Choice Broking is a full-service broker headquartered in Mumbai, Maharashtra. Many clients wish to open a Choice broking demat account and have related queries. Let’s sort them one by one.
But before diving into the discussion of this demat account, we need to know about the broker. Jump in!
Choice Broking was established back in 2010 under the leadership of CA Kamal Poddar. The stockbroker is registered with SEBI (Securities and Exchanges of India) and is a depository participant with CDSL (Central Depository Services Limited).
Further, it is a member of NSE (National Stock Exchange), BSE (Bombay Stock Exchange), MCX (Multi Commodity Exchange), MCX-SX, and NCDEX (National Commodity and Derivatives Exchange).
The stockbroker facilitates trading in various financial securities. They are listed below:
Now, let’s move forward towards the discussion of the Choice Broking demat account.
Choice Broking Demat Account Review
Choice Broking has been in the stockbroking industry for more than two decades now. Currently, it has more than 44,848 active clients and employs more than 500 people.
It has a decent offline presence as it has 20+ offices and 1100+ franchises across the nation.
In the recent past, the broker has also acquired smaller firms to spread its on-ground presence and organically increase its business. With the long list of securities facilitated to be traded by this stockbroker, you certainly will need to open a Choice Broking demat account.
Choice offers you a two in one account, i.e., demat account and trading account. Further, they give you the option to open only a trading account if you wish to trade in commodities or currencies.
Demat Account – It is the account that stores the bought shares and other financial securities.
Trading Account – This account is used for the transactions (buying or selling) related to the stock market. The payment is debited and credited to this account.
Choice Broking Demat Account Features
Learning about the various aspects of the Choice Broking demat account would be incomplete without a list of its features. So, if you were wondering what the features of this demat account are.
Don’t worry, below is a list of the features of the demat account:
The demat account can be accessed anytime, anywhere with no difficulties.
Quick fund transfer platforms make it easy to trade.
Tech-savvy trading platforms.
In-depth research of the stock market.
Exceptional technology-driven services to help you trade with ease.
The broker provides research with a 78% success rate.
Choice Broking Demat Account Opening
In this digitized era, opening a demat account can be concluded in less than 15 minutes. There are three ways to open a demat account with Choice Broking. They are:
Choice Broking demat account opening online
Choice Broking demat account opening offline
Let’s take them up individually.
Choice Broking Demat Account Opening Online
Like every broker in the stock market, Choice Broking also allows its clients to open a demat account online. To avail of this facility, follow the steps listed below:
Log on to the official website of Choice Broking.
In the top right corner, you’ll find the button for – ‘Open Free Account’.
Click on that, and you will be directed to the registration page.
Fill the registration form with the details like – Name and Mobile Number.
Check the checkbox for agreeing to the terms and conditions.
Click on send OTP
You’ll receive an OTP (One Time Password).
Enter this to verify your mobile number.
Enter the relevant and necessary details like PAN number, Aadhar Number, Occupation, Income, etc., in the succeeding forms.
Choose the trading segment you wish to trade.
Upload the mandatory documents.
After the verification and registration, you have to courier a signed POA to the broker.
Once all the formalities are completed, your choice broking demat account is opened, and you’re set to trade in the stock market.
Choice Broking Demat Account Opening Form
The rest two types of demat account opening are carried out offline. In this case, you’ll have to visit the nearest branch to fill the form and complete the formalities in person.
You’ll be assisted at every step by the corresponding executive to complete all the steps in the best possible way. They’ll give you the form, and you have to fill in the correct information. Post this; you have to attach the necessary documents after self-attesting them.
Once the broker concludes the verification process, you’ll receive the confirmation and credentials for operating your trading platforms.
Choice Broking Demat Account Documents Required
Due to the increasing fraudulent activities, a few documents were made mandatory by the stock market regulating body – SEBI.
Some brokers ask for more documents than this list. A list of the documents required to open a demat account is as follows:
Canceled Cheque with the MICR Code
Passport Size Photograph
Choice Broking Demat Account Charges
Every broker levies a variety of charges for opening and maintaining a demat account and trading account. Further, sometimes you might also have the option to select a subscription plan.
These plans help you minimize your expenses and increase profits.
The opening charges for a Choice broking demat account and trading account are nil, i.e., ₹0. They provide you the facility to open an account with no fees. AMC under the default plan is ₹200 + GST.
The charges for a dematerialization request are ₹25 + GST per certificate or 100 securities (whichever is higher). On the other hand, it is ₹25 per 100 securities or 0.04% + GST (whichever is higher) for rematerialization.
If a trader or investor pledges his shares, he has to pay ₹50 or 0.02% + GST (whichever is higher) to execute this request.
Choice Broking Demat Account Charges
Demat Account Opening Charges
Trading Account Opening Charges
Annual Maintenance Charges (AMC)
₹200 + GST (Default Plan)
₹25 + GST per certificate or 100 securities (whichever is higher)
₹25 per 100 securities or 0.04% + GST (whichever is higher)
₹50 or 0.02% + GST (whichever is higher)
Choice Broking Demat Account AMC Charges
AMC stands for Annual Maintenance Charges. The broker levies this charge for maintaining your demat and trading account. Choice Broking demat account is free from the AMC for the first year if you subscribe to an AMC plan.
The broker extends three AMC plans:
Choice Broking Demat Account AMC Charges
₹200 + GST
Charged yearly, post 2nd year
₹1500 + GST
Lifetime AMC Covered
₹3000 + GST
Full Refundable AMC (refunded once you close the demat account)
In case you select no subscription plan for AMC, AMC as per the default plan, ₹200 + GST is charged from the first year itself.
Further, if the Choice broking demat account is a corporate account, the AMC charges levied are ₹1000 + GST annually from the first year.
Choice Broking Demat Account Minimum Balance
Many brokers ask the traders or investors to maintain some minimum balance in their account to keep their account active. In case this balance is not maintained, they levy a fixed charge every time the balance is below the mark.
Choice Broking demat account saves you from this unwanted charges as it has no minimum balance policy.
Choice Broking Demat Account Login
When you become a client with any broker, they provide you with a set of credentials that are used to login into the various portals and trading platforms, especially as a Demat Account Login. Similarly, the stockbroker mails you the credentials to log in.
You can log onto your choice broking demat account with these and access the back office, trading platforms, and other portals.
They have various platforms that are compatible with desktop, computer, and mobile devices.
Choice Broking Demat Account App
The app for accessing your Choice Broking demat account online is named – Jiffy. This platform is available on Android and iOS devices and can be downloaded from the respective play store.
These mobile applications make it easier for the investor or trader to trade from anywhere and anytime. Some of the features of this application are as follows:
Imagine being stuck somewhere and not able to contact the stockbroker for help. Sounds extremely irritating, right?
Choice Broking is a company with a quick turnaround time for any queries or tickets raised by the clients. You can reach out to the customer care executives at the mentioned numbers and Email.
Choice Broking Demat Account Customer Care
Mobile Number: +91 88242 42424
Email ID: email@example.com
Investor Grievance: firstname.lastname@example.org
The website claims to have a turnaround time of two business days, but according to Choice Broking customers, you’ll receive a call back in around one business day.
Choice Broking Demat Account Benefits
Opening a Choice Broking demat account has its benefits, and you must know them to take a call in this regard. Below is the list of advantages:
The broker is a full-service, which means that you’ll receive in-depth research reports of the stock market.
The facility to open only a trading account if you are a day trader or commodity/ currency trader.
This stockbroker also provides you the option to rematerialize and dematerialize their stocks.
The customer support by Choice Broking is amazing. You’ll receive help from their end, at the earliest. You can contact them on the number and email listed above.
You also have the facility to pledge and unpledge your shares.
Every single transaction is communicated to you via text messages and emails. It is done to assure the security of your holdings. Further, it increases the trust of the client in the company.
Regular mails are sent for the account statements.
Free of cost account opening procedure.
Low-cost AMC plans.
Very less brokerage charges in comparison to its counterparts.
Choice Broking Demat Account Disadvantages
To avoid any bias, it is necessary to discuss the disadvantages of the Choice Broking demat account. They are listed below:
According to the customer reviews on Google Play Store, the trading platform by Choice Broking, Jiffy, is overly complicated and sometimes doesn’t execute the trades on time due to multiple requests.
Since the complete process, from opening an account to executing trades, has been digitalized over the years, people with no technological knowledge face many difficulties while accessing these online portals.
Choice Broking is a full-service stockbroker that provides you with detailed reports. It is headquartered in Mumbai. It facilitates the clients to trade in multiple financial securities by providing Choice Broking demat account.
Every demat account has the features that help it stand out from the masses in the market. These features are a significant factor for the client to take a call on choosing the right stockbroker.
The more facilities and advantages it is with the broker, the more chances of him being selected. To aid this search of the best demat account, we brought you this explained information about Choice Broking demat account.
The account opening charges are nil, and the AMC is based on the subscribed plan. Moreover, you don’t have to maintain a minimum balance in your account to keep it active.
The documents required for opening an account is the same as that set by the regulating body – SEBI. To conclude the information, the disadvantages and advantages have been listed.
We hope this article helped you in sorting out the queries related to the Choice Broking demat account.
Happy trading, folks!
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