Reviews of Stock Brokers

ICICI Direct

When it comes to investing in the stock market, choosing the right stockbroker is of utmost importance. It can significantly impact your trading experience, investment returns, and overall satisfaction. In this article, we will provide an in-depth review of ICICI Direct, one of India's prominent Full Service Broker. We will evaluate various aspects, including brokerage charges, trading platforms, customer support, and more, to help you make an informed decision.


ICICI Direct founded in 1994 by M K Sharma is a Public company headquartered in Mumbai, India India. As a Full Service Broker, ICICI Direct aims to provide cost-effective buy/sell orders, enabling investors to save money compared to Discount Broker. However, it is crucial to note that ICICI Direct operates as a Discount Broker. It offers extensive investment advice and detailed stock analysis for its clients.

OverviewICICI Direct
Broker TypeFull Service Broker
Type of companyPublic
HeadquarterMumbai, India
FoundersM K Sharma
Foundation Year1994
Supported ExchangesBSE, NSE
Total branches154

ICICI Direct Account opening charges

To begin trading with ICICI Direct, you need to open a trading account and a Demat account. ICICI Direct charges Zero for opening a trading account. Additionally, there is an annual maintenance charge (AMC) of Rs.500 per Annum for the Demat account. However, it's worth mentioning that trading AMC is free.

Account Opening and Demat ChargesICICI Direct
Trading Account Opening ChargesZero
Demat AMC (Annual Maintenance Charges)Rs.500 per Annum
Trading AMC (Annual Maintenance Charges)Rs.975 per Annum
Margin MoneyMinimum Rs.20,000
Offline to Online ChargesNot applicable
DepositoryNSDL & CDSL

ICICI Direct Brokerage Charges

One of the main factors to consider when choosing a stockbroker is the brokerage charges. ICICI Direct brokerage charges for various segments are as follows:

Equity Brokerage Charges

Equity Brokerage ChargesICICI Direct
Equity Delivery Brokerage0.55%
Equity Intraday Brokerage0.03% – 0.05%
Equity Futures Brokerage0.03% – 0.05%
Equity Options BrokerageRs.35 – Rs.95 per Lot

Currency Brokerage Charges

Currency Brokerage ChargesICICI Direct
Currency Futures Brokerage0.03% – 0.05%
Currency Options BrokerageRs.10 – Rs.35 per Lot

Commodity Brokerage Charges

Commodity Brokerage ChargesICICI Direct
Commodity Options BrokerageNA

ICICI Direct Other Charges

In addition to brokerage charges, there are other charges to consider:

Other Brokerage ChargesICICI Direct
Minimum Brokerage ChargesRs.35 per Trade
Transaction Brokerage Charges0.00280% of Total Turnover
SEBI Turnover Charges0.0002% of Total Turnover
Stamp Duty ChargesAs per the state
GST Charges18% of (Brokerage + Transaction Charges)
STT Charges0.0126% of Total Turnover
Call and Trade ChargesRs 25 per call after first 20 free calls per month

ICICI Direct Equity Leverage

Leverage enables traders to amplify their market exposure using a relatively smaller capital amount. Here's the leverage provided by ICICI Direct:

Equity LeverageICICI Direct
Equity DeliveryUpto 8x
Equity IntradayUpto 16x
Equity FuturesUpto 8x
Equity OptionsUpto 5x

ICICI Direct Currency Leverage

Currency LeverageICICI Direct
Currency FuturesUpto 8x
Currency OptionsUpto 8x

ICICI Direct Commodity Leverage

Equity LeverageICICI Direct
CommodityUpto 12x

ICICI Direct Offers

Numerous stockbrokers are enticing customers with attractive offers in order to expand their client base. Some of these enticing offers include:

OffersICICI Direct
Free Stock Trading AccountNo
Free Demat AccountNo
Flexible PlansYes
Brokerage DiscountsNo
Happy HoursYes
1 Month Free PlanNo
Holiday OffersNo
Referral ProgramYes
Zero Brokerage on Loss TradesYes

ICICI Direct Features

FeaturesICICI Direct
Equity Delivery TradingYes
Equity Intraday TradingYes
Equity Futures TradingYes
Equity Options TradingYes
Currency TradingYes
Commodity TradingNo
IPO (Initial public offering)Yes
Stocks SuggestionsNo
Robo AdvisoryYes
PMS (Portfolio Management Services)Yes
Trading InstitutionYes
Trading ExposureUpto 16x
Mutual FundsYes
SIP (Systematic Investment Plan)Yes
Forex TradingNo

ICICI Direct Advisory Services

The key distinction between a discount broker and a full-service broker lies in the range of services offered and the rates at which they are provided.

ServicesICICI Direct
Fundamental ReportsYes
Research ReportsYes
Company ReportsYes
Annual ReportsYes
Company Stock ReviewYes
Free Stock TipsNo
IPO ReportsYes
Top PicksNo
Daily Market ReviewYes
Monthly ReportsYes
Weekly reportsYes
Offline AdvisoryYes
Relationship ManagerYes

ICICI Direct Trading Platforms

The ICICI Direct trading software comprises various trading platforms suitable for the diverse needs of the customers. It is built on IIFL's trading platform. It has been trusted by customers for the past two decades. The trading platform is available in three different forms. Namely: a mobile app, a web browser-based platform, and an installable desktop trading application.

ICICI Direct Trading Platforms

Desktop Trading PlatformsICICI Direct
Desktop BrowserYes

ICICI Direct Mobile App

The ICICI Direct mobile app allows users to trade on the go and provides access to trading at BSE/NSE and robo advisory services. Customers can download the app for free from either the google app store or the apple app Store. The app is designed to be simple and intuitive, enabling users to buy stocks, trade in stock and currency futures & options, and invest in mutual funds, ETFs, bonds, and more.

Mobile AppICICI Direct
Mobile BrowserYes
Android AppYes
iOS AppYes
Windows AppNo
Other mobile osNo

ICICI Direct Web Trading

For web-based trading, ICICI Direct offers a powerful trading website known as ICICI Direct trader station. This website can be accessed through any web browser on computers, laptops, mobile devices, or tablets. It provides a wide range of trading and investment options within a single domain. The web platform is seamlessly integrated with payment gateways and banks, enabling instant fund transfers.

ICICI Direct Trade Terminal

ICICI Direct offers a trade terminal, which is a downloadable trading terminal specifically developed for active traders seeking advanced trading features. This desktop application offers real-time data and advanced charts for monitoring intraday and historic stock prices. It also offers a variety of keyboard shortcuts to facilitate real-time market monitoring and faster order placement.

ICICI Direct Customer Support

Customer SupportICICI Direct
Relationship ManagerYes
Offline TradingNo
Online TradingYes
24 * 7 SupportNo
Email SupportYes
Chat SupportNo
Toll free numberNo
Support Branches226

ICICI Direct Complaints

Understanding the number of customer complaints received by a brokerage firm can provide insights into the quality and reliability of their services. The following table shows the information regarding the complaints received by ICICI Direct.

BSE ComplaintsICICI Direct
BSE Complaints225
BSE Resolved Complaints215
Percentage of resolved BSE complaints95.56 %
NSE Complaints196
NSE Resolved Complaints182
Percentage of resolved NSE complaints92.86 %
BSE/NSE Complaint vs. Resolved Percentage94.21 %


In conclusion, ICICI Direct offers a range of trading and investment options through its user-friendly platforms. With competitive pricing and several investment choices, it is one of the best options for investors. However, the lack of comprehensive customer support and the number of customer complaints are areas of concern. Considering all the features and user experience, ICICI Direct can be considered a decent stock broker, but you must examine the pros and cons carefully before making a decision.