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Types of Brokers In Stock Market:
Full Service Brokers:
Have been for in the Indian Stock Broking landscape for over 30 years
Go beyond the facility of buy and sell
USP is the end to end services such as overall financial Planning, Research-Analysis, Intraday tips, Reports, RMs
Have PAN india presence
Customer Service
cons:
Brokerage charges relatively higher
offline presence has made online and new tech customer service adaptation an issue
Full time sales team, excessive calling and CHURNING
Should you choose?
In case you cannot handle your financial decisions, need advice, are not too tech-savvy and prefer more humane touch in trading, go for full service brokers.
Examples: Sharekhan, Kotak, Angel, MO
Discount Brokers:
There was no such thing as Discount Broking in India up until Zerodha introduced this concept.
For Delivery it was Zero and for intraday flat 20 rupees per transaction. This was adapted by several existing brokers while a tsunami of Zero Brokerage plans begin to flood in the broking industry
The real value for clients of these brokers is Pricing, trading platforms, and for some brokers a good customers service.
USP remains the low cost trading, although tech savvy trading apps are also what signifies them as these brokers encouraged intraday trading(real revenue for them), therefore they had to get their trading platforms robust and easy for beginners.
Cons:
No research, no tips, no advisory
lack of physical branches
High chances of hidden or workaround charges
Ideally, Investors and slightly experienced traders may choose a discount broker as they have a better understanding of the market.
Example:
Zerodha, Upstox, Fyers, 5paisa