More people are turning to the stock markets to invest their money as they discover the benefits of investing their money in shares. More people realize that their equity portfolio will likely outperform and deliver higher returns in the long term than other investments. However, compared to the yesteryears, investing in the stock markets has also become very easy. To become an investor in the stock market today, you must open a Demat and trading account. Then you can use your trading app or Demat app for android or iOS devices and start buying stocks of the top companies.
However, if you are entirely new to investing in equity markets, you require help getting yourself the best Demat app. That is because many brokers are providing Demat account services and apps. You could open the PlayStore, or the AppStore can search for trading apps. The search will lead to plenty of trading apps appearing on your screen, which could overwhelm any beginner.
What is a Demat Account?
Before we can help you pick the best Demat app, it would be in your best interest to know what a Demat account is. Your Demat account is a crucial tool that holds the shares you buy in the electronic format. You can think of it as a savings account but for shares. When you purchase shares from the open market, they get credited to your Demat account. Along with a Demat account, you also require a trading account to make transactions. You do not have to worry about opening the accounts separately. You will get a trading account when you open a Demat account.
Opening a Demat Account in India
Now, you can download any Demat app from the PlayStore or the AppStore. However, you will have full access to the app only when you open a Demat account with the broker providing the app. Hence, you must research well about the broker before downloading any Demat app. You must open a Demat account with the broker providing the best app and services. Once you find the best broker, you can head to their website and open a Demat account with the broker. You can even download their app and click the redirect prompt to the Demat account opening process. You then fill in the form and submit the required documents to open a Demat account.
Selecting The Best Broker
You first and foremost want to open a Demat account with a DP or depository participant. A DP or depository participant. A depository participant is a stockbroker authorized to provide Demat accounts and services. At the same time, you want to easily open a Demat account from the comfort of your home. For that, ensure that the depository participant offers you a completely paperless online process to open a Demat account. You would also want to see that the broker can cater to your queries online and offline.
You then look up the fees imposed by the DP. Every DP’s policies differ, so their price varies. You must mainly consider the account opening, maintenance, and brokerage charges. Last but not least, you try and learn about the DP’s Demat or trading app. Find out whether the DP has made their app available to Android and iOS users. You would also want to have a feature-rich app so that you can have the best investing experience.
What to Look for in a Demat App?
Using your Demat or trading app, you place your orders, access your Demat holdings, and monitor the stocks of different companies. Your trading app should provide you with the essential tools and features. For instance, your trading app should have a search function to search the name of the stocks of a listed company. You should receive accurate time price updates. The app should not skimp on essential features like the watchlist, alerts, and stop-loss feature.
Besides the core features mentioned above, it would always benefit a beginner to access features that can help you make investment-related decisions. Having access to detailed research reports on various stocks will help you to pick good stocks. Likewise, regular stock ideas and stock-related news delivered on your trading app news could help you take short-term trading positions.
We believe that IIFL Securities fulfills the above mentioned requirements of the best broker and trading app. IIFL is a reputed DP with a solid online and offline presence and lets you open a Demat account for free. The IIFL Markets App is the Demat app for Android and iOS and gives you access to plenty of features and services, including all the features mentioned above.
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