ICICI Direct Review 2024

ICICI Direct review
ICICI Direct Awards

ICICI Direct have won numerious industry awards over the 30 years they have been operating as a financial broker. We have listed the most notable awards and mentions for ICICI Direct below.

• Best Domestic Equity House 2012
• Best Investment Bank 2008 by Global Finance Magazine

ICICI Direct review
ICICI Direct Fees Explained

• ICICI Direct doesn't charge withdrawal fees.
• ICICI Direct does not charge a fee for inactive accounts.
• ICICI Direct doesn't charge deposit fees. A currency conversion fee may be applied as withdrawals and deposits from ICICI Direct are conducted in USD. Any other currency will have to be converted to your local currency by your 3rd party payment provider.

ICICI Direct Costs To Check

Modern brokers like ICICI Direct provide advanced online trading platforms, mobile apps, financial analysis tools and educational resources. These services require significant investment, and in turn, ICICI Direct may charge clients various fees for trading activities. Be mindful of these charges, impacting your overall ICICI Direct trading profitability.

How ICICI Direct Fees Compare Against Other Brokers

ICICI Direct Minimum Deposit

ICICI Direct does not require a minimum deposit when opening an ICICI Direct trading account.

In the trading world, brokers like ICICI Direct, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don't require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features.

Some brokers may waive the minimum deposit requirement to attract new customers but may compensate for it by charging higher transaction commissions and trading fees. As the online trading market becomes more competitive, brokers have reduced their minimum deposit requirements to attract new clients.

However, it's important to note that depending on your trading account type, some brokers may require a higher minimum deposit of up to 10,000 GBP/USD. Therefore, it's essential to research and compares different brokers to determine which best suits your trading needs and budget.

ICICI Direct Withdrawal Fees

ICICI Direct doesn't charge withdrawal fees.

ICICI Direct Withdrawal rules may vary across different brokers when it comes to transferring funds from your ICICI Direct or other broker trading account. Each brokerage firm has its specific withdrawal methods. The payment provider associated with ICICI Direct may have different transfer processing fees and processing times, affecting how long it takes to receive your funds.

In addition, currency conversion fees may apply if the ICICI Direct withdrawal and receiving currencies differ, adding to the overall transaction costs. The currency conversion fee depends on your base currency, receiving currency, and the 3rd party payment provider that is separate from ICICI Direct. Researching and comparing ICICI Direct withdrawal policies and fees across different brokers is essential before choosing one, especially if you are withdrawing ICICI Direct funds frequently or dealing with large sums of money. Awareness of these ICICI Direct fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your ICICI Direct funds.

For example, ICICI Direct allows you to withdraw your funds to Credit cards, Bank Transfer, PayPal, Debit cards.

ICICI Direct Inactivity Fees

ICICI Direct does not charge a fee for inactive accounts.

When a trading account goes unused for a certain period, brokerage clients may be charged an account inactivity fee. To avoid such fees, clients may need to fulfill specific trading activity requirements outlined by ICICI Direct terms and conditions. It's important to note that inactivity fees are not unique to online trading accounts, as many financial service companies may also charge them.

Make sure you're fully aware of all ICICI Direct fees and services. It's recommended that you check the ICICI Direct website before signing up. If you decide to close your ICICI Direct account, it's important to do so with the ICICI Direct broker customer support and obtain confirmation that no remaining ICICI Direct fees are due.

Brokers like ICICI Direct must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances.

Certain brokers may levy inactivity fees to recoup the expenses associated with sustaining your account on their trading platforms when there is a shortage of commission fees earned from your trading activities.

ICICI Direct Deposit Fees

ICICI Direct does not charge deposit fees. Although bank / 3rd party merchant fees may apply.

Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee.

Depositing funds into your trading account may incur a fee, which could vary depending on the fiat currency used. For instance, depositing funds from a credit card can attract high fees. Additionally, not all brokers accept credit card payments for account funding. It's crucial to review the funding options and associated fees the broker provides before depositing any funds.

ICICI Direct Commission Fees

ICICI Direct does not charge commission on CFD instruments.

Brokerage firms like ICICI Direct may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the ICICI Direct trading account level held by the trader.

ICICI Direct may charge commission fees for fulfilling, modifying, or canceling an order on behalf of its clients. However, if a market order is not fulfilled, no commission fee is usually charged. Reviewing ICICI Direct terms and conditions to understand the commission fees and any other charges that may apply is essential.

ICICI Direct review
Trading on ICICI Direct web platforms and other applications

ICICI Direct provides traders with a modern custom platform that can be accessed through a browser-based web application. If you would rather see a MT4 brokers, or MT5 brokers you can do so here.

ICICI Direct also offer mobile apps for Android and iOS trading apps help you stay on top of your trades and execute them on the go.

See ICICI Direct's platforms

Is the ICICI Direct Trading Platform Secure?

You should take the security of your personal information seriously and check SSL encryption is enabled on the ICICI Direct trading platform to protect you on PC and mobile ICICI Direct platforms. To further enhance security, we encourage traders to always look for the lock sign on their browser when using ICICI Direct web trading platforms.

ICICI Direct Trading Platform Options

ICICI Direct does not offer the MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader trading platforms.

ICICI Direct offers its custom trading platform developed and tested in-house. The ICICI Direct trading platform allows traders to track their portfolios and the current markets, locate trade ideas and place trades.

The ICICI Direct platform allows traders to filter the financial marketplace for trade opportunities that match criteria.

With ICICI Direct, you can examine opportunities with actionable research and stock evaluations. Get streaming real-time information on the ICICI Direct platform, including news and quotes. Discover possible trades with the strong charting tools found with ICICI Direct. ICICI Direct is available as downloadable applications or online through the cloud. Monitor your orders with ICICI Direct and receive breaking news in your positions.

ICICI Direct Trading benefits

• ICICI Direct Allows hedging
• ICICI Direct Offers STP
• ICICI Direct Low min deposit
• ICICI Direct Offers Negative Balance Protection

ICICI Direct Trading Accounts Offered

Below we give an overview of the account types that ICICI Direct offer. Whatever you are looking to trade, the varying ICICI Direct account types will be able to provide you with what you need.

• ICICI Direct STP account

Can I try ICICI Direct?

ICICI Direct provides a demo account that enables individuals to explore trading before investing their funds. By creating a ICICI Direct practice account, users can gain experience and knowledge of how to trade effectively. Demo trading accounts like the ICICI Direct demo account can help individuals to make informed decisions before investing their money.

Open a demo ICICI Direct account to practice and trade.

Your capital is at risk

ICICI Direct withdrawal and funding methods

It's essential to remember that the payment methods provided by ICICI Direct vary based on the ICICI Direct entity and the ICICI Direct client's country of residence. To view the ICICI Direct payment options available, you can log into your ICICI Direct member's area.

ICICI Direct offers various funding payment methods listed in your ICICI Direct dashboard if available in your region. To learn more about the ICICI Direct funding and withdrawal options available in your area, you can explore the ICICI Direct website.

ICICI Direct provides several payment methods for funding your ICICI Direct account. You may utilize any of these deposit options if they are available in your region. ICICI Direct ensures that users have multiple payment methods to choose from, making it more convenient for verified ICICI Direct account holders to add funds to their accounts. However, it's important to note that the availability of payment methods may vary depending on the ICICI Direct user's location. learn more about ICICI Direct funding and withdrawal methods.

ICICI Direct Payment Methods

Some ICICI Direct payment methods are local and are available only to specific regions. ICICI Direct account holders should check which payment methods are provided in your region.

• ICICI Direct accepts Credit cards
• ICICI Direct accepts Bank Transfer
• ICICI Direct accepts PayPal
• ICICI Direct accepts Debit cards

How can I start trading with ICICI Direct?

To open a trading account with ICICI Direct, individuals can sign up on the ICICI Direct website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts.

The next step involves submitting identification documents for ICICI Direct account validation and making a deposit. Once completed, ICICI Direct users can download the trading platform of their choice.

It's important to note that ICICI Direct requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps ICICI Direct maintain a trustworthy financial environment for its 2,000,000 users. Detailed information on the ICICI Direct trading platforms is available on their website.

Your capital is at risk

Performing trades with ICICI Direct

When using ICICI Direct, the minimum trade size is typically varies units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened. The maximum trade requirements on eToro can vary depending on the specific trader and instrument being traded. With STP execution on the ICICI Direct platform, traders can anticipate tighter spreads and greater transparency when it comes to trade pricing.

Like other brokers, ICICI Direct margin requirements can differ depending on the traded instrument.

Limiting Your Risk When Trading with ICICI Direct Negative Balance Protection

Negative balance protection is important for traders using leverage on platforms like ICICI Direct. In an unfavourable market move, leverage can result in a loss that exceeds the trader's account balance, leaving them with a negative account balance. If a ICICI Direct trading position does not go in your favour, this is where negative balance protection comes in handy.

Brokers regulated by the Financial Conduct Authority (FCA) must offer negative balance protection as a standard feature. With negative balance protection, ICICI Direct trading losses are always limited to the current balance of funds in the trader's account.

Even if an ICICI Direct trader experiences a significant loss, they will never owe more money than what is available in their ICICI Direct account balance.

It's important for ICICI Direct traders to understand the potential risks of trading with leverage and to take advantage of features like negative balance protection to mitigate those risks. By doing so, traders can trade with peace of mind, knowing that ICICI Direct losses are limited to the funds available in your ICICI Direct account when negative balance protection is in place.

Education Resources at ICICI Direct

To trade effectively with ICICI Direct, it's important to have a good understanding of the ICICI Direct trading tools and the markets. Make sure you make full use of all education tools. Including educational tools with ICICI Direct and externally.

ICICI Direct . It's essential to take the time to learn about the financial markets and understand how they move before diving into trading with ICICI Direct. Familiarizing yourself with the ICICI Direct trading platform is crucial to use it effectively.

While learning, you can also use global trading times to practice making live buy or sell trades using ICICI Direct. This hands-on experience can help you gain confidence and become more comfortable with trading.

Furthermore, learning how to mitigate and manage investment risk is crucial. Trading with ICICI Direct involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing. By effectively managing risk, you can increase your chances of success in the markets.

Learning about the financial markets, trading platforms like ICICI Direct, and risk management techniques can help you become a more confident and successful trader.

Take an analytical approach to trading with ICICI Direct. Explore the ICICI Direct platform and train yourself to think systematically and logically about the markets.

While it may be a new skill set for some, it is what the market requires for success. Developing your trading skills with ICICI Direct, before live trading.

Customer Support at ICICI Direct

As part of our ICICI Direct review, we review customer service options, response times and problem resolution effectiveness on the ICICI Direct trading platform. The ICICI Direct trading platform supports multiple languages, which includes English, Deutsch, Nederlands, Espanol, Francais, Italiano, Polski, Srpski, Norsk, Svenska, Cesky, РУССКИЙ, Romana, Turkce, العربية, 中文.

ICICI Direct Available Support Types

Based on our experience, we have given ICICI Direct a D grade for customer support. We encountered some slow response times or ICICI Direct queries that were left unanswered.

Compared to other brokers, ICICI Direct offers fewer customer support features. They do not provide live chat support, and their phone and email support can also be slow.

email support and supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at ICICI Direct

ICICI Direct does not offer LiveChat Support.

Email Support at ICICI Direct

We tested the email support of ICICI Direct by sending 25 emails simultaneously, and our experience was mixed. While the answer times were generally excellent, with the fastest response being 3 hours, the slowest response was 6 days. We also encountered some instances where we did not receive any ICICI Direct response.

The ICICI Direct team did resolve and answer our queries, but the email support from ICICI Direct was overall average compared to other brokers we have tested.

Phone Support at ICICI Direct

We contacted ICICI Direct via phone and received quick assistance within 10 minutes of our call.

The ICICI Direct phone support team proved to be helpful and able to resolve our queries and issues over the phone. We also tested the multilingual support provided by ICICI Direct and found that they could assist us in various languages.

While we found the ICICI Direct phone support satisfactory, there is room for improvement in response time.

See how ICICI Direct Support Compares Against Other Brokers

What you will need to open an account with ICICI Direct

As ICICI Direct is regulated by Securities and Exchange Board of India (SEBI), Member of the Bombay Stock Exchange.

As a new client of ICICI Direct, you will be required to pass a few basic compliance checks to ensure that you fully understand the risks involved in trading and are permitted to trade with ICICI Direct in your region. During the ICICI Direct account opening process, you will be asked to provide ICICI Direct with certain documents, including a scanned copy of your passport, driving license or national ID, as well as a utility bill or bank statement from the past three months to verify your address.

When registering with ICICI Direct have the following documents available.

• ICICI Direct require a scanned colour copy of your passport, driver's license or national ID card.
• A recent utility bill or bank statement that confirms your residential address for ICICI Direct compliance. This must be dated within the last six months.
• If you plan to fund your ICICI Direct account using a credit or debit card, you will need to provide a scanned copy of the front and back of your card. You can mask any sensitive information like the CVV code on the ICICI Direct platform.

It's worth noting that the expiration date of the proof of address document may differ for different entities under ICICI Direct Brand. Additionally, you will need to answer some basic compliance questions to confirm your level of trading experience. This process usually takes around 5 minutes, and once you've passed compliance, you can start exploring ICICI Direct's platform.

However, remember that you won't be able to make trades on ICICI Direct until you have passed compliance, which may take several days, depending on your circumstances. It's essential to complete the ICICI Direct KYC compliance process as soon as possible to avoid any delays in accessing the ICICI Direct platform's features.

It is important to note that ICICI Direct may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the ICICI Direct platform and features immediately. However, you must pass the verification process to start live trading with ICICI Direct, which can take up to a few business days.

To start the process of opening an account with ICICI Direct you can visit the ICICI Direct trading platform here.
Your capital is at risk
You should consider whether you can afford to take the high risk of losing your money.

CFDs are leveraged products and can result in significant losses, excess of your invested capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered investment advice. All information collected from https://www.icicidirect.com/ on April 16, 2024.

Watch this ICICI Direct Explainer Video

ICICI Direct review written by Andrew Blumer and Mark Hansen