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.
Overview
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.
| Overview | ICICI Direct |
|---|---|
| Broker Type | Full Service Broker |
| Type of company | Public |
| Headquarter | Mumbai, India |
| Founders | M K Sharma |
| Foundation Year | 1994 |
| Supported Exchanges | BSE, NSE |
| Total branches | 154 |
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 Charges | ICICI Direct |
|---|---|
| Trading Account Opening Charges | Zero |
| Demat AMC (Annual Maintenance Charges) | Rs.500 per Annum |
| Trading AMC (Annual Maintenance Charges) | Rs.975 per Annum |
| Margin Money | Minimum Rs.20,000 |
| Offline to Online Charges | Not applicable |
| Depository | NSDL & 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 delivery: ICICI Direct offers free brokerage for equity delivery trades. This means you can buy and hold stocks without incurring any brokerage charges.
- Equity intraday: For equity intraday trades, ICICI Direct charges a flat rate of 0.03% – 0.05% per order.
- Equity futures: The brokerage charge for equity futures is also 0.03% – 0.05% per order.
- Equity options: ICICI Direct charges Rs.35 – Rs.95 per Lot per order for equity options trading.
- Currency: For currency futures and options trading, ICICI Direct charges 0.03% – 0.05% per order.
- Commodity: The brokerage charge for commodity trading is NA per order.
Equity Brokerage Charges
| Equity Brokerage Charges | ICICI Direct |
|---|---|
| Equity Delivery Brokerage | 0.55% |
| Equity Intraday Brokerage | 0.03% – 0.05% |
| Equity Futures Brokerage | 0.03% – 0.05% |
| Equity Options Brokerage | Rs.35 – Rs.95 per Lot |
Currency Brokerage Charges
| Currency Brokerage Charges | ICICI Direct |
|---|---|
| Currency Futures Brokerage | 0.03% – 0.05% |
| Currency Options Brokerage | Rs.10 – Rs.35 per Lot |
Commodity Brokerage Charges
| Commodity Brokerage Charges | ICICI Direct |
|---|---|
| Commodity Options Brokerage | NA |
ICICI Direct Other Charges
In addition to brokerage charges, there are other charges to consider:
- Minimum brokerage charges: ICICI Direct imposes a minimum brokerage charge of Rs.35 per Trade.
- Transaction brokerage charges: A customer incurs transaction brokerage charges, which amount to 0.00280% of Total Turnover of the total turnover.
- SEBI turnover charges: Securities and Exchange Board of India (SEBI) levies turnover charges, which are 0.0002% of Total Turnover.
- Stamp duty charges: Stamp duty charges differ based on the state and the specific category of asset.
- GST charges: A GST of 18% of (Brokerage + Transaction Charges) is applied to brokerage and transaction charges.
- STT (Securities transaction tax): ICICI Direct charges 0.0126% of Total Turnover of the total turnover as STT.
- Call and trade charges: If you place orders through call and trade, ICICI Direct charges Rs 25 per call after first 20 free calls per month.
| Other Brokerage Charges | ICICI Direct |
|---|---|
| Minimum Brokerage Charges | Rs.35 per Trade | Transaction Brokerage Charges | 0.00280% of Total Turnover | SEBI Turnover Charges | 0.0002% of Total Turnover | Stamp Duty Charges | As per the state | GST Charges | 18% of (Brokerage + Transaction Charges) | STT Charges | 0.0126% of Total Turnover | Call and Trade Charges | Rs 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 Leverage | ICICI Direct |
|---|---|
| Equity Delivery | Upto 8x | Equity Intraday | Upto 16x | Equity Futures | Upto 8x | Equity Options | Upto 5x |
ICICI Direct Currency Leverage
| Currency Leverage | ICICI Direct |
|---|---|
| Currency Futures | Upto 8x | Currency Options | Upto 8x |
ICICI Direct Commodity Leverage
| Equity Leverage | ICICI Direct |
|---|---|
| Commodity | Upto 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:
| Offers | ICICI Direct |
|---|---|
| Free Stock Trading Account | No | Free Demat Account | No | Flexible Plans | Yes | Brokerage Discounts | No | Happy Hours | Yes | 1 Month Free Plan | No | Holiday Offers | No | Referral Program | Yes | Zero Brokerage on Loss Trades | Yes |
ICICI Direct Features
- Discount Broker:
ICICI Direct is a leading online stock broker in India that offers discount brokerage services to retail investors. It charges a flat rate of Rs.35 per Trade per order executed, regardless of the trade size, segment, or exchange.
- Range of Investment Products:
ICICI Direct is a one-stop shop for various financial investment products. It allows investors to trade in equity, commodity, and currency at BSE, NSE, and MCX. Additionally, it offers investment options in mutual funds, gold, peer-to-peer lending, insurance, and US investments.
- Subscription Plans:
ICICI Direct provides three subscription plans: Basic pack, power investor pack, and ultra trader pack. These plans offer different benefits, including reduced brokerage fees, free trades, research advisory, and dedicated customer support.
- Research and Advisory Services:
ICICI Direct stands out by offering exhaustive research and advisory services. It provides short-term and long-term investment ideas, derivative strategies, and portfolio-based investment ideas. The platform also offers a portfolio analyzer tool to analyze the performance of your investments.
- Margin Funding:
ICICI Direct provides margin funding services. These enable you to make partial payments for your purchases in the cash segment. The balance is funded by ICICI Direct at a nominal rate.
- Mobile Trading App and Trading Platforms:
ICICI Direct provides a user-friendly mobile trading app, a web-based trading website, and an installable trading terminal. These platforms are built on the latest technology and offer seamless trading experiences. The mobile app allows trading, robo-advisory, and access to various investment options.
- Demat Account Services:
ICICI Direct offers demat account services through its membership with CDSL. It has been recognized as a premier depository participant by CDSL.
- Low Charges:
ICICI Direct is known for its lowest charges in the industry. It charges a flat fee of 0.03% – 0.05% per order executed, and the platform also offers value-add packs for additional benefits. Additionally, 5Paisa provides free account opening and brokerage-free mutual funds.
- Algo Trading and Robo Advisory:
ICICI Direct provides algo trading services and robo-advisory to its customers. These services help automate trading strategies and offer personalized investment advice based on risk profiles and return expectations.
- Customer Support:
ICICI Direct offers dedicated customer support for its subscribers. The power investor pack and ultra trader pack include free customer support services.
| Features | ICICI Direct |
|---|---|
| Equity Delivery Trading | Yes | Equity Intraday Trading | Yes | Equity Futures Trading | Yes | Equity Options Trading | Yes | Currency Trading | Yes |
| Commodity Trading | No | IPO (Initial public offering) | Yes | Stocks Suggestions | No | Robo Advisory | Yes | PMS (Portfolio Management Services) | Yes |
| Trading Institution | Yes | Trading Exposure | Upto 16x | Mutual Funds | Yes | SIP (Systematic Investment Plan) | Yes | Forex Trading | No | Banking | Yes | Insurance | Yes |
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.
| Services | ICICI Direct |
|---|---|
| Fundamental Reports | Yes |
| Research Reports | Yes |
| Company Reports | Yes |
| Annual Reports | Yes |
| Company Stock Review | Yes |
| Free Stock Tips | No |
| IPO Reports | Yes |
| Top Picks | No |
| Daily Market Review | Yes |
| Monthly Reports | Yes |
| Weekly reports | Yes |
| Offline Advisory | Yes |
| Relationship Manager | Yes |
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 Platforms | ICICI Direct |
|---|---|
| Windows | Yes |
| Mac | Yes |
| Desktop Browser | Yes |
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 App | ICICI Direct |
|---|---|
| Mobile Browser | Yes |
| Android App | Yes |
| iOS App | Yes |
| Windows App | No |
| Other mobile os | No |
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
- Relationship manager: Yes, ICICI Direct does offer a dedicated relationship manager for customers. However, they provide other channels for support.
- Offline trading support: ICICI Direct does not offer offline trading support. All trading activities are conducted online.
- Online trading support: ICICI Direct provides online trading support to customers. Their trading platform is accessible via mobile app, web browser, and desktop application, allowing customers to trade conveniently.
- 24*7 support: ICICI Direct provides extensive customer support to assist customers during regular business hours. You can easily connect with their dedicated support team for any assistance you may need.
- Email support: Customers can contact ICICI Direct’s customer support team via email for assistance. They provide an email address where customers can send their queries and concerns.
- Chat support: ICICI Direct does not currently offer chat support as a customer service channel. However, customers can reach out through other available channels.
- Toll-free number: ICICI Direct does not provide a toll-free number for customer support. However, they may have a regular helpline number that customers can use to seek assistance.
- Support branches: Yes, ICICI Direct has physical support branches where customers can visit for assistance. In addition, customer support is also provided through remote channels.
| Customer Support | ICICI Direct |
|---|---|
| Relationship Manager | Yes |
| Offline Trading | No |
| Online Trading | Yes |
| 24 * 7 Support | No |
| Email Support | Yes |
| Chat Support | No |
| Toll free number | No |
| Support Branches | 226 |
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 Complaints | ICICI Direct |
|---|---|
| BSE Complaints | 225 |
| BSE Resolved Complaints | 215 |
| Percentage of resolved BSE complaints | 95.56 % |
| NSE Complaints | 196 |
| NSE Resolved Complaints | 182 |
| Percentage of resolved NSE complaints | 92.86 % |
| BSE/NSE Complaint vs. Resolved Percentage | 94.21 % |
Conclusion
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.