Established in 1994, ICICI Bank Ltd has become one of the biggest financial institutions in India. In the past 2 decades it has grown itself into a multinational banking and services company with its headquarters in Mumbai. ICICI bank has large no of investors and active traders who use their services to trade in products like equities, commodities, currencies etc.
This ICICI Direct Review 2020 discusses why one should use their institutional and retail broking, merchant banking, and advisory services which is also being used by corporates, financial institutions, high net-worth individuals, and retail investors in India. The Depository Partcipant operates in 3 major segments namely Investment & Trading, Broking & Commission and Advisory services.
One of its flagship offerings from them on the retail trading side is ICICI Direct. With ICICI Direct, ICICI Securities has become one of the largest retail broking firms in India by providing a wide range of products and services to its retail and institutional customers. ICICI Direct.com is the flagship website of ICICI Securities offering a whole host of products and services like Equity Trading, Derivatives Trading, Mutual funds, Home Loans, Loans against Securities, Insurance, Bonds, NCDs etc.
In this blog we will discuss whether it is good to invest with them or not by dissecting their products and services on offer to most retail investors. We will also provide the brokerage details being charged by them, customer service and also look at if their existing customer are satisfied by the service being provided to them.
Why Invest with ICICI Direct?
ICICI provides a unique 3-in-1 account, which is a combination of its Bank account, trading account and Demat account all in one place. This helps the customers to trade securities with the ease of transferring money conveniently at the click of a button.
Innovative Product Offerings
In addition to share trading in NSE and BSE they also provide their customers with innovative product offerings like Margin, Margin Plus, BTST, SPOT, Overseas trading, Online Life Insurance.
Call n Trade
ICICI Direct also allows you trade in areas with low bandwidth and if you are struggling with your network connection, you can use the Call n Trade facility.
For investors new to the market, ICICI also provides advisory service where you are guided from trade placement to execution.
The broking firm also provides research reports to its clients to assist them in choosing trades. You can also track your portfolio and create a watch list, which also provides SMS alerts. Moreover, ICICI Direct also provides its customers with knowledge programs on various financial products like derivatives, stocks, mutual funds etc. so that they can make informed investment decisions. They also provide specialized research reports and dedicated relationship managers for traders who like to trade full time in the market. Lastly, their high-performance terminal application “Trade Racer” is specifically meant for active day traders.
ICICI Trading Platforms
ICICI offers technologically advanced trading platforms for its large customer base across all platforms. Here is a detailed view of these applications:
ICICI Trade Racer
Trade Racer is an easily installable software for your desktop using which you can trade at will from the comfort of your home. This trading platform provides you with Live streaming quotes, research calls, and an integrated fund transfer system. Using trade racer, one can check the market depth, Bulk Block deals, corporate announcements, stock charts, and moving averages. The tool is used to perform technical analysis, and access to the Global Indices. Here are some of the features of this application:
- View the latest market trends i.e. bullish or bearish using the Trend Scanner option.
- Track the New highs and lows of the stock market by tracking the price movement of stocks using the Live Scanner option.
- Get a fully Customised Grid layout with personalized color combinations and a trendy look and feel
Note: Clients who generate a higher brokerage to the firm have free access to this software; however those who don’t generate necessary levels of brokerage have to pay subscription cost of Rs 75 per month to use this application.
ICICI Trade Racer Web
Trade Racer Web is the browser-based version of trade racer application which can be accessed from anywhere for the purpose of buying and selling stock on BSE and NSE. This application allows Cash Trading, Margin & Margin Plus trading, Buy Today Sell Tomorrow, Derivatives trading etc. Some of the key features are as follows:
- Create watch lists for at least 5 stocks.
- Get Live streaming of stock market prices for the stocks of your choice
- Analyze your favorite stocks using charts and technical indicators.
This browser-based application is best suited for active traders who are aware of the various nuances of the stock market.
ICICI Direct Mobile App
ICICI’s mobile trading app allows users to trade, view the latest quotes, track your portfolio and market movement, get live research calls. Here is how the app looks like:
ICICI’s mobile is rated at 3.4 out of 5 and its customer reviews on google play are average at best. Kindy check it using this link.
Some important features of this app are as follows:
- Live streaming of the stock prices
- In-app order placing for equities, commodities, and FX alike
- Trade whenever you like from the convenience of your phone
- Get Live research reports and market tips
Thus looking at the customer reviews, ratings and the look and feel of the app it seems to be pretty average. Moreover, the app seems to be lacking focus on moving their technology to mobile phones, which is very important in today’s world.
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