ICICI Direct: A Review 2023

ICICIDirect is one of the top-rated full-service stock brokers serving an active clientele base of above 30 lakh. Its multiple trading & investing products, Rs. 20 NEO flat discount brokerage plan, reliable research and advisory, and advanced technology platforms like powerful Trade Racer terminal, and mobile trading apps earn the badge of the best broker.

Key Highlights of ICICIDirect in 2023:

• As the largest full-service broker in India, ICICIDirect has earned the trust of over 30 lakh customers.
• It offers a wide range of trading and investing products and services.
• Opening a Demat and trading account with ICICIDirect is hassle-free and does not involve any paperwork.
• ICICIDirect provides multiple brokerage plans to cater to the diverse needs of traders and investors.
• The introduction of ICICIDirect NEO, a groundbreaking brokerage plan, offers trading at just 20 rupees per order.
• Equity futures trading on ICICIDirect incurs zero brokerage charges.
• Customers can access the free ICICIDirect Market App and Trade Racer, a powerful trading terminal.
• For mutual fund investment, ICICIDirect offers the dedicated ICICIDirect Money App.
• ICICIDirect's research services have been recognized with awards, providing comprehensive analysis across equity, derivatives, and IPO reports.

About ICICI Direct

ICICIDirect, a division of the well-known ICICI Securities, is widely recognized as India's premier full-service broker. It offers an extensive array of trading and investment products, encompassing equity trading, equity derivatives, commodities, currencies, IPOs, wealth products, mutual funds, bonds, fixed deposits, NCDs, and loans against securities.
One of its notable features is the 3-in-1 account, allowing investors to conveniently open an ICICI Trading Account, ICICI Demat Account, and ICICI Saving Bank Account together. This unique account structure offers seamless pay-in and pay-out processes.
ICICIDirect offers four distinct brokerage plans: ICICIDirect Prime Plan, NEO flat brokerage plan, I-Secure plan, and Lifetime Prepaid brokerage plan. The NEO brokerage plan, in particular, charges a flat fee of Rs. 20 for equity intraday, options, commodity, and currency trading, while futures trading incurs zero brokerage charges.

Traders can access various trading platforms provided by ICICIDirect, such as the TradeRacer trading terminal, website, trading and investing mobile app, ICICI Direct Markets App, and ICICI Direct Money App. These platforms offer unparalleled convenience and a streamlined stock trading experience.

As a leading full-service brokerage firm, ICICIDirect offers a comprehensive range of research services, including market insights, trading recommendations, investment recommendations, and IPO research.

Types of Accounts offered by ICICI Direct

To embark on a seamless trading and investing journey in the Indian stock market, it is essential to open an account with ICICI Direct. Here are the key types of accounts provided by this full-service brokerage firm:

ICICIDirect 3-in-1 Account

Open a 3-in-1 account, which is an integrated platform consisting of three accounts: ICICI Direct Demat Account, Trading Account, and ICICI Bank account. If you already possess an ICICI 2-in-1 account combining the trading and demat accounts, you can link it with your ICICI Bank account. The 3-in-1 account offers the convenience of instant fund transfers, as funds are automatically credited from your bank account to your trading account.

For non-ICICI bank users, opening a 2-in-1 account (trading and demat) with the broker is an option. ICICI Securities provides free account opening services without any account opening fees. The trading account enables you to trade or invest in various financial instruments such as equity, derivatives, commodities, currencies, IPOs, mutual funds, NCDs, fixed deposits, and more.

ICICIDirect NRI Trading Account

Similar to Indian residents, ICICIDirect allows Non-Resident Indians (NRIs) to invest in the Indian market by opening an NRI 3-in-1 account, which includes an NRI Demat & trading account combined with an NRI bank savings account. NRIs have the choice to open either a Portfolio Investment Scheme (PIS) or a non-PIS trading account. With these accounts, NRIs can invest in stocks, derivatives, mutual funds, and IPOs using next-generation trading platforms and tools.

How to Open an ICICIDirect Account Online

You can easily open a demat and trading account with ICICIDirect online in less than 10 minutes, and the process is free of charge. The activation of your online account will be completed within a maximum of 24 working hours, and you will receive your login credentials via email.

Here are the steps to open an ICICIDirect Demat Account online:
Step 1: Visit the official ICICI Direct website.
Step 2: Click on the "Open an account" option.
Step 3: Provide your mobile number and enter the One-Time Password (OTP) received.
Step 4: Enter your PAN Card number, date of birth (DOB), and email ID.
Step 5: Select the bank account you wish to link with your ICICI trading account, whether it is an ICICI Bank account or an account from another bank, and proceed.
Step 6: Link your bank account to the ICICI trading account.
Step 7: If you are already a KYC KRA (Know Your Customer - Know Your Business) verified individual, the system will automatically fetch your details.
Step 8: Verify your identity and upload necessary documents such as a canceled cheque leaf and signature.
Step 9: Enter your personal details including your name, gender, marital status, occupation, and other required information.
Step 10: Undergo the In-person Video Verification (IPV) process for further verification.
Step 11: Complete the digital e-sign process using an Aadhaar-based One-Time Password (OTP).
By following these steps, you can successfully open an ICICIDirect Account online and begin your trading and investing journey.

ICICIDirect Mobile App and Trading Platforms

ICICIDirect offers dedicated online trading and investing platforms designed for both traders and investors. It provides a range of platforms including a trading website, mobile trading app, and trading terminal, catering to different user preferences.

ICICIDirect Markets App

The full-service brokerage firm provides the "Markets App," a free and user-friendly mobile trading app with an exceptional interactive user interface. This app enables trading in stocks, F&O (Futures and Options), commodities, and IPOs. It is compatible with Android and iOS devices, ensuring accessibility for a wide range of users.

Loaded with top-notch analytical tools, the Markets App offers advanced live charting, Open Interest graphs on Option Chain, quick order placement, an eATM feature that allows cash withdrawal from stock selling within 5 minutes, and comprehensive equity and derivatives research. It prioritizes security, featuring a biometric login option and end-to-end encryption.

ICICIDirect Money App

The Money App by ICICI Direct is specifically designed for investing in mutual funds, ELSS (Equity Linked Savings Schemes), Sovereign Gold Bonds, Bonds, ETFs (Exchange-Traded Funds), and insurance plans. This mobile app grants access to over 38 leading Asset Management Companies (AMCs) and provides expert recommendations and information on top-performing funds across various categories (equity, debt, hybrid, and ELSS). To invest in mutual funds through ICICIDirect, a Demat account is required.
With the ICICIDirect Money App, customers can start their paperless mutual fund investment journey with just a few taps. They can initiate SIPs (Systematic Investment Plans) with as little as Rs. 100 per month or make lump-sum investments.

ICICIDirect Trade Racer Terminal

Trade Racer is a robust trading terminal offered by ICICIDirect. This desktop trading software is equipped with advanced features, including a Trend Scanner with pre-defined technical parameters to identify trading opportunities, live streaming quotes, market depth information, bulk and block deal data, corporate announcements, comprehensive technical charting tools, market heatmaps, research calls, and integrated fund transfer capabilities.

ICICIDirect Web Trading Platform

ICICIDirect has introduced an enhanced web-based HTML browser-enabled online trading platform. Customers can access the ICICIDirect website on any supported browser to trade stocks, derivatives, commodities, and currencies, as well as apply for IPOs. The new platform offers an improved user interface for a seamless trading experience.

By providing a diverse range of mobile apps and trading platforms, ICICIDirect ensures that customers can engage in trading and investing activities using their preferred devices and interfaces.

ICICIDirect Trading Pros:

• 100% digital and paperless account opening process for the 3-in-1 account.
• Access to trade on major exchanges such as BSE, NSE, and MCX, along with other investment options.
• Multiple brokerage plans available for both residents and NRIs.
• Availability of various trading platforms across web, mobile app, and desktop versions.
• Free mutual fund investment option through the ICICIDirect Money App.
• Expert research calls and recommendations for informed trading decisions.
• Instant cash withdrawal through the e-ATM facility when selling stocks.
• Advanced order types including bracket orders, cover orders, after-market orders, and basket orders.
• Option to place Valid Till Cancelled (VTC) orders valid for up to 45 days.
• Access to informative articles, blogs, videos, a learning hub, and the Investonomics learning platform for beginners.
• Margin funding facility available.
• Loans against securities offered.
• Dedicated customer services to assist with any queries or concerns.

ICICIDirect Trading Cons:

• High brokerage charges compared to some other brokers in the market.

• Minimum brokerage fees are levied, which may vary depending on the chosen brokerage plan.

• The NEO flat discount brokerage plan (Rs. 20) requires a one-time subscription fee of Rs. 299.
• Mutual fund investments through ICICIDirect are not free, with charges of either Rs. 30 or 1.5% on SIP transactions, and a Rs. 100 fee for lump-sum investments.

Conclusion

ICICIDirect has established itself as a leading full-service stock broker in India, serving a large and satisfied customer base. With its wide range of trading and investment products, hassle-free account opening process, and integration of the trading, demat, and bank accounts into a single 3-in-1 account, ICICIDirect offers convenience and seamless fund transfers for its clients. 

Overall, ICICIDirect's reputation as India's premier full-service broker, its customer-centric approach, and its commitment to leveraging technology and research make it a preferred choice for individuals looking to engage in the Indian stock market.