How to choose a broker that won't leave you broke?

#1
I'm somewhat new to investing...and still learning. Let's just say I know the ABCs and I'm now learning DEFs....

What are the things one needs to think about when choosing a broker? I of course mean the charges and expenses involved.
I understand it will be different, depending upon portfolio size and trading style.

I plan to have a 80k-1L Rupee portfolio to start with. And I'll be doing mid-long term trades mostly. Planning to invest 10,000 in one stock... and have a portfolio of ten equities.... or even less than that, by investing 5 k each.
Just an example.

I liked the rates on Zerodha.... but I don't know about ALL of the brokers out there.
Plus, I want to ask whether a 3-in-1 account is a good idea. Is it worth to pay the extra cost for the convenience? Or does it not make a difference.

I hope this thread helps similar users like me....and maybe we can have discussion on all kinds of broker choices.
 

Riskyman

Well-Known Member
#2
I'm somewhat new to investing...and still learning. Let's just say I know the ABCs and I'm now learning DEFs....

What are the things one needs to think about when choosing a broker? I of course mean the charges and expenses involved.
I understand it will be different, depending upon portfolio size and trading style.

I plan to have a 80k-1L Rupee portfolio to start with. And I'll be doing mid-long term trades mostly. Planning to invest 10,000 in one stock... and have a portfolio of ten equities.... or even less than that, by investing 5 k each.
Just an example.

I liked the rates on Zerodha.... but I don't know about ALL of the brokers out there.
Plus, I want to ask whether a 3-in-1 account is a good idea. Is it worth to pay the extra cost for the convenience? Or does it not make a difference.

I hope this thread helps similar users like me....and maybe we can have discussion on all kinds of broker choices.
Hi, If you are going to be an investor, say short holding period of 3-6 months etc, i would suggest you go with the likes of Icicidirect/sharekhan and not the likes of zerodha. The discount brokers like zerodha are good for day traders/very very short term traders who have higher volumes. Apart from this, most discount brokers do not offer you any other services than merely act as brokers to execute your trades. The expensive ones like Icici/sharekhan offer better services like detailed reviews/reports of companies and outlook on these companies. If you are gong to hold on to shares for 3-6 months then the brokerage cost really doesnt matter.
 
#3
I understand that they provide more services. But is it really all that difficult to monitor your portfolio yourself? I do my reasearch online.... which gives me outlook and performance etc of Cos.
 

Riskyman

Well-Known Member
#4
I understand that they provide more services. But is it really all that difficult to monitor your portfolio yourself? I do my reasearch online.... which gives me outlook and performance etc of Cos.
Well in that case, you have answered all your queries yourself. If cost is the major concern, you could go with any broker. Good luck.
 
#5
I get it..... maybe it's just a psychological thing.
I have heard from so many people: "Don't go with Zerodha unless you do short term trades.....EVER"

Have been wondering what is wrong with it. The way I see it, lower brokerage may help me diversify my portfolio without increasing my total investment.

Thoughts?
 
#6
I read up on BSDA )Basic Services Demat Account)

Should I make such an account? Will it be easy to link it to a Zerodha trading account??
And will it save significant fee?
 
#7
One thing you need to know my friend is that Forex has its risks. So, there is no guarantee that you will

not lose your money. But, if you use the right broker there is a chance that you will succeed. There are

some things that can make you lose your money quickly. Slow execution, slippages, slow deposits and

too many restrictions on forex trading.

Have you ever wondered why many traders use Profiforex Broker? That is because they have no

restrictions and the platform is super speed when it comes to execution. I am using this broker and

there are no frequent slippages here. It’s just easy to trade forex using the right broker with good

trading conditions.
 
#8
For broker,
more people more income , so he won't depend on few person , so it's very hard to find person who are willing to do same as we wish
 
#9
Answer: One should choose broker carefully so that he should give lesser brokerage and other charges and help the client to get maximum benefits out of its given brokerage to him.There are many brokerage firms who take very less charges and one can take the benefit of opening all three account of Equities, commodities and cash because in some brokerage firms its free of charge to open an account like my account is in Finvasia who do not charge any amount for opening an account with them.Many companies charge for opening account with them. broker should provide free facilities like tips and dealer desk help for their clients to get knowledge and trade easily and profitable.
 

deba72

Well-Known Member
#10
Answer: One should choose broker carefully so that he should give lesser brokerage and other charges and help the client to get maximum benefits out of its given brokerage to him.There are many brokerage firms who take very less charges and one can take the benefit of opening all three account of Equities, commodities and cash because in some brokerage firms its free of charge to open an account like my account is in Finvasia who do not charge any amount for opening an account with them.Many companies charge for opening account with them. broker should provide free facilities like tips and dealer desk help for their clients to get knowledge and trade easily and profitable.

Looks like a 'sales promotion' post. Charges are not the only thing. Other aspects like stability of the broker ( which in turn means safety of our money ), technology offered, customer service etc etc are the deciding factors. An account opening charge of Rs.250/- is peanuts when compared to other aspects. There are many broking firms who have collapsed in the past, and many will do so in the future.. So investors and traders must consider all aspects carefully before deciding.