Choice Broking vs ICICI Direct
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
Choice Broking
VS
ICICI Direct
Choice Broking vs ICICI Direct — quick verdict
Choose Choice Broking if
You want low-cost, self-directed trading
Trade Smart. Invest Better.
Choose ICICI Direct if
You want research and offline support
One Account. Infinite Opportunities.
Company overview
Choice Broking is a discount broker incorporated in 2010; ICICI Direct is a full-service broker incorporated in 1995.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| Type of broker | Discount Broker | Full-Service Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX · NCDEX |
| Year of incorporation | 2010 | 1995 older |
| Number of branches | 150+ | 3,000+ ICICI Bank Branches & Customer To wider |
| Active clients | 8 Lakh+ | ~19.80 Lakh+ larger |
Charges & AMC
Account-opening and maintenance charges for Choice Broking and ICICI Direct compared side by side.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| Trading a/c opening | ₹0 | ₹0 (Online) |
| Trading a/c AMC | ₹0 | ₹0 |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹0 (1st Year), ₹450 + GST per year thereafter | ₹300 + GST per year lower |
| DP charges (per ISIN, sell) | ₹15.93 per debit transaction (including GST) lower | NSDL – ₹20 + GST (first debit), ₹4 + GST (subsequent same-day debit); CDSL – ₹20 + GST per scrip sold per day |
Brokerage charges
How Choice Broking and ICICI Direct price each trading segment, per executed order.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| Equity Delivery | ₹20 per executed order | ₹20 per order (or plan-specific rate) |
| Equity Intraday | ₹20 per executed order | ₹20 per order |
| Equity Futures | ₹20 per executed order | ₹20 per order |
| Equity Options | ₹20 per executed order | ₹20 per order |
| Currency F&O | ₹20 per executed order | ₹20 per order |
| Commodity F&O | ₹20 per executed order | ₹20 per order |
| Call & Trade | ₹20 per executed order | ₹50 per order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by Choice Broking and ICICI Direct, per segment.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| Equity Delivery | NSE: 0.00297% • BSE: 0.00375% | NSE: 0.00297% + IPFT 0.00010% • BSE: 0.00375% |
| Equity Intraday | NSE: 0.00297% • BSE: 0.00375% | NSE: 0.00297% + IPFT 0.00010% • BSE: 0.00375% |
| Equity Futures | NSE: 0.00173% | NSE: 0.00173% + IPFT 0.00010% • BSE: 0.00000% |
| Equity Options | NSE: 0.03503% (on premium) | NSE: 0.03503% (on Premium) + IPFT 0.00050% • BSE: 0.03250% (on Premium) |
| Currency Futures | NSE: 0.00035% | NSE: 0.00012% • BSE: 0.00005% |
| Currency Options | NSE: 0.03110% (on premium) | NSE: 0.03250% (on Premium) • BSE: 0.00100% (on Premium) |
| Commodity Futures | MCX: 0.00210% | — |
| Commodity Options | MCX: 0.04180% (on premium) | — |
| Commodity Futures (MCX) | — | 0.00210% |
| Commodity Options (MCX) | — | 0.04180% (on Premium) |
Demat & DP charges
Depository (demat) charges for Choice Broking and ICICI Direct — AMC, debit transactions, pledging and remat.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| Demat Account Opening | ₹0 | ₹0 (Online) |
| Annual Maintenance Charges (AMC) | ₹0 (1st Year), ₹450 + GST per year thereafter | ₹300 + GST per year |
| Debit Transaction Charges | ₹15.93 per debit transaction (including GST) | — |
| Pledge / Unpledge Charges | ₹20 + GST per request | — |
| Dematerialisation (Demat) | ₹150 per certificate + GST | — |
| Rematerialisation (Remat) | ₹150 per certificate + GST | — |
| Failed Transactions | Nil | — |
| DP Charges (NSDL) | — | ₹20 + GST per scrip for the first debit instruction and ₹4 + GST for subsequent debit instructions in the same scrip on the same day |
| DP Charges (CDSL) | — | ₹20 + GST per scrip sold per day (includes depository charges) |
| Call & Trade (Equity & Derivatives) | — | ₹50 per order |
| Call & Trade (Commodity) | — | ₹50 per order |
| Pledge Charges (MTF) | — | ₹25 + GST per pledge instruction |
| Pledge Charges (Shares as Margin - SAM) | — | ₹29 + GST per pledge instruction |
| Pledge Charges (CUSPA) | — | ₹29 + GST per pledge instruction |
Margin & leverage (MTF)
Intraday and delivery margin / leverage offered by Choice Broking and ICICI Direct.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| Equity Delivery | 100% of trade value (1x) | Up to 100% of trade value (1x) |
| Equity Intraday | VAR + ELM Margin (Up to 5x*) | As per SEBI Peak Margin Rules (Up to 5x*) |
| Equity Futures | SPAN + Exposure Margin (As per available margin) | SPAN + Exposure Margin (As per Exchange) |
| Equity Options (Buy) | Premium Value (Not Applicable) | Premium + Applicable Margin (As per Exchange) |
| Equity Options (Sell) | SPAN + Exposure Margin (As per available margin) | Exchange Prescribed Margin (As per Exchange) |
| Currency Futures & Options | SPAN + Exposure Margin (As per available margin) | Exchange Prescribed Margin (As per Exchange) |
| Commodity Futures & Options | SPAN + Exposure Margin (As per available margin) | — |
Features & account
Account type and feature availability across Choice Broking and ICICI Direct.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| 3-in-1 account | ✕ No | ✓ Yes better |
| Automated / API trading | ✓ Yes | ✓ Yes |
| Margin Trading (MTF) | ✓ Yes | ✓ Yes |
| Trading in SME shares | ✓ Yes | ✓ Yes |
| Trading platforms | Choice FinX Web, Choice FinX Mobile App, Choice Edge | ICICIdirect Web, ICICIdirect Mobile App, Trade Racer, Breeze API |
| Intraday square-off | 3:15 PM | 3:15 PM |
| Other | Option Chain, Advanced Charting, Basket Orders, Screeners, API Trading, Algo Trading Support, Price Alerts, eDIS, Margin Trading Facility (MTF) | 3-in-1 Account, Research Reports, Stock SIP, Basket Orders, MTF, Loan Against Securities |
Trading platforms & apps
Trading terminals, web platforms and mobile apps offered by Choice Broking and ICICI Direct.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| Trading platforms offered | Choice FinX Web, Choice FinX Mobile App, Choice Edge | ICICIdirect Web, ICICIdirect Mobile App, ICICI Direct Markets App, Trade Racer |
| Number of platforms | 3 | 4 more choice |
| Platforms (summary) | Choice FinX Web, Choice FinX Mobile App, Choice Edge | ICICIdirect Web, ICICIdirect Mobile App, Trade Racer, Breeze API |
| Mobile / desktop apps | Web, Mobile, Desktop | Web, Mobile, Desktop |
User ratings
User ratings for Choice Broking and ICICI Direct across the key parameters.
| Rated on | Choice Broking | ICICI Direct |
|---|---|---|
| Fees | 4.5 better | 4.1 |
| Brokerage | 4.6 better | 4.2 |
| Trading platform | 4.3 | 4.8 better |
| Customer service | 4.2 | 4.7 better |
| Research | 4 | 4.9 better |
| Overall | 4.3 | 4.6 better |
Investment options
Which investment products Choice Broking and ICICI Direct let you access.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| Stocks / Equity | ✓ Yes | ✓ Yes |
| Commodity | ✓ Yes | ✓ Yes |
| IPO | ✓ Yes | ✓ Yes |
| Mutual Funds | ✓ Yes | ✓ Yes |
| Bonds / NCD | ✓ Yes | ✓ Yes |
Order types offered
Advanced order types supported by Choice Broking and ICICI Direct.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| Bracket Order | ✕ No | ✕ No |
| Cover Order | ✕ No | ✕ No |
| BTST | ✓ Yes | ✓ Yes |
| After Market (AMO) | ✓ Yes | ✓ Yes |
| GTC / GTT | ✓ Yes | ✓ Yes |
Safety & credibility
SEBI registration, financial strength and complaint record for Choice Broking and ICICI Direct.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| SEBI registration | INZ000160131 | INZ000183631 |
| NSE member code | 90192 | 07730 |
| Year of incorporation | 2010 | 1995 longer track record |
| Net worth | ₹1,087.56 Cr | Not Separately Disclosed (Subsidiary of ICICI Bank Limited) |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX · NCDEX |
| Latest complaint ratio | 0.002% fewer complaints | 0.0031% |
Complaints record
Exchange complaint data for Choice Broking and ICICI Direct — the ratio matters more than the raw count.
| Parameter | Choice Broking | ICICI Direct |
|---|---|---|
| Latest financial year | 2025–26 | Latest Available |
| Exchange | NSE | NSE |
| Active clients | 8,42,615 | 19,60,293 larger base |
| Complaints filed | 18 | 61 (Pending SCORES 2.0) |
| Complaint ratio | 0.002% fewer complaints | 0.0031% |
Pros & cons
The main advantages and drawbacks of each broker.
Choice Broking
▲ Pros
- ✓ Competitive flat brokerage plans.
- ✓ Fully digital and paperless account opening.
- ✓ Supports stocks, F&O, commodities, currencies, mutual funds, IPOs, ETFs, and bonds.
- ✓ Margin Trading Facility (MTF) available.
- ✓ Advanced web and mobile trading platforms with technical analysis tools.
- ✓ Backed by Choice International Limited.
▼ Cons
- ✕ Annual Demat AMC is applicable after the introductory period.
- ✕ Research coverage is comparatively smaller than some leading full-service brokers.
- ✕ Call & Trade charges apply.
- ✕ Physical branch network is smaller than large bank-backed brokers.
- ✕ Premium advisory services may be available only under selected plans.
ICICI Direct
▲ Pros
- ✓ Integrated 3-in-1 Account with ICICI Bank.
- ✓ Access to Equity, F&O, Currency and Commodity trading.
- ✓ Strong in-house research and investment recommendations.
- ✓ Multiple trading platforms for beginners and active traders.
- ✓ Wide range of investment products under one account.
- ✓ Backed by the trusted ICICI Group.
- ✓ Digital account opening with online KYC.
- ✓ Extensive customer support network across India.
▼ Cons
- ✕ Brokerage charges may be higher than discount brokers.
- ✕ Some advanced features are available only under specific brokerage plans.
- ✕ Annual Demat AMC is applicable.
- ✕ Certain services attract additional transaction charges.
- ✕ Trading costs may vary depending on the selected brokerage plan.
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