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ICICI Direct review
We look at the fees, features, pros and cons of trading with one of India's biggest stockbrokers.
ICICI Direct is a major online trading platform that’s backed by a network of hundreds of branches India-wide. Customers can buy, sell and manage a wide range of investments in a fuss-free way. What’s more, ICICI Direct’s three-in-one account offers an easy platform for trading in-person, online or via an app.
Use this guide to find out what you need to know about ICICI Direct.
About ICICI Direct
ICICI Direct is a trading business which provides investment services from ICICI Securities, one of the largest retail stockbrokers in India. The company’s parent is ICICI Bank – Industrial Credit and Investment Corporation of India.
Can I trust ICICI Direct?
ICICI Direct is owned by ICICI Bank which is the largest private-sector bank in India, boasting assets of around $103 billion. Unsurprisingly then, ICICI Direct offers its customers some of the highest security standards currently available.
Note: Investing and trading itself always carries risks which you should be aware of, so read up before you start investing. Do your research and compare brokers in India before signing up with any trading platform.
What markets can I trade with ICICI Direct?
Your trading options with ICICI Direct include:
- Mutual funds
- Fixed deposits
- Wealth and insurances
ICICI Direct highlights
Here are some of the notable account features worth highlighting:
- Three-in-one account. With ICICI Direct, you’ll get an ICICI Bank Account, ICICI Trading Account and a ICICI Demat Account. These accounts are all linked, ensuring a fast and efficient method of trading. ICICI also offers an eATM service, meaning you could get proceeds from a sale in a matter of minutes.
- Mobile app. It’s easy to trade and invest on-the-go if you’re an iOS or Android user. Mobile users are able to utilise features including real-time price alerts and customised alerts on some stocks.
- Premium trading options. More advanced traders can opt for a Prepaid or Prime brokerage plan and unlock a further range of perks.
- Customer support. There are multiple ways to get in touch with ICICI Direct, including by calling their Customer Care service or via an email that promises a response within 24 hours.
What are ICICI Direct’s spreads and fees?
Trading fees are fees linked with buying and selling financial products. These fees often include commissions, spreads, and currency conversion fees.
A couple of examples of ICICI Direct’s charges are a one-off payment of Rs 975 to open a trading account and a yearly account maintenance fee of Rs 700. There’s a typical brokerage fee of 0.55% for equity trades. Also, keep in mind that the minimum brokerage is Rs 35 per trade or 2.5% (whichever is lower).
We’d encourage you to get in touch with ICICI’s customer support team to understand how much you could end up paying, depending on your account type and how you intend to trade.
Pros and cons
- Speed of service – if you sell a stock, your money’s available in your bank account fast.
- A low bandwidth website is available for poor internet connection or trading from mobile devices.
- Take advantage of free advisory services.
- Valid Till Cancelled (VTC) service means you may carry forward a limit order for 45 days.
- High brokerage fees apply.
- Commodity trading – for example for gold, silver or copper – isn’t available.
How do I open an ICICI Direct account?
It’s easy to create an ICICI Direct account. Simply apply online by clicking the ‘Go to site’ button above and complete the application on ICICI Direct’s website. ICICI will ask you to:
- Supply your full name
- Enter your email address and phone number
- Create a username and password
- Supply proof of ID
- Give your Permanent Account Number (PAN)
As per a mandatory requirement, you’ll have to open a Demat account so that you can hold shares and securities in an electronic format. Existing ICICI bank account customers are able to open their trading account and proceed with the registration.
ICICI Direct offers a wide range of trading options and an easy-to-use service, all of which is backed by a trusted name in the world of Indian finance. However, as a trade-off, you can expect to pay a little more in fees. Before choosing ICICI Direct, consider your purpose for investing and individual preferences and be sure to clarify any queries with this provider before taking the steps to create an account.
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