#WhyaDemataccountisneeded?Whereshouldyouopenit?

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Why a Demat account is needed? Where should you open it?

A Demat account or dematerialization account is a necessary account for holding financial securities in a digital form to deal with shares, bonds, government securities, Mutual Funds, Insurance, and ETFs. It was introduced to overcome the lengthy paperwork. TherSeveral platforms offer you to create a Demat account but you've to be very choosy in this case because this is a matter of your security. You've to choose these platforms in terms of their reputation and procedures. Be aware of the fraud agencies.

The problem without a Demat account

You cannot own or trade shares without a Demat account. In 1996, the Securities and Exchange Board of India (SEBI), issued an order that having a dematerialization account is mandatory for all share traders.

What is the minimum amount required to open a Demat account?

It depends on different platforms. zero balance accounts are also available but on some platforms, they use 200 or 400 rupees.

Can you close your Demat account?

Yes, of course, you can close your Demat account. Even, I would say that it is better to close your dematerialization account when you're not using it instead of paying the maintenance charges unnecessarily. You need to download the application from the concerned website, fill it and submit, it in person, to the nearest branch of your Depository Participant with the KYC documents and properly state the reason for the account closure. 5 Best places where you can open your Demat account without any hesitation 1. Upstox 2. Angel One 3. 5 paisa

1. Upstox

Upstox, one of India's leading broking firms Upstox Demat Account lets you trade in shares, mutual funds, digital gold, even futures, and more, just with the help of a digital account. The app also helps you to make better decisions by providing you the information about the market through charts. In a book of financial independence, we've found that we should follow the rich men to be richer than usual. Upstox use to help you like that. Top Features: No such paperwork is required for a digital Demat account. Get live insights detailing the trade market. One account is there to manage and monitor your stocks including mutual funds. Very easy way to open an account. You can even invest in digital gold. Pros: Zero commission investing. Invest as low as possible (rupee1). You can trade from anywhere in the world. Cons: Some users use to complain about crashes of heavy market movements.

2. Angel Broking

Top Features: Angel broking gives you a vast range of trading options. You don't need to give your details in each of the transactions. The account opening process is 100% online. No language problem, available in English as well as in Hindi language. Get your portfolio managed by the market experts. Get a ready-made portfolio. Pros: Zero brokerage is required in all segments. Free equity delivery trade for a lifetime. Fractional investment is available. Readymade and curated portfolios. No account management charges for the first year. Cons: The customer service is reported to be not up to the mark by the users.

3. 5 paisa

Top Features: 5 paisa lets you trade in mutual funds, gold, commodities, and even US stocks. Important market research tools are available. Portfolio analysis tools are also available. Learning is available about the market through simplified courses. Also lets you open a joint Demat account with three members. Pros: No commission is required on mutual funds’ investments. Learning tools are very helpful. Market research is there which is very important. Portfolio analysis tools. Cons: Server issues peak in between the hours of trading. Trading through calling is pretty costly. Some more famous platforms are - Groww IND money Zerodha Sharekhan IIFL Motilal Oswal HDFC Securities Kotak Securities ICICI Direct Demat Account Religare SBICAP Securities Demat Account Axis Direct SAS Online

Conclusion

All of the options mentioned above are good to start investing your money and time but still, if you magnify on the positives 5 platforms are absolutely fine to open a Demat account securely - 1. Upstox 2. Angel One 3. 5 paisa 4. Groww 5. IND money Next Read the full article