Best Online Trading Accounts in India

Published on Tuesday, April 16, 2019 by Chittorgarh.com Team | Modified on Sunday, April 19, 2020

Best Online Trading Account

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Best Online Trading Accounts in India

In the digital world, where internet costs are going down and everyone is armed with a smartphone, it makes sense to open an online trading account and trade with convenience. To help you make the most of your online trading account, we discuss benefits of online trading account, how to trade using online accounts and bring you the list of top brokers offering low brokerage online trading accounts in India.

What is an Online Trading Account?

Online share trading accounts help you trade in stock exchanges using a computer (desktop or laptop) and the internet. These days almost all the brokers offer mobile trading apps which can be used by traders to trade online. An online trading account facilitates online trading wherein you can trade from anywhere during the market hours. The online demat and trading accounts are offered by all types of brokers including full-service and discount brokers. Discount brokers like Zerodha, Fyers etc., only offer online trading services whereas full-service brokers like HDFC Securities, Axis Direct etc., offer both online and offline trading services.

Online trading can be done using 3 types of platforms:

  • Web-based Platforms

    You need to log in to the broker's trading website and place buy/sell orders there. Most of the web-based platforms are user-friendly and easy to use.

  • Desktop Trading Software

    These software needs to be downloaded in your desktop computer. It runs using the internet and provides terminal like experience. Most desktop trading software is quick in processing orders and offers features like hotkeys, order placement from excel and charts.

  • Mobile Trading Apps

    Most of the brokers offer mobile apps for trading which allows you to trade from your smartphone. The app may not offer all the features of a web-based or desktop platform but offer essential features to trade and monitor on-the-move.

Benefits of Online Trading Account

An online share trading account brings a host of benefits to a trader including:

  • Helps you to access various stock exchanges including BSE, NSE and MCX etc., from your home, office or any other place with an internet connection
  • Lowers your brokerage
  • Seamless transaction facilities
  • Gives you access to real-time market data on your computer or smartphone
  • Provides you access to online trading tools for trade analysis
  • Some also offer automated algo trading
  • Facility to access multiple reports
  • Facility to monitor trades and portfolios anywhere, anytime
  • Instant fund transfer to your trading account
  • Offer instant, paperless account opening wherein you can open an online trading and demat account in a few minutes from your home
  • Allows you to invest in other instruments like mutual funds, IPOs and Bonds etc., and hold them in online demat accounts

How To Trade Using Online Trading Accounts?

Here are 4 steps on stock trading using online trading accounts:

  1. Find the best online trading account

    A good and low brokerage online trading account will not only help you lower your trading costs but will also improve your trading experience. And that's why it is important to find the best online trading broker. To make your job easier, we have given a list of top 10 online discount brokers who offer low brokerage online trading accounts in India. Know in detail about each broker, read trading platform reviews, do a side-by-side comparison of brokers and select the best online trading account.

  2. Open Online Trading Account

    Most of the brokers offering online trading accounts like Prostocks, Upstox etc., offer instant, paperless account opening process wherein you can open an online demat and trading account in a few minutes. To open an instant online trading account, you would need Aadhar Card with your current mobile number linked to it, PAN Card etc. Once your online account is opened and active, the broker will send you an email with login details of trading platforms.

  3. Learn on using the platform

    Most stock brokers in India offer resources in the form of articles, videos and online demos to educate traders on using their platforms. If you plan to use the desktop trading software or mobile trading app then you need to download the software in your device. Some brokers also offer the facility of personal demos of the software wherein the company representative will visit you and explain all the features of the platform. Some brokers also offer you online trading simulators to provide their customers with a hang of their software.

  4. Trade with Caution

    For the first few times, place your buy/sell orders with caution. Start with small trades so that you don't lose much if something goes wrong by mistake. Check in the reports section whether your order is correctly placed or not. And as you get fluent with the platform, trade with confidence. Keep updating the software as and when it is available to enjoy new features offered by the broker.

Online trading has brought a lot of convenience to traders. With the smartphone revolution, people in small town and villages are trading online. To make the most of online trading account, follow the steps advised above and gain from the dual benefits of convenience and low costs.

Key Takeaways

  • Online trading account facilitates trading in stock exchanges via a computer or a smartphone and the internet.
  • Online trading is not only convenient but also lowers your trading costs.
  • Use our 'top brokers' list to find a low brokerage online trading account.
  • Educate yourself about the features of the online trading software before making an actual trade.

Frequently Asked Questions

  1. 1. What is an online trading account?

    An online trading account facilitates online buying and selling of financial instruments like stocks, derivatives etc., from stock and commodity exchanges. Most of the brokers these days offer online trading account. In addition to an online trading account, you would also need to open a demat account to trade in exchanges. A demat account is used to hold the certificates of your instruments.

    Benefits of an online trading account

    1. Trade from the convenience of your home, office or anywhere
    2. Trade from your personal computer and mobile app
    3. The broker fee is lower
    4. Monitor your investment portfolio anytime, anywhere
    5. Trade directly without any middlemen
    6. Get access to data-driven tools for informed decision making

     

  2. 2. How does an online trading account work?

    You need to open an online trading account with any of the registered brokers like Zerodha,Sharekhan, ICICIdirect etc. Most of these brokers offer 3 types of platforms to facilitate trading:

    • Web based platform
    • Installable trading platform
    • Mobile app

    Depending on your convenience, you can access any of the platforms offered by your broker. You can login to your online trading account using the user id/password provided to you by your brokerage company. You can use the account to trade in desired instruments. You can trade in stocks, derivatives, commodities, currency and IPOs using the account. Some brokers also facilitate purchase of mutual funds, bonds, insurance etc., from the trading account. All your holdings will be credited and maintained in the demat account.

     

  3. 3. Who can open an online trading account?

    There is no age criteria to open an online trading account. A minor's account can be opened in the parent/guardian name. They will be in charge of the account till the minor attain adulthood. Read our detailed article to know more on opening of a demat and trading account for minors.

    However, you would need a PAN card along with KYC documents to open an online account. To trade in Futures and Options, you would need to provide proof of income.

    Some brokers like ProStocksZerodha, Upstox etc., have also started Aadhar based instant account opening.

     

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