Choice Broking vs First Demat
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
Choice Broking
VS
First Demat
Choice Broking vs First Demat — quick verdict
Choose Choice Broking if
You want low-cost, self-directed trading
Trade Smart. Invest Better.
Choose First Demat if
You want low-cost, self-directed trading
First Demat review — multiple brokerage packs, brokerage starting at ₹20 per order, digital trading platforms and a wide range of investment options. make this short
Company overview
Choice Broking is a discount broker incorporated in 2010; First Demat is a discount broker incorporated in 2026.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| Type of broker | Discount Broker | Discount Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX |
| Year of incorporation | 2010 older | 2026 |
| Number of branches | 150+ wider | 1 |
| Active clients | 8 Lakh+ larger | 500 |
Charges & AMC
Account-opening and maintenance charges for Choice Broking and First Demat compared side by side.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| Trading a/c opening | ₹0 | ₹0 online; ₹500 offline |
| Trading a/c AMC | ₹0 | ₹0 |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹0 (1st Year), ₹450 + GST per year thereafter | ₹0 for the first year lower |
| DP charges (per ISIN, sell) | ₹15.93 per debit transaction (including GST) lower | ₹20 + GST per ISIN |
Brokerage charges
How Choice Broking and First Demat price each trading segment, per executed order.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| Equity Delivery | ₹20 per executed order | 0.1% or ₹20 per executed order, whichever is lower |
| Equity Intraday | ₹20 per executed order | 0.1% or ₹20 per executed order, whichever is lower |
| Equity Futures | ₹20 per executed order | ₹20 per executed order |
| Equity Options | ₹20 per executed order | ₹20 per executed order |
| Currency F&O | ₹20 per executed order | — |
| Commodity F&O | ₹20 per executed order | — |
| Call & Trade | ₹20 per executed order | ₹50 per trade |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by Choice Broking and First Demat, per segment.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| Equity Delivery | NSE: 0.00297% • BSE: 0.00375% | NSE: 0.00307% · BSE: 0.00375% |
| Equity Intraday | NSE: 0.00297% • BSE: 0.00375% | NSE: 0.00307% · BSE: 0.00375% |
| Equity Futures | NSE: 0.00173% | NSE: 0.00183% · BSE: 0% |
| Equity Options | NSE: 0.03503% (on premium) | NSE: 0.03553% on premium · BSE: 0.0325% on premium |
| Currency Futures | NSE: 0.00035% | Not specified |
| Currency Options | NSE: 0.03110% (on premium) | Not specified |
| Commodity Futures | MCX: 0.00210% | — |
| Commodity Options | MCX: 0.04180% (on premium) | — |
| Commodity | — | Current segment-wise rates not verified |
Demat & DP charges
Depository (demat) charges for Choice Broking and First Demat — AMC, debit transactions, pledging and remat.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| Demat Account Opening | ₹0 | ₹0 online |
| Annual Maintenance Charges (AMC) | ₹0 (1st Year), ₹450 + GST per year thereafter | — |
| Debit Transaction Charges | ₹15.93 per debit transaction (including GST) | — |
| Pledge / Unpledge Charges | ₹20 + GST per request | — |
| Dematerialisation (Demat) | ₹150 per certificate + GST | — |
| Rematerialisation (Remat) | ₹150 per certificate + GST | — |
| Failed Transactions | Nil | — |
| Demat Account AMC | — | ₹0 for the first year; thereafter |
| DP Source | — | NSDL, through the intermediary identified in the official regulatory disclosure |
| DP ID | — | IN303921, as listed on the official website |
| DP Charges for Debit | — | ₹20 + GST per ISIN |
| Dematerialisation Charges | — | ₹20 per DRF + ₹3 per certificate |
| Rematerialisation Charges | — | ₹20 per 100 securities or part thereof, subject to a maximum of ₹5,000, or ₹20 per certificate, whichever is higher |
| Margin Pledge / Unpledged for Collateral | — | ₹25 + GST per transaction |
| Margin Pledged | — | ₹3 + GST per transaction, |
| Pledge Creation Confirmation | — | Not specified |
| Failed Instruction Charges | — | ₹20 per intimation per instruction |
| Advance Deposit | — | ✕ No |
| Other Charges | — | Refer to the latest official demat tariff |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by Choice Broking and First Demat.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | Not verified (Not verified) |
| Equity Intraday | VAR + ELM Margin (Up to 5x*) | Not verified (Not verified) |
| Equity Futures | SPAN + Exposure Margin (As per available margin) | As per applicable exchange and broker requirements (Not verified) |
| Equity Options (Buy) | Premium Value (Not Applicable) | As per applicable exchange and broker requirements (Not verified) |
| Equity Options (Sell) | SPAN + Exposure Margin (As per available margin) | Not verified (Not verified) |
| Currency Futures & Options | SPAN + Exposure Margin (As per available margin) | Not verified (Not verified) |
| Commodity Futures & Options | SPAN + Exposure Margin (As per available margin) | Not verified (Not verified) |
| Commodity Options | — | Not verified (Not verified) |
Features & account
Account type and feature availability across Choice Broking and First Demat.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| 3-in-1 account | ✕ No | ✕ No |
| Automated / API trading | ✓ Yes | ✓ Yes |
| Margin Trading (MTF) | ✓ Yes | ✓ Yes |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | Choice FinX Web, Choice FinX Mobile App, Choice Edge | First Trade Web, First Mobile |
| Intraday square-off | 3:15 PM | 3:20 PM |
| Other | Option Chain, Advanced Charting, Basket Orders, Screeners, API Trading, Algo Trading Support, Price Alerts, eDIS, Margin Trading Facility (MTF) | Free equity delivery, digital onboarding, MTF facility available. |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by Choice Broking and First Demat.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| Trading platforms offered | Choice FinX Web, Choice FinX Mobile App, Choice Edge | First Demat Web Trading Platform, First Demat Mobile Trading, First Demat Android App, First Demat iOS App |
| Number of platforms | 3 | 4 more choice |
| Platforms (summary) | Choice FinX Web, Choice FinX Mobile App, Choice Edge | First Trade Web, First Mobile |
| Mobile / desktop apps | Web, Mobile, Desktop | Web, Mobile, Android, iPhone / iOS |
User ratings
User ratings for Choice Broking and First Demat across the key parameters.
| Rated on | Choice Broking | First Demat |
|---|---|---|
| Fees | 4.5 | — |
| Brokerage | 4.6 | — |
| Trading platform | 4.3 | — |
| Customer service | 4.2 | — |
| Research | 4 | — |
| Overall | 4.3 | 5 better |
Investment options
Which investment products Choice Broking and First Demat let you access.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| Stocks / Equity | ✓ Yes | ✓ Yes |
| Commodity | ✓ Yes | ✓ Yes |
| IPO | ✓ Yes | ✓ Yes |
| Mutual Funds | ✓ Yes | ✓ Yes |
| Bonds / NCD | ✓ Yes | ✓ Yes |
Order types offered
Advanced order types supported by Choice Broking and First Demat.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| Bracket Order | ✕ No | ✕ No |
| Cover Order | ✕ No | ✕ No |
| BTST | ✓ Yes | ✓ Yes |
| After Market (AMO) | ✓ Yes | ✓ Yes |
| GTC / GTT | ✓ Yes | ✓ Yes |
Safety & credibility
SEBI registration, financial strength and complaint record for Choice Broking and First Demat.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| SEBI registration | INZ000160131 | INZ000328330 |
| NSE member code | 90192 | 90479 (NSE membership number) |
| Year of incorporation | 2010 longer track record | 2026 |
| Net worth | ₹1,087.56 Cr stronger | 6952 |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX |
| Latest complaint ratio | 0.002% fewer complaints | 0.016% |
Complaints record
Exchange complaint data for Choice Broking and First Demat — the ratio matters more than the raw count.
| Parameter | Choice Broking | First Demat |
|---|---|---|
| Latest financial year | 2025–26 | 2025-26 |
| Exchange | NSE | NSE |
| Active clients | 8,42,615 larger base | 5,00,000 |
| Complaints filed | 18 | 80 |
| Complaint ratio | 0.002% fewer complaints | 0.016% |
Pros & cons
The main advantages and drawbacks of each broker.
Choice Broking
▲ Pros
- ✓ Competitive flat brokerage plans.
- ✓ Fully digital and paperless account opening.
- ✓ Supports stocks, F&O, commodities, currencies, mutual funds, IPOs, ETFs, and bonds.
- ✓ Margin Trading Facility (MTF) available.
- ✓ Advanced web and mobile trading platforms with technical analysis tools.
- ✓ Backed by Choice International Limited.
▼ Cons
- ✕ Annual Demat AMC is applicable after the introductory period.
- ✕ Research coverage is comparatively smaller than some leading full-service brokers.
- ✕ Call & Trade charges apply.
- ✕ Physical branch network is smaller than large bank-backed brokers.
- ✕ Premium advisory services may be available only under selected plans.
First Demat
▲ Pros
- ✓ Zero online account opening charges.
- ✓ Brokerage of ₹20 per executed order or 0.1%, whichever is lower, on applicable segments.
- ✓ ₹20 per executed order for equity futures and options, according to the official pricing page.
- ✓ Web and mobile trading platforms.
- ✓ AI-assisted market insights and research tools.
- ✓ Option strategy builder and multi-leg strategy tools.
- ✓ Charting and technical indicators.
- ✓ Trailing stop-loss and smart alerts.
- ✓ IPO application facilities.
- ✓ Mutual funds and ETFs, according to the supplied review and platform information.
▼ Cons
- ✕ Brokerage and other fees should be checked against the applicable tariff and account conditions.
- ✕ Call & Trade and auto square-off services attract additional charges.
- ✕ Statutory taxes and exchange transaction charges apply separately.
- ✕ Zero Demat AMC is stated for the first year; charges after the first year should be confirmed.
- ✕ Current active-client figures and net worth have not been independently verified.
- ✕ Individual category ratings and review counts are unavailable.
- ✕ MTF is marked unavailable in the supplied review.
- ✕ A 3-in-1 account is marked unavailable in the supplied review.
- ✕ Some platform features and product availability require confirmation.
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