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Considering a large number of stock brokers available these days, making a choice can be quite hard as a beginner. I have seen that when it comes to choosing a broker, most new traders go with popular choices or open an account with a broker which is suggested by a friend or a family member, without doing any research. If you ask me, this is not the best way to pick a broker that’s right fit for your needs.
I had made the same mistake, as a result I had to switch from one broker to another until I found the kind of broker I was looking for. My search ended at Finvasia but on the way I learnt many lessons which I can share with you so that you can find the best demat account for yourself.
1. Always choose a trusted broker
Entrusting the broker with your hard earned money is one of the most important decisions you are ever going to make. This is why you should do a thorough background check and make sure that the broker is trustworthy. For this, you can read customer’s reviews, check their terms and conditions carefully or take other necessary steps.
2. The broker should offer a hassle-free account opening process and good customer service
The first experience you have with a broker is during the account opening process. If you are facing issues here and if it is taking more than usual for account activation, consider it as a first red flag. You can also test the customer service during this process. If the broker is guiding you properly and resolving your queries, know that you will get good customer support later as well.
3. Check Charges and Brokerage plan
As a beginner, you may not carry a large number of transactions, still it is important to know about the brokerage charges and all the associated costs like account maintenance fee, account opening charges, call & trade charges, Dp charges, pledging charges etc. These charges will differ from broker to broker so make sure to thoroughly check everything before moving forward with account opening.
