Which is the best demat account online?
Which is the best demat account online?
There are multiple brokers who offer securities broking services. It is important to remember that, you should always open your account with a broker which offers top class service even they might not necessarily be discount broker. Saving headache and avoiding system related risks is more important than saving on brokerage and it can be done by opening an account with a certified and tested securities broker.
If you are looking to invest in shares you require a demat account. Online stockbrokers offer demat account services. So, in order to select the best demat account, you need to pick the best stockbroker. However, there are many stockbrokers offering demat account services. Which is why a beginner may find it difficult to pick a stockbroker. So here are a few things you need to keep in mind, while choosing a stockbroker. Noting these points will help you pick the best stockbroker and the best demat account.
First and foremost, you need to ensure that the stockbroker is an authorised broker licensed to provide demat account services. You can get to know this by checking if the stockbroker is a registered depository participant. You can get a list of all the depository participants on the official website of the NSDL (National Securities Depository Limited) and CDSL (Central Depository Services Limited). The next thing you would want to see is whether the broker lets you access your demat account on multiple devices. You should be able to access your demat account using your phone, laptop, tablet and PC.
You then check the charges and fees involved like the account opening fee, account maintenance fee and brokerage. After finding out the fees and charges, look at the features offered by the broker. Brokers that offer more features are likely to charge more. However, you need to see what features you require. The basic features include live market updates and watch listing stocks. Whereas the more sophisticated features include stock tips and research reports. IIFL Securities is a registered depository participant that lets you open a demat account for free, while providing both basic and sophisticated features.