Posted on 12th Feb 2015
by TopShareBrokers.com team
5 Reasons why to move to Discount Share Broker
It's difficult to identify the right online broker to work with, and the process of selecting the best one for your needs can be hard to navigate. Should you go with the broker who claims the best customer service, the one who offers the most advance tools or the one with the fastest trade execution. Plus, fees are hidden in various pages of companies websites, and it can be nearly impossible to figure out which ones apply to you.
Switch to Discount brokers and Save up to 70% on your brokerage fees.....
To get you started, we want you to learn some interesting facts about discount brokers we think every investor should know about.
Many investors are overpaying their brokers because they don't know about all the discount brokerage services available to them. A new study found that around 4.8 million active client on NSE, approx. out of which 50% are with five largest full-service brokers are throwing away over 50% to 70% in unnecessary fees. Charges from these brokerages are on % basis and increases with the volume and number of trades.
As discount brokers have centralized majority of their operation online with minimum operating branches which means No branches = great rates.They are directly providing the benefit of low operational cost to their customers, by providing the low brokerages fees.
The brokerage you pay in flat fee share model is undoubtedly low and simple. With flat fee stock brokers or discount brokers you can save 50 to 70% in share brokerage. Moreover,the discount brokers offers no minimum brokerage trading which means you don't have to pay the minimum brokerage set by the trader in case the total calculated brokerage is below that certain amount.
For the services most investors need on a regular basis, we found that they could be more affordably be received with a discount broker. Almost all discount brokers are providing reliable mobile apps, multiple online trading platforms, real-time data and analysis software. All trading platforms like website, mobile app and trading terminals are free to use.Their customer service is no way less as all the discount brokers are providing 24*7 email support,some have live chat facilty,reply to comments on regular basis and phone support during working hours.
With our analysis on tools and platform used by discount brokers, they are pretty competitive with full service broker which means you are getting equally reliable trade execution services at practically the same speed with the lowest cost possible .
As we know that discount brokers or flat fee share brokers offer services online through one centralized location mostly, you cannot visit their office branch practically. In that case,all your operations are online and you are your own boss.
You don't have to consult with a broker, wondering all the while if his recommendations stem from his best interests or yours. You choose your own transactions, giving you a level of freedom and control you won't find in the brick-and-mortar brokerage firms. Trading online, you'll be able to access your account around the clock, though market hours remain the same.
Already have a brokerage account, or maybe several? If you want to change accounts or wish you'd made the switch earlier, it's never too late or too tough to switch brokers. By switching to discount broker with the minimum or fixed brokerage plans, you can save around 50 to 70% on your brokerages charges.
Changing brokers can be a hassle, start with lots of transition, paper work, learning new tools and platform, setting up new account, linking bank accounts. However, going to the effort of changing brokers is worth the trouble and it really can pay off in just a few months.
Around less than 1% of investors are with discount brokerages services and are paying fix brokerages charges.Zerodha,RKSV,SAS Online,Tradejini, Trade Smart Online are the discount brokers to name the few.
With commitment of Low brokerage/fix price brokerage charges, discount brokers are spending more on trade execution and technology, but reducing expense on advertising and general expenses.
Just as you would if you were trying to save money in the grocery aisle or department store, shop around for affordable alternatives that don't sacrifice quality. Taking the time to compare brokerage costs and consider lesser-known alternatives could save you boatloads. Investors can use TopShareBrokers reviews to find out brokerages and determine the best fit for their unique investing needs.
Many investors have multiple brokerage accounts. With no minimum balance option with almost all the discount brokers in India, you don't have to do all your trades with a single broker. You may choose to have one account just for the tools it offers, another account for analysis and investments in penny stocks, and yet another for trading larger equities.
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