ICICI Direct Review

January 10, 2023by Sanket Alurkar0

ICICI Direct Review : Brokerage Charges, Demat Charges, Trading Platforms, IPO

Should you invest with ICICI Direct?

ICICI Direct is one of the topmost bank-based full service stockbroking companies in India. It is a retail investment and trading arm of ICICI Securities which is further part of India’s top financial service provider ICICI group.

The broker has a presence across 87 locations in India with more than 200 offices in different forms and sizes for its client.

ICICI banking services has incredible customer service and vast offline presence across the country. It has over 35 lakh customers across the country. The segments include:

Currency TradingDerivative TradingMutual FundsICICI PMSFixed DepositsNon-convertible Debentures (NCDs)


One of the unique features of ICICI Direct is the 3-in-1 demat account which includes the bank account, demat account and trading account. The broker allows NRI Trading, ICICI NRI Trading.

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The advantage of having a 3-in-1 account is that the trader gets a seamless trading experience since your bank account is directly integrated to your trading account which helps in instant money transfer. ICICI Direct has a client base of 8,70,070 which is one of the highest in India.

ICICI Direct

ICICI Direct provides different propositions to different sets of potential client base. As a beginner traders can use the assistance of its relationship managers that are mapped to your account to understand how you can carry out your trades. The broker also provides financial learning through virtual classrooms for its clients.

ICICI Direct Trading Platform

ICICI direct provides state of the art trading platforms for desktop, laptop, and mobile devices :

ICICI Direct Trade Racer :

Trade Racer is an executable file that can be installed on the system. Clients can carry out the trading from their desktop or laptop. Some of the features this trading platform carries are :

View all trending scrips within a single screen or interface.

With Live Scanner feature, clients can instantly identify stocks that are making high or low.

With the heatmap feature, stocks high or low can be identified directly with colour coding without looking at data.

Customisable colour layouts and market charts.

ICICI Direct Trade Racer Web :

Trade racer web is a browser-based version of trade racer software where users do not need to install and can access anywhere. Some of the top features of this platform are:

  • Live and streaming quotes
  • Drag and drop widgets facilitation
  • Upto 5 watchlists
  • User alerts and notifications

ICICI Direct Mobile App

This mobile app is one of the average performing trading apps in India. The app comes with following features :

  • Latest quotes, scrips, market updates can be analysed.
  • Portfolio tracking and market movement.
  • Live research calls and market tips.
ICICI Direct Markets App - Online Trading App in India
The Login Page of ICICI Direct Markets

ICICI Demat Account

How to Open an ICICI Demat Account?
  1. While opening an account in ICICI Direct, traders can fill the application form via both offline and online methods. The online registration is quicker but to make the facility available to all kinds of investors, the broker provides offline account opening services to the users, where they can go in the branch and opens the account with the help of an executive.
  2. For the online method, visit the website and follow the step-by-step instructions beginning with validation of your mobile number.
  3. Enter PAN card and Aadhar details and upload your signature.
  4. Link your bank details by selecting your bank.
  5. Next to verify your detail you need to take a photo from your device.
  6. Process your e-sign by entering the Aadhar number. Make sure your Aadhar card is linked with your mobile number.
  7. All your personal information will be fetched an validated from digi locker and on complete verification, your account details are shared with you in no time.

ICICI Direct Refer and Earn

Opening a Demat account with ICICI Direct allows you to trade in different trading segments. But at the same time, you can use the broker’s service to reap additional benefits through its referral program.

ICICI Direct refer and earn demat account allow the registered user to refer the services to their friends who are willing to trade and invest in the share market and earn Rs 500 on each referral.

To Use this benefit, one has to log in to the mobile app and click on Refer and Earn tab. After this, enter your registered mobile number and click on generate link.

Charges For Demat Account In ICICI

Demat Account Opening Charges0
Account Maintenance ChargesFor NEO Brokerage : Rs 300 (From the first Year)
For other Brokerage Plan : Rs 700 (From Second Year Onwards)

ICICI Direct Charges

There are no account opening charges for Demat account and the Annual Maintenance charges are Rs 700. The call and trade facility is charged at Rs.25 per executed Trade.

ICICI Direct Brokerage Calculator

Equity Delivery0.55%
Intraday Delivery0.275%
Equity Futures0.03% to 0.05%
Equity OptionsRs.35 to Rs. 95 per lot
Currency futures0.03% to 0.05%
Curreny OptionsRs 10 to Rs 25 per lot

I-Saver Plan

This plan works on the concept of the total turnover the user creates within a span of 3 months. There are multiple slabs ranging between Rs. 25 Lakhs and going as high as Rs. 5 crore. Higher the turnover lower the brokerage the user has to pay to the broker.

I-Secure Plan

There is no commitment of turnover in this plan and the trader has to pay a discussed brokerage rate in all his trades. The trader needs to have a detailed discussion before he opens the account and negotiate on the brokerage since it will be applicable on all future trades.

ICICI Direct Prepaid Brokerage Plan

An initial payment has to be made to ICICI Direct. The higher is the  payment, lower is the brokerage applicable to your trades. The commission generated from the trades will be auto-detected from this initial deposit. The trader can recharge once again once the initial deposit is completely exhausted.

ICICI Direct Transaction Charges

Equity Delivery0.00325%
Equity Intraday0.00325%
Equity Futures0.00190%
Equity Options0.05000%
Currency Futures0.0100%
Currency Options0.04000%

As per the industry standards, ICICI Direct charges pretty nominal transaction charges. Apart from that, each selling transaction requires you to pay DP charges in ICICI at a scrip level.

ICICI Direct Margin

The full-service stockbroker is not really known to provide high exposure or leverage but then, again it depends on the kind of plan you have chosen. Based on that, the leverage values can be negotiated to an extent.

Segment/ PlanFreedomProUltimate
Equity10 times10 times20 times
Equity Futures4 times4 times8 times
Equity Options1 times1 times3 times
Currency Futures4 times4 times8 times
Currency Options1 times1 times4 times

ICICI Direct Research

ICICI Direct provides you with a wide range of research and recommendation products. Following are the research products offered by ICICI Direct :

  • Market Insights
  • Opening Bell
  • Market Commentary
  • Special Reports
  • Market Outlook
  • Monthly Derivative reports
  • Monthly MF Reports
  • Trading Recommendations
  • Momentum Pick
  • Daily Support and Resistance
  • Derivative View
  • Investment Recommendations
  • Equity Model Portfolio
  • Quarterly Review
  • Top Picks
  • IPO Reports
  • IPO Diary
  • Allotment

ICICI Direct Complaints

ICICI Direct Review

The stockbrokers has received a relatively lesser number of complaints as compared to its peers in the industry. Only two out of thousand clients reports a complaint against their broker.

ICICI Direct Customer Care

ICICI Direct provides you the with the following communication channels for service :

  • Email
  • Phone
  • Offline Branches
  • Web help

ICICI Direct Disadvantages and Advantages

Brokerage charges are relatively highIt has a large active client base.
Complicated brokerage plans might create confusion.It has a huge brand name gained through its banking services.
Does not allow commodity tradingIt provides 3-in-1 account
No Live chat support for a quick resolution.Free research provided with a special focus on fundamental investments.

This was the review of ICICI Direct. With this review, we have answered some questions like “Is ICICI Direct Safe”  and should you invest with it. We hope that you found the article interesting. Please stay tuned for updates.

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DISCLAIMER: Online Trading Institute is providing courses content and any related materials (including newsletters, blog post, videos, social media and other communications) for educational purposes only. We are not providing legal, accounting, or financial advisory services, and this is not a solicitation or recommendation to buy or sell any stocks, options, or other financial instruments or investments.