Learn to Choose a Broker
Selecting a good online broker
is ironically becoming more difficult,
even as there are many more brokers to select from.
Are we not selective
when we choose an offline broker?
Infact,
choosing an online broker
is all the more difficult.
Because it not only involves choosing
a good broker but choosing a broker
who can manage technology and other
Internet related issues as well…
All this while servicing
a client well!
Online broking is not about
choosing the lowest rates alone.
That is just one part of the overall cost
you pay for a transaction
(remember you also pay taxes, duties,
charges besides brokerage-
which sometimes is equivalent to your brokerage).
Neither is banking related efficiencies
any more important – today most online brokers
can offer many banks to their online customers.
What is increasingly becoming important
for customers to be aware of,
but
what they don't consider most of the time,
are the following aspects of choosing an online broker:
Scale and Technology
Can the broker handle large or sudden volumes?
Remember,
what took you one year of toiling to build up
can be wiped out on that one day
when markets crash
– and so does the website of your online broker!
Check whether the broker
has the skills to manage technology.
Quality of Advice
Does the broker's research team
give you enough advice and reliable advice?
Does it have a track record?
Or
would you have to still depend
on your friendly neighbour's
and news channels to pick up stocks?
Service Channels
Does the broker have customer service orientation?
Can you connect to their managers quickly
in case of an emergency
– are your calls responded to within a strict timeline?
Do they revert on major issues?
Transparency
Does the broker have enough transparency
in the way you are charged for your transactions?
Can you decode transactions and demand a reply?
Quality of interface
Does the website allow you
to put through trades quickly?
And
in an easy fashion without having
to be a master in computer science!
Product offerings
Does the broker offer
a choice of products for you
or are you stuck with plain vanilla products?
Offline or Online
It is wise to choose a broker
who has been around for a while
and would be able to offer sound advice
in the event that you did need to talk to a real person.
Nothing works like experience after all
– whether it's online or offline broking!
Hinduism is more a way of life than a method of worship.
Dharmo Rakshati Rakshithaha
If you protect Dharma, Dharma will in turn protect you
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