A common refrain that you associate with shopping is you pay for what you get. Yes quality comes at a high price, but it is worthy to consider that top quality brands cost more because of their label. As far as brokerage accounts are concerned, people neglect the idea of a discounted brokerage firm as they feel that the same level of services cannot be expected from a brand brokerage firm. In order to choose the best online discount broker in India there are some pointers you need to be aware
Expect more money to be spend on trade execution
To open up an account with a brokerage firm does not mean you have to sacrifice with the quality of trade execution. You should be choosing a discount broker who will help you to save money on trading fees. In the midst of this a large portion of money that you might be paying would be put to use for execution of the trade.
You might be provided with the requisite tools for trading software and access research
Investors feel that a discount brokerage firm is not going to help them with the proper research tools to make an informed choice in relation to their investments. Do search for a discount broker who equips you with all required tools to make a smart decision.
The choice of a discount broker
By the time you are ready to open an account with a discount brokerage firm or even a firm, be ready with the following information at your fingertips.
- Clearly understand the amount of money you are looking to invest- There are some accounts which require a minimum balance, so you need to be aware what is the amount of money you have and from which accounts you need to pull out the money
- Have your personal information handy with you- to sign up online you would be needing your personal information in the form of contact details along with your account numbers
- Figure out if you need additional form of assistance- if you feel that you need help in the form of physical reports or even a physical branch you need to visit in person. Make it a point that the broker provides additional services in the form of 24 round the clock support or mobile access
- Do check out if the account levies charges on active accounts- There are some companies who charge if you do not execute a certain number of trades in a given year or even do not maintain a minimum account balance. Go through the fine print before you are planning to open an account.
To conclude do a detailed research well ahead of time. No need to be afraid in order to choose a discount brokerage firm as the name suggests. In case if you already have an account with a discount brokerage firm and are planning to switch, there could be a charge to transfer your account and keep that in mind before transferring your account.