Online stockbroking services have been popular among investors for many years. However, the demand for online investment brokers has witnessed a massive spurt after the COVID-19 pandemic.
If you are looking for guidance on choosing the right online stock broker, here are some useful tips:
Experience and Reputation of the Broker
Check how long the online broker has been in the stockbroking business and whether they have enough experience to manage digital trading platforms. You can find this out by checking their profile on the company website or social media accounts, client list, client testimonials or reviews and types of investments they have handled during their entire trading tenure.
The online broker should be a registered and authorised member of BSE, NSE, MCX, MSEIL, CDSL, broking services, and depository services.
Trading Platform Security
The online stock broker’s website and trading platform should offer complete security and privacy features. It should safeguard all your information and transactions. Find out the type of technology that the broker uses to keep your account safe from frauds and scams. Check whether the broker provides a unique User ID and 2-levels of password authentication.
Range of Trading Options
Whether you plan to trade in equity investments, mutual funds, commodities, currencies, bonds, depository, or any other market instrument, the online broker should offer end-to-end services. The online trading platform should also have the facility to open Demat accounts, do paperless e-KYC, transfer funds online, etc.
Global Trading
Do you want to trade on the global stock exchange? Then, the online broker should be able to provide this service. For example, Ajmera X-change can help you to diversify with more than 5500+ US share market securities. Its international platform protects your investment from currency risk, enables simple fund transfer and allows investing in stacks.
Brokerage and Other Fees
Brokers charge a brokerage, commission and various other fees in lieu of their services. Before you choose a broker, you should go through the list of fees so that you have complete transparency of the total cost you will incur in trading.
Mobile Trading
Wouldn’t it be easy and convenient if you could trade in stock at your fingertips? Mobile trading empowers you to do just that. Check if the broker has a mobile app facility. It makes the share market easily accessible, especially if you don’t have access to a computer, or live in Tier 2, 3, and 4 cities.
Research and Advisory Services
If you need professional guidance to research for the right stocks to pick and give your market advice, find out if the online broker offers that. Ideally, you should choose a full-service broker who can give you research and advisory services and personalised facilities along with online trading.
The online broker should handhold you at every step of online trading ensuring that you have a hassle-free experience. The guidelines mentioned above will help you to make an informed and smart decision about choosing the right online broker.