The field of brokerage is growing rapidly with increasing number of brokers in the Indian financial market, these conditions also make the decision of choosing a reliable and profitable broker very integral to the whole project of investment. The market has become a fragmented space where a spectrum of share sharing companies offers varying multiple metrics such as customer base, trading platforms, company legacy, PAN India offline presence, Brokerage /Commission, market tips and so on.
For making the right decision, you need to research thoroughly regarding the best brokers in India and see which appropriately suit your needs and cover all the crucial market dimensions. In your voyage of making a decision, keep the following steps in mind:
- Introspection of your role– To know the best broker in compliance with your needs, you first have to be precise about your role as an active trader or an investor. A trader would make quick profits via daily trade and on the other hand, an investor would find the best stocks and leave them for a certain time span for harvesting profit. If you are the former, keep in mind to look for lowest brokerage, usually provided by discount stock brokers, as it will help you cut down the overall trade expenditure.
- Detailed research of potential brokers– List out potential brokers that suit your requirements and inquire the brokerage charges and an entire plan. Compare and contrast the brokers’ charges with the topmost ones in the firm, so as to know the exact margin of prospective profit. Check the previous records of the broker to observe how adaptable and flexible they are to the sudden economic changes in the Indian stock market; it also elucidates the capability of the broker to handle different projects simultaneously. The broker ought to be introspective of their actions in the context of the financial market situations. Ask for possible extras /add-ons, if available.
- Market research facilities– Technological advancement has blessed every sphere, and marketing is no exception. In your search, be more considering towards brokers who are apt in the utilization of things like software development and market research tools to increase their capacity. These will an asset for later use, as it will provide you incentives to make an informed and timely decision while choosing stocks.
- Trustworthy advisory– You need to be sure about your plausible broker’s market viewpoint and their range of the network. It is advisable to be with a good strategist who may aid in resolving your trade-related concerns. Ensure that the broker is trustworthy enough with your financial data by researching into his previous client base feedback.
Some of the best brokers in India include Sharekhan, ICIC Direct, Wisdom Capital, HDFC securities, Zerodha, Kotak Securities, Axis Direct, Angel Broking, IIFL, Motilal Oswal and many more. In conclusion, during your quest in search for the best, set some basic expectation from your potential brokers, like good customer-focused service educated awareness about investment and current trading scenarios, reasonable brokerage charges and a decent extent of financial instruments.