Choice Broking and First Demat are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. Choice Broking is listed as a Private Discount Broker , established in 2010 and headquartered in Mumbai, while First Demat is listed as a Private Discount Broker , established in 2026 and headquartered in Ranchi, Jharkhand.
This comparison reviews brokerage, Demat charges, product availability, platforms, features, support, ratings, and complaints. Use the side-by-side tables below to see whether Choice Broking or First Demat is a better fit for your investment style, platform preference, and budget.
Choice Broking is listed as a Private Discount Broker established in 2010 with headquarters in Mumbai and founded by Kamal Poddar. The broker highlights access to equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures through mobile app access and web trading and promotes features such as watchlists, real-time updates, portfolio tracking, research reports, customised recommendations and stock tips. It follows a Standard Plan brokerage structure.
First Demat is listed as a Private Discount Broker established in 2026 with headquarters in Ranchi, Jharkhand and founded by Sandhya Kumari. It offers equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and mutual funds using mobile app access, web trading and algo trading support and supports traders with features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and customised recommendations. Its brokerage model is structured as Single flat plan on site; file says 'multiple brokerage packs'.
Both brokers use technology-driven platforms to attract active traders and investors, but the better option depends on the combination of pricing, products, services, and support that matters most to you.
Choice Broking vs First Demat — A Comprehensive Company Overview
| Company Overview | Choice Broking | First Demat |
|---|---|---|
| Company Type | Private | Private |
| Broker Type | Discount Broker | Discount Broker |
| Headquarters | Mumbai | Ranchi, Jharkhand |
| Founder | Kamal Poddar | Sandhya Kumari |
| Establishment Year | 2010 | 2026 |
| Brokerage Plan | Standard Plan | Single flat plan on site; file says 'multiple brokerage packs' |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Choice Broking and First Demat.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. Choice Broking charges 0.2% of Transaction Value while First Demat charges 0.1% or ₹20 per executed order, whichever is lower.
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. Choice Broking charges 0.2% of Transaction Value while First Demat charges 0.1% or ₹20 per executed order, whichever is lower.
Equity futures: This charge applies to futures contracts on stocks and indices. Choice Broking charges 0.2% of Transaction Value while First Demat charges Flat ₹20 per executed order.
Equity options: This charge applies to equity option contracts. Choice Broking charges Rs.25 per lot while First Demat charges Flat ₹20 per executed order.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. Choice Broking charges 0.02% of Transaction Value while First Demat charges Starting ₹20 per order (not on pricing page).
Commodity options: This charge applies to option contracts on commodity instruments. Choice Broking charges Rs.50 per lot while First Demat charges Starting ₹20 per order (not on pricing page).
Currency futures: This charge allows participation in forex price movements on the exchange. Choice Broking charges 0.02% of Transaction Value while First Demat charges Not offered.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Choice Broking charges Rs.20 per lot while First Demat charges Not offered.
Choice Broking vs First Demat — Detailed Brokerage Comparison
| Brokerage | Choice Broking | First Demat |
|---|---|---|
| Brokerage Plan | Standard Plan | Single flat plan on site; file says 'multiple brokerage packs' |
| Subscription Charges | Zero | None listed; file says no monthly or yearly plans |
| Equity Delivery | 0.2% of Transaction Value | 0.1% or ₹20 per executed order, whichever is lower |
| Equity Intraday | 0.2% of Transaction Value | 0.1% or ₹20 per executed order, whichever is lower |
| Equity Future | 0.2% of Transaction Value | Flat ₹20 per executed order |
| Equity Option | Rs.25 per lot | Flat ₹20 per executed order |
| Commodity Future | 0.02% of Transaction Value | Starting ₹20 per order (not on pricing page) |
| Commodity Option | Rs.50 per lot | Starting ₹20 per order (not on pricing page) |
| Currency Future | 0.02% of Transaction Value | Not offered |
| Currency Option | Rs.20 per lot | Not offered |
Choice Broking provides mobile app access and web trading for order placement, portfolio tracking, and market monitoring. First Demat provides mobile app access, web trading and algo trading support for its users.
Android app: Choice Broking and First Demat both list an Android trading app.
iOS app: Choice Broking and First Demat both list an iOS trading app.
Web trading platform: Choice Broking and First Demat both list a web trading platform.
Desktop trading terminal: Neither broker currently highlights a desktop trading terminal.
Algo trading: First Demat lists algo trading support, while Choice Broking does not currently mention it.
Basket trading: First Demat lists basket trading, while Choice Broking does not currently mention it.
Foreign stocks platform: Neither broker currently highlights foreign stocks access.
Mutual fund platform: First Demat lists a mutual fund investment platform, while Choice Broking does not currently mention it.
Digital gold platform: First Demat lists digital gold investing, while Choice Broking does not currently mention it.
Bonds platform: Neither broker currently highlights a bonds investment platform.
Choice Broking vs First Demat — Complete Comparison of Trading Platforms
| Trading Platform | Choice Broking | First Demat |
|---|---|---|
| Android App | Choice Broking Android App Link | Yes |
| iOS App | Choice Broking iOS App Link | Yes |
| Web Trading Platform | Choice Broking Web Trading Link | Yes |
| Trading Terminal | NA | N/A |
| Algo Trading Platform | NA | Yes |
| Foreign Stocks Platform | NA | No |
| Basket Trading Platform | NA | Yes (Baskets and basket orders) |
| Mutual Fund Platform | NA | Yes |
| Digital Gold Platform | NA | Not offered |
| Bonds Platform | NA | No |
Choice Broking highlights trading features including watchlists, real-time updates, portfolio tracking, research reports, customised recommendations and stock tips, while First Demat promotes watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and customised recommendations. The table below shows the full feature set for both brokers side by side.
Wishlist: Monitor specific stocks or assets by adding them to a watchlist for close tracking. Both Choice Broking and First Demat offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Choice Broking and First Demat offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Choice Broking and First Demat offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. First Demat offers this; Choice Broking does not currently highlight it.
Research reports: A comprehensive overview of different stocks and sectors in the stock market. Both Choice Broking and First Demat offer this feature.
Customised recommendations: Personalised investment suggestions based on your objectives and behaviour patterns. Both Choice Broking and First Demat offer this feature.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. Choice Broking offers this; First Demat does not currently highlight it.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Choice Broking and First Demat offer this feature.
Live market: Live updates on market movements and trends. Both Choice Broking and First Demat offer this feature.
Secure platform: A secure trading environment with next-generation security controls. Both Choice Broking and First Demat offer this feature.
Choice Broking vs First Demat — Comprehensive Comparison of Trading Features
| Trading Feature | Choice Broking | First Demat |
|---|---|---|
| Wishlist | Yes | Yes (multiple watchlists) |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes (holdings and P&L reports) |
| Online MF Buy | No | Yes |
| Research Reports | Yes | Yes (AI research summaries) |
| Global Indices | No | N/A |
| Customised Recommendations | Yes | 'Personalised advisory' claimed on site |
| Stock Tips | Yes | N/A |
| Interactive Charts | Yes | Yes (TradingView integration, indicators) |
| Live Market | Yes | Yes |
| Multi Profile Management | No | N/A |
| Robust & Secure Platform | Yes | Yes ('Bank-grade security' claim) |
Stockbrokers use promotional offers to attract and retain clients. Below is a side-by-side comparison of the offers currently listed by Choice Broking and First Demat.
Free account opening: Choice Broking and First Demat both list free account opening.
Free AMC: First Demat lists free Demat AMC, while Choice Broking does not currently mention it.
Free brokerage: Neither broker currently highlights free brokerage.
Flat brokerage: First Demat lists flat brokerage pricing, while Choice Broking does not currently mention it.
Flexible brokerage plans: Neither broker currently highlights flexible brokerage plans.
Happy trading hours: Neither broker currently highlights happy trading hours.
Free delivery trading: Neither broker currently highlights free delivery trading.
Free intraday trading: Neither broker currently highlights free intraday trading.
Free F&O trading: Neither broker currently highlights free F&O trading.
Free research reports: First Demat lists free research reports, while Choice Broking does not currently mention it.
Free trading calls: Neither broker currently highlights free trading calls.
Zero brokerage for loss trades: Neither broker currently highlights zero brokerage for loss-making trades.
Referral offers: Choice Broking offers Upto Rs. 100 per Client for referrals; First Demat does not currently list a referral offer.
Choice Broking vs First Demat — Comparison of Latest Offers
| Offer | Choice Broking | First Demat |
|---|---|---|
| Free Account Opening | Yes | Yes (online); offline costs ₹500 |
| Free AMC | No | First year only |
| Free Brokerage | No | No |
| Flat Brokerage | No | Yes, ₹20 per order |
| Flexible Brokerage Plans | No | N/A |
| Happy Trading Hours | No | N/A |
| Free Delivery Trading | No | No |
| Free Intraday Trading | No | No |
| Free F&O Trading | No | No |
| Free Research Reports | No | Yes |
| Free Trading Calls | No | N/A |
| Referral Offers | Upto Rs. 100 per Client | N/A |
| Margin Funding / Pledging | Yes | MTF: No. Pledging available. |
| Brokerage Cashback | No | N/A |
| Zero Brokerage for Loss-Making Trades | No | No |
Product availability determines whether a broker can support your preferred markets. Choice Broking highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures, while First Demat highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and mutual funds.
The table below compares the full product lineup side by side across equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options, currency futures, currency options, insurance, mutual funds and digital gold.
Choice Broking vs First Demat — Complete Comparison of Products
| Product | Choice Broking | First Demat |
|---|---|---|
| Equity Delivery | Yes | Yes |
| Equity Intraday | Yes | Yes |
| Equity Option | Yes | Yes |
| Equity Future | Yes | Yes |
| Commodity Option | Yes | Yes (file; MCX member). Not in site FAQ. |
| Commodity Future | Yes | Yes (file; MCX member). Not in site FAQ. |
| Currency Option | Yes | No |
| Currency Future | Yes | No |
| Foreign Stocks | No | No |
| Mutual Funds | No | Yes (SIP too) |
| Banking | No | |
| Insurance | Yes | No |
| Corporate Bonds | No | No |
| Government Bonds | No | No |
| Digital Gold | No | No |
Demat services: Choice Broking and First Demat both list Demat services.
Trading services: Choice Broking and First Demat both list trading services.
Intraday services: Choice Broking and First Demat both list intraday trading services.
F&O services: Choice Broking and First Demat both list F&O services.
IPO services: First Demat lists IPO services, while Choice Broking does not currently mention it.
3-in-1 account: Neither broker currently highlights 3-in-1 account support.
Stock research: Choice Broking and First Demat both list stock research.
Stock recommendations: Choice Broking and First Demat both list stock recommendations.
Trading education: Neither broker currently highlights trading education.
Share pledging: Choice Broking and First Demat both list share pledging.
PMS or PCG: Neither broker currently highlights PMS or PCG support.
NRI services: Neither broker currently highlights NRI services.
Choice Broking provides Demat services, trading services, intraday trading, F&O trading, stock research and stock recommendations, while First Demat offers Demat services, trading services, intraday trading, F&O trading, IPO access and stock research.
Choice Broking vs First Demat — In-Depth Comparison of Services
| Service | Choice Broking | First Demat |
|---|---|---|
| Demat Services | Yes | Yes (NSDL, DP ID IN303921 via Ashlar Securities Pvt Ltd) |
| Trading Services | Yes | Yes |
| Intraday Services | Yes | Yes |
| F&O Services | Yes | Yes |
| IPO Services | No | Yes (UPI application) |
| 3-in-1 Account | No | No |
| Stock Research | Yes | Yes (AI summaries) |
| Stock Recommendations | Yes | Not provided (T&C disclaimer) |
| Trading Education | No | N/A |
| Share Pledging | Yes | Yes |
| PMS or PCG | No | No |
| NRI Services | No | No |
Stock advisory helps investors choose appropriate stocks through research reports, tips, and market reviews. The table below shows which advisory products are available from Choice Broking and First Demat.
Choice Broking and First Demat — Detailed Comparison of Advisory Services
| Advisory | Choice Broking | First Demat |
|---|---|---|
| Fundamental Reports | Yes | AI fundamental insights |
| Research Reports | Yes | Yes |
| Company Reports | Yes | N/A |
| Annual Reports | Yes | N/A |
| IPO Reports | No | IPO insights on site |
| Technical Reports | No | N/A |
| Stock Tips | Yes | N/A |
| Daily Top Stock Picks | Yes | N/A |
| Daily Market Review | No | Yes |
| Monthly Review | Yes | N/A |
| Weekly Review | No | N/A |
| Relationship Manager | Yes | N/A |
| Robo Advisory | No | N/A |
Margin exposure allows traders to manage larger positions with less capital. Below is a comparison of the margin available from Choice Broking and First Demat across different segments.
Choice Broking and First Demat — Comprehensive Comparison of Trading Exposure
| Exposure | Choice Broking | First Demat |
|---|---|---|
| Equity Delivery | 1x | N/A |
| Equity Intraday | Upto 5x (Depends on Stocks) | N/A |
| Equity F&O Carry Forward | 1X | N/A |
| Equity F&O Intraday | 1.3x | N/A |
| Commodity F&O Carry Forward | 1x | N/A |
| Commodity F&O Intraday | 1.3x | N/A |
| Currency F&O | 1x | N/A |
Choice Broking lists a sub-broker program, while First Demat does not currently mention it. Choice Broking lists a partner program, while First Demat does not currently mention it. Choice Broking lists a referral program, while First Demat does not currently mention it.
Choice Broking vs First Demat — Comparative Analysis of Programs
| Program | Choice Broking | First Demat |
|---|---|---|
| Sub-Broker Program | Yes | N/A |
| Partner Program | Yes | N/A |
| Referral Program | Yes | N/A |
Choice Broking provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. First Demat provides support through trading desk support, call support, email support and website support. Choice Broking operates Available branches. First Demat operates Only Ranchi head office listed branches.
Choice Broking and First Demat — Comprehensive Comparison of Customer Support
| Support Channel | Choice Broking | First Demat |
|---|---|---|
| Trading Support | Available, Free | Yes |
| Dedicated Dealer | Available, Free | N/A |
| Call Support | 022-67079999 | +91 9240256357 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | NA | N/A |
| Website Support | Website Link | Yes |
| Facebook Support | Facebook Support Link | — |
| Twitter / X Support | Twitter Support Link | — |
| Telegram Support | Telegram Support Link | — |
| Branches / Offices | Available | Only Ranchi head office listed |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. Choice Broking carries an overall rating of 8.63 / 10, while First Demat carries an overall rating of 5/5.
Choice Broking vs First Demat — Ratings Comparison
| Rating Parameter | Choice Broking | First Demat |
|---|---|---|
| Overall Rating | 8.63 / 10 | 5/5 |
| Customer Support | 8.59 / 10 | 5 / 5 |
| Technology | 8.73 / 10 | 4.5 / 5 |
| Charges | 8.66 / 10 | 4.5 / 5 |
| Products & Services | 8.58 / 10 | 4.0 / 5 |
| Experience | 8.56 / 10 | 5 / 5 |
SEBI, BSE, and NSE regularly publish broker complaint data as part of investor protection oversight. The table below shows the complaint records for both brokers.
Choice Broking & First Demat — Comparison of Customer Complaints
| Complaint Metric | Choice Broking | First Demat |
|---|---|---|
| Total Complaints Lodged | 78 | N/A |
| Total Complaints Resolved | 69 | N/A |
| % of Resolved Complaints | 88.46% | N/A |
| Non-Actionable Complaints | 6 | N/A |
| % of Non-Actionable Complaints | 7.69% | N/A |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Choice Broking and First Demat.
Choice Broking vs First Demat — Detailed Comparison of Transaction Charges
| Transaction Charges | Choice Broking | First Demat |
|---|---|---|
| Equity Delivery | NSE: 0.00307%; BSE: 0.00375% | |
| Equity Intraday | NSE: 0.00307%; BSE: 0.00375% | |
| Equity Future | NSE: 0.00183%; BSE: 0 | |
| Equity Option | NSE: 0.03553% (on premium); BSE: 0.0325% (on premium) | |
| Commodity Future | N/A | |
| Commodity Option | N/A | |
| Currency Future | N/A | |
| Currency Option | N/A |
Pledge creation charges apply when traders borrow against their held securities. Pledge invocation charges apply if the pledged shares are sold due to a shortfall. Margin trading interest is the rate charged on borrowed funds.
Choice Broking & First Demat — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Choice Broking | First Demat |
|---|---|---|
| Pledge Creation Charges | ₹3 + GST (margin pledge); site demat tariff table is empty | |
| Pledge Invocation Charges | ₹25 + GST per transaction (pledge/unpledge) | |
| Margin Trading Interest | N/A (no MTF) |
Beyond brokerage, several statutory and operational charges apply. These include SEBI turnover fees, DP charges, GST, account closure, reactivation, dematerialisation, and call & trade charges.
Choice Broking and First Demat — Detailed Comparison of Hidden / Other Charges
| Charge | Choice Broking | First Demat |
|---|---|---|
| SEBI Turnover Charges | ₹10 per crore | |
| DP Charges | ₹20 + GST per ISIN debit | |
| GST | 18% on brokerage + SEBI charges + transaction charges | |
| Account Closure Charges | N/A | |
| Reactivation Charges | N/A | |
| Dematerialisation Charges | ₹20 per DRF + ₹3 per certificate | |
| Call & Trade Charges | ₹50 per trade (site); file says ₹50 + GST |
Choice Broking lists account opening charges of Free and Demat AMC of Rs.200 – Rs.3000 (First year free). First Demat lists account opening charges of Online ₹0; offline ₹500 and Demat AMC of ₹0 for first year; later years not disclosed.
Choice Broking vs First Demat — Detailed Comparison of Demat Charges
| Demat Charges | Choice Broking | First Demat |
|---|---|---|
| Account Opening Charges | Free | Online ₹0; offline ₹500 |
| Annual Maintenance Charges (AMC) | Rs.200 – Rs.3000 (First year free) | ₹0 for first year; later years not disclosed |
Securities Transaction Tax (STT) and Commodity Transaction Tax (CTT) are government levies — the same for all brokers in India. These are shown below for reference.
Choice Broking vs First Demat — Comparative Analysis of STT and CTT Charges
| STT & CTT | Choice Broking | First Demat |
|---|---|---|
| Equity Delivery | 0.1% on buy and sell | |
| Equity Intraday | 0.025% on sell | |
| Equity Future | 0.05% on sell | |
| Equity Option | 0.15% on sell (premium); 0.15% of intrinsic value on exercise | |
| Commodity Future | N/A | |
| Commodity Option | N/A | |
| Currency Future | N/A | |
| Currency Option | N/A |
Stamp duty is a government tax charged when the broker issues, sells, or transfers a security. It is collected at the end of each trading day.
Choice Broking and First Demat — Comparison of Stamp Duty Charges
| Stamp Duty | Choice Broking | First Demat |
|---|---|---|
| Equity Delivery | 0.015% or ₹1500/crore | |
| Equity Intraday | 0.003% or ₹300/crore | |
| Equity Future | 0.002% or ₹200/crore | |
| Equity Option | 0.003% or ₹300/crore | |
| Commodity Future | N/A | |
| Commodity Option | N/A | |
| Currency Future | N/A | |
| Currency Option | N/A |