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Best Discount Trading Brokers in India?

Author: 500Per Crore
by 500Per Crore
Posted: Apr 19, 2020

WHO IS THE BEST DISCOUNT TRADING BROKER IN CHENNAI, INDIA?

If you are somebody who is toying with the idea of having a go on the stock market, you will have undoubtedly done some internet searching to learn how it is done. Every newcomer to trading will need to choose a broker to work with, but how do you go about choosing a broker that is right for you? There are many different companies out there claiming to be the ‘Best Discount Trading Broker in India 2020’ and such like. It is important to realise that there is no single ‘best’ broker for every person. The broker you decide to use must be the one which suits your needs the best. What is a discount broker and how are they different? This you may well wonder.

WHAT ARE DISCOUNT TRADING BROKERS?

Over the last fifty years, the stocks and shares market in India has been ruled by the traditional ‘big name’ brokers, joined in the 1990s and early 2000s by the new wave of Indian Commercial Banks. These big names come along with big charges. In fact many of them would happily charge you Rs.500 on an Rs.1,00,000 trade. Since 2010 there has been a rise in new companies who are giving those big name companies an opposition. They are not banks…they are the ‘discount brokers’! They believe in cutting costs back to the bare minimum and passing the savings down to their customers. They may not have television commercials and celebrity endorsement, but they can provide the same brokerage services (i.e. allowing an individual to trade) as the big names at much lower cost. Hence the name Discount Broker. In the recent past, the high cost of brokerage from the big name (we shall refer to them as ‘Full Service Brokers’) had the effect of completely excluding a huge section of the Indian population from ever having a chance at trading. Thanks to the rise of the discount brokers, the world of trading has been opened to those who have less to invest and therefore less to waste on brokerage fees. Is it not fair that everyone should get a chance to play? Should the right to trade be restricted to those who come from upper-class trading backgrounds? That category of people may believe that trading is only for the elite, but the discount brokers believe that is a wrong that that can help to put right.

HOW TO CHOOSE FROM THE DISCOUNT TRADING BROKERS?

The decision of which broker to appoint is something that should not be taken lightly. When you decide to start a relationship with a company for the purposes of trading, there are many things you will need to consider first. You should not simply accept the company’s own claims that they are ‘the best’ or even their customer testimonials. Remember that those customers may be in entirely different circumstances to your own. Your own circumstances, the amount you can afford, the charges for brokerage, and the services that the company is offering are some of the factors you should think carefully about.

BROKERAGE CHARGES

Each different company has its own pricing strategy. Whether or not their price plans work for you will depend on how you intend to trade. Do you wish to buy shares to hold and earn dividends? Do you wish to buy and sell commodities, options or futures, possibly on an intraday basis? Do you already have a demat account or do you need to open one? These are some of the questions you need to ask of yourself so that you can give the broker some idea of what you are likely to be doing, in order that they may provide you realistic estimates of what your brokerage fees might be. Any reputable brokerage company will be more than happy to discuss their fees with you and will have a consultation with you to make sure you fully understand what to expect. Be wary of any company who refuses to discuss or avoids the topic of fees. Some brokers have a high fee per transaction. This may not be an issue for you if you trade rarely, and they offer you something else that you value, such as a maintenance-free demat account for example. Others may have a very low transaction fee, but charge a high price for opening your demat account for you. You may be perfectly happy with this arrangement if you are somebody who will be trading very frequently, as the money saved from low transaction fees will very quickly offset the extra cost of the demat opening fees. Do you now see why "Who is the Best Discount Broker in Chennai, India?" is not really a valid question?

WHERE TO BEGIN THE SEARCH FOR A GOOD DISCOUNT BROKER?

You don’t have to take our word for it, but you have nothing to lose by giving 500 PER CRORE a call to discuss your circumstances and expectations. They are a well-established discount broker who can be accessed through over 200 branches across India, as well as over the phone. They have some of the lowest brokerage fees on offer anywhere, and offer a range of bonus features to all their customers that makes them a very attractive prospect. Amongst these bonuses are free demat account opening, access to their unlimited ‘call and trade’ telephone service for those who like to place their orders over the phone, and their state-of-the-art mobile app which allows you to action your own trades and view your own account progress wherever you may be, whenever you like. You do not need to sign up with the first company you speak to, in fact it is recommended to compare multiple different options before making your decision. 500 PER CRORE are a great place to start, so why not give them a call today on https://www.500percrore.in/ or visit their website to see the full range of benefits they provide.

About the Author

500 Per Crore offer the best discount brokerage service in Chennai, India. We're the best top 10 discount brokers in India.

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Author: 500Per Crore

500Per Crore

Member since: Apr 16, 2020
Published articles: 8

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