Compare ICICIdirect and Upstox, two of India’s leading stock brokers, to find out which one suits your trading and investment needs. This detailed analysis covers brokerage fees, account charges, trading platforms, leverage, features, pros & cons, and more. Whether you are an investor looking for a full-service broker or a trader seeking a discount broker with advanced technology, this guide will help you make an informed decision.
About ICICIdirect
ICICIdirect is one of India’s largest retail stock brokers and a part of the ICICI Group. With over 50 lakh customers, it offers online trading and investment services, including equity, commodity, and currency trading across BSE, NSE, and MCX. Additional offerings include mutual funds, IPOs, fixed deposits, bonds, NCDs, wealth products, home loans, and loans against securities. Its most popular feature is the 3-in-1 account, integrating an ICICI Bank account, ICICI Trading, and ICICI Demat.
About Upstox
Upstox is a tech-driven discount brokerage firm that provides cost-effective trading opportunities. Its Upstox Pro Web and Upstox Pro Mobile trading platforms support trading in equities, commodities, currencies, futures, and options. Backed by Kalaari Capital, Ratan Tata, and GVK Davix, Upstox offers advanced charting, analysis, and trading features.
ICICIdirect Vs Upstox Comparison
| Feature | ICICIdirect | Upstox |
|---|---|---|
| Type of Broker | Full-Service Broker | Discount Broker |
| Exchange Membership | BSE, NSE | BSE, NSE, MCX |
| Year of Incorporation | 2000 | 2012 |
| Number of Branches | 154 | 4 |
Account Opening Charges & AMC
| Account Type | ICICIdirect | Upstox |
|---|---|---|
| Trading Account Opening Charges | Rs 0 (Free) | Rs 0 (Free) |
| Trading Account AMC | Rs 0 (Free) | Rs 0 (Free) |
| Demat Account Opening Charges | Rs 0 (Free) | Rs 0 (Free) |
| Demat Account AMC | Rs 300 (from 2nd year) | Rs 150 |
Brokerage Fees
| Account Type | ICICIdirect (I-Secure Plan) | Upstox |
|---|---|---|
| Equity Delivery | 0.55% | Rs 20 per order or 2.5% (whichever is lower) |
| Equity Intraday | 0.275% | Rs 20 per order or 0.05% (whichever is lower) |
| Equity Futures | 0.05% | Rs 20 per order or 0.05% (whichever is lower) |
| Equity Options | Rs 95 per lot | Rs 20 per order |
| Currency Futures | Rs 20 per order | Rs 20 per order or 0.05% (whichever is lower) |
| Currency Options | Rs 20 per order | Rs 20 per order |
| Commodity Futures | Rs 20 per order | Rs 20 per order or 0.05% (whichever is lower) |
| Commodity Options | Rs 20 per order | Rs 20 per order |
Leverage (Margin)
| Trading Type | ICICIdirect | Upstox |
|---|---|---|
| Equity Delivery | 1x | 1x |
| Equity Intraday | 5x | 5x |
| F&O (Equity, Currency, Commodity) | 1x | 1x |
Trading Platform & Features
| Feature | ICICIdirect | Upstox |
|---|---|---|
| 3-in-1 Account | Yes | No |
| Charting | Yes | Yes |
| Automated Trading | No | Yes |
| Online Portfolio | Yes | No |
| Margin Trading Funding | Yes | Yes |
| Margin Against Shares (Equity Cash) | Yes | No |
| Trading Platform | ICICIdirect.com, Trade Racer, Mobile App | Upstox Pro Web, Dartstock, NEST Trader, Fox Trader, Mobile App |
Pros & Cons
ICICIdirect Pros:
- 3-in-1 account integration for seamless stock investments.
- Extensive investment options under a single platform.
- GTC (Good Till Cancellation) and off-market order placement.
ICICIdirect Cons:
- High brokerage fees and a minimum charge of Rs 35 per trade.
- Performance issues during peak trading hours.
- Monthly charge of Rs 75 for Trade Racer unless brokerage exceeds Rs 750.
Upstox Pros:
- Zero account opening fee.
- Flat Rs 20 brokerage per trade across segments.
- Direct mutual funds with zero brokerage.
- Advanced charting and automated trading options.
Upstox Cons:
- No 3-in-1 account.
- No stock recommendations or research reports.
- No NRI trading accounts.
- Higher Demat debit transaction charges.
- Early intraday square-off at 3:00 PM instead of 3:15 PM.
Final Verdict
ICICIdirect is best suited for investors looking for a full-service broker with a wide range of investment options, banking integration, and research support. However, it has higher brokerage fees.
Upstox, on the other hand, is ideal for active traders looking for low-cost trading, advanced technology, and automated trading features. However, it lacks research support and full-service brokerage benefits. Click Here to open Upstox Free Account
Choose based on your trading style and investment needs!