ICICI Direct is a full-service broker that avails its customer for retail trading and investment service from ICICI securities that is the famous and largest stock broker in India. It was incorporated on 9 March, 1995 as ICICI Brokerage Services. The company offers a broad range of investment options to the retail and institutional customers.
The ICICI Securities is part of ICICI Group, the India’s top financial service provider offers several banking and other financial services. It offers various online trading and investment services to customers on major level through the ICICI direct platform.
ICICI Direct avails their customers by providing a complete set of investment products such as online equity trading, derivatives trading, Mutual Fund & IPO, Fixed Deposit, Bonds, NCDs, Wealth products, Home Loans, Loan Against Securities etc, all of it under one login. It is among the most visited investment portals in India.
ICICI Account Opening
ICICI direct provides the facility of opening an integrated 3 in 1 account to trade in various segments. In case the customer holds a demat or bank account with ICICI Bank than it can be linked to make the integrated account. It is compulsory to open all the three accounts with them. The customers are not allowed to link other bank or demat account with the ICICI Trading Account.
ICICI Direct Brokerage Plans
The customer pays a commission or brokerage at the time of buying or selling the stocks through ICICI Direct. The amount charged as brokerage in charged for trading in various segments such as equity, commodity and currency derivative. ICICI Direct offers several brokerage plans that suits the needs of the customer. The brokerage plans for ICICI direct are listed below:
1. I- Secure Plan (Flat Brokerage Plan).
2. ICICI Direct Prepaid Brokerage Plan.
3. ICICI Direct Prime Plan.
ICICI Trading Software
ICICI Direct avails its customers by providing the best services. It facilitates its customers by providing them various trading platforms to help them in making their trading experience smooth and effective. Some of the trading software are listed below:
1. ICICI Direct.com (Website).
2. Trade Racer (Trading Terminal).
3. ICICI Direct Mobile App.
Advantages of ICICI Direct
1. It facilitates its customers by providing an integrated three-in-one account i.e. banking, broking and demat accounts.
2. ICICI direct manages the customer’s demat and bank accounts by transferring the money to the broker’s pool or toward deposits.
3. The investments can be made in online in IPOs, Mutual Funds, GOI Funds and the postal savings schemes all of it from one website.
4. It allows trading at both the national exchanges i.e. NSE and BSE.
5. The low bandwidth website is available for the slow internet connection or for the trading from various mobile devices.
6. By placing the VTC feature i.e. Valid till Cancelled, the customers can place buy or sell the limit orders that remains valid for 45 days.
Disadvantages of ICICI Direct
1. The brokerage of ICICI direct is high and not negotiable. The brokerage can be brought down simply by subscribing to the ICICI direct prime or prepaid brokerage plans.
2. It does not offer commodity trading. With the ICICI Trading account the customers can’t trade at MCX or NCDEX. It offers several plans to introduce commodity trading in future.
3. The minimum brokerage as the standard I-Secure plan is ₹35 per trade that is high for the traders making small trades.
4. ICICI Direct provides ₹0.05 per share brokerage on the stocks quoting up to ₹10. It becomes difficult to trade in the penny stocks.
5. It charges ₹25 per call for the call and trader after first 20 free calls in a month.
Yes, ICICI Prudential Mutual Fund is good. It is a reputed fund house offering the direct mutual fund services. By investing in direct schemes, you can save on commissions and charges. These commissions and charges add up to a significant amount in the long-term.
With this facility, If an order remains unexecuted on a specific trade but you are not required to log in again and place the same orders again. ICICI direct will keep submitting the remaining order to the exchange everyday morning.
The brokerage charged by ICICI Direct is very expensive. The brokerage charges will be reduced by subscribing to ICICI Direct prime or prepaid brokerage plans. The brokerage charged is very high for the novice traders.
A Limit Price is an order to buy or sell shares at the specified price or a better price. The better price for a buy order will be the lowest possible whereas, for a sell order it will be the highest possible. You need to specify a maximum price for a buy order and a minimum price for a sell order. The order will be executed at the specified price or a lower price for the buy orders or a higher price for sell orders.
The online account opening with the Aadhar based digital signature is not provided to the NRIs. The US based NRIs can open an account online. The paperless process takes just 2 days to open an account once the application is submitted.
The ICICI Direct account gets automatically deactivated if it remains unused for 6 months. The account will continue to attract charges. So, in case you are planning to deactivate your account for few days or couple of months then it does not make much difference whether it is active or deactivated.
ICICI Direct is an integrated account of trading, demat and bank accounts. In such accounts, all the accounts are linked together to facilitate the customers with the smooth and faster trading. All the accounts are opened altogether at once by filling a single application form.
“Convert to Delivery” (CTD) in ICICI Direct is an option where in the customers can convert your intraday positions (margin buy) into cash delivery. The customer can convert the entire order or a part of it. The customers is required to pay the entire trading value (100% margin) while converting the order.
The ICICI direct bullet brokerage allows the customers to trade in Intraday for free brokerage. They will square off within 5 minutes by the customer. ICICI does not charge any brokerage for the intraday position squared-off in less than 5 minutes. However, the other charges and taxes will be applicable as per their brokerage plan. This plan is offered on the Intraday Margin plus facility.
ICICI Direct Equity ATM (eATM) is the facility where the customers receive money from selling the shares in 30 minutes into their trading account. In a normal settlement cycle, the money is credited to their T+2 working day excluding holidays.
ICICI Direct Cloud Order facility designed for placing the quick orders. Instead of filling the order form while the market is on, you could prepare and save a number of orders well in advance. Such orders remain in the cloud order queue until you delete them. These orders are not sent to the exchange until they place the order.
ICICI Direct offers both the NSDL and CDSL depositories for the demat account. The customers can select any one of them at the time of opening an account. The ICICI Securities is the depository participant with both the NSDL and CDSL.
In order to convert an Intraday position to delivery (Cash Segment), you need to click on the “Convert to Delivery” (CTD) link on the “Margins Positions” page. You can convert a position in full or part. The CTD would require the full payment of the trading value.
IOC order in ICICI Direct is an abbreviation for “Immediate or Cancelled” order. It is a type of order validity that you have to select while placing a buy or sell order. The other options in order validity are ”Day” and “VTC” (Valid Till Cancelled).