Choice Broking is an India centric full-service service broker from Mumbai. They have been serving their clients well over two decades. In fact, they do not compete in the line of the old brokerage houses in India.
And, yet they’ve grown to become a stock broking giant. Speaking of which, they’ve recently acquired Indiatrade and the NG Rathi Group.
Now, that’s one really big step for a brokerage firm established about two decades back. And, as far as today’s article is concerned, we’ll establish a detailed review.
We’ll review them for all of their services, products and service charges. And, this review will be of help in educating you all about the operations of the company.
|Choice Broking Highlights|
|Broker Type||Full Service Broker|
|Demat Account AMC||Free|
|Margin Required||Minimum Rs.5,000|
What do you know about Choice Broking?
Kamal Poddar established Choice Broking in the year 1992. They had their first office located in Mumbai, Maharashtra. As mentioned above, they’ve recently acquired the brokerage giants like NG Rathi group and Indiatrade.
They have been really zealous about their work in the past. However, the main reason for their success is their determination to grant the best services to their clients.
They provide extensive research and advisory. However, they still advise the clients to make their own research especially in the fundamental division.
They have over 400 branches all over the country. Furthermore, they even have around 1100 franchises to support the business.
|About Choice Broking|
|Know few details about Choice Broking|
|Which type of Company is it? – Public / Private||Private|
|Which type of Broker is it? – Full Service / Discount||Full Service Broker|
|Where is the registered office of Company Located?||Mumbai, Maharashtra|
|Who is the Founder of this Company?||Kamal Poddar|
|When did the company started?||1992|
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What are the various Demat Account Opening Charges levied by Choice Broking?
It’s obvious to be impressed by them after all the information we’ve given. However, you must know certain things before getting your hands on Choice Broking Demat Account.
We’re referring to the ways of their operation. You must even understand about their services and charges. So, let’s begin with the account opening charges they levy.
They basically charge Rs. 250 for a new Demat Account. And, that’s it. They don’t ask the clients any money for Demat or Trading AMC.
However, the clients must keep a minimum margin money balance of Rs. 5,000. The company accepts all the payments through CSDL and NSDL.
|Choice Broking Demat Account Opening Fees|
|Check out the various fees charged for Opening a Demat Account with Choice Broking|
|Which is the Depository Participant involved?||CDSL & NSDL|
|What are the Demat account opening charges?||Rs.250|
|How much is the Demat AMC?||Free|
|What is the Trading AMC?||Free|
|What is the initial Margin amount required?||Minimum Rs.5,000|
|Is dematerialization available?||Yes|
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Does Choice Broking provide any Offers to their Clients?
Choice Broking offers great deals doe the clients. Now, these offers or deals are beneficial both ways.
We’re referring to their usefulness for clients as well as the company.
They grant a great deal of ease for the clients. This is done through a bit of charge relaxations. On the other hand, the company benefits by retaining clients.
Anyway, here’s the list of all the offers granted by Choice: –
- It provides free Demat and Trading Account related offers.
- They have offers related to Discount on Brokerage.
- Choice Broking grants a month worth of free brokerage.
- They even grant their clients with referral offers.
|Choice Broking Offers|
|Here are the various offers provided by it|
|Does the broker provide Free Demat A/C offer?||Yes|
|Does the broker provide Free Trading A/C offer?||Yes|
|Is this broker offers Discount on Brokerage?||Yes|
|Does the broker offer Happy hour trading to their clients?||No|
|Is the broking house provides flexible brokerage plan?||No|
|Does the broker offer 1 month Free brokerage?||Yes|
|Is the Holiday offers provided by the broker?||No|
|Are there any referral offers shared by the broker?||Yes|
|Zero Brokerage for Loss Making Trades||No|
What are the Brokerage Charges levied by Choice Broking on various Segments?
Choice Broking is rather rigid about granting A-class services to clients. That means hiring great employees. And, that in turn requires a lot of investments on their end.
This is the reason why they charge their clients strictly. Here’s a list of Choice Broking’s brokerage charges: –
- The company pursues a charge of 0.33% for all Equity Delivery services.
- It pursues a charge of 0.03% for all Equity Intraday services.
- It pursues a charge of 0.03% for all Commodity Trading services.
- Choice Broking pursues a charge of 0.03% for all Equity Futures services.
- They pursue a charge of 0.03% for all Currency Futures services.
- The broking house pursue a charge of Rs. 30 per lot for Currency Options.
- Company pursues a charge of Rs. 20 per lot for Equity Options.
- The clients must maintain minimum margin money balance at Rs. 5,000.
- However, the minimum broker per order depends on the percentage of transaction.
|Choice Broking Brokerage Charges|
|Here you will find details of brokerage levied by Choice Broking on all segments|
|What are the Equity Delivery Charges?||0.33%|
|What are the Equity Intraday Charges?||0.03%|
|How much brokerage charged for Commodity Trading?||0.03%|
|What is the brokerage on Equity Futures?||0.03%|
|How much brokerage charged for Equity Options?||Rs.20 per Lot|
|What is the brokerage on Currency Futures?||0.03%|
|What is the brokerage on Currency Options?||Rs.30 per Lot|
|How much is the Minimum Brokerage requires?||Percentage of Transaction|
|What is the Demat AMC?||Free|
|How much is the Trading AMC?||Free|
|What is the Minimum Margin Required?||Minimum Rs.5,000|
Does Choice Broking levy any other charges apart from Brokerage?
Choice Broking’s broking charges are just one part of the entire deal. They even charge a substantial amount for tax related matters. Here’s how they pursue that: –
- They levy 0.00285% for transaction charge purpose.
- Broking company levies 0.0126% of total turnover as STT charges.
- Choice Broking levies 0.0002% of total turnover as SEBI transaction charge.
- It levies 18% GST on transaction as well as brokerage charges.
- They even charge some amount for Stamp Duty purpose. This amount is a subject to the state where transaction occurs.
|Choice Broking Charges|
|Get deep understanding of all other charges levied by it|
|How much is the Transaction Charges levied?||0.00285%|
|What are the STT charges?||0.0126% of Total Turnover|
|What are the SEBI Turnover charges?||0.0002% of Total Turnover|
|How much is the Stamp Duty levied?||Depends on State (very minimal)|
|How are the GST charged?||18% of (Brokerage + Transaction Charges)|
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What is the Limit or Exposure offered by Choice Broking?
Choice Broking has been known for their generousness for years. We’re referring to their habit of extending trading exposure.
They do so for the good of the clients. And, these extensions help the clients gain extra profit.
The clients can basically buy more stocks with less investment through these. And, that’s where the profit comes in. So, here’s the list of the extensions: –
- The company grants upto 3 times exposure of Equity Delivery.
- The broking house grants upto 5 times exposure on Equity Intraday.
- It does not grant any exposure on Equity Futures.
- Choice Broking grants upto 5 times exposure on Equity Options.
- It grants upto 2 times exposure on Currency Options.
- The company does not grant any exposure on Commodity Trading.
|Choice Broking Exposure or Leverage|
|Here you will find the exposure or limit provided by Choice Broking|
|How much is the limit on Equity Delivery?||Upto 3X|
|What is the limit on Equity Intraday?||Upto 5X|
|How much is the limit on Equity Futures?||Upto 1X|
|What is the limit on Equity Options?||Upto 5X|
|What is the exposure on Currency Futures?||Upto 2X|
|How much is the leverage on Currency Options?||Upto 6X|
|What is the limit on Commodity Trading?||Upto 1X|
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How to Open Choice Broking Demat & Trading Account?
Now that we’ve described almost every aspect of the company, it’s time to move ahead. We’re referring to the process of Choice Broking Demat Account opening.
Therefore, we’ve mentioned the entire process in steps below. And, all you need to do is follow them one step at a time. So, here’s how it goes: –
- The first step you need to take is find a button. We’re referring to the one you can find at the end of this section. It must contain the words ‘Open Demat Account’ inscribed on it.
- Next you’ll have to click the button. Doing this will pop up a new page on your screen. And, this page will have a form with many blank spaces.
- You must fill up the form with all the relevant information. The information you provide must even be verifiable.
- Once you fill it up, you must submit the form along with some other documents.
- We’re referring to the documents to verify your age, address, identity and income. You’ll need these for that purpose: –
- Copy of your PAN Card.
- Adhaar Card / Voter’s ID Card- Copy
- A copy of your bank account statement.
- Once submitted, you’ll receive a call on behalf of the company. The representative will grant you advisory through the further steps.
- As soon as everything is verified, you’ll get the access to your new account.
What are the various Trading Platforms provided by Choice Broking?
Choice Broking has developed several platforms for the sake of their clients. All the platforms are developed for specific purposes. And, each of them caters to a totally different type of client. Nevertheless, they are all available to be used by all clients. Here’s the list of all the trading platforms they’ve developed: –
Choice Broking Trading Terminal: Choice Broking Odin Diet
Choice Broking deems it unnecessary to develop an in-house platform for this purpose. On the contrary, they rely on the Odin Diet platform. It’s fundamentally a third-party trading platform that’s been in market since 1998. It was developed by Financial Technologies in that year. And, irrespective of its prolonged sustenance, it gets regular updates.
In fact, the platform has evolved drastically in the past 20 years. It allows trading across various indices and exchanges. And, by various, we mean NSE, BSE, MCX and even NCDEX. The minimum hardware requirements are even fascinating. It can function in an OS as old as Windows XP / Vista.
The least processor requirement is Intel Core 2 Duo E 8400. This processor comes with 6 M cache, 3.00 GHz, 1333 MHz, FSB. The least RAM requirement for it get installed is 1 GB. And, the least ROM size it prefers is 80 GB STAT HDD.
Choice Broking Web Trading Platform: Choice Broking Investica
Choice Broking has developed an in-house platform for this purpose. Its known as Choice Investica. The primary purpose of making this platform is rather simple. It seeks to provide extensive yet easy access. Moreover, its connected to the main database of the company. And, thus it even grants almost all the Trading and Demat related operations.
Choice Broking Mobile App: Choice Broking Jiffy App
Choice Broking Jiffy App is a newly launched app from choice broking. It works both on Android & iOS devices. This app is one of the best products launched by the company. They are heavily relying on this app to change the game for them. This app is very stable & works really smooth.
|Choice Broking Trading Platforms|
|Here you will find all the important trading platforms available with it|
|Do they have Trading Terminals for Windows?||Yes|
|Do they have Trading Terminals for Mac?||Yes|
|Are they providing Web Trading Platform?||No|
|Do they have Mobile Web Platform?||No|
|Does this broker provide Mobile Trading App for Android?||Yes|
|Does this broker provide Mobile Trading App for iOS?||Yes|
|Are they having Mobile App for Windows OS?||No|
|Do they have Mobile Trading App for Other OS?||No|
What are the features available in Choice Broking Trading Applications?
Choice Broking has developed many trading platforms for the clients. however, we’ll rather focus on the main two platforms. So, here’s the details about their features: –
Choice Broking Trading Terminal: Choice Broking Odin Diet Features
- It comes with a feature called Market Feed and Order Management. This enables the users to execute several actions across different segments through a single screen.
- It can be used by the users for setting up customized alerts. Even conditional alerts for scrips and options can be formulated.
- It comes with an acute sense of security. Odin Diet has integrated security measures like 128 Bit SSL encryption. The platform even comes with a 2-factor authentication process for enhanced data safety.
- It’s been integrated with multiple analytical tools like Greek Market Watch, Resistance Watch, Heat Maps, Retracement Calculator and more.
Choice Broking Web Trading Platform: Choice Broking Investica Features
- It has been developed with a simplistic UI. This ensures optimal user experience.
- This can be used by the clients to trade across several segments.
- It comes with the ability to display real time live news feed for market occurrences.
Choice Broking Mobile App: Choice Broking Jiffy App Features
- Jiffy App has very decent UI & UX
- The app has the ability to showcase live feed across multiple exchanges and indices simultaneously.
- This platform enables easy and hassle-free bank transactions across the country through a network of 40 banks.
- It even can be used to seek real time charting features.
- Jiffy App comes with a special ordering feature called the AMO (After Market Order). This can be used to place orders even after the market closes.
|Choice Broking Trading Application Features|
|Here you will find various features available in Trading Platforms provided by Choice Broking|
|Are these platforms capable of Real time Updates?||Yes|
|Do these Applications provide Portfolio Details?||Yes|
|Are this software’s providing Online MF Buy?||Yes|
|Do these platforms have News Flash?||Yes|
|Are these platforms providing Research Reports?||No|
|Are these platforms Easy to Install & use?||No|
|Do these Apps have Global Indices?||Yes|
|Are these platforms having Stock Tips?||Yes|
|Do this software’s provide Personalized Advisory?||No|
|Are these platforms capable of Interactive Chartings?||No|
|Do these Apps provide Live Markets data?||Yes|
|Do they provide SMS Alerts?||No|
|Are they providing Email Alerts?||Yes|
|Do these platforms has Multi Account Management solution?||No|
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What are the various Products provided by Choice Broking?
Choice Broking products are recognized to be some of the best by their clients. And, we’ve mentioned all of their products in the list below: –
- Equity Trading
- Currency Trading
- Options Trading
- Commodity Trading
- Futures Trading
- Mutual Funds
|Choice Broking Products|
|Here are the various products provided by it|
|Does the broker allow Equity Trading?||Yes|
|Does the broker allow Commodity Trading?||Yes|
|Do they have Currency Trading product available?||Yes|
|Do they provide Options trading?||Yes|
|Are the clients allowed to trade in Futures?||Yes|
|Do they have Mutual Funds as product?||Yes|
|Does the broker allow Forex trading?||No|
|Does the broker have Banking products?||No|
|Is SIP allowed by the broker?||Yes|
|Do they have Insurance as a Product?||Yes|
What are the various Services offered by Choice Broking?
There are certain Choice Broking broking services you should know of. These services are established to help the clients after all. Anyway, here’s the list: –
- Choice Broking grant the clients facilities related to Trading and Demat.
- They grant their clients facilities related to Intraday.
- It also their clients facilities related to IPO.
- They even grant trading exposure of upto 5 times the average mark.
|Choice Broking Services|
|Check out the various services provided by Choice Broking|
|Does the broking house provide Demat Services?||Yes|
|Does the broking house provide Trading Services?||Yes|
|Do they have 3 in 1 Account i.e. Demat, Trading & Savings A/C?||No|
|Do they provide Intraday Services?||Yes|
|Are they offering IPO Services to the client?||Yes|
|Do they have Stock Recommendations available?||No|
|Are they providing tools for Robo Advisory?||No|
|Does the broker provide PMS?||No|
|Do they have Trading Institution available?||No|
|What is the Trading Exposure this broker provides?||Upto 5X|
Does Choice Broking provide Research & Advisory to their clients?
Now this is the interesting part. There are several Choice Broking advisory services that he;p ease the trading process for clients. some of them are: –
- Free Stock Tips
- IPO Reports
- Top Picks
- Daily Market Reports
- Monthly Reports
- Weekly Reports
- Offline Advisory
- Relationship Manager
|Choice Broking Research, Advisory & Stock Tips|
|Here are the various research activities done by it|
|Does the broker shares Fundamental Reports?||No|
|Does the broker shares Research Reports?||No|
|Do they provide Company Reports to their clients?||No|
|Are they analysing Annual Reports of Companies?||No|
|Do they share Company Stock Review?||No|
|Are they sharing Free Stock Tips to their clients?||Yes|
|Do they analyze & share IPO Reports?||Yes|
|Does the broking company provide Top Picks?||Yes|
|Are they sharing Daily Market Review?||Yes|
|Do they have Monthly Reports?||Yes|
|Does the broker provide Weekly Reports?||Yes|
|Are they having Offline Advisory?||Yes|
|Do they provide Relationship Manager to clients?||Yes|
What are the Customer Care details of Choice Broking?
Choice Broking even has a good customer care service established. Their services include: –
- Proactive support related to online and offline trading.
- Support throughout 24*7 days.
- They provide these services through 480 branches.
|Choice Broking Customer Support|
|Let’s have a better understanding of Customer Care Service of Choice Broking|
|Are they providing Dedicated Dealer to their clients?||No|
|Do they allow Offline Trading?||Yes|
|Do they have facilities for Online Trading?||Yes|
|Are they providing 24*7 Support?||Yes|
|Does this broker provide Email Support?||No|
|Is this broker having Chat Support?||No|
|How many Branches the stock broker has?||480|
Are there any Complaints filed against Choice Broking by their clients?
Choice Broking did not receive many complaints last year. In fact, they merely got 2 and 15 complaints against them in the BSE and NSE.
However, they’re amongst the few brokerage houses to resolve every complaint against them.
|Choice Broking Complaints|
|Here you will know about the Complaints lodged against it|
|What is the total number of Complaints Lodged in BSE?||2|
|How many of these complaints have been Resolved in BSE?||2|
|What is the total number of Complaints Lodged in NSE?||15|
|How many of these complaints have been Resolved in NSE?||15|
What are the Advantages / Benefits of Choice Broking Trading Account?
Few benefits of having a Choice Broking trading account are: –
- Provision of active support through a huge network of branches and franchises.
- Extremely high chances of uber-satisfactory service provision.
What are the Choice Broking Review & Ratings as per their Customer?
Choice Broking ratings according to a total of 152 anonymous reviewers are: –
- 9/5 for their broking advisory and market research capabilities.
- 4/5 for the kind of charges incurred by them.
- 1/5 for the products and services they have to offer.
- 3/5 for the performance of their trading platforms.
- 9/5 for the experience they have in their business.
- 3.2/5 on an average for the kind of discount broker they are.
|Choice Broking Ratings & Reviews|
|We are looking at Companies Ratings on various parameters|
|Stock Market Research & Broking Advisory||2.9/5|
|Brokerage & other Charges like – Turnover, Transaction Charges etc.||3.4/5|
|Types of Products & Services the Brand provides||3.1/5|
|Performance Mobile App, Trading Terminal & Web Trading Platform||3.3/5|
|Experience in the Broking Business||2.9/5|
|Total Avg. Rating of Broking House||3.2/5|
|Star Rating of given to Stock Broker||★★★☆☆|
|Number of People Contributed to these Ratings||152|
Choice Broking Conclusion
Now that you’ve read all about Choice Broking. We’re sure you do not have any doubts as with trusting their services.
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