If you are all set to kick-start stock investing, you need to open a demat account with a stockbroker. The Demat full form is dematerialised. An online demat account is mandatory for every individual who intends to start their online trading journey for your ease. You must look for the best demat account with specific features and facilities for a seamless investing experience.
Let us find out what an individual should look for to open demat account.
Ease of Creating an Account Online
SEBI has defined a procedure for opening a Demat account that stockbrokers must follow. Stockbrokers can keep this procedure simple and straight to a certain extent. A discount broker may follow a completely digital process to a demat account and allows investors to open a demat account through the e-KYC process.
It can be completed and authenticated using the investor’s Aadhaar data online. Individuals need to do a final self-identification only through a video call or in-person verification. Look for a discount broker opening a demat account with e-KYC for easy processing.
Software and User-Interface
Check with the stockbroker if it provides a tech-smart solution for demat services. Every demat service provider has its inbuilt software linked to its trading platform. It keeps you updated about the current market trends.
You should check their web-based application. You can access their application from your phone comfortably. You should check reviews of their clients to know how it works. Overall, there should be easy understanding and use to act immediately to grab short-term opportunities.
While searching for how to open demat account, you will get the option to open a demat account online. You can open a demat account online following an easy procedure. It is a matter of 15-20 minutes with e-KYC.
Once you have submitted your personal details and required documents, the broker verifies it and activates your demat account. You should check the time taken by the broker to activate your demat account. Look for a demat account with an instant activation facility.
Demat Account Charges
In this competitive world, you can find numerous brokers lined up to provide you with demat services. You need to shortlist the best brokers offering affordable and best services. You can consider the cost and quality of their services.
You can open your demat account with a reputed discount broker offering free demat and trading account with their subscription-based brokerage plans. You can save on the account maintenance cost also as they do not charge this cost for one or two years from activating your demat account. They may also not charge for the debit transactions in your demat account.
Demat Holdings Analytics
Discount stockbrokers are expanding their services beyond demat account statements. They provide online analytics to demat account holders. It includes direct call-to-action for trading clients, timely alerts, real-time valuation, industry trends, inflow/outflow analytics, timely alerts, and the industry or thematic concentration. Such value additions help investors to trade more conveniently.
Trading Account Facility
When you fill out an online demat account opening application form, you have the option to open a trading account also. If you opt for the same and intend to be involved in intraday trading, you should check the timings to close a trade.
Day traders need to exit their positions at the end of the same trading session. If the trader does not square off, then the broker initiates himself. Therefore, it is necessary to check the timing of such an initiation. You should check whether intraday positions are squared off at 2.45 or at 3.15 p.m
These are some of the features or facilities investors should consider to open the best demat account online for stock market investments.