Upstox vs. ICICI Direct Choosing the right brokerage can have a huge impact on your investment experience, especially in a rapidly growing stock market like India’s. Today’s most prominent internet brokers include Upstox and ICICI Direct. But how do they stack up against each other? Let’s check at their features, fees, and services to see which one is ideal for your investing needs.
Table of Contents
What is Upstox?
Upstox, founded in 2011, is a young but fast growing company in India’s online trading business. Ravi Kumar and Shrini Viswanath co-founded the company, which has expanded rapidly because to its low-cost trading mechanism and simple, user-friendly interface. Upstox has established itself with the backing of investors like Ratan Tata.
Key Features of ICICI Direct Upstox vs. ICICI Direct:
Full-service broker with research and advisory services
Offers a wide range of financial products including bonds and insurance
Strong brand trust backed by ICICI Bank
Multiple trading platforms including web and mobile
Account Opening Process
When it comes to opening an account, both brokers have simplified the process considerably. However, there are some differences in terms of ease and speed.
Upstox Account Opening:
Opening an account with Upstox is a largely paperless, quick process. You can do it entirely online, and it usually takes 1-2 days for the account to be activated, provided all KYC documents are in place.
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ICICI Direct Account Opening:
The account opening process with ICICI Direct may be slightly longer, especially if you opt for the offline process. That said, the online process has become faster in recent years, and you can get your account opened within 2-3 working days.
Brokerage Charges Upstox vs. ICICI Direct
One of the biggest differences between Upstox and ICICI Direct is their brokerage approach.
Upstox’s brokerage charges are based on a discount approach. Intraday trades are charged a flat price of ₹20 each trade, regardless of size. Equity delivery deals have no brokerage fees.
ICICI Direct Brokerage Charges: ICICI Direct, a full-service broker, Upstox vs. ICICI Direct charges fees based on trade volume. This can be costly for high-frequency traders or those who execute huge trades.
Verdict: Upstox is less expensive for typical traders, but ICICI Direct provides more personalized services for higher prices.
Trading Platforms Upstox vs. ICICI Direct
Both Upstox and ICICI Direct provide sophisticated trading platforms, but they differ in terms of user interface and functionality.
Upstox Trading Platforms:
Upstox offers a web-based platform (Upstox Pro Web) and a highly rated mobile app. These platforms are intuitive and easy to navigate, with useful features like real-time charts, multiple indicators, and quick order execution.
ICICI Direct Trading Platforms:
ICICI Direct provides a web-based platform, a mobile app, and a trading terminal for more advanced users. The platform is comprehensive, offering a wide range of tools, but it can feel overwhelming to beginners due to its complexity.
Research and Advisory Services
This is one area where ICICI Direct stands out. As a full-service broker, it offers extensive market research, stock analysis, and financial advice. If you are someone who values expert recommendations, ICICI Direct’s advisory services can be a major plus.
Upstox, on the other hand, focuses more on providing the tools for self-directed traders. While they do provide some basic market insights, they don’t offer the depth of research that ICICI Direct does.
Investment Products Available
Both platforms offer access to a wide range of financial products, but ICICI Direct has a broader spectrum of offerings nonetheless, is more concerned with giving self-directed traders the resources they need. They do give some fundamental market insights, but not to the same degree as ICICI Direct’s research.
Investment Options Available
Although there are many financial products available on both platforms, ICICI Direct offers a wider selection.Upstox: Upstox lets you trade mutual funds, equities, commodities, and currencies. The platform is a respectable option for diverse portfolios because it also gives users access to IPOs and ETFs.
ICICI Direct: This platform offers more than simply mutual funds and stocks. Bonds, insurance, derivatives, and wealth management services are further investment options. As a result, it offers investors wishing to investigate other financial products a comprehensive solution.
Client Assistance
Upstox vs. ICICI Direct Although both systems offer respectable customer service, there are some clear disparities in the quality of their offerings.
Upstox: Upstox provides phone, email, and chat assistance to its customers. Although most consumers receive their answers quickly, there have been some complaints about delayed results.
As a subsidiary of a massive financial corporation, ICICI Direct provides more dependable client service by phone and email, as well as relationship managers who are specifically assigned to that task. In general, people rank the service quality better than they do Upstox.
Comparison of Mobile Apps Upstox vs. ICICI Direct
Due to the growing significance of mobile trading, ICICI Direct and Upstox have both made investments in their mobile apps.
Upstox Mobile App: The Upstox app has received great reviews for its dependability, quickness, and clean interface. Because of its simplicity of use, traders who like to make fast transactions while on the road love it.
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ICICI Direct Mobile App: Although it is more feature-rich and functional, the ICICI Direct mobile app is typically slower and more intricate. This could be a disadvantage for users that value speed and ease of usage.
Upstox vs. ICICI Direct Charges for Demat and Trading Accounts Upstox: Upstox provides inexpensive account maintenance, with a small yearly maintenance fee of approximately ₹150.
ICICI Direct: The yearly fees for trading and demat accounts at ICICI Direct are comparatively higher (approximately ₹700 per year). However, the additional services offered may justify the cost for certain users.
Leverage and Margin
Upstox: Upstox gives competitive options for margin and leverage, especially for intraday traders. For some equities, it offers up to 20x leverage.
ICICI Direct: ICICI Direct provides a more cautious leverage range. While long-term investors could find this appealing, individuals seeking greater leverage may find it less appealing.
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Safety and Reliability
As a division of ICICI Bank, ICICI Direct has a well-established track record of dependability and confidence. Despite being more recent, Upstox is a broker registered with SEBI and supported by respectable investors. While both sites are secure, ICICI Direct has an advantage due to its history.
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Conclusion
So, between ICICI Direct and Upstox, who should you pick? Depending on what you require. Because of its inexpensive brokerage and easy-to-use interface, Upstox might be the best option for you if you’re a self-directed investor on a budget. But, ICICI Direct is a good option if you’re seeking for in-depth analysis, a large selection of financial products, and Upstox vs. ICICI Direct you don’t mind paying more for it.
Frequently Asked Questions
Q: Which broker is better for beginners?
A: ICICI Direct is better for beginners who want access to research and advisory services, while Upstox is great for those who want a simple, low-cost platform.
Q: Can I use both Upstox and ICICI Direct?
A: Yes, many investors use multiple brokers to leverage the strengths of each platform.
Q: How do the research tools compare between Upstox and ICICI Direct?
A: ICICI Direct offers more comprehensive research tools, while Upstox provides basic market insights.
Q: Does ICICI Direct offer better security than Upstox?
A: ICICI Direct, being backed by ICICI Bank, has a longer history of reliability, though both are secure and regulated by SEBI.
Q: What hidden charges should I look out for?
A: For both platforms, watch out for account maintenance charges, brokerage fees, and transaction costs when calculating total expenses.
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