For any trader in the stock market, a helping hand is much required. Many times people get confused about whom to ask for help in trading. A broker is the best supporter in the market as he deals in it regularly. However, here one has to see that he can be of any help only if there is an account with him. The trader can go for an online or offline account. Usually one does not know much about any of them and hence choose any of them as per references,given by others. Here one must understand the difference between both of these accounts before choosing any of them.
The type of accounts:
For a trader, it is much important to choose the right type of account. In the offline account, he can expect the help from the broker. Such an account can be easily opened with any of the best stock brokers in the market. Both the accounts, offline as well as the online account has its benefits as well as limitations that one needs to think over. Here are some major differences of both of these accounts provided on the basis of which one can decide. One needs to look into the depth of benefits and limitations and compare the same with his profile so that he can conclude rightly.
- Online account: An online account is one which the client needs to operate on his own. In simple terms, it means one needs to have own resources such as a computer and an internet connection before going for this account. The trader can trade on his own or hire someone to operate the software as per his instructions. Here the trader can have complete command on trading and can act as per his speed and available opportunities. Here the rate of the broker may be lower as the trader needs to take the onus of trading on himself. The best part of this type of trading is the trader can promptly hit the trade whenever he feels to buy or sell the shares. He does not need to depend on an operator. He can also have complete command on his account and know the available credit also. For a trader who does the trading as a full-time activity, this is the best account.
- Offline account: The offline account is for a trader who does not have time to go for the online account as during market hours he is busy in his activities. In this type of account, the trader needs to instruct the bolt operator on a phone call,and he buys or sells the shares as per the instructions of the client. In this type of account, the best thing is one does not need to have any computer or smartphone also still he can trade. He can also instruct the operator to set various limits and inform him once the concerned limit is hit during the session. In case of any position at the day end, the operator asks him if he wants delivery or square off the position.