Choice broking is one of the leading brokerage firms in India. This is a full-service broking firm that has ranked in the list of major broking houses. They provide end-to-end Choice Broking Demat account services.
The company was started in 1992 which means it has already been in the market for two decades. The main headquarters of the company is in Mumbai, Maharashtra, which has been overseen by Mr. Kamal Poddar.
The company is an active member of the many national exchanges such as the BSE, NSE, MCX, NCDEX, and MCX-SX. They also act as the depository participant for CDSL. Talking about the branches, it has settled its branches across 18+ different locations in the country, which makes it easy to access.
This article will provide complete information about how to open a Demat account in Choice Broking and why to choose this company over others. This will also cover all the charges attached to the company, including the Annual Account Maintenance charges, account opening charges, and any other charges.
- Choice Broking Demat Account
- Know- How to Open Demat Account in Choice Broking?
- Choice Broking Demat Account Conclusion
- Choice Broking Trading Platforms
Choice Broking Demat Account
Like every other brokerage firm, the Choice Broking Demat account has its benefits. The benefits aren’t limited to the finances, but there are other benefits that the company grants to their customers. This will cover all the benefits they give to their customers as mentioned below.
● Choice Broking charges a minimum amount for the account opening, which is Rupees 250, comparatively less than the other competitors in the market.
● The best offer company provides free Account Maintenance Charges (AMC). In short, the AMC is free if you open an account with a Choice Broking firm. This helps in taking complete advantage of the services without even paying for them.
● Another benefit that the company provides is the low-margin money requirement. Usually, the bigger brokerage firms charge a high margin value, but Choice Broking has a lower one.
● The company gives out discounts now and then on the overall brokerage charges, which are a relief for the customers who look for the cheaper and the best options.
● The company has exciting and flexible referral offers that help in additional money-earning.
Know- How to Open Demat Account in Choice Broking?
As discussed above, the benefits to open a Demat account in Choice Broking and how you can open a Demat account in Choice Broking. Here is the step-by-step process of opening a Demat account and enjoying the services provided by the firm.
1. You need to search for the website and visit the website. After visiting the website, a pop-up for opening a Demat account will appear.
2. Once you easily locate where the button is clicked on it, another pop-up will appear, with the sections related to all the needed details, which are the primary contact details.
3. After filling in all the required details, you will be receiving a call from the customer care executives, who will receive your basic contact details. After this, they will be sharing the EKYC form.
4. After this, you need to have a complete look at the form before proceeding. The sole purpose is to get exclusive insight into the document required in filling the form. Be Familiar with all the details of the Aadhaar number, PAN number, Date of birth, Bank account number, and IFSC code; begin to fill it up.
5. You need to verify the details of the provided documents and the information provided in the form. You need to upload all the scanned copies of your documents with the form that is:
○ Passport-sized photograph
○ AADHAAR Card
○ Canceled cheque
○ PAN Card
6. After submitting all the documents mentioned above, you need to sign in using the aadhar card.
7. After finishing up the document submission process, you will get a call from the representatives. This will be the almost final step of the registration process.
8. After this, you will get all the access to your new Demat account. This whole process will take a few hours, less than a day.
9. Choice Broking Demat Account Charges
|Depository Participant||CDSL & NSDL|
|Account Opening Charges||Rs.250 + GST|
|Margin Required||Minimum Rs.5,000|
As clear above, the choice Broking account opening charges are just a one-time payment which is only a sum of Rs.250 + GST. They have different policies regarding the AMCs for the interested clients.
Choice Broking AMC or Annual Maintenance Charges
The annual maintenance charges charged by the company are subjected to incursion, which is according to the company Policies. The charges are usually taken on behalf of the R&D requirements for the Demat and Trading account. It depends on the company if they want to provide the services for free or not.
Yes, the AMC charged by the company is zero. The company provides the services for free. Thus no AMC is set by the clients. This means one can enjoy all the benefits for a lifetime with just a free Demat and trading account.
Choice Broking Trading Account
Talking the trading account by Choice Broking is much similar to the Demat account issued by the company. Talking about the benefits that come with the trading account are:
● If you have a trading account with Choice Broking, you can easily trade across the various sectors. The sectors covered include Options, Futures, Mutual Funds, Equity, Currency, Commodity, SIPs, and Insurance.
● The exposure offered by trading with the company is around 5 times the average rate.
● They also provide the advisory to the clients and provide the Monthly, Weekly, Online, and IPO reports. They also offer the clients free stock tips and offline advisory, and also the best part is the relationship manager.
● These can be accessed via multiple investing and trading platforms. The platform is provided by the company, which comes alongside the trading and Demat account. The platform’s sole purpose is to help the client with better experiences with more profits.
● Also, another benefit of the account is that one can easily get the data of the transactions and can easily look over them anytime.
Choice Broking Demat Account Conclusion
Concluding the complete discussion of the Choice Broking Demat account is a way of starting a new investment. Competing with all the leading broking firms, the company has established itself in the long run. The account is quite affordable, especially when you get free AMC for a lifetime which means enjoying the complete services without even paying for them.
In short, if you are into trading, you can easily enjoy the benefits and services provided by the platform in a minimum amount, making it the best option to choose from.
Choice Broking Trading Platforms
Talking about the platforms provided by the choice Broking to invest in a jiffy and the Investica mutual fund app. These are the platforms introduced by choice broking for their clients to invest in the stock market easily.
Both applications are great for the seamless trading jiffy, and investica both are designed in such away. The application serves different purposes; one is for share market investment, and another is for mutual fund investment.
1. Jiffy (Trading App)
Jiffy is the platform introduced by Choice Broking, an online trading platform that aims to provide easy, simple, and seamless trading services to clients. They offer the clients free trading services in the segments like derivatives, equity, currency, and commodity. The platform can be easily accessed on iOS and the play store as well as the web too. Using the application, you can easily apply for IPO too. The application has cutting-edge technology that helps host many features, which are the time market data. The application also provides complete research reports for its client and provides price alerts and secure trading.
2. Investica (Mutual Funds App)
Another application provided by the company Choice Broking is Investica. This application is specially made for mutual fund investments and is the best mutual fund app in India. The application is easy and seamless to use and helps in opening an account in 5 minutes to a complete paperless signup process. The application is easily available to use on tablets, and smartphones and also can be accessed through the web. The application aims to provide clients with hassle-free services and easy fund investments. It also comes with features like the mutual fund’s investments tracker, and fund comparison, and also has the risk profile for the customers according to their types.
Frequently Asked Questions
1. Does choice broking offer margin trading?
Yes, the company provides margin trading to its clients. It has been named MTF (Margin Trading Facility). Using the MFT, the investor can easily enhance the buying capacity by utilizing broker funds to a considerable extent to execute the transaction.
Margin trading isn’t available to access directly; you have to sign up for the MTF services by choosing the Choice Margin+.
There are many benefits of the MTF account; you can carry forward your positions beyond T+7 days. This way, you can easily increase your leverage by four times.
2. Is there an allowance for Buy today and Sell Tomorrow (BTST) in the Choice Broking?
Yes, choice broking has given the allowance for the Buy Today and Sell Tomorrow for its clients. This gives the advantage of enabling the selling of the stock before they get their delivery in the Demat account.
Generally, the trades follow the settlement of the T+2 cycle. If you buy a stock today, the shares will be credited after the two days, which will start from the T-day, and you can easily sell them. The advantage of the BTST is that you can sell the shares even before they get credited to your account, enabling the benefit of short-term price volatility. You need to note that the BTST involves the risk of the short delivery from which you can get penalized by the exchange.
3. Does Choice Broking offer tips?
Talking about the advisory services, yes, Choice Broking is a full-service broking firm that provides the advisory service too. They offer free research-based tips and recommendations to their clients. The success ratio of the tips provided is 78-80%.
They provide various reports based on the fundamental and the technical basis. Also, they provide different equity research reports, IPO reports, Industry reports, call reports, and pick of the weekly reports, which assist the investors in making the right decision and earning better profits.
4. Can we access the Jiffy app on laptops?
The jiffy platform provided by the company is easily supported in Android and iOS. This means you can easily access them via the smartphone, but you cannot use the application on the laptops. You can access it in a web version from the laptop.
5. What are the Account Maintenance charges charged by Choice Broking?
The charges for the Choice Broking AMC are Rs 0 (Free) for the trading account and Rs 200 or more depending on the plan. The first-year AMC is free for the Demat account.
6. List of the Transaction charges in Choice Broking?
Here is the complete list of the transaction charges charged by Choice Broking. The list clears all the Transaction Charges (or Exchange Turnover Charges) fees the stock exchanges charge for trades done through them.
|Equity Delivery||NSE charges is Rs 325 per crore (0.00325%) & BSE charges a Flat Rate of Rs 1.51 per Trade|
|Equity Intraday||NSE charges Rs 325 per crore (0.00325%) & BSE charges Flat Rate of Rs 1.51 per Trade|
|Equity Futures||NSE Rs 240 per crore (0.0024%)|
|Equity Options||NSE Rs 5000 per crore (0.05%)|
|Currency Futures||NSE Rs 90 per crore (0.0009%)|
|Currency Options||NSE Rs 4000 per crore (0.04%)|
|Commodity||Charges for Non-Agri Rs 290 per Crore (0.0029%) &for Agri Rs 178 per Crore (0.00178%)|
7. Can we access the IPO through Choice Broking?
Yes, Choice Broking provides online IPO application opportunities to their clients.
8. Can we invest in Mutual Funds via Choice Broking?
Yes, you can easily invest in mutual funds via the Choice Broking firm, which means you can easily buy/sell in the