Choice Broking Review 2023: Is A Scam?

Choice Broking Review

Table of Contents

In this comprehensive and up-to-date Choice broking review, we’ll look at Choice Broking, an online trading & premium services provider that has made a name for itself thanks to several features that allow it to stand out from the competition. So, let’s start the detailed Choice Broking Review 2023.

Choice Broking is a subsidiary of Choice International Limited, a publicly listed financial service-providing company. The establishment of this firm dates back to 1992, making it one of the oldest and most trusted brokerage companies in India. 

In 2010, the company got SEBI and equity & commodity trading licenses to offer services like trading in Equity, Derivatives, Currency, Commodities, Mutual Funds, Wealth Management, Portfolio Management, Insurance, and loans against stocks.

As promised, throughout this Choice Broking Review, we will analyze in detail the features, advantages, and limitations of this leading brokerage platform. In the meantime, let’s start with a quick overview table where we can get to know this broker in summary:

Website www.choiceindia.com
Headquarters Andheri East, Mumbai, Maharashtra 400099
Services Trading, Wealth Management, Loans, Tax Advisory
Customer Support 24×6 via Phone and E-mail
Mobile Application Investica & Jiffy

What Is Choice Broking?

The choice is a multi-service brokerage platform that offers services beyond just trading. Ever since getting equity & commodity broking and SEBI licenses in 2010 and 2011, respectively, the platform has evolved to offer comprehensive services, including 

  • Equity Trading (Intraday, Delivery, Options & Futures)
  • Forex Trading (Options & Futures)
  • Commodities Trading (Options & Futures)
  • Wealth Management
  • Insurance
  • Loans
  • Capital Advisory
  • Tax Advisory
  • Management Consultancy
  • Government Advisory

Considering the services & available features, terming Choice a trading platform would not be enough. It can be said to be a complete solution to all trading, investing and wealth-related services. 

Is Choice Broking Legal In India?

The choice is a legal and SEBI-registered equity brokerage platform. For other services, the company has different business entities, which are well-regulated by the following regulators & market watchdogs: 

  • Choice Equity Broking Private Limited: SEBI Reg No. Broking – INZ000160131 
  • Choice Wealth Private Limited: Registered Mutual Fund Distributor license from the Association of Mutual Funds in India with registration number – ARN – 78908.
  • Choice Finserv Private Limited: NBFC-registered with no: N – 13.02216
  • Choice Insurance Broking Private Limited: IRDAI License No: 167
  • Member of BSE – 3299; NSE – 13773; MSEI – 73200; MCX – 40585 and NCDEX – 01006.

Choice Broking Review: Insights Into Available Products & Services

As a multi-asset and multi-service platform, Choice offers a range of customer-oriented products, which range from trading and investing to wealth management & Insurance. In this section of the Choice Broking review, let’s take a look at the available services & products:

Trading

  • Equity Trading
  • Currency Trading
  • Commodities Trading
  • Futures Trading
  • Options Trading

Equity Broking

  • Initial Public Offerings (IPOs)
  • Portfolio Management Services
  • Financial Planning
  • Bonds & Derivatives
  • Mutual Funds

Wealth Management

  • Asset Allocation
  • Investment Products
  • Risk Management
  • Estate Planning

Insurance

  • Health Insurance
  • Commercial Insurance
  • Life Insurance
  • Vehicle Insurance

Loans

  • Personal Loans
  • Business Loans
  • Home Loan
  • Loan against Securities

Capital Advisory

  • Investment Banking
  • Corporate Finance
  • Merchant Banking
  • IPO Readiness

Management Consultancy

  • Business & Transaction Advisory
  • Governance, Risk & Compliance
  • Taxation
  • Corporate Services

Government Advisory

  • Research & Survey
  • Bid Process Management
  • Policy Formation & Advisory
  • Monitoring & Evaluation

Tax Advisory

  • Direct Taxation
  • Indirect Taxation
  • International Taxation

What Are Brokerage Charges In Choice Broking?

The brokerage and transaction charges of Choice broker vary depending on the instrument you choose to trade in. This section of the Choice Broking review will shed light on the brokerage and other charges of using the platform. 

Charges Intraday Delivery Futures  Options
Equity Trading
Brokerage  0.02% 0.02% 0.02% Rs. 25 per lot
STT 0.025% on sell 0.1% on buy & sell 0.01% on sell side
  • 0.053% on sell (on premium)
  • Options: 0.125% on (Settlement Price * Quantity) 
Transaction Charges NSE/BSE: 0.00345% NSE/BSE: 0.00345%
  • NSE: 0.002%
  • Clearing charge: 0.0005%
  • NSE: 0.05%
  • Clearing charge: 0.002%
GST 18% on (Brokerage + Transaction Charges) 18% on (Brokerage + Transaction Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges)
SEBI Charges ₹ 10 / crore ₹ 10 / crore ₹ 10 / crore ₹ 10 / crore
Currency Trading
Brokerage  0.02% ₹ 20 per Lot
STT No No
Transaction Charges
  • NSE Trans. Charges: 0.0009%
  • Clearing charge: 0.0005%
  • NSE Trans. Charges.: 0.035% 
  • Clearing charge: 0.002%
GST 18% on (Brokerage + Transaction Charges + Clearing Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges)
SEBI Charges ₹ 10 / crore ₹ 10 / crore
Commodities Trading
Brokerage  0.02% ₹ 50 per Lot.
STT 0.01% on sell
  • 0.05% on the sell side. 
  • In case of Options Exercise 0.125% on (Settlement Price * Quantity)
Transaction Charges
  • Exchange txn charge: 0.0026%
  • Clearing charge: 0.0003% 
  • RMS Charge 0.005% 
  • Exchange txn charge: 0.05%
  • Clearing charge : 0.002%
GST 18% on (Brokerage + Transaction Charges + Clearing Charges) 18% on (Brokerage + Transaction Charges + Clearing Charges)
SEBI Charges ₹ 10 / crore ₹ 10 / crore

Choice Demat Account Charges Review

Transaction Charges
Demat Account Opening Charges Rs 0
Annual Maintenance Charges (AMC)
  • For Individuals: Rs 200 Per Year + GST
  • For Corporates: Rs 1000 + GST
Transaction Charges per ISIN (Market Trades)
  • Buy (Receive) – Rs 0
  • Sell (Debit) – Rs 10 + GST for every debit transaction
Inter Depository Transfer (Off-Market Trades):
  • Buy (Receive) – Rs 0
  • Sell (Debit) – 0.02% subject to minimum of Rs 10 per instruction + GST
Demat (Per certificate) Rs 25
Remat (Per ISIN) Rs 25 per 100 Securities
Pledge Creation 0.02% or Rs 50 whichever is higher
Unpledge per ISIN 0.02% or Rs 50 whichever is higher
Pledge Invocation per ISIN 0.05% or Rs 100 whichever is higher
Every Additional Booklet Rs 100
Failed Transactions Rs 10 per instruction + GST

Choice Broking Margin Exposure

The margin ratios offered by the platform vary on the trading instruments you choose to trade in. Let’s take a look at available leverage ratios: 

  • Equity Delivery Margin – 2x 
  • Equity Intraday Margin – 6x
  • Equity Futures Margin – 1.3x
  • Equity Options Margin – 1.3x
  • Currency Futures Margin – 1.3x
  • Currency Options Margin – 1.3x
  • Commodity Futures Margin – 1.3x
  • Commodity Options Margin – 1.3x 

How To Open A Choice Broking Account Online?

Before starting the Choice trading platform, you’ll need a demat account first. The account opening process of the platform is both online and offline. To open a free demat account, follow the steps given below –

  • Visit the official website and click on the ‘open A Free Demat Account’ icon. Fill out the application form and click on the ‘Submit’ button. 
  • After that, upload the KYC documents such as Aadhar card, PAN card, identity proof, age proof and photograph.
  • Upon submission of the documents, you’ll receive a call from the company’s agent for offline verification. After in-person verification, your account will be activated soon. 
  • Sign in with your Choice Broking login credentials. 

Choice Broking  Trading Platforms & User-Interface

The brokerage offers services through two proprietary platforms: FinX for trading and Investica for investing. The FinX app was previously known as Jiffy Choice Broking App. Let’s take a look at each app’s offerings and features:

Choice FinX App

  • Available for iOS & Android
  • Real feed from Indices
  • Charting with Technical analysis indicators
  • Payment integration with 27+ banking institutions
  • Multiple watchlists
  • Tips & Research reports
  • After Market Orders (AMOs)

Choice Investica

  • Optimal user interface & decent design
  • Invest in multiple segments
  • Customized News Alerts
  • Real-time charting
  • Multiple Orders – After Market Orders (AMOs)

Does Choice Broking Offers Research Support?

The brokerage platform has a decent offering of research tools; however, it lacks at offering educational support for its users. Here’s a list of available research tools: 

  • Economic Analysis
  • Company Fundamentals
  • Industry Analysis
  • IPO/NFO Analysis
  • Signal
  • Calculator
  • Fables

Choice Broking Refer and Earn Program?

The broker’s referral program is lucrative and allows its existing users to earn money by inviting friends to download the FinX app. The referral amount of Rs. 100 will be credited immediately when your friend places their first trade on the platform. 

Here’s how a Choice referral sign up bonus work: 

  • Sign up on the platform and generate your unique referral link. 
  • Share the link with friends and ask them to register. 
  • Get paid to refer. 

Customer Support Services Of Choice Borking?

Customer support services are available online and offline; however, the overall experience of the services is not in line with what we expected. 

To get instant help from the support team, users can contact Choice customer care via

Choice Broking Best Alternatives To Consider

The three best alternatives to a Choice broker are as follows. Compare them to choose the best among them.

Choice Broking vs Zerodha

Features Choice Zerodha
Broker Types Full Service Discount Broker
Trading Account Opening Fees Rs 200 + Rs 500 for PoA Rs 200 for online and Rs 300 for offline
Demat Account Opening Charges 0 Rs. 100
Demat Account AMC 0 Rs. 300
Brokerage Rs. 10 per trade 0.01% or Rs. 20 per trade  

Choice Broking vs Upstox

Features Choice Upstox
Broker Types Full Service Discount Broker
Trading Account Opening Fees Rs 200 + Rs 500 for PoA Rs 150
Demat Account Opening Charges 0 0
Demat Account AMC 0 Rs. 150
Brokerage 0.01% or Rs. 20 per trade Rs. 20 per executed order

Choice vs InvestFW

Features Choice InvestFW
Broker Types Full Service Forex & CFD
Trading Account Opening Fees Rs 200 + Rs 500 for PoA Free
Demo Account No Yes
Tradable Instruments Equity, Commodities & Currencies Forex, Commodities, Stocks, Indices, Cryptocurrencies
Brokerage 0.01% or Rs. 20 per trade Spreads starts from 0.7%

Choice Broking: Pros & Cons

Pros Cons
Broad Range of Investing Instruments Lack at offering Crypto and Indices trading
Dedicated Apps For Investment & Trading MT4 & MT5 Platforms Not Available
Instant Account Opening
Prompt Customer Service
Generous Referral Program

Conclusion

The deep analysis of this detailed Choice Broking Review suggests the platform is a complete solution to all trading & investing needs. The brokerage charges are in line with industry standards, the regulations are well and good, the user interface is exceptional and the referral program is generous. 

However, the biggest drawback we experience in the platform is its limitation to stock, currency and commodities trading. So, for a professional trader, it is a big no. Instead, you should opt for a better and complete trading platform – InvestFW. The broker offers CFD trading on 250+ underlying assets and a free demo account to practice. 

FAQs

What Is A Choice Broker?

Choice is a multi-service brokerage platform that offers trading and investing services and advisory services ever since getting equity & commodity broking and SEBI licenses in 2010 and 2011, respectively. 

Is Choice Broking Registered With SEBI?

The subsidiary of Choice International Limited – Choice Equity Broking Private Limited, is registered with SEBI (Reg No. Broking – INZ000160131). Additionally, the platform is a member of BSE – 3299; NSE – 13773; MSEI – 73200; MCX – 40585 and NCDEX – 01006.

How Do I Cancel My Choice Broking Account?

To delete your choice trading account, you’ll need to contact customer support via e-mail or phone. The support team will then raise an account deletion request, which will take 3-5 business days to complete.

Who Is The Owner Of Choice Broking?

Choice Broking is owned and operated by Choice International Limited. Meanwhile, Sumeet Bagadia is the co-founder and Executive director of the company. 

How To Open Choice Broking Account Online?

To open a free demat account on the Choice broker, follow these simple steps: 

  • Visit the official website and click on the ‘open A Free Demat Account’ icon. Fill out the application form and click on the ‘Submit’ button. 
  • After that, upload the KYC documents such as Aadhar card, PAN card, identity proof, age proof and photograph.
  • Upon submission of the documents, you’ll receive a call from the company’s agent for offline verification. After in-person verification, your account will be activated soon. 
  • Sign in with your Choice Broking login credentials. 

How Is Choice Broking?

Choice is a multi-specialty brokerage platform that allows users to trade, invest and get advisory services all in one place. Overall, the platform is a great option for both beginners and professionals. 

How Does Choice Broking Work?

The broker offers a platform where investors can easily invest, while traders can trade in all major financial markets, including Forex, Commodities and equities. For these services, it charges a fee called Brokerage charges.

How To Transfer Funds To Choice Broking?

The platform supports plenty of payment methods to transfer funds, including bank transfers, UPI, RTGS, NEFT and bank cheques. 

How To Close The Choice Broking Account Online?

There is no option for closing an account online; you only need to contact customer support and raise a request with them. The average time for an account closure application is 3-5 business days.

How Do I Open A Choice Broking Account?

The account opening procedure in the Choice platform is quite easy and quick; all you need to do is follow the below-mentioned steps:

  • Visit the official website and click on the ‘open A Free Demat Account’ icon. Fill out the application form and click on the ‘Submit’ button. 
  • After that, upload the KYC documents such as Aadhar card, PAN card, identity proof, age proof and photograph.
  • Upon submission of the documents, you’ll receive a call from the company’s agent for offline verification. After in-person verification, your account will be activated soon. 
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