ICICI Direct Review

CICI Direct is a trading and investment service provided by ICICI Services, the largest stock broker firm in India. ICICI service is a part of ICICI Group.

ICICI Direct has a customer base of more than 30 lakh customers who trade and invest through their website.

ICICI direct facilitates an efficient and convenient way of investing and trading through a 3-in-1 account, including ICICI bank account, trading account, and demat account.

Overall Summary

 

LIKES

  • No brokerage is charged by fyers on cash and carry trades and hence provides free equity delivery trading.
  • Trading softwares are free of cost.
  • Mobile app available for Android and iOS devices as well.
  • Trading platforms are flexible and can adapt to changes quickly.

DISLIKES

  • Commodity trading is not available.
  • Fyers does not offer toll-free customer service.

Commissions & Fees

ICICI Direct Account Opening Charges

ICICI TRANSACTION CHARGES

ICICI DIRECT BROKERAGE CHARGES

ICICI provides 2 brokerage plans:

  • I-Secure plan– Flat Brokerage Plan

This plan provides brokerage regardless of the turnover value.

  • I-Saver Plan– Variable Brokerage Plan

This plan offers brokerage according to the trade volume, that is, high brokerage on low trade volume and low brokerage on high trade volume.

I-Saver Plan

I-Secure Plan

ICICI Direct Future and Future Plus Brokerage

ICICI Direct Equity Options Brokerage

I-Saver Plan/ I-Secure Plan

ICICI Direct Currency Options Brokerage

I-Saver Plan/ I-Secure Plan

LEVERAGE GIVEN BY ICICI DIRECT

RESEARCH

ICICI Direct is a trading and investment service provided by ICICI Services,the largest stock broker firm in India. ICICI service is a part of ICICI Group.

ICICI Direct has a customer base of more than 30 lakh customers who trade and invest through their website.

The website offers various numerous investment options:

  • Equity
  • Derivative Trading
  • Mutual funds
  • IPO
  • Fixed deposits
  • Bonds
  • Non-convertible debentures
  • Currency trading
  • Insurance, and more

ICICI direct facilitates an efficient and convenient way of investing and trading through a 3-in-1 account, including ICICI bank account, trading account, and demat account.

ICICI Direct offers help of relationship managers to beginners so that they can gain a complete understanding of how to carry trades. Likewise, investors can use its huge variety of investment products as well as fundamental research. Moreover, there is technologically advanced pertaining to high-performance terminal application called ICICI direct Trade racer which is an ideal fit for active traders as it holds many features that are helpful for them.

 ICICI Trading Platforms

  1. Share Trading Account- Web-Based Training

ICICI Direct provides a web-based trading option through a platform which facilitates buying and selling of stocks at BSE & NSE. The website offers many features to its customers such as Cash Trading, Margin Trading, MarginPLUS Trading, Spot Trading, Mutual Fund Investment and much more.

FEATURES:

  • The home screen can be customized by users by adding widgets such as fund transfer widget, portfolio holdings display etc. or by using drag and drop to place their widgets according to their wish.
  • Different types of orders such as market order, limit order, normal order and more can be placed by users through this web browser in Equity, futures, options and currency segments.
  • This web application allows users to get research reports and tips at technical levels as well as fundamental levels.
  • Users can add up to 5 multiple market watch lists with adding up to 20 scrips in each market watch list.
  • Users can view orders placed till that time and modify them in Order book feature.

DISADVANTAGES

  • The overall application may seem complicated to the beginners.
  • Expert level traders may face problems.

ADVANTAGES

  • Lightweight and do not facilitate high configuration.
  • This application can be accessed through any device with a compatible browser such as Chrome etc.

Trade Racer- Trading Terminal

Trade racer is a trading terminal that has made trading easier with facilities like live streaming quotes, research calls, integrated fund transfer system and multiple watchlists. It also provides advanced charting tool that helps investors in technical analysis. Customized interface, Intraday and EOD charts are other features provided by the terminal.

FEATURES:

Users can add up to 5 multiple market watch lists with adding up to 20 scrips in each market watch list.

  1. Charting features are provided wherein indicators can be added to perform a detailed stock analysis. Some of these are:
  • Simple moving average
  • Exponential moving average
  • Time series moving average
  • User interface layout, color coding, etc. can be changed and customized by the users based on their requirements.
  • Users can understand the overall momentum of the market by drawing trend lines on top of graphs, which enables them to make fast decisions.

There is a feature called Heatmaps that allows users to see the upward and downward movement of stocks.

DISADVANTAGES

  • Charting tools can sometimes take time to load in peak hours.
  • Updates are frequent which creates a problem in existing bugs to be removed.

ADVANTAGES

  • This is a technologically advanced terminal which makes it an ideal option for heavy traders and experts.
  • It provides comprehensive information on stock and its buy and sells records.
  • Up to 9 widgets can be added on the screen.

CUSTOMER CARE

ICICI Direct provide following communication channels to its customers:

ICICI Direct branches

  • Email
  • Regional Phone numbers
  • Social media

Phone: 022 88 2460/70
For NRIs: 22-3914 0422

Email: First level –headservicequality@icicidirect.com

                Second level- coo@icicidirect.com

Since ICICI Direct is a full-time broker, customer care and service remains their main concern. However, it seems that ICICI Direct should spread its communication channels through toll-free numbers, web support etc.

Turnaround time seems to be quite good, where executives have complete knowledge of the products and offerings.

One problem area in customer care of the broker is that the broker tends to be more attentive towards the ones who generate huge brokerage amounts and small traders are often not given due care.

EDUCATION

ICICI Direct offers online education and makes its customers learn the basics and fundamentals of investing, trading, equity, mutual funds, futures, and options.

This can be availed by users on their website for free. The portal consists of 2 chapters which have 11 modules in total.

OTHER NOTES

HOW TO OPEN AN ACCOUNT

To open an online trading account with ICICI Direct, you are required to open 3 accounts-

  • ICICI Bank Account
  • ICICI Direct Trading Account
  • ICICI Direct Demat Account

In case you have ICICI bank account and Demat account, you can link them with ICICI Direct Trading Account.

There are 2 ways to open an account with ICICI Direct:

  • Go to ICICIDirect.com and go to open an account option to fill up the required form. Then a representative will call you up to set up a meeting at your home to take the required documents and discuss details.
  • Directly call ICICI and discuss with them about opening an account. In this way as well, a representative will get in touch with you in a day or two to call up a meeting and discuss further.

FINAL NOTES

ICICI Direct is well known for its commendable presence in various sectors such as the banking sector, life insurance, general insurance, and capital market. However, since the emergence of flat brokers and discount brokers, full-service brokers like ICICI Direct has to keep up with good work and give in their maximum efforts.

The brokerage charges of ICICI Direct may seem to be costly for not so active investors or day traders when compared to discount brokers like Zerodha.