical analysis. The intraday charts help you to track the price movement of the stock. Using the technical analysis it is easy to predict where the stock is headed given its behaviour until date. For people who trade from their home, the software version is most suitable.
Keep your stock brokers by your side all the time. They give invaluable advice and they are your best friends when making money is your goal.