A full-service stockbroker does not only advise you to sell or buy the stocks, but they also help you in research and analysis and financial planning. Choosing a broker requires a good look into the market to compare and contrast the options available to you. This includes factors like brokerage charges, feasibility, etc. Read on to find out the best full-service stock brokers in India with their best features!
Top 15 Full-Service Brokers In India
1. Share khan
With 3% of market share, Share khan is the 4th biggest broker in India. It owned around 12 00,000 clients and was founded in the year 2,000. This topmost broker has franchises in 575 cities and 2300+ sub-brokers in the country. Share khan always offers some unique to their clients in their post-paid and prepaid plans. It is famous for its Trade Tiger – the trading applications. Both advanced and intermediate level traders can go with this.
2. IIFL (India Infoline Limited)
This is best known for its offline coverage around the world. It covers around 4000 locations in 900 cities in India. This broker has its presence outside India also. The business was started in 1995. IIFL offers multiple broking plans which are based on trading budget, appetite, etc. Wide flexibility is offered to the clients via IIFL. You can choose the brokerage according to your trading behavior.
3. ICICI Direct
It is one of the topmost broking houses across the country, which has the privilege of a good trust factor achieved by its parent banking Service Corporation. Topmost UsPs of ICICI Direct in very popular 3 – in – 1 account, which offers bulk convenience to other brokers of India. These brokers provide high performance and well-designed trading application known as “ICICI Trade Racer,” which is best for expert-level traders.
4. Angel Broking
It is one of the oldest booking agencies in the Indian market, which was started in 1987. Currently, it owns 10 00,000 clients in more than 900 cities across the country. It is also one of the topmost full-service brokers in India. Majorly it is well known for its latest commenced Robo advisory services, i.e., Angel Broking ARQ. This is an investment engine for clients and provides them with stock tips and personal recommendations. Same this broking platform provides top technical trading platforms like Angel Broking mobile application and Angel Eye. This is one of the best broking programs which offers high-quality research at the fundamental and technical level, and because of this, it is one of the topmost full-service brokers in India. This booking service has diverted towards flat broker charges, a unique feature offered by this broking service.
5. HDFC Securities
This booking service provides a 3 – in – 1 account to their clients because of their presence in banking services. It is equipped with highly seamless and flexible trading platforms across various devices, including “Trademark Terminal Blink.” Most concerning the art of HDFC securities is that it charges its clients to use HDFC Blink software to perform their trading activities. It also has a rare facility of NRI account. Because of their brand name, HDFC Securities are among the top 3 best full-service Indian brokers.
6. Motilal Oswal
These are among the oldest stockbroking business in the country. In the Initial years, their major focus was on Institutional Broking; however, nowadays, they are also focusing on retail broking. With a full-service broking legion, Motilal is very reasonable for their brokerage charges. It also owns one of the unique trading platforms known as “A Trading Smart Watch App.” Here the broker is responsible for offering good customer service support to clients, which can be done either by a phone call or an online mechanism like MO Genie.
7. Geojit BNP Paribas
It was the broker who started their broking services by launching “online trading” in 2001. It is among the leading full-service brokers in India. This broking company started mobile trading in 2010. Currently, this broking agency has a presence among 8 00,000 clients in 500 cities. This agency acquired share khan in 2015 for Rs. 2200 Crores, which results in a massive jump in shares of the broking market in India. Geojit has done a commendable job in offering exposure across the country.
8. SMC Global Online
This is also among the top full-service broker based in Delhi. It was established in 1994, and with 2400 sub-brokers, it enjoys its presence in 50 branches in the country. Along with retail stockbroking, it also offers services like research services, DP, and Wealth Management. They also have an international presence in Dubai. These brokers need to improve lots in mobile trading; however, their other applications are well designed.
9. Aditya Birla Money
Aditya Birla Started their broking services in 1994, and it is one of the most famous brokers based in Chennai. For 15 years, they were also known as “Apollo Sindhoori Capital Investment” till 2009, when Aditya Birla bought 76% of the shares. After that, it was known as Aditya Birla Money, which holds membership with
10. Kotak Securities
It is one of the well-known names in the broking market. They offer a collection of trading platforms with a lighter version of internet bandwidth concerns. With their presence in 360+ cities, 1200 branches, they get in touch with around 5 lakh traders daily. Kotak securities charges slightly higher brokerage among all. They also offer the Kotak Stock Trader app, which is a handy mobile trading app and comes with smooth user experience and a huge number of features.
11. Reliance Securities Ltd.
This is the trading arm of Reliance Capital Group and was initiated in 2005. These brokers are located in Mumbai; however, they claim to have 8 lakh client connections in 1700 cities across the country. For their clients, they have launched the facility of ‘Zerodha Varsity,’ which is a knowledge bank for traders who are on their initial levels. They provide detailed information on trading terminology and good knowledge of ‘functioning off-market.’ As per the technical aspect, Reliance securities Ltd. needs to make lots of improvements.
12. AXIS Direct
Axis Direct is the strongest broking arm for Axis Bank, and it was established in 2005. Along with 73 active branches across the country, Axis bank is one of the growing brokers for offline marketing. They own one of the highest active broker countries in India. They allow their clients to open a 3 – in – 1 Demat account, eliminating fund transfer. They charge a little higher brokerage to their clients as compare to other brokers.
13. Edelweiss Broking
They are part of Edelweiss Group, one of the leading financial service companies that provides multiple services and products for their clients across corporations, retail, and institutional areas. They are blessed with 6200 employee strength and have more than 9 lakh clients in 237 locations (120+ cities). Recently they have acquired J.P. Morgan asset Management Company in 2016 March. This acquisition helps in spreading its coverage and develop the commodities segment. They are the first to bring online account opening service; however, they need to d lots of technical improvements in other areas.
14. Karvy Online
It started in late 1985 with a primary focus on corporate investments and institutional investments. With maturity in the consumer mindset and market, it has moved down to retail broking. They are well known for innovating and improvising lots around customer services, especially with its online features like ‘Live Chat with experts’ and ‘Ask the Experts.’ With the help of these features, clients can make a strong judge about managing their business.
15. Ventura Securities
They are one of the most economical brokers in India, which charges a very less intraday transaction. In terms of cost, they also provide a lifetime free trading account for its clients. They charge very less brokerage; however, the same needs to be paid every year. After opening an account, you should always cross-check with the customer support service for more benefits.
Positive Aspects Of Full-Service Brokers
Below are some of the positive aspects of using the services of Full-Service Brokers In India.
- They have a PAN India presence as their clients need guidance in offline modes. So, if you are looking for regular and face to face discussion with local sub-brokers, full-service brokers are always ready to help you.
- They are always ready to provide you with trend analysis, trading tips, company results, and market reports on a timely basis as per your requirement and your portfolio. If you are among beginners and need handsome information regarding the latest trends, then full-service brokers are always there for you.
- With the help of their well qualified and research team, they can help you better in tumultuous times. They will help you with their sound judgment.
- Multiple times, full broker service providers assign a relationship manager or account executive for you. This will help you in individual attention as a benefit; clients can gain more focus and grow their business perfectly. You can get continuous advice from the brokers/account executives for what works best for you for the short term and the long term.
- You will get an array of financial segments to invest in as they have access to all trading instruments like Mutual Funds, IPOs, Commodities, etc.
- Customer service providers by these full-time brokers offer a good turn around personal communication with various channels to get connected with them. Most of the full-service brokers have made a separate portal for offering customer support.
Negative Aspects Of Full-Service Brokers
- For all the services which are provided by full-service brokers, the brokerage charged is very high. The charges are generally a specific percentage of trade amount transactions, and it also depends on the trading segment.
- However, there are only a few aspects; most of the full-service brokers in India are dependent on a trading platform like Omensys and NSE. Thus, comparatively, there is very little innovation in trading platforms.
- They have their major operational area as offline, which is handled physically by the franchises or by the sub-brokers; thus, they are less focused on online customers, which works aptly for tech clients.
- A full-service broker has a full time calling team which used to advise you to buy or sell your stocks; however, you need to be very careful, as most of the time, they o this to meet their monthly target. This is known as overdoing and Churning, which will directly impact your financial growth.
Parameters Of Full-Service Broker
1. Offline And Branch Presence
The full-service broker must have their good presence, which means they must have their branches all across the country. With the help of branches, you can get support from these brokers in case of any query. You will also get a good confidence from the broker’s side.
2. Research, Stock Tips, And Advisory
The great feature of full-service brokers is the capability of high-level research. You should provide very detailed research to your client, which should help them in investment.
3. Committed Dealer And Relationship Manager
You should be a dedicated dealer for a new or an old investor. Provide you help to only in doing trade, but also in guiding investments.
4. Customer Service Support
Being a full-service broker, you should provide 24 x 7 customer care services to your clients. So, if they are stuck somewhere, then you can help them. Because of these features, you will be ranked best.
5. Training Sessions
Being a full-service broker in India, you need to provide stock market training for your clients regularly. The medium could be anything like online conferencing, webinars, etc.
6. Multiple Trading Items
You should always provide various asset training to your clients who should include bonds, Insurance, Mutual Funds, Commodity, Currency, Derivatives, and Equity, etc.
Q. What is the brokerage charged by the brokers?
It varies from one broker to another. Generally, it is a certain percentage of the trading amount; however, most of the brokers also have some fixed brokerage. For this, you need to check the terms and conditions for each broker.
Q. How to use an online trading account?
Every booking service has its online trading account feature which has unique characteristics. You need to decide on which online trading account you have to go and then click on the online trading account opening option.
Q. Is broking service going to help for online trading guys?
Yes, brokers are always there to help you with getting the best deals. However, for your convenience, they have also provided online tutorials, videos, and much other stuff which will help you in both and expert level. Also, if you are stuck somewhere you can get in touch with brokers and ask for a face to face meetings or you can also do it via call.
Q. Why customer support service is very useful in broker business?
When you create your account online for trading there are multiple features that you are not aware of, especially when you are a beginner. So, if you are connecting with customer care service providers they will tell you regarding complete details and features of online trading application.