As long as there is the Forex market, making money is child’s play. Of course, the door is also open for losing money and this is where one must take care. You can make money by choosing the right option or lose it all in a flash.
Open a Trading Account
The first step to making money on the Forex market is to open a trading account. Go online and check all the broking houses and see which one offers the best value for money. Some of them even offer free brokerage and a few will give you margin trading. But, before all that here is a look at the fee and the reason why people choose discount brokers over the regular brokers.
Many of the brokers offer free accounts but you must pay the fees in due course. This is true for all the Discount Brokers India except for one or two.
To open the dematerialized account (Demat account) you must seek help from a depository participant (DP). There are several depositories in India and two of the biggest Central Depository Services Ltd (CDSL) and National Securities Depositories Ltd (NSDL) have authorised many Depository Participants (DPs) to open accounts. The NSDL website has over 12.7 million investor accounts.
Open a Demat Account
The DPs are investment platforms, which may be a stockbroker, a discount broker, or a bank. You can open a Demat account through these by submitting an account opening form along with a client relationship form. In some cases, you might have to fill in a nomination form also. They ask for an identity proof which may be in the form of your passport, PAN card, voter ID, driving license, or such related documents. You must provide address proof in the form of voter identity card or utility bills.
The Discount Brokers India are those who provide such an investment opportunity for the trader. He does not charge as much fee as a regular broker. The first thing you must seek for in your discount broker is whether he offers excellent customer service or not first. You can read about it from the website of the broking house. They must provide mobile apps for trading. This will simplify the trading process for you. Their trading platform must be responsive and have adequate tools. And, they must offer good intraday exposure or leverages.
Choose Only Registered Brokers
Further, the stockbroker must have SEBI registration so we know that they are genuine. They must have membership in various stock exchanges such as NCDEX, BSE, and NSE. They should have enough experience trading in the market. The platform must have applicability across all media devices such as the Desktop, the laptop, mobile phone, iPad, and more. This helps the trader conduct trades on the go.
You can also check whether they offer zero account opening charges (many trading houses do), step-by-step guidance for beginners, low or no AMC charges. Having a free demat account is beneficial to the trader. Not everyone who enters the stock market will end up rich. But, if one is careful, they will not become bankrupt either.