This Upstox vs ICICI Direct review and comparison is going to be very interesting for you as well, reason being Upstox have beaten ICICI direct to be the 3rd largest stock broker in India in terms of active client list.
Just like a cricket game the scoreboard keeps on changing in broking industry too the position do gets change specially for top 5 stock brokers position.
According to the latest month ending NSE list of active clients showed the Upstox maintained have more than 6.8 million, 68,60,861 active clients whereas ICICIDirect have about about 3.8 million, 38,35,356 active clients.
One needs to understand here, these totally depends on how actively a stock broker is retaining its clients, this also shows Upstox is no mood to loose it’s top position in long term in front of any discount brokers and in near term they will try to reach the top position for sure.
Having said that, One also needs to understand that, earlier full-time brokers have kind of monopoly in broking industry and they have played the game on their pitch, but with the rising discount brokers and extraordinary features such as low brokerage structure, great technical and fundamental analysis trading platform, minimum cost in opening trading/demat account as well as best customer service experience they have created a space in the broking industry.
This space is now filled by best stock brokers in India such as Dhan Upstox, etc. Moreover nowadays the full-time stock brokers are trying to become discount brokers and discount brokers are trying to offer services which were earlier only offered by fulltime stock brokers.
Such as stock recommendation, mutual fund investment, loans services, etc.
The reason I wanted you to tell this instead of directly doing the comparison between Upstox and ICICIDirect is to make you understand what exactly is going on nowadays in broking industry, which will make you more aware about choosing the best stock broker for getting the services.
Now enough of Gyan, let us comeback to the main topic which is about Upstox Vs ICICI Direct review and knowing who is best amongst both. For this we will go through each services offered by them step by step.
You can read the separate review of Upstox and ICICI Direct Here.
One more thing the post on moneycontain for comparison and review may seem very long, it is due to the comparison of all services by facts and not just plain information.
However below is overall comparison points between Upstox Vs ICICIDirect to tell you in short about who is best by which you can make instant decision to open account instantly.
Upstox Vs ICICIDirect Overall Comparison:
I have already used both their services as well as wrote the reviews about them in detailed way separately, based on my experience and facts below are things you can consider before opening an account with them.
- You can trade and invest in all segments i.e. stocks (equity) FnO, Commodity, Currency, at NSE, BSE, MCX on both ICICIDirect and upstox.
- Both stock brokers ICICIDirect and Upstox, have best trading platform for desktop/mobile app, you can do fundamental as well as technical analysis quite easily.
- Upstox trading platform have also partnered with third party service integration as well such as Smallcase for portfolio based investments and, Sensibull for option based strategies, Tickertape, Streak, Sentinel etc. Smallcase is available with ICICIDirect as well as Sensibull is also integrated.
- ICICIDirect is a full time broker so it also gives it users paid Stock/mutual fund/IPO/Derivatives recommendation, Research reports etc. This service is not available with Upstox.
- ICICIDirect has option for you to make investment in US stocks such as Apple, Google, Amazon, etc. using ICICI Direct trading platform whereas This feature is not available with Upstox as of now.
- Upstox brokerages are lower than ICICIDirect brokerages when comparing. ICICIDirect charging Rs.20 per executed order whereas Upstox charging Rs.20 or 0.05% (whichever is lower). Upstox also offers free delivery i.e. brokerage free trades, ICICIDirect charges 0.05% for same.
- Upstox offers brokerage or say commission free mutual funds investment and platform for its users. ICICIDirect charges 1-1.5% commission for same. Having said that they do give free recommendation on which mutual funds to invest.
- Upstox also gives Margin Trading Facility for up to 4X leverage (50% funds) from Upstox for Equity Delivery trading or buying certain stocks and holding them. ICICIDirect also gives 5x leverage in delivery based trades.
- If we talk about Margin at Upstox vs ICICIDirect, after SEBI Rules on Intraday margin every stockbroker is giving same margin5x throughout India, hence this does not matter anymore.
- With Upstox and ICICIDirect you can also invest and trade in IPO’s, NFO’s, ETF, SGB, and many other financial products with so much ease.
- ICICI Direct is much better for people who make other investments, such as investment in ELSS, PPF, SIP’s, FD, RD, ETF’s etc., or looking for Loans or credit cards, Insurance etc.
- Upstox do charges one time account opening fee of Rs.199 and Rs.25 p.m. for AMC (Annual Maintenance Charge) at the year end. However, for a limited time period you can open a free upstox account here.
- ICICIDirect, there is no AMC (Annual Maintenance charges) for Demat Account for the first Year. However, charge of ₹700 (excluding taxes) is levied from 2nd year onwards.
- ICICIDirect do charges one time account opening fee of Rs.975.
- Overall, Upstox when compared on all parameters is better than ICICIDirect as a discount broker.
Now, it is up to you to decide which one you choose as both have everything that is needed to trade and invest in stock market hassle free online.
Overall, Upstox is better stockbroker than ICICIDirect if you want to invest and trade in stock market without any doubt.
💡 Whether you’re just getting started or scaling your trades, Upstox gives you the edge with lower costs and powerful features.
👉 Join Upstox today and start your investing journey with a winning platform!
Click here to open your FREE account now
🔗 Don’t miss out—start smart, trade smarter with Upstox!
Let us now know some of the reason to open an trading and demat account with Upstox:
Reason To Open Upstox Demat & Trading Account?
India’s Highest-Rated Stock Market App with 1.3 Cr+ users and growing 🚀
Looking for a powerful and feature-rich trading platform? Whether you’re a pro trader or a long-term investor, Upstox offers everything you need in one place.
🔁 Modes for Every Type of User
🧠 1. Upstox PRO – For Active Traders
Trade in F&O, Currency, Commodity, and Equity with advanced tools and insights:
🔍 Discover Trades with Ease:
- Option Chain Tool with customizable Greeks, Max Pain, PCR & more
- Smartlists: Top Traded, OI Gainers/Losers, Most Active
- Futures Heatmap: Visualize market trends
- Ready-Made Option Strategies built right into the app
- Currency & Commodity Futures in one platform
📊 Advanced Trade Analysis:
- TradingView + ChartIQ integration with 100+ indicators
- In-depth Open Interest (OI) analysis for indices
- Accurate FII + DII data for smarter decisions
⚙️ Powerful Order Tools:
- Place 20-leg Basket Orders instantly
- Automate risk with GTT + Trailing Stop-Loss
- Margin Pledge: Get up to 90% collateral margin
- 4X Leverage for Equity Delivery
- 5X Intraday Margin on stocks
📈 2. Upstox – For Long-Term Investors
Invest in Stocks, Mutual Funds, ETFs, IPOs, Bonds & more
📌 Stock Investing:
- Browse 5,000+ stocks with curated lists (Top Gainers, Movers, Sector-based)
- Fundamentals: PE ratio, dividend yield, analyst ratings
- Stock SIPs & 365-day limit orders
- 6-point checklist for better decisions
- Easy intraday and delivery trading
📊 Mutual Funds & ETFs:
- 15+ Mutual Fund categories, SIPs from ₹100
- Save more with Direct Plans
- Built-in SIP Return Calculators
- Smart ETF tracking: error, liquidity & more
🪙 Gold & Govt-Backed Investments:
- Sovereign Gold Bonds: 2.5% interest + tax-free maturity
- Access to T-Bills, SDLs, Fixed Income Bonds & NCDs
🚀 IPOs:
- Pre-apply for upcoming IPOs
- Track recently listed IPOs
- Easy UPI payments (GPay, BHIM, etc.)
💼 What Makes Upstox the Best Choice?
- ✅ Limited Time Free Account Opening – Zero AMC, online KYC
- ✅ ₹0 Brokerage on Mutual Funds, IPOs, Gold Bonds
- ✅ Flat ₹20/order on Equity, F&O, Currency & Commodity
- ✅ Access to UpLearn – Learn strategies, trading & more
- ✅ Invest in P2P Lending & Fixed Deposits
- ✅ Tools for every level – from beginner to pro
🏁 Ready to Get Started?
🎯 Open Your Free Demat + Trading Account in Just 5 Minutes!
✅ 100% Online | ⏱ Quick Setup | 💰 ₹0 Opening Fee
Now, let us go dive deep to cover all different services and features of Upstox and ICICIDirect step by step and see who is best between Upstox and ICICIDirect by doing in-depth analysis.
About Upstox Vs ICICI Direct:
Upstox is a discount broker whereas the ICICIDirect is a fulltime broker, Both are depository participant (DP) for both NSDL and CDSL.
Recently Upstox have announced building technology and platform to trade in US markets Whereas ICICIDirect have already announced launch of their Global Investment Platform in the year 2020.
Now you can invest in your favorite brands listed in US markets and create an intelligent portfolio. Access to global markets helps diversify your portfolio and reduce overall risk.
Now that we know in brief about the Upstox and ICICI Direct let us compare them on other important factors below.
Upstox Vs ICICI Direct Brokerages Comparison:
Brokerage is the most important factor when you trade and invest, both upstox and 5Paisa have quite low brokerages. Brokerage is something which as a trader and investor one should always be looking at before choosing the broker.
Let us first know about the brokerage of upstox,
What they mean is, suppose you bought stock xyz priced at Rs.100, quantity 100 on intraday basis,
so the total turnover would be bought 100, sold 100(100*200)= 20,000 on this amount they will charge either whichever amount is lower as 0.05% of 20000, is Rs.10 so they will charge that instead of flat Rs.20.
Moreover for investing in mutual funds there are no brokerage or commission is charged at upstox at all.
Overall the brokerage charges at upstox are quite low and decent in comparison to other brokers.
ICICI Direct Brokerage Charges:
Let us now move on check the brokerage at ICICI. ICICI have two brokerage plans prime brokerage plan and iVALUE – Plan.
ICICIDirect Prime Brokerage Plan Detail:
Prime Plan (Rs.) |
299  |
999  |
2999 |
4999 |
9999 |
|---|---|---|---|---|---|
Cash % |
0.25 |
0.22 |
0.15 |
0.1 |
0.07 |
Margin % |
0.025 |
0.022 |
0.015 |
0.01 |
0.007 |
Futures % |
0.025 |
0.022 |
0.015 |
0.01 |
0.007 |
Options (Per lot)(Rs.) |
49 |
49 |
29 |
19 |
9 |
Currency & Commodity (Futures and options) |
Rs.20 |
Rs.20 |
Rs.20 |
Rs.20 |
Rs.20 |
Special MTF Interest rates (Yearly) % |
20.49 |
20.49 |
16.49 |
9.69 |
9.69 |
Shares As Margin Interest Rate (Futures and Options) |
0% |
0% |
0% |
0% |
0% |
iVALUE – Plan
Hence Upstox can be counted as winning the race in charging less brokerage from it’s customers.
👉 Join Upstox today and start your investing journey with a winning platform!
Click here to open your FREE account now
🔗 Don’t miss out—start smart, trade smarter with Upstox!
Upstox Vs ICICI Direct Account Opening Charges:
No, it was not always the case, Icici direct used to charge for trading and demat account opening, however after facing tough competition from Zerodha as well as other discount brokerages they have decided to lure the customers with free 3 in 1 account, which is great by the way.
ICICI Direct offers 3-in-1 accounts which includes ICICI bank account, ICICI trading account, and ICICI demat account. The 3-in-1 trading account gives you the convenience of opening a demat, trading & bank account.
You can seamlessly trade in Shares, Futures & Options, Currencies, commodities, invest in Mutual Funds, IPOs and Life Insurance.
Trading/Demat Account Opening Charges: Rs.975
AMC: Rs 700 PA (Waived for 1st year) Excluding taxes
However, if the Demat account is under Basic Service DEMAT Account (BSDA), no AMC is levied for holding value up to 50000.
Upstox Account Opening and AMC Charges:
Demat and Trading account– Rs.199 one time for account opening
There will be a monthly maintenance charge of Rs 25 (excluding GST), which will be charged at the end of every month.
The AMC charges will be debited from your Trading a/c.
However, for a limited time you can
🎯 Open Your Free Demat + Trading Account in Just 5 Minutes!
✅ 100% Online | ⏱ Quick Setup | 💰 ₹0 Opening Fee
Upstox Vs ICICI Direct Account Opening Process Online:
The account opening process is online and it’s very seamless and smooth. Here is what you need to do:
To open an account with Upstox online, you can sign up using your mobile number
Similarly, to open an account with ICICI Direct go to their website and do the registration by entering your name, mobile no. and email.
You will receive an OTP to your number and you can get started with the process.
You will be required to enter your PAN, Bank account details and personal details to continue with the sign-up.
Once you sign up you need to upload certain documents listed below:
1. Your PAN card
2. Your Aadhaar
3. To complete the e Sign process, you will have to authenticate it with an OTP. So, make sure you have the number linked to your Aadhaar handy. If not, you will not be able to complete the process. If the number linked to your Aadhaar is inactive, or if you don’t have any number linked, then you can visit your nearest Aadhaar Seva Kendra to get it updated.
4. Cancelled cheque/Bank statement to link your bank account –
If your cheque is not personalized then the bank statement you upload should have both the IFSC and MICR code printed on it. If not then your application will be rejected. The bank statement has to be self-attested.
5. A photo or scanned copy of your signature proof will be required to be uploaded.
6. Income proof – It is mandatory to submit income proof if you wish to trade in Futures and options – Equity, Commodity, and Currency.
You can submit one of the below documents.
- Form-16
- Income tax returns acknowledgment
- 6-month Bank statement
- Latest salary slip
- Demat holding statement, or
- A CA certifying your net worth
Note: The documents mentioned are for a Resident Individual Account.
Open a Free Upstox Trading & Demat Account
Step into advanced trading with Upstox — one of India’s most powerful and user-friendly broker platforms.
✅ Ready-Made Option Strategies built right into the app
✅ 4X Leverage for Equity Delivery
✅ 5X Intraday Margin on leading stocks
✅ Option Chain Tool with customizable Greeks, Max Pain, PCR & more
✅ ₹0 brokerage on delivery trades
✅ Fast, paperless signup process – get started in minutes!
Upstox Vs ICICI Direct Trading Platform Comparison:
The most important part of any trading platform is the tools and resources it has to technical analysis. Upstox and ICICI Direct both has all the indicators and types of chart required to make it possible.
Although in the image above I have mentioned that there are no API’s offered by ICICIDirect but with new features getting launched by brokers every other day to be at a better position in comparison to other brokers, ICICIDirect have also launched Breeze.
You can build, backtest, and trade your strategy in live markets at zero cost with the most secure and simple to use API from ICICIdirect.
Whether you want to use:
Support and Resistance indicator
Different Candlestick patterns etc. you name the indicator and it will be there, so all in all Upstox and ICICI Direct has everything what is needed for a hassle-free trading platform. You can add- withdraw funds directly, create or back-test trading strategies and lot more.
The reason I am not involving all the features of different trading platform, because unnecessary post will be long, however you can read them in detail if you want here for Upstox trading platform for ICICI Direct trading platform.
Having said that Upstox trading platform offers much better user interface as well as they have many other services integrated within the platform such as Sensibull, small case, etc.
ICICIDirect have also tied up with third party service such as Sensibull for ready made options trading strategies and Smallcase. smallcases are the easiest way to buy & manage multiple portfolios of stocks/ETFs.
So overall if you see, Upstox on one hand covers all the services a discount broker should have, on the other hand ICICI Direct being a full time broker offers all different financial services.
My Opinion On Upstox Vs ICICI Direct:
I hope you have now thoroughly understood most of the services offered by Upstox and ICICI Direct, if you ask me in Upstox vs ICICI Direct who is better?
Upstox is better option as an stockbroker in comparison to ICICIDirect as it has made its place in the Indian stock broker industry with their fast and efficient trading platforms, sophisticated charting software’s combined with speed and reliability as well ease of opening the account online paperless.
The charges and brokerages are very much reasonable in comparison to ICICIDirect, if you are thinking of opening a trading/demat/mutual fund combined account, than do not put any second thought.
If I have to rate upstox overall as an leading discount broker I will give it 9.4 out of 10
Whereas if we talk about ICICI Direct it is more suitable for trading, investment and banking purpose.
If I have to rate the ICICI Direct in comparison with Upstox, I will give 8.5 out of 10.
Upstox is the best choice as it is no longer just a low-cost broker—it’s evolved into a smart, trader-focused ecosystem. Whether you’re a beginner, swing trader, or options expert, it offers tools that grow with you.
If you’re tired of minimal tools or outdated workflows, Upstox gives you the perfect edge in the fast-moving world of Indian stock markets.
Upstox is much better than ICICIDirect If we do a overall comparison of various charges, features hence I would advise anyone to go with upstox and avoid ICICIDirect any day.
and if you’re serious about trading—especially in derivatives, intraday, or using market tools—Upstox is clearly the better platform.
It offers a perfect balance of affordability, functionality, and professional-grade tools that ICICIDirect lacks.
So, if you are more of a trader making intraday trades on daily basis and looking for investing and trading in other segments than you should go with Upstox without any doubt.
👉 Ready to switch or start fresh? Click here to open your free Upstox account now and experience the next generation of trading!
🎯 Open Your Free Demat + Trading Account in Just 5 Minutes!
✅ 100% Online | ⏱ Quick Setup | 💰 ₹0 Opening Fee
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Note: Please do your own research and make investment. Moneycontain will not be responsible for any of your losses at all. The point made is for educational purpose only and intended to give information. All investments are subject to risks, which should be considered prior to making any investments.
