ICICI Direct Review 2022

ICICI Direct review
ICICI Direct Awards

ICICI Direct have won numerious industry awards over the 28 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.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company. Brokers may charge clients various trading fees that you need to be aware of as they may affect your bottom line.

How ICICI Direct Fees Compare Against Other Brokers

ICICI Direct Minimum Deposit

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

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make returns some way, so transaction commissions and other trading fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

ICICI Direct Withdrawal Fees

ICICI Direct doesn't charge withdrawal fees.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees, processing times and a potential currency conversion fee. The Conversion fee is dependant on your base currency, your receiving currency and your payment provider.

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.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts and clients may have to fulfill.

If a clients trading account does not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

ICICI Direct Deposit Fees

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

You must always review deposit fees as some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee.

The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

ICICI Direct Commission Fees

ICICI Direct does not charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

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

ICICI Direct offer a user-friendly custom trading platform, available as a browser based web application. If you would rather see a comparison of MT4 brokers, you can so here.

ICICI Direct also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

See ICICI Direct's platforms

Is the ICICI Direct Trading Platform Secure?

ICICI Direct safeguards the personal information of its clients through SSL encryption in its PC and mobile platforms. ICICI Direct also urges its clients through its web platform to always look for the SSL security sign (a lock sign) on the browser while operating ICICI Direct.

ICICI Direct Trading Platform Options

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

ICICI Direct offer an their own custom trading platform developed and tested in house. The ICICI Direct trading platform allows traders to track their portfolios, track 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 a criteria.

With ICICI Direct you can look for and 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

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

ICICI Direct Trading Accounts Offered

Below we give an overview on 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.

• STP account

Can I try ICICI Direct?

ICICI Direct offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Your capital is at risk

ICICI Direct withdrawal and funding methods

Please note that the list of ICICI Direct payment methods below depend on the ICICI Direct Entity and the Clients Country of Residence.

All available ICICI Direct payment methods available to you can be found in your ICICI Direct members area checked on the ICICI Direct website.

ICICI Direct offer the below funding payment methods. You can use any of the below deposit options if available in your region. learn more about ICICI Direct

ICICI Direct Payment Methods

• 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?

When opening a trading account with ICICI Direct, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on ICICI Direct trading platforms here. You will need to provide some basic documentation to prove your identity as part of ICICI Direct onboarding and normal KYC identity checks. These checks are standard practice and help ICICI Direct provide a safe financial environment for their 2,000,000 users.

Your capital is at risk

Performing trades with ICICI Direct

ICICI Direct allow you to execute a minimum of trade of varies. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As ICICI Direct offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

As with most brokers, margin requirements do vary depending on the instruments.

Limiting Your Risk When Trading with ICICI Direct Negative Balance Protection

We should say something about negative balance protection with ICICI Direct. When trading using leverage an adverse move could result in losing more than your trading account balance at ICICI Direct. If your broker is regulated by the FCA Negative Balance Protection should be set in place by your broker as standard. Your ICICI Direct account could potentially become negative. We recommend you making use of negative balance protection. Using negative balance protection ensures your losses will always be limited to the current balance of the money in your account.

Education Resources at ICICI Direct

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

ICICI Direct offer a good selection of educational resources. Take your time, learn how the financial markets move. Take the time to learn how your trading platform works. Make buy/sell trades, learn how to take advantage of global trading times and most importantly learn how to mitigate and manage investing risk.

Having an analytical approach may be a good way to approach trading with ICICI Direct.

Take time to look around the ICICI Direct platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at ICICI Direct

As part of our ICICI Direct review we review customer service options, response times and ICICI Direct trading platform problem resolution effectiveness.ICICI Direct support a wide range of languages including English, Deutsch, Nederlands, Espanol, Francais, Italiano, Polski, Srpski, Norsk, Svenska, Cesky, РУССКИЙ, Romana, Turkce, العربية, 中文.

ICICI Direct have a D grade support rating because because sometimes the response was slow or our query wasnt answered. ICICI Direct less customer support features compared to other brokers like live chat, phone and email support. 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 sent several emails to ICICI Direct and answer times overall were excellent. The fastest response from ICICI Direct was 4 hours and the slowest response was 5 days. Sometimes there was no response. Support response times may vary for you with ICICI Direct, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall average email support from ICICI Direct.

Phone Support at ICICI Direct

We called ICICI Direct and the call was answered very quickly. The call was answered in less than 5-10 minutes.

The ICICI Direct phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual ICICI Direct team by calling in varying languages. ICICI Direct made an effort to make sure our queries were answered.

Overall the phone support from ICICI Direct was okay.

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, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

• Be aware that the expiration date of Proof of address document for different entities under ICICI Direct Brand may be different.
• A scanned colour copy of your passport, driving license or national ID
• A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 5 minutes or so to complete the account opening process.

While you might be able to explore ICICI Direct's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with ICICI Direct you can visit the ICICI Direct trading platform here.

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 as investment advice. All information collected from https://www.icicidirect.com/ on May 20, 2022.

Watch this ICICI Direct Explainer Video

ICICI Direct review written by Andrew Blumer and Mark Hansen