Looking for a right broker is probably the toughest thing to do in India. In this competitive business world almost every stock broker is claiming that they are no 1, spending a lot in branding and promotion. For me, a #1 broker is someone who is contributing towards the sole moto (profit) of a traders/investors entering into the market. Majority of brokers are focusing on sales rather than advisory, because as per the market practice they need to give advisory free of cost to their account holders. So, they are unable to take out the cost of research team. Also there bread and butter is brokering, so they use to focus on sales rather than spending on research.
Technology is trending these days, changing rapidly the stock market industry. Previously, people were doing physical trading. But now discount brokerage trend is in the market and discount brokers are doing great, as they charge a fix amount per day rather than on turnover basis. So, discount brokerage will be the better choice for active intraday traders. By doing this you can save 90 per cent of your monthly brokerage expenses.
And if you are looking for a complete investment products like mutual funds, stock, commodity, currency trading, IPO, PMS, insurance… then it’s advisable to get a 3 in 1 account (bank account, demat account and online trading account) service, mainly offered by banks like Kotak Mahindra and ICICI. It is a one stop solution for all the financial services where you can manage your investment and banking together from 1 account, there will be a ease of transaction.
The million dollar question is: who is the best stock market advisor. It is really tough to say any one name. You might want to check Advisorymandi.com, which has created a platform by the name of Pro Advisory Championship wherein all the Sebi-licenced stock market advisor post their advice on a daily basis and the Advisorymandi.com, at the day end, is giving them marks on the basis of their advisory accuracy.