If you are planning to start trading or investing in stock markets, a demat and trading account is the first thing you need. You can open these accounts with any of the SEBI-registered brokers.
With several brokers in India, the task of selecting the right demat and trading account becomes difficult. In this blog, we will have a brief overview of the factors that you need to consider to choose the right demat and trading account.
4 Key Factors to Consider to Choose the Right Demat and Trading Account
Here are the top 4 factors that you need to consider.
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Ease of Account Opening
The ease of the account opening process is an important factor to consider while opening a demat and trading account. SEBI has specified the complete process to open the account. However, the broker can shorten and simplify the process to make it convenient for an individual.
In the new age of the digital era, the majority of brokers are now offering online account openings. You can open demat account online in a few minutes with Dhan. You just need to submit the KYC documents online. This will save you time and it doesn’t even require physical presence.
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Brokerage and Fees
Whether you do intraday or delivery, the broker will charge some amount of brokerage on your transaction. Brokerage is associated with both buying and selling of securities. In today’s competitive world, you can find brokers offering you low brokerage services.
Apart from brokerage, there are other fees also charged like Annual maintenance fees, account opening fees etc. Many brokers do offer account openings at zero fees. Do check the fee structure offered by the broker before opening the account.
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Customer Support
Customer support is a very important thing to consider while opening the demat and trading account. Customer support is very necessary for trading and investing. At any point in time, if any problem persists in trade, there should be quick customer support.
The customer support team needs to be quick to respond, should have good knowledge and be able to solve your concerns. You can assess the customer service of the broker by going through the reviews and ratings of the broker. This will give you a brief idea of the quality of customer service provided by the broker.
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Online Platform
Gone are the days when trading used to take place by physically visiting the broker’s office. Now the stock markets have also become online. The broker now provides you with a trading platform and app through which you can place orders.
Choose a broker that provides an online platform that operates well on a website as well as a phone app. The trading platform shall be safe and simple to operate. Real-time charts, quotes, analysis and other useful information should be available for you to make an informed decision.
Conclusion
Opening the demat and trading account is the first step if you want to start trading or investing in the stocks. We have mentioned the top factors you need to consider before opening an account with a broker.
Do assess the ease, fees, brokerage and other features to maximize returns. If you are looking for all these features, you can consider choosing Dhan, one of the best trading platforms in India.
