To avail most from your trading options you need to be well versed with the given subject. This can really help your trading career to start off. With the market claiming best discount broker in India it becomes difficult to choose one. The need of the hour would be to classify brokers into various groups which make things fairly easy
Full service broker
Full service broker as the name stands provides complete service to clients. The moment you open up an account with a full time broker you are connected to an account manager. They are going to devote some time to have personal understandings of your finances. The onus is to derive what you are planning to achieve via trading and devise a strategy based on available inputs.
On your trade inputs and which stocks to purchase you will get advice. An account manager is going to conduct transactions on your behalf and if they notice something of concern they would advise you.
Self-explanatory is the term used to describe a service of full time broker. If you knew to trading having some to guide you at each stage of your financial journey would be beneficial. Considering the fact if you do not have a lot of confidence in your own decision making abilities. Their expertise and experience would be invaluable to you as an investor. Picking up vital clues from them would contribute to your betterment as a trader.
Discount broker
A straight forward term as they are less involved. When you place your orders they are going to execute trades on your behalf. In case if you are having an account with a discount broker, chances are high that you would not have any personal interaction with anyone. An online broker based on the inputs you provide will execute transactions on your behalf. The best ones in the business make the process easy and user friendly.
The main advantage between both the brokers is in terms of commission structure. The rate of commission for a discount broker is going to be lower than a full time broker, breaking down services they provide. In terms of deposits they have lower requirements and lesser fees would be levied as well. For traders who trade in a lot of stocks, discount brokers roll out attractive commission charges. For a trader who makes a lot of trade on a daily basis this serves to be a wonderful value addition.
When you are availing services of discount broker you are on your own as there is no way to guide you in day to day decisions. The onus of control is on and you are responsible for your stock marketing decisions.
A point worth mentioning is discount brokers have their own section of research tools or advice. To be part of these tools your commission rate would be higher or you might have to churn in additional fees. To conclude if you are comfortable with your own decision making ability then discount broker are a better choice.