Selecting the right stock broker can be a major stepping stone on your path to becoming a successful and profitable investor or trader. 

If you've never opened a brokerage account before or not satisfied with your present broker, don't worry…  In this post, we presenting you on how to select the right broker that suits your needs.

The very first step is to determine what your investment goals and needs are so that you can opt either a "full service" or a "discount" broker. The discount brokers provide cost-effective & steeply discounted brokerage and full-service brokers give personalized service but very pricier.

Read more here: Full service brokers & Discount brokers.

Here are the main things to consider while selecting a stockbroker- 

• Charges: Apart from brokerage charges, there are different kinds of fees associated with a stockbroker such as account opening fee, maintenance fee, DP charges etc. Make sure to find out how much your broker charges for each of these services before you open account with him.
  Look for low brokerage fees if you trade more often, and low maintenance fee if you hold the stock for a longer duration.
   
• Trading Platform & Tools: This is the important factor to look for in a stockbroker. Without the right platform and tools, you can’t rely on a stockbroker as that may restrict you from executing your desired trades at the desired time. Nowadays every broker is offering mobile apps for trading which is a feasible way to make your transactions on the go.
   
• Customer Service: People who can't execute trades by themselves then you can have an option called call and trade. Along with the call and trade, you should also be able to raise queries about a problem or any technical complaints.
   
• Trade Execution: For traders and investors who are frequently executing a trade, speed and accuracy of execution are of great importance. This crucial feature differs from broker to broker
   
• Ease of Use: If you are unable to use a feature then it is of no use. User Interface (UI) should be friendly, hassle-free and handy options which you can explore as a layman to be a master trader.
   
• Research & Education: If you are not planning to invest in your own and need advisory, then check for the research facility. The reliability of the advisory is a must to check. The stockbroker should have a good reputation in advisory and research works. Many stockbrokers provide education facility. For example, Zerodha educates its clients via ‘Varsity’ education blog for free. This is not a ‘must have’ for a stockbroker, however it can be an add-on.

Based on the above factors, here is a list of the top brokers in India for the year 2018.

Best Full-Service Retail Brokers in India:

Best Discount Brokers in India:

Bottom line: If you are brand new to money and finance, and don't know the difference between a stock and a bond.. going with a full-service broker can be a good idea. But the vast majority of people are better off picking up a basic investing book, learning the basics, using a discount broker, and saving money on commissions.