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Types of Online Stockbrokers in India

Stock brokers are individuals from various financial institutions who are responsible for managing the stocks and securities on behalf of their clients and make financial decisions for them. They are well versed with the different stock exchanges and stock market fluctuations. Based on their expertise, charges, and type of services provided stockbrokers can be of different types. All types of stockbrokers have some positives and negatives, hence, it is difficult to rank anyone as the best online stock broker in India.

Discount Brokers

Discount brokers in India are known to offer discounted trading services. Discount broking is for people who have some trading experience. Newbies are not benefited by discount brokers, because discount brokers do not offer any specialized trading services. Discount brokers simply provide you the list of options for trading. Researching those options and choosing the best is up to you. Since they do not provide all services, their brokerage cost is also low. This makes them affordable for experienced traders.

Full-Service Brokers

Full-service brokers or the traditional brokers in India are the most costliest of all types of brokers. However, they are the best when it comes to trading services. They offer all necessary assistance related to broking. A personal broker takes care of all your work like conducting research, studying your current finances and future financial goals, and making investment plans for you. They also offer services like retirement planning and investment planning. They save a lot of time and efforts of the trader, but also charge high for it.

Online Brokers

Online brokers have the lowest brokerage charges, since they offer their services online. They act partially like discount brokers; they will offer all assistance to you regarding what research to do but make you take the final decisions related to your investments. They do not offer any recommendations. Based on brokerage charges comparison, online brokers charge the least, than the discount brokers in India. The full-service brokers in India have the highest brokerage charges.

How to Select the Best Stock Broker for Yourself?

Selecting the best stock broker for trading is the most important step of all. It is no different from selecting a stock to trade. One wrong choice can ruin your trading experience altogether. With ample stockbrokers available in the market, it can be difficult to find the best share market brokers. The top share brokers in India are either discount brokers like Zerodha, 5Paisa, or full-service brokers like ICICI Direct, and more. Both have their sets of advantages and disadvantages. While full-service brokers are expensive, discount brokers are affordable. The question arises as how to select the best stock broker for yourself.

To start trading, one must open demat account online. In the demat account, the account holder can store all his shares and holdings in electronic format. In addition, one also requires a trading platform. However, if you are a newbie to the trading world, you do not need an advanced trading platform. Strong recommendations and handholding is what you will need. Advanced trading platforms that are highly user-friendly work best for people who have some prior trading experience. The best trading platform in India is the one that is highly user-friendly and offers videos, tutorials, and market reports. Most of the brokers offer the trading platform for free to the account holders.

Although there are no sure shot ways of getting high returns on your investment, finding the right broker and a good trading platform does half the job. To ensure you make the right choices, you must have clarity about your investment goals, current financial status, and willingness to spend on commissions. If you are new to trading, you must still be able to conduct your own research so that you can benefit from any additional assistance provided by your broker. Here are some of the top share market brokers in India. Please note, the list is not as per any rank.

  • Zerodha
  • Sharekhan
  • Angel Broking
  • 5Paisa
  • Wisdom Capital
  • Motilal Oswal
  • HDFC Securities
  • ICICI Direct

Which is the Best Online Share Broker in India for Beginners?

Online share brokers are the cheapest type of brokers in India. They provide all their services online which makes them the most affordable. When a person is new to the stock market, he or she has the least amount of information about how the market works. This is when the person needs maximum support and assistance with regards to trading. The presence of countless brokers in the market can cause confusion in the minds of traders to choose the top online broker in India.

While choosing the best stockbroker one must take care of the following factors.

Firstly, one must understand their investment goals, whether they are long-term or short-term goals, how much is the risk-taking capability, and what are the financial limitations.

Secondly, how would the person like to invest his or her money; for example, in bonds, equity, mutual funds, and so on.

Thirdly, brokerage charges; one must carefully choose the broker based on his services, brokerage charges, and reputation.

And, fourthly, trading platform; based on your needs look out for the trading platform. If you are an experienced trader, an advanced trading platform will be beneficial, whereas if you are a beginner then you really don’t need great trading platform since you are still learning how to trade.

For a beginner, the most important aspect of trading is to learn as much about the trading market as possible. Also, a beginner must opt for a full-service broker who can assist him or her completely with all trading activities starting from opening an account to managing stocks. Choosing the best share market broker will definitely help you gain the expected returns on your investment.

List of Top Best Stockbrokers in India 2020

Stockbroking in India is all about understanding your financial goals, risk appetite, studying the market fluctuations, and managing your wealth. People who enter the stock market to trade, aim to find the best stockbroker who can fulfill their trading requirements. Stockbroking firms remain popular year after year due to several reasons. One of the reasons is the brokerage charges. Let us look at the brokerage charges of some of the popular stockbrokers.

5Paisa is led by India Infoline, which is one of the top financial services organizations of India. It offers the lowest brokerage charges to its clients. 5Paisa brokerage charges are as below:

  • Account Opening Charges (one time) – Rs. 650
  • Annual Maintenance Charges – Nil

Axis Direct started in 2005 and is a popular stockbroker in India managing more than 4.2 lac active customers. The Axis Direct brokerage charges are as below:

  • Account opening charges (one time) – Rs 900
  • Annual Maintenance Charges – Nil
  • Demat Account opening charges – Nil
  • Demat Account Annual Maintenance Charges – Rs 650 (yearly)

Sharekhan belongs to BNP Paribas which initiated stock trading in the year 2000. It has more than 150 branches and more than 2400 business partners across the country. Sharekhan online trading is highly popular among the traders. It offers various savings and investment solutions such as futures and options, equity, portfolio management, currency trading, and more.

Zerodha is an educational initiative by ICICI securities. The educational programs conducted by the firm enhances the trading skills of the traders and investors. It is the best discount broker in the country that is famous for its flat Rs 20 brokerage plan. The Zerodha brokerage review is as follows. Zerodha charges a brokerage of 0.01% or Rs 20 per executed order, whichever is lower, irrespective of the number of shares or their prices. This becomes a lucrative option for the investors and experienced traders.

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