Nuvama and Choice Broking are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. Nuvama is listed as a Private Full Service , established in 2008 and headquartered in Ahmedabad, while Choice Broking is listed as a Private Discount Broker , established in 2010 and headquartered in Mumbai.
This comparison reviews brokerage, Demat charges, product availability, platforms, features, support, ratings, and complaints. Use the side-by-side tables below to see whether Nuvama or Choice Broking is a better fit for your investment style, platform preference, and budget.
Nuvama is listed as a Private Full Service established in 2008 with headquarters in Ahmedabad and founded by Rashesh Shah. The broker highlights access to equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures through mobile app access, web trading, desktop terminal access and algo trading support and promotes features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and global indices tracking. It follows a Lite Plan brokerage structure.
Choice Broking is listed as a Private Discount Broker established in 2010 with headquarters in Mumbai and founded by Kamal Poddar. It offers equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures using mobile app access and web trading and supports traders with features such as watchlists, real-time updates, portfolio tracking, research reports, customised recommendations and stock tips. Its brokerage model is structured as Standard Plan.
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.
Nuvama vs Choice Broking — A Comprehensive Company Overview
| Company Overview | Nuvama | Choice Broking |
|---|---|---|
| Company Type | Private | Private |
| Broker Type | Full Service | Discount Broker |
| Headquarters | Ahmedabad | Mumbai |
| Founder | Rashesh Shah | Kamal Poddar |
| Establishment Year | 2008 | 2010 |
| Brokerage Plan | Lite Plan | Standard Plan |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Nuvama and Choice Broking.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. Nuvama charges Rs.10 per Trade or 0.01% (whichever is low) while Choice Broking charges 0.2% of Transaction Value.
Equity intraday: This charge applies to buy-sell positions closed within the same trading day. Nuvama charges Rs.10 per Trade or 0.01% (whichever is Low) while Choice Broking charges 0.2% of Transaction Value.
Equity futures: This charge applies to futures contracts on stocks and indices. Nuvama charges Rs.10 per Trade while Choice Broking charges 0.2% of Transaction Value.
Equity options: This charge applies to equity option contracts. Nuvama charges Rs.10 per Trade while Choice Broking charges Rs.25 per lot.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. Nuvama charges N/A ; Choice Broking charges 0.02% of Transaction Value.
Commodity options: This charge applies to option contracts on commodity instruments. Nuvama charges N/A ; Choice Broking charges Rs.50 per lot.
Currency futures: This charge allows participation in forex price movements on the exchange. Nuvama charges Rs.10 executed order while Choice Broking charges 0.02% of Transaction Value.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Nuvama charges Rs.10 per Trade while Choice Broking charges Rs.20 per lot.
Nuvama vs Choice Broking — Detailed Brokerage Comparison
| Brokerage | Nuvama | Choice Broking |
|---|---|---|
| Brokerage Plan | Lite Plan | Standard Plan |
| Subscription Charges | Zero | Zero |
| Equity Delivery | Rs.10 per Trade or 0.01% (whichever is low) | 0.2% of Transaction Value |
| Equity Intraday | Rs.10 per Trade or 0.01% (whichever is Low) | 0.2% of Transaction Value |
| Equity Future | Rs.10 per Trade | 0.2% of Transaction Value |
| Equity Option | Rs.10 per Trade | Rs.25 per lot |
| Commodity Future | NA | 0.02% of Transaction Value |
| Commodity Option | NA | Rs.50 per lot |
| Currency Future | Rs.10 executed order | 0.02% of Transaction Value |
| Currency Option | Rs.10 per Trade | Rs.20 per lot |
Nuvama provides mobile app access, web trading, desktop terminal access and algo trading support for order placement, portfolio tracking, and market monitoring. Choice Broking provides mobile app access and web trading for its users.
Android app: Nuvama and Choice Broking both list an Android trading app.
iOS app: Nuvama and Choice Broking both list an iOS trading app.
Web trading platform: Nuvama and Choice Broking both list a web trading platform.
Desktop trading terminal: Nuvama lists a desktop trading terminal, while Choice Broking does not currently mention it.
Algo trading: Nuvama lists algo trading support, while Choice Broking does not currently mention it.
Basket trading: Neither broker currently highlights basket trading.
Foreign stocks platform: Neither broker currently highlights foreign stocks access.
Mutual fund platform: Nuvama lists a mutual fund investment platform, while Choice Broking does not currently mention it.
Digital gold platform: Neither broker currently highlights digital gold investing.
Bonds platform: Neither broker currently highlights a bonds investment platform.
Nuvama vs Choice Broking — Complete Comparison of Trading Platforms
| Trading Platform | Nuvama | Choice Broking |
|---|---|---|
| Android App | Nuvama Android App Link | Choice Broking Android App Link |
| iOS App | Nuvama iOS App Link | Choice Broking iOS App Link |
| Web Trading Platform | Nuvama Web Trading Link | Choice Broking Web Trading Link |
| Trading Terminal | Available | NA |
| Algo Trading Platform | Available | NA |
| Foreign Stocks Platform | NA | NA |
| Basket Trading Platform | NA | NA |
| Mutual Fund Platform | Available | NA |
| Digital Gold Platform | NA | NA |
| Bonds Platform | NA | NA |
Nuvama highlights trading features including watchlists, real-time updates, portfolio tracking, online mutual fund access, research reports and global indices tracking, while Choice Broking promotes watchlists, real-time updates, portfolio tracking, research reports, customised recommendations and stock tips. 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 Nuvama and Choice Broking offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Nuvama and Choice Broking offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Nuvama and Choice Broking offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Nuvama offers this; Choice Broking does not currently highlight it.
Research reports: A comprehensive overview of different stocks and sectors in the stock market. Both Nuvama and Choice Broking offer this feature.
Global indices: Real-time data on leading global stock market indices. Nuvama offers this; Choice Broking does not currently highlight it.
Customised recommendations: Personalised investment suggestions based on your objectives and behaviour patterns. Both Nuvama and Choice Broking offer this feature.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. Both Nuvama and Choice Broking offer this feature.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Nuvama and Choice Broking offer this feature.
Live market: Live updates on market movements and trends. Both Nuvama and Choice Broking offer this feature.
Secure platform: A secure trading environment with next-generation security controls. Both Nuvama and Choice Broking offer this feature.
Nuvama vs Choice Broking — Comprehensive Comparison of Trading Features
| Trading Feature | Nuvama | Choice Broking |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | Yes | No |
| Research Reports | Yes, chargeable | Yes |
| Global Indices | Yes | No |
| Customised Recommendations | Yes | Yes |
| Stock Tips | Yes | Yes |
| Interactive Charts | Yes | Yes |
| Live Market | Yes | Yes |
| Multi Profile Management | No | No |
| Robust & Secure Platform | Yes | Yes |
Stockbrokers use promotional offers to attract and retain clients. Below is a side-by-side comparison of the offers currently listed by Nuvama and Choice Broking.
Free account opening: Nuvama and Choice Broking both list free account opening.
Free AMC: Nuvama lists free Demat AMC, while Choice Broking does not currently mention it.
Free brokerage: Neither broker currently highlights free brokerage.
Flat brokerage: Nuvama lists flat brokerage pricing, while Choice Broking does not currently mention it.
Flexible brokerage plans: Nuvama lists flexible brokerage plans, while Choice Broking does not currently mention it.
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: Nuvama 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: Nuvama offers Upto Rs.1,000 per referral while Choice Broking offers Upto Rs. 100 per Client for referrals.
Nuvama vs Choice Broking — Comparison of Latest Offers
| Offer | Nuvama | Choice Broking |
|---|---|---|
| Free Account Opening | Yes | Yes |
| Free AMC | Yes | No |
| Free Brokerage | No | No |
| Flat Brokerage | Yes, Limited | No |
| Flexible Brokerage Plans | Yes | No |
| Happy Trading Hours | No | No |
| Free Delivery Trading | No | No |
| Free Intraday Trading | No | No |
| Free F&O Trading | No | No |
| Free Research Reports | Yes | No |
| Free Trading Calls | No | No |
| Referral Offers | Upto Rs.1,000 per referral | Upto Rs. 100 per Client |
| Margin Funding / Pledging | Yes | Yes |
| Brokerage Cashback | No | No |
| Zero Brokerage for Loss-Making Trades | No | No |
Product availability determines whether a broker can support your preferred markets. Nuvama highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures, while Choice Broking highlights equity delivery, equity intraday, equity futures, equity options, commodity futures, commodity options and currency futures.
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, mutual funds and insurance.
Nuvama vs Choice Broking — Complete Comparison of Products
| Product | Nuvama | Choice Broking |
|---|---|---|
| Equity Delivery | Yes | Yes |
| Equity Intraday | Yes | Yes |
| Equity Option | Yes | Yes |
| Equity Future | Yes | Yes |
| Commodity Option | Yes | Yes |
| Commodity Future | Yes | Yes |
| Currency Option | Yes | Yes |
| Currency Future | Yes | Yes |
| Foreign Stocks | No | No |
| Mutual Funds | Yes | No |
| Banking | No | |
| Insurance | Yes | Yes |
| Corporate Bonds | No | No |
| Government Bonds | No | No |
| Digital Gold | No | No |
Demat services: Nuvama and Choice Broking both list Demat services.
Trading services: Nuvama and Choice Broking both list trading services.
Intraday services: Nuvama and Choice Broking both list intraday trading services.
F&O services: Nuvama and Choice Broking both list F&O services.
IPO services: Nuvama 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: Nuvama and Choice Broking both list stock research.
Stock recommendations: Nuvama and Choice Broking both list stock recommendations.
Trading education: Nuvama lists trading education, while Choice Broking does not currently mention it.
Share pledging: Nuvama and Choice Broking both list share pledging.
PMS or PCG: Neither broker currently highlights PMS or PCG support.
NRI services: Neither broker currently highlights NRI services.
Nuvama provides Demat services, trading services, intraday trading, F&O trading, IPO access and stock research, while Choice Broking offers Demat services, trading services, intraday trading, F&O trading, stock research and stock recommendations.
Nuvama vs Choice Broking — In-Depth Comparison of Services
| Service | Nuvama | Choice Broking |
|---|---|---|
| Demat Services | Yes | Yes |
| Trading Services | Yes | Yes |
| Intraday Services | Yes | Yes |
| F&O Services | Yes | Yes |
| IPO Services | Yes | No |
| 3-in-1 Account | No | No |
| Stock Research | Yes | Yes |
| Stock Recommendations | Yes | Yes |
| Trading Education | Yes, Investology | No |
| 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 Nuvama and Choice Broking.
Nuvama and Choice Broking — Detailed Comparison of Advisory Services
| Advisory | Nuvama | Choice Broking |
|---|---|---|
| Fundamental Reports | Yes | Yes |
| Research Reports | Yes, chargeable | Yes |
| Company Reports | Yes | Yes |
| Annual Reports | Yes | Yes |
| IPO Reports | Yes | No |
| Technical Reports | Yes | No |
| Stock Tips | Yes | Yes |
| Daily Top Stock Picks | Yes | Yes |
| Daily Market Review | Yes | No |
| Monthly Review | Yes | Yes |
| Weekly Review | Yes | No |
| Relationship Manager | Yes | Yes |
| Robo Advisory | No | No |
Margin exposure allows traders to manage larger positions with less capital. Below is a comparison of the margin available from Nuvama and Choice Broking across different segments.
Nuvama and Choice Broking — Comprehensive Comparison of Trading Exposure
| Exposure | Nuvama | Choice Broking |
|---|---|---|
| Equity Delivery | 1x | 1x |
| Equity Intraday | Upto 5x (Depends on Stocks) | Upto 5x (Depends on Stocks) |
| Equity F&O Carry Forward | 1x | 1X |
| Equity F&O Intraday | 1.3x | 1.3x |
| Commodity F&O Carry Forward | 1x | 1x |
| Commodity F&O Intraday | 1.3x | 1.3x |
| Currency F&O | 1x | 1x |
Nuvama and Choice Broking both list a sub-broker program. Nuvama and Choice Broking both list a partner program. Nuvama and Choice Broking both list a referral program.
Nuvama vs Choice Broking — Comparative Analysis of Programs
| Program | Nuvama | Choice Broking |
|---|---|---|
| Sub-Broker Program | Yes | Yes |
| Partner Program | Yes | Yes |
| Referral Program | Yes | Yes |
Nuvama provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. Choice Broking provides support through trading desk support, dedicated dealer assistance, call support, email support and website support. Choice Broking operates Available branches.
Nuvama and Choice Broking — Comprehensive Comparison of Customer Support
| Support Channel | Nuvama | Choice Broking |
|---|---|---|
| Trading Support | Available, Chargeable | Available, Free |
| Dedicated Dealer | Available, Chargeable | Available, Free |
| Call Support | 022-66203030 | 022-67079999 |
| Email Support | [email protected] | [email protected] |
| WhatsApp Support | NA | NA |
| Website Support | Website Link | Website Link |
| Facebook Support | Facebook Support Link | Facebook Support Link |
| Twitter / X Support | Twitter Support Link | Twitter Support Link |
| Telegram Support | — | Telegram Support Link |
| Branches / Offices | NA | Available |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. Nuvama carries an overall rating of 8.41 / 10, while Choice Broking carries an overall rating of 8.63 / 10.
Nuvama vs Choice Broking — Ratings Comparison
| Rating Parameter | Nuvama | Choice Broking |
|---|---|---|
| Overall Rating | 8.41 / 10 | 8.63 / 10 |
| Customer Support | 8.38 / 10 | 8.59 / 10 |
| Technology | 8.51 / 10 | 8.73 / 10 |
| Charges | 8.45 / 10 | 8.66 / 10 |
| Products & Services | 8.36 / 10 | 8.58 / 10 |
| Experience | 8.34 / 10 | 8.56 / 10 |
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.
Nuvama & Choice Broking — Comparison of Customer Complaints
| Complaint Metric | Nuvama | Choice Broking |
|---|---|---|
| Total Complaints Lodged | 117 | 78 |
| Total Complaints Resolved | 102 | 69 |
| % of Resolved Complaints | 87.18% | 88.46% |
| Non-Actionable Complaints | 7 | 6 |
| % of Non-Actionable Complaints | 5.98% | 7.69% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Nuvama and Choice Broking.
Nuvama vs Choice Broking — Detailed Comparison of Transaction Charges
| Transaction Charges | Nuvama | Choice Broking |
|---|---|---|
| Equity Delivery | 0.00335% (NSE) & As per Stock (BSE) | |
| Equity Intraday | 0.00335% (NSE) & As per Stock (BSE) | |
| Equity Future | 0.002% (NSE & BSE) | |
| Equity Option | 0.053% (on premium) | |
| Commodity Future | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) | |
| Commodity Option | 0.05% (Non Agri) | |
| Currency Future | NA | |
| Currency Option | NA |
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.
Nuvama & Choice Broking — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Nuvama | Choice Broking |
|---|---|---|
| Pledge Creation Charges | Rs.7 per Request | |
| Pledge Invocation Charges | Rs.7 per Request | |
| Margin Trading Interest | 0.05% per day |
Beyond brokerage, several statutory and operational charges apply. These include SEBI turnover fees, DP charges, GST, account closure, reactivation, dematerialisation, and call & trade charges.
Nuvama and Choice Broking — Detailed Comparison of Hidden / Other Charges
| Charge | Nuvama | Choice Broking |
|---|---|---|
| SEBI Turnover Charges | Rs.10/ Crore (All Segment) | |
| DP Charges | Rs.20 per Scrip | |
| GST | 18% on (Brokerage + SEBI + Transaction charges) | |
| Account Closure Charges | Rs.150 | |
| Reactivation Charges | Rs.100 | |
| Dematerialisation Charges | Rs.18 per Certificate | |
| Call & Trade Charges | Rs.20 per Trade |
Nuvama lists account opening charges of Free and Demat AMC of Rs.500 (Free for first year). Choice Broking lists account opening charges of Free and Demat AMC of Rs.200 – Rs.3000 (First year free).
Nuvama vs Choice Broking — Detailed Comparison of Demat Charges
| Demat Charges | Nuvama | Choice Broking |
|---|---|---|
| Account Opening Charges | Free | Free |
| Annual Maintenance Charges (AMC) | Rs.500 (Free for first year) | Rs.200 – Rs.3000 (First year free) |
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.
Nuvama vs Choice Broking — Comparative Analysis of STT and CTT Charges
| STT & CTT | Nuvama | Choice Broking |
|---|---|---|
| Equity Delivery | 0.1% on buy & sell | |
| Equity Intraday | 0.025% on sell | |
| Equity Future | 0.0125% on sell | |
| Equity Option | 0.0625% on sell (on premium) | |
| Commodity Future | 0.01% on sell (Non-Agri) | |
| Commodity Option | 0.05% on sell | |
| Currency Future | Nil | |
| Currency Option | Nil |
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.
Nuvama and Choice Broking — Comparison of Stamp Duty Charges
| Stamp Duty | Nuvama | Choice Broking |
|---|---|---|
| Equity Delivery | 0.015% on buy | |
| Equity Intraday | 0.003% on buy | |
| Equity Future | 0.002% on buy | |
| Equity Option | 0.003% on buy | |
| Commodity Future | 0.002% on buy | |
| Commodity Option | 0.003% on buy | |
| Currency Future | 0.0001% on buy | |
| Currency Option | 0.0001% on buy |