Many of us turn to the stock market in the hopes of accumulating wealth in the long-run through investments or a daily dose of some extra cash through intraday trades. However, for beginners, this world can be a little confusing given the fast-paced movements in the market, their lack of experience and the absence of the right information. Trading strategies, some experience, a little research about the stocks you are dealing with, and following some general guidelines can bring in great success in the world of stocks.

However, a large portion of your success also depends on the broker you choose for yourself based on the features they offer. You can make or break your chances with the right broker!

How? Glad you asked. Read on to find out how the difference between a good and a great broker can change the game completely!

The classification: Discount and full-services

Firstly, an understanding of the services provided by the broker is required. Do you want to trade only in stocks, futures and options?  Or do you want a broader spectrum of choice with the additional options of currencies, IPOs and derivatives trading?

This is what differentiates a discount broker from a full-service provider. With a full-service broker, you can trade in multiple segments. It is always better to go with these brokers because you would get more options and would not have to settle for another broker in case you decide to trade across several market segments.

Low charges

Another important aspect of brokerage services is the fee they charge. Obviously, the lesser it is, the better. For most of them, fees vary from services offered - for instance intraday fees tend to be usually a flat amount per stock, and deliverables have a certain percentage of trading revenue as fees. Some firms also offer packages where the higher your trading volume gets, the lower your fees are.

Compare your broker with others in the market to understand if you are going to pay more than the market standards or not - this way you can find the cheapest stock broker in India.

 The reputation

There are over 500 brokers in India doing the same thing - providing stock market brokerage for a charge. What separates the ordinary from good and further, the good from the best is their reputation. Which is the best online stock broker in India? Let us find out.

You should check how old the stock market broker is in the world of stock trading or financial advisory. In metros, brokerage firms spring up like mushrooms but many do not survive after a few months or years because of many reasons. You do not want to get into business with such companies, for their future is always uncertain, and subsequently, so is the fate of your fund with them. 

A registered and reliable stock market broker with solid years of experience under their belt is what you should look for. Further, compare these on several parameters discussed in this piece, before concluding.

Account opening ease

For trading, you need both Demat and trading accounts. A Demat is required by the government-appointed boards to maintain a repository of traders and their activities. It also acts as an electronic safe for you to keep all your electronic stocks and other financial commodities.

A trading account, on the other hand, is required for placing buy and sell orders. Consider the Demat more like a bank and the trading account as an interface. Look out for the best online stock broker in India that opens both these accounts together and gets them linked as well. This will reduce the hassle and make sure you save time. Even better is a 3-in-1 account!

Some brokers offer a 3-in-1 account, meaning a process where Demat, trading and also your bank account are linked together, in one movement. This makes moving funds from one account to another, a child''''s play.

Good trading platforms

One of the most promising technologies in today''''s world is the internet. It has revolutionized the way we view and share information. Trading has also been heavily changed by these developments. 

Gone are the days of paper shares as evidence of your stock accumulation. Nowadays, every stock, IPO or currency you own is stored electronically in Demat accounts. This has not only reduced costs because there is no physical exchange of goods involved but also results in lightning-fast transactions.

However, what gains significance here is the ease, speed and safety with which you can execute trades. This is made possible by the cheapest stock broker in India and the reliable trading services provided by them. These can be web-based portals or mobile apps, which grant you unique access to your broker''''s trading services.

What to look for?

In today''''s trading environment, there is no room for complicated applications that take too many steps in performing the required action. The easier it is to use, the better for you. Experienced traders also tend to prefer simple and easy platforms to save their time and energy.

Existing customer reviews

Check reviews available online from the existing customers of the broker. Look out for the ease of the platform''''s usage, its speed, reliability and stability in executing your commands for orders. These reviews can give you a fair idea of the pros and cons of using the said broker''''s application or portal.

Assistance

If you have just embarked on the journey of trading, whether intraday or long-term investments; it is always better to have a guiding light that also assists you if required.

Look for the following services for this to take effect:

• Research Teams: Firms that have dedicated research teams that analyze market movements, companies and hence recommend stocks to their clients, hype these services to the utmost. And rightfully so, the signals they provide can be highly helpful, especially when trying to enter the market for the first time.

• Support Teams: Should you encounter difficulty in using the apps, web-portals or any other service offered by your broker, good support and help team always comes in handy. Check whether they are easily accessible through phone or chat for immediate resolutions. Companies that do not have support teams, have complicated contact procedures or do not mention the average time it would take their e-mail teams to get back to you, raise red flags!