Upstox and Choice Broking are two stockbrokers that investors often compare for brokerage charges, products, trading platforms, and account costs. Upstox is listed as a Private Discount Broker , established in 2011 and headquartered in Mumbai, 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 Upstox or Choice Broking is a better fit for your investment style, platform preference, and budget.
Upstox is listed as a Private Discount Broker established in 2011 with headquarters in Mumbai and founded by Raghu Kumar, Ravi Kumar & Shrinivas Vishvanath. 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 and algo trading support and promotes features such as watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market tracking. It follows a Standard 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.
Upstox vs Choice Broking — A Comprehensive Company Overview
| Company Overview | Upstox | Choice Broking |
|---|---|---|
| Company Type | Private | Private |
| Broker Type | Discount Broker | Discount Broker |
| Headquarters | Mumbai | Mumbai |
| Founder | Raghu Kumar, Ravi Kumar & Shrinivas Vishvanath | Kamal Poddar |
| Establishment Year | 2011 | 2010 |
| Brokerage Plan | Standard Plan | Standard Plan |
Brokerage is the primary cost to compare when choosing a broker. Below is a segment-by-segment breakdown for Upstox and Choice Broking.
Equity delivery: This charge applies to buy-and-hold stock positions held beyond one trading session. Upstox charges Rs.20 per Trade or 2.5%, 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. Upstox charges Rs.20 per Trade or 0.05% (whichever is low) while Choice Broking charges 0.2% of Transaction Value.
Equity futures: This charge applies to futures contracts on stocks and indices. Upstox charges Rs.20 per Trade or 0.05% (whichever is low) while Choice Broking charges 0.2% of Transaction Value.
Equity options: This charge applies to equity option contracts. Upstox charges Rs.20 per Trade while Choice Broking charges Rs.25 per lot.
Commodity futures: This charge covers commodities such as gold, silver, and crude oil. Upstox charges Rs.20 per Trade or 0.05% (whichever is low) while Choice Broking charges 0.02% of Transaction Value.
Commodity options: This charge applies to option contracts on commodity instruments. Upstox charges Rs.20 per Trade while Choice Broking charges Rs.50 per lot.
Currency futures: This charge allows participation in forex price movements on the exchange. Upstox charges Rs.20 per Trade or 0.05% (whichever is low) while Choice Broking charges 0.02% of Transaction Value.
Currency options: This charge enables traders to hedge or speculate on currency fluctuations. Upstox charges Rs.20 per Trade while Choice Broking charges Rs.20 per lot.
Upstox vs Choice Broking — Detailed Brokerage Comparison
| Brokerage | Upstox | Choice Broking |
|---|---|---|
| Brokerage Plan | Standard Plan | Standard Plan |
| Subscription Charges | Zero | Zero |
| Equity Delivery | Rs.20 per Trade or 2.5%, whichever is low | 0.2% of Transaction Value |
| Equity Intraday | Rs.20 per Trade or 0.05% (whichever is low) | 0.2% of Transaction Value |
| Equity Future | Rs.20 per Trade or 0.05% (whichever is low) | 0.2% of Transaction Value |
| Equity Option | Rs.20 per Trade | Rs.25 per lot |
| Commodity Future | Rs.20 per Trade or 0.05% (whichever is low) | 0.02% of Transaction Value |
| Commodity Option | Rs.20 per Trade | Rs.50 per lot |
| Currency Future | Rs.20 per Trade or 0.05% (whichever is low) | 0.02% of Transaction Value |
| Currency Option | Rs.20 per Trade | Rs.20 per lot |
Upstox provides mobile app access, web trading 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: Upstox and Choice Broking both list an Android trading app.
iOS app: Upstox and Choice Broking both list an iOS trading app.
Web trading platform: Upstox and Choice Broking both list a web trading platform.
Desktop trading terminal: Neither broker currently highlights a desktop trading terminal.
Algo trading: Upstox lists algo trading support, while Choice Broking does not currently mention it.
Basket trading: Upstox lists basket trading, while Choice Broking does not currently mention it.
Foreign stocks platform: Neither broker currently highlights foreign stocks access.
Mutual fund platform: Upstox 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.
Upstox vs Choice Broking — Complete Comparison of Trading Platforms
| Trading Platform | Upstox | Choice Broking |
|---|---|---|
| Android App | Upstox Android App Link | Choice Broking Android App Link |
| iOS App | Upstox iOS App Link | Choice Broking iOS App Link |
| Web Trading Platform | Upstox Web Trading Link | Choice Broking Web Trading Link |
| Trading Terminal | NA | NA |
| Algo Trading Platform | Available | NA |
| Foreign Stocks Platform | NA | NA |
| Basket Trading Platform | Available | NA |
| Mutual Fund Platform | Available | NA |
| Digital Gold Platform | NA | NA |
| Bonds Platform | NA | NA |
Upstox highlights trading features including watchlists, real-time updates, portfolio tracking, online mutual fund access, interactive charts and live market 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 Upstox and Choice Broking offer this feature.
Real time updates: Get timely updates on market trends, stock prices, and other market data. Both Upstox and Choice Broking offer this feature.
Portfolio details: A detailed snapshot of all investments — stocks, bonds, and commodities — in one place. Both Upstox and Choice Broking offer this feature.
Online mf buy: Buy or sell mutual funds directly from the trading platform or mobile application. Upstox offers this; Choice Broking does not currently highlight it.
Research reports: A comprehensive overview of different stocks and sectors in the stock market. Choice Broking offers this; Upstox does not currently highlight it.
Customised recommendations: Personalised investment suggestions based on your objectives and behaviour patterns. Choice Broking offers this; Upstox does not currently highlight it.
Stock tips: Valuable tips on stocks to buy, hold, or sell based on market trends. Choice Broking offers this; Upstox does not currently highlight it.
Interactive charts: Visual price movement charts to help analyse when to buy or sell. Both Upstox and Choice Broking offer this feature.
Live market: Live updates on market movements and trends. Both Upstox and Choice Broking offer this feature.
Secure platform: A secure trading environment with next-generation security controls. Both Upstox and Choice Broking offer this feature.
Upstox vs Choice Broking — Comprehensive Comparison of Trading Features
| Trading Feature | Upstox | Choice Broking |
|---|---|---|
| Wishlist | Yes | Yes |
| Real-Time Updates | Yes | Yes |
| Portfolio Details | Yes | Yes |
| Online MF Buy | Yes | No |
| Research Reports | No | Yes |
| Global Indices | No | No |
| Customised Recommendations | No | Yes |
| Stock Tips | No | 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 Upstox and Choice Broking.
Free account opening: Upstox and Choice Broking both list free account opening.
Free AMC: Neither broker currently highlights free Demat AMC.
Free brokerage: Neither broker currently highlights free brokerage.
Flat brokerage: Upstox 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: Neither broker currently highlights free research reports.
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: Upstox offers Upto Rs.700 per Client while Choice Broking offers Upto Rs. 100 per Client for referrals.
Upstox vs Choice Broking — Comparison of Latest Offers
| Offer | Upstox | Choice Broking |
|---|---|---|
| Free Account Opening | Yes | Yes |
| Free AMC | No | No |
| Free Brokerage | No | No |
| Flat Brokerage | Yes | No |
| Flexible Brokerage Plans | No | 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 | No | No |
| Free Trading Calls | No | No |
| Referral Offers | Upto Rs.700 per Client | 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. Upstox 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.
Upstox vs Choice Broking — Complete Comparison of Products
| Product | Upstox | 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 | No | Yes |
| Corporate Bonds | No | No |
| Government Bonds | No | No |
| Digital Gold | No | No |
Demat services: Upstox and Choice Broking both list Demat services.
Trading services: Upstox and Choice Broking both list trading services.
Intraday services: Upstox and Choice Broking both list intraday trading services.
F&O services: Upstox and Choice Broking both list F&O services.
IPO services: Upstox 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 lists stock research, while Upstox does not currently mention it.
Stock recommendations: Choice Broking lists stock recommendations, while Upstox does not currently mention it.
Trading education: Upstox lists trading education, while Choice Broking does not currently mention it.
Share pledging: Upstox 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.
Upstox provides Demat services, trading services, intraday trading, F&O trading, IPO access and trading education, while Choice Broking offers Demat services, trading services, intraday trading, F&O trading, stock research and stock recommendations.
Upstox vs Choice Broking — In-Depth Comparison of Services
| Service | Upstox | 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 | No | Yes |
| Stock Recommendations | No | Yes |
| Trading Education | Yes, UpLearn | 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 Upstox and Choice Broking.
Upstox and Choice Broking — Detailed Comparison of Advisory Services
| Advisory | Upstox | Choice Broking |
|---|---|---|
| Fundamental Reports | Yes | Yes |
| Research Reports | No | Yes |
| Company Reports | No | Yes |
| Annual Reports | No | Yes |
| IPO Reports | Yes | No |
| Technical Reports | No | No |
| Stock Tips | No | Yes |
| Daily Top Stock Picks | No | Yes |
| Daily Market Review | No | No |
| Monthly Review | No | Yes |
| Weekly Review | No | No |
| Relationship Manager | No | 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 Upstox and Choice Broking across different segments.
Upstox and Choice Broking — Comprehensive Comparison of Trading Exposure
| Exposure | Upstox | 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 | 1.3x | 1x |
Upstox and Choice Broking both list a sub-broker program. Upstox and Choice Broking both list a partner program. Upstox and Choice Broking both list a referral program.
Upstox vs Choice Broking — Comparative Analysis of Programs
| Program | Upstox | Choice Broking |
|---|---|---|
| Sub-Broker Program | Yes, Limited | Yes |
| Partner Program | Yes | Yes |
| Referral Program | Yes | Yes |
Upstox 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.
Upstox and Choice Broking — Comprehensive Comparison of Customer Support
| Support Channel | Upstox | Choice Broking |
|---|---|---|
| Trading Support | Available, Chargeable | Available, Free |
| Dedicated Dealer | Available, Chargeable | Available, Free |
| Call Support | 022-41792999 | 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 | Telegram Support Link |
| Branches / Offices | NA | Available |
Both brokers have been evaluated across key parameters to help investors make an informed comparison. Upstox carries an overall rating of 9.80 / 10, while Choice Broking carries an overall rating of 8.63 / 10.
Upstox vs Choice Broking — Ratings Comparison
| Rating Parameter | Upstox | Choice Broking |
|---|---|---|
| Overall Rating | 9.80 / 10 | 8.63 / 10 |
| Customer Support | 9.76 / 10 | 8.59 / 10 |
| Technology | 9.92 / 10 | 8.73 / 10 |
| Charges | 9.84 / 10 | 8.66 / 10 |
| Products & Services | 9.84 / 10 | 8.58 / 10 |
| Experience | 9.72 / 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.
Upstox & Choice Broking — Comparison of Customer Complaints
| Complaint Metric | Upstox | Choice Broking |
|---|---|---|
| Total Complaints Lodged | 299 | 78 |
| Total Complaints Resolved | 258 | 69 |
| % of Resolved Complaints | 86.29% | 88.46% |
| Non-Actionable Complaints | 28 | 6 |
| % of Non-Actionable Complaints | 9.36% | 7.69% |
Transaction charges are levied by the stockbroker for executing each trade. Below is a segment-wise comparison for Upstox and Choice Broking.
Upstox vs Choice Broking — Detailed Comparison of Transaction Charges
| Transaction Charges | Upstox | Choice Broking |
|---|---|---|
| Equity Delivery | 0.00325% (NSE) & 0.00375% (BSE) | |
| Equity Intraday | 0.00325% (NSE) & 0.00375% (BSE) | |
| Equity Future | 0.0019% (NSE & BSE) | |
| Equity Option | 0.05% (on premium) | |
| Commodity Future | 0.0021% (Non-Agri) / 0.006% (Agri) / 0.0005% (Special) | |
| Commodity Option | 0.05% (Non Agri) | |
| Currency Future | 0.0009% (NSE) & 0.00022% (BSE) | |
| Currency Option | 0.035% (NSE) & 0.001% (BSE) |
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.
Upstox & Choice Broking — Comprehensive Comparison of Pledge Charges
| Pledge Charge | Upstox | Choice Broking |
|---|---|---|
| Pledge Creation Charges | Rs.50 per Request | |
| Pledge Invocation Charges | Rs.50 per Request | |
| Margin Trading Interest | 0.048% 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.
Upstox and Choice Broking — Detailed Comparison of Hidden / Other Charges
| Charge | Upstox | Choice Broking |
|---|---|---|
| SEBI Turnover Charges | Rs.10/ Crore (All Segment) | |
| DP Charges | Rs.18.5 per Scrip only on Sell | |
| GST | 18% on (Brokerage + SEBI + Transaction charges) | |
| Account Closure Charges | Free | |
| Reactivation Charges | Free | |
| Dematerialisation Charges | Rs.20 per Certificate | |
| Call & Trade Charges | Rs.50 + 18% GST per Trade |
Upstox lists account opening charges of Free and Demat AMC of Rs.150 per Year + GST. Choice Broking lists account opening charges of Free and Demat AMC of Rs.200 – Rs.3000 (First year free).
Upstox vs Choice Broking — Detailed Comparison of Demat Charges
| Demat Charges | Upstox | Choice Broking |
|---|---|---|
| Account Opening Charges | Free | Free |
| Annual Maintenance Charges (AMC) | Rs.150 per Year + GST | 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.
Upstox vs Choice Broking — Comparative Analysis of STT and CTT Charges
| STT & CTT | Upstox | 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.
Upstox and Choice Broking — Comparison of Stamp Duty Charges
| Stamp Duty | Upstox | 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 |