What is a Demat Account?
A Demat Account allows you to control and hold your shares in an electronic format. Demat Account converts physical shares in electronic form, thus dematerializing the shares. In your Demat account, securities such as stocks, equities, derivatives, and other commodities are held, debited, and credited.
What Is a Trading Account?
A trading account is an account that can be opened with a stockbroker. The main function of a trading account is that it allows you to do your transactions. A trading account is linked between your demat account and a bank account. While the demat account holds shares electronically, you need a trading account to conduct transactions. Your stock orders are placed through a trading account.
What Are the Things to Look For Openings for a Demat Account?
- Open a Demat account for trading with a stockbroker that has less charges, which will go a long way in helping you achieve your goals.
- Only select that stock broker that provides a simple, fast, and hassle-free accounting experience with less documentation process.
- Check the brokerage charges of different stock brokers and opt for the one that asks the lowest brokerage charges to open your Demat account.
- A good stock broker provides the user with several resources for studying and analyzing the market that helps them make better and more informed decisions.
- It is important to determine if your stock broker has a fast and reliable mobile application before opening a demat account.
- Some DPs also offer free education modules that help their customers to educate themselves on the financial market.
Which Online Trading App Offers the Best Demat and Trading Account?
Now, since you got an idea about the Demat and trading account, the next step is to choose the best stock broking app for account opening to start your trading journey.
To answer this, India Infoline or IIFL Securities is the best and leading stockbroker in India which has been providing stock marketing and financial services for the past two decades. IIFL Securities is a trustworthy broker that has changed the lives of many traders from their services.
The IIFL team has come up with a trading platform to help the traders to start their trading and investment life with ease. They have made several mobile trading applications including the IIFL Markets App which has been downloaded by millions of users.
The following are the features of the IIFL Markets App:
- IIFL Markets App is a unique demat account app that allows guests to log in; you can avoid all personal details to view the app, which can also allow you to avoid unwanted calls, emails, and information from service providers.
- The app has simple demat account features for beginners. It provides real-time live updates and quotes from NSE and BSE, auto features to build and customized mutual fund investment portfolios.
- By leveraging an easy screening tool, you can invest in stocks, currency pairs, derivatives, bonds, ETFs, mutual funds, and commodities which make it one of the best trading applications.
- The application showcases charts, graphs, and data analytics of stocks.
- It is easy to use and offers the best stock training tools for beginners. You can manage your stock reports and investment portfolio.
- IIFL Markets App is ideal for traders who want to manage assets and trading under one roof.
- You can add or delete shares accordingly.
- IIFL Markets App is growing because of the ease it offers, It is uncluttered and easy to navigate and understand.
How to Open a Demat Account with IIFL Securities?
Follow the below steps to open a Demat account:
Step 1: Go to the official website of IIFL Securities and fill out a Demat account opening application form by providing your details.
Step 2: Submit the required documentation.
Step 3: Go through the charges of the demat account and agree to the terms and conditions.
Step 4: A verification of your information given is performed. After the verification process, an IIFL member will contact you to view the details specified in the account opening form.
Step 5: Once the application is approved, IIFL Securities will provide you with your demat account login credentials and ID number.
How to open a Trading Account with IIFL Securities?
To open a trading account with IIFL you need to follow the below steps:
Step 1: Start by visiting IIFL Securities official website to know about the details of the services offered by them.
Step 2: Make an effort to do some research on the cost of the company and the services included.
Step 3: Contact the IIFL registrar to open your account or you can go to the trading account section menu from the website.
Step 4: Fill the trading account application form, which may require you to provide KYC details. This will be handled along with your ID and proof of address.
Step 5: Your application will be reviewed.
Step 6: Once the application is verified, get the details and credentials of your trading account.
Step 7: Finally, Start trading.