Choice is a full-service broker that offers a range of services to its clients, such as equity, derivatives, currency, commodity trading, mutual funds, IPO, portfolio management, wealth management, insurance, loan against shares, and margin trading facility. Choice Broking is a subsidiary of Choice International Limited, a publicly listed financial services firm that was established in 1993. It has been operating since 2010 and has been listed as one of India's top 15 brokerage houses, having a pan-India presence across 18 states with 79 branches.
In this blog post, we will review Choice’s features, products, platforms, charges, margins, customer service, and pros and cons.
Features of Choice
- Wide range of trading and investment products and services, including equity trading, derivatives trading, currency trading, commodity trading, mutual fund trading, wealth management, portfolio management, insurance, and loans against shares.
- Competitive brokerage charges, with brokerage charges for equity delivery trades being 0.20% of the order value. For intraday, the brokerage charge is 0.02%.
- The Demat account opening charges are zero, and the annual maintenance charge (AMC) for the demat account is ₹200.
- Good customer service through various channels, including email and phone support.
- Variety of research and advisory services, including daily market reports, weekly market reports, monthly market reports, stock recommendations, and portfolio management services.
- Margin trading facility is available; that is, the clients can borrow money from the broker to trade in securities. The margin requirement varies depending on the security traded.
- Advanced trading platforms include a web-based trading platform, a mobile trading app, and a desktop trading platform.
- Choice Broking assigns a dedicated relationship manager to each client. This relationship manager provides the client with personalised service and support.
- Educational resources are also provided, such as informative videos on its YouTube channel and blogs on its website. These resources can help clients learn about the stock market and investing.
- Choice has a tie-up with India's first Robo financial planner, Optimo, which uses AI to help users make better financial decisions aligned with their goals and risk tolerance.
Products Offered by Choice
Choice offers a variety of products to its clients across different segments of the market. Some of them are:
- Equity: Trading in equity cash and equity derivatives (futures and options) across NSE and BSE can be done, and the facility to invest in IPOs through Choice's online platform is also available.
- Commodity: Clients can trade in commodity futures and options across MCX and NCDEX. Clients can also access spot prices, live market data and research reports on various commodities.
- Currency: Trade in currency futures and options across NSE-CDS and BSE-CDS. Clients can also access live exchange rates, news and alerts and research reports on various currencies.
- Mutual Funds: Invest in mutual fund schemes from various fund houses through Choice's online platform. Clients can also access NAVs, performance reports and recommendations on various mutual fund schemes.
- Insurance: Buy insurance policies from various insurance companies through Choice's online platform.
- NPS: Choice also provides the facility to invest in the National Pension Scheme through its platform.
- Bonds: The clients can also invest in various debt instruments through Choice.
- Loans: Personal loans with the least documentation can also be availed by the clients through Choice.
Apart from the above products offered by Choice, the option to invest in PPF and Corporate Fixed deposits is also available.
Platforms Offered by Choice
Choice offers multiple platforms to its clients for online trading and investing. Some of the platforms it offers are:
Choice FinX (formerly Jiffy): This is Choice's flagship online trading platform that allows clients to trade in equities, commodities, currencies and derivatives across multiple exchanges. Choice FinX is a fast, secure and user-friendly platform that provides advanced charting tools, live market data, news and alerts, portfolio tracker, research reports and recommendations. Choice FinX is available as a web-based application as well as a mobile app for Android and iOS devices.
Jiffy Web Trading Application: Jiffy Web Trading Application is an accessible online trading platform with user-friendly navigation, customisable stock watchlists, a handy brokerage calculator, real-time market insights, dedicated research, and easy fund transfers.
Investica: Investica's Mutual Fund Investment App by Choice Broking offers a user-friendly interface with secure client transactions, regular updates, goal-based mutual fund recommendations, and expert analyst support for return calculations and fund selection.
Pros and Cons of Choice
Choice has some advantages and disadvantages as a full-service broker in India.
- Provides a diverse array of investment products.
- Offers straightforward trading platforms to its clients.
- Presents various AMC plan choices, including lifetime AMC and refundable AMC options.
- Delivers proactive and swift customer service.
- Facilitates instant and paperless online Demat account opening.
- According to the company's website, their research calls boast a 78% success rate.
- Waives the account opening fee.
- Provides online IPO application services.
- Includes a free Call and Trade Facility.
- Assigns a dedicated Relationship Manager for personalised support.
- Features advanced order types such as Bracket Order (BO), Good-Till-Date (GTD) and Good Till Cancelled (GTC).
- Offers margin trading facilities for enhanced trading.
- Allows trading in all three segments: Equity, Commodity, and Currency through a single application.
- Offers expert research advisory, along with a free Call and Trade facility and competitive DP charges.
- Utilises AI-based automated calls through the Signal feature.
- 3-in-1 account services are not provided.
- Flexi brokerage plans are unavailable.
- There is no access to a margin calculator.
- The platform does not have an in-house trading terminal.
- Query resolution lacks email and chat support.
- The application's interface can be intricate.
- Cover Orders are not offered.
- Users occasionally encounter login problems on the mobile app due to heavy traffic.
Fees and Charges of Choice
Choice Broking is a full-service stockbroker that offers low brokerage charges and a variety of trading plans to suit different needs and budgets. The following is a summary of Choice Broking's charges and fees:
- Account opening fee: ₹0
- Annual maintenance charge (AMC): ₹200 after the first year (free for the first year)
₹25 per lot
₹20 per lot
Other charges may apply, such as transaction charges and clearing charges. You can find a detailed breakdown of all charges on Select by Finology's website.
In summary, Choice Broking offers a competitive fee structure with low brokerage charges, favourable customer service, and user-friendly trading platforms. The absence of account opening and Auto Square Off charges is advantageous, though an annual AMC of ₹200 applies after the first year. While the online account opening process is convenient, offline procedures may prove time-consuming. Choice Broking's platform diversity can be overwhelming for some users, and occasional order execution delays during peak hours are notable. Nevertheless, their research capabilities and accessibility through physical branches add value, making Choice Broking a viable choice for investors seeking a reliable partner, provided they consider these nuances.
And, if you want to open a demat account with Choice Broking or any other broker, you should check out Select by Finology. It is a platform that lets you compare and choose the best broker for your needs. You can see how different brokers perform on various criteria, such as brokerage charges, customer service, and trading platforms. You can also use brokerage calculators to determine the brokerage and other costs for different brokers. Select by Finology makes it easy and quick to open a Demat account with the broker of your choice.
All in all, it can be your one-stop shop for all your stock-broking needs and can help you find the best broker for your investing goals. Visit today!