If stock market trading interests you, then the first point of approach will be, Demat account opening. A demat account helps you hold the shares in an electronic form. But to ensure that you avail impeccable trading experience, you must choose the best Demat account app, among the clutter of options out there.
In this article, you will get an insight into some of the considerable factors to choose the best Demat account in 2023.
Table of Contents
1. Ease of Demat Account Opening
The Securities and Exchange Board of India (SEBI) has proposed specific Demat account opening guidelines. And all of the service providers must abide by those guidelines to simplify the account opening process for the clients.
For instance, a Demat account can now be opened through eKYC, where major verification is done through Aadhar data. For the final clearance, a video or in-person authentication is demanded, which is the simplest form of opening an account.
You should be up for trading within two days with the eKYC procedure. And this is what you must look for while choosing the best Demat account app.
2. Compare the Fees
All broker platforms specify varying charges for their services such as Demat account opening, annual maintenance, and permissible transactions. The best thing for you to consider is a reasonable fee for necessary services that won’t impact much on your trading profit earnings.
3. Look for a Trading Account as an Add-On
It is always better to have one account than to manage two of them while you trade and hold securities, stocks, and assets at the same time. There are many DPs or service providers that allow you to open both trading as well as Demat accounts as one.
It will not just help you save time and effort, but will also let you save money, as you don’t need to pay for two different accounts. This is a preference but is a potential feature you shouldn’t miss out on, while you seek to open a Demat account.
The key to making this feature available is by implementing modern-day technologies onto the broker platform. The best of technologies allow you to access both trading and Demat accounts on a single portal, through unified credentials. Hence, this helps you track all your credit and debit transactions at ease.
4. Review the Customer Feedback
To build a rapport with your Demat account or trading broker, you must read customer feedback or reviews online. It will give you an idea of how responsive the broker is toward customer queries.
Following that, you can look out for reviews stating good or bad about their services. A knowledgeable community of traders might help you pick the best Demat account app.
Now that you are aware of the five most considerable factors for your initial Demat account opening step, you can start shortlisting the name of DPs as per your preference. Evaluate their perks and flaws based on these factors, and you can then get started with your stock market trading practices.