Selecting the right broker?

Sharing is Caring
Share

Stock market is soaring high and breaking records every day.  Making huge bucks out of it, is a lucrative prospect.  All of my friends are having online demat account with almost all the leading brokerage houses in India. All of them are providing online trading facility along with many other facilities like online investment in IPO, commodities, mutual funds and currency, etc. All of them claim to be the best one and being awarded by some award. Infact top 10 among them are well known and huge groups. ICICI Direct, Reliance Money, Sharekhan, Motilal Oswal, Edelweiss, Geojit Bnpparibas,  Kotak Securities, HDFC securities, Angel Broking, Karvy and India Infoline, they all are well famous and renowned firms.

On paper, they are offering almost similar brokerages and other charges like few are charging higer brokerage but lower account opening and maintenance fee where as few are offering low brokerage with high account opening with low brokerage charges.  I want to go for the best one. A group which is providing efficient services at economical charges. Charges can be determined but determining service is a tedious task. In my personal interaction, all of my friends appreciated their service providers for their good services like Sharekhan, Edelweiss, ICICI Direct, Reliance Money and Geojit. Praise for all these groups from my friends added to the confusion.

So I decided to go online to look for reviews and suggestion. I thought online community would be able to help me out. There are so many out there that I will be able to reach at some conclusion, but I ended up in more misery. There are hardly any positive reviews about all service providers. All seems to be just big name and but nothing more than big scams. Customer service is the area for concerns and all reviews for all service providers complain about that. I did some further R&D on the issue and short listed some companies. Here are their names and comments about them would be highly helpful.

1)      Reliance Money

2)      ICICI Direct

3)      ShareKhan’

4)      Motilal Oswal

5)      HDFC Securities

If you have any specific query related to share trading, mutual funds or share brokers in India, click here to post your question.

These are top five picks from me but I want to know further if some of you can advise further. Online broker is a very important step towards entering the stock market. A right broker can enlighten the journey and a bad can create disaster for you. The reason I chose these groups are listed below;

  • Reliance Money – It is a huge brand and reliance capital is one of the leading market players in this segment. So I am expecting good customer support from them. There brokerage charges are competitive and provide online investment facility in most of the financial instruments. They are secure as they provide a security device to increase the security for login and its usage.
  • ICICI Direct – ICICI is the biggest private bank and group has got huge presence financial services sector in India. There brokerage rates are high but looking at the groups and its presence one can still thing about them. The most common negative review which I came across for this is that the site crashers too often and may not be available during peak hours.
  • Sharekhan – It comes from the one of the oldest share brokerage house, SSKI.  They are well known for their efficient services and very competitive brokerage rates. They have tie up with almost all the mutual fund houses and offer online investment in mutual fund free upto a certain limits. They also offer weekly SIPs and Stock SIPs. Visit Sharekhan

 

  • Motilal Oswal – Motilal Oswal is one of the most respected names in industry and is known for their market research and stock picks.Their brokerage is in line with its peers but require Rs 10000 at the time of account opening as margin amount. I am not very sure about the reason behind that as most of the other players don’t ask for that.

 

  • HDFC Securities – Just like ICICI bank, HDFC also doesn’t require any introduction in India. They are one of the biggest and most trusted brands in India. They have good team for market research and provide good tips. But like ICICI Direct, they are also charging higher brokerage rates.

 

 I will try to get some more details about these groups and few others. In the meantime, any type of suggestion/comment would be really helpful.

Sharing is Caring
Share
About akhilendra

Hi, I’m Akhilendra and I write about Business Analysis, Data Science, IT & Web. Join me on Twitter, Facebook & Google+

Comments

  1. Marriage counseling is effective for several varied good reasons. Among them is directly connected to hatred. Actually many husbands and wives really don’t properly understand annoyance.marriage counseling

  2. What do you think about the services(as broker) provided by the nationalised banks?

    • akhilendra says

      Well i prefer professional stock brokerage firms instead of these nationalized banks, but i have never experienced them personally so can’t comment upon any specific bank.

  3. This is very nice blog because information provided here through the article and the pictures are very effective. Because sometimes words cannot explain the things that pictures can and here the words and pictures both are expressing the things in balance.

  4. It is the best time to make a few plans for the future and it’s time to be happy. I’ve read this submit and if I may just I desire to counsel you some fascinating things or suggestions. Maybe you can write next articles regarding this article. I wish to learn even more issues about it!

  5. It is really a great and useful piece of information. I’m glad that you shared this useful information with us. Please keep us informed like this. Thank you for sharing.

  6. I really wanted to type a quick note to express gratitude to you for all the marvelous strategies you are giving on this website. My time consuming internet lookup has at the end been recognized with professional insight to go over with my contacts. I ‘d admit that many of us readers are undoubtedly fortunate to live in a fantastic community with so many lovely people with helpful principles. I feel pretty fortunate to have used your web site and look forward to really more thrilling moments reading here. Thank you again for a lot of things.

  7. A new quite informative website. Hope the OP doesn’t thoughts should you put inside my two cents on investing and producing income generally. I’ve received a work experience in product sales and buying and selling so I’ve observed a great deal of folks lose their income. Although appropriate now, I perform in a hedge fund, I’d truly suggest the slow-grow approach that’s composed inside the award-winning write-up by Delos Chang in NOVA. It argues the small return with the S&P 500 and other mutual index funds. But much more on producing money now. Sorry to say, there is no good way for the average joe to make money online. Almost all cash creating websites on the internet are fraud. Under no circumstances ought to you give any money generating internet site your charge card number. Certainly not register online for any “free” service that is absolutely free for one 30 days and then you have to get rid of it to prevent visa or mastercard expenses. You will find it really challenging to terminate. The telephone number they give you to terminate might continually be occupied, and that means you can’t terminate. They will charge your credit card despite you imagine you’ve terminated. Never provide a survey site your bank account number or private information. A lot of internet sites say you can create income by filling out research or pressing ads or another absurd approach. They mess you around answering some surveys and attempt to press the “free” offers you must fee on your charge card. One common trick they play is they allow you to make 5-10 bucks easily. However web website rules say you have to acquire 30 dollars before they give a check. To make any additional funds you have to participate in “free” offers. I’ve played around on many of these sites and it always come down to them seeking to get your credit card number inside the end. Never allow them. Simply just make investments inside a mutual index fund unless you Genuinely know very well what you’re doing.

  8. Hi i,m beginner in this Forum and i will to see the newinfo postated heare.I can see your web fromgoogle blog and i have tryed to register some time a go but this security code was hard ro read but i manage it 🙂 This was my introduction in this community
    Regards Me
    And this is my shitty site you can send to my email

    http://www.liveinternet.ro/
    radio

  9. Great article. Waiting for more.

Trackbacks

  1. […] Once you are done with these questions and want to proceed ahead, you need to open a account with any broker of your choice to invest in shares. Brokers are a very critical part of the investment process so be careful before you select your broker. You can open offline or online investment account, but in today’s world, I will recommend to go for online trading account. To read more about HOW TO CHOOSE YOUR BROKER, CLICK HERE. […]

Speak Your Mind

*