First Demat vs ICICI Direct
A full side-by-side comparison of brokerage charges, demat AMC, margin, platforms, features and user ratings — updated for 2026.
First Demat
VS
ICICI Direct
First Demat vs ICICI Direct — quick verdict
Choose First Demat if
You want low-cost, self-directed trading
First Demat review — multiple brokerage packs, brokerage starting at ₹20 per order, digital trading platforms and a wide range of investment options. make this short
Choose ICICI Direct if
You want research and offline support
One Account. Infinite Opportunities.
Company overview
First Demat is a discount broker incorporated in 2026; ICICI Direct is a full-service broker incorporated in 1995.
| Parameter | First Demat | ICICI Direct |
|---|---|---|
| Type of broker | Discount Broker | Full-Service Broker |
| Exchange membership | NSE · BSE · MCX | NSE · BSE · MCX · NCDEX |
| Year of incorporation | 2026 | 1995 older |
| Number of branches | 1 | 3,000+ ICICI Bank Branches & Customer To wider |
| Active clients | 500 | ~19.80 Lakh+ larger |
Charges & AMC
Account-opening and maintenance charges for First Demat and ICICI Direct compared side by side.
| Parameter | First Demat | ICICI Direct |
|---|---|---|
| Trading a/c opening | ₹0 online; ₹500 offline | ₹0 (Online) |
| Trading a/c AMC | ₹0 | ₹0 |
| Demat a/c opening | ₹0 | ₹0 |
| Demat a/c AMC | ₹0 for the first year lower | ₹300 + GST per year |
| DP charges (per ISIN, sell) | ₹20 + GST per ISIN lower | NSDL – ₹20 + GST (first debit), ₹4 + GST (subsequent same-day debit); CDSL – ₹20 + GST per scrip sold per day |
Brokerage charges
How First Demat and ICICI Direct price each trading segment, per executed order.
| Parameter | First Demat | ICICI Direct |
|---|---|---|
| Equity Delivery | 0.1% or ₹20 per executed order, whichever is lower | ₹20 per order (or plan-specific rate) |
| Equity Intraday | 0.1% or ₹20 per executed order, whichever is lower | ₹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 order |
| Commodity F&O | — | ₹20 per order |
| Call & Trade | ₹50 per trade | ₹50 per order |
Transaction charges (exchange turnover)
Exchange turnover and clearing charges passed through by First Demat and ICICI Direct, per segment.
| Parameter | First Demat | ICICI Direct |
|---|---|---|
| Equity Delivery | NSE: 0.00307% · BSE: 0.00375% | NSE: 0.00297% + IPFT 0.00010% • BSE: 0.00375% |
| Equity Intraday | NSE: 0.00307% · BSE: 0.00375% | NSE: 0.00297% + IPFT 0.00010% • BSE: 0.00375% |
| Equity Futures | NSE: 0.00183% · BSE: 0% | NSE: 0.00173% + IPFT 0.00010% • BSE: 0.00000% |
| Equity Options | NSE: 0.03553% on premium · BSE: 0.0325% on premium | NSE: 0.03503% (on Premium) + IPFT 0.00050% • BSE: 0.03250% (on Premium) |
| Currency Futures | Not specified | NSE: 0.00012% • BSE: 0.00005% |
| Currency Options | Not specified | NSE: 0.03250% (on Premium) • BSE: 0.00100% (on Premium) |
| Commodity | Current segment-wise rates not verified | — |
| Commodity Futures (MCX) | — | 0.00210% |
| Commodity Options (MCX) | — | 0.04180% (on Premium) |
Demat & DP charges
Depository (demat) charges for First Demat and ICICI Direct — AMC, debit transactions, pledging and remat.
| Parameter | First Demat | ICICI Direct |
|---|---|---|
| Demat Account Opening | ₹0 online | ₹0 (Online) |
| Demat Account AMC | ₹0 for the first year; thereafter | — |
| DP Source | NSDL, through the intermediary identified in the official regulatory disclosure | — |
| DP ID | IN303921, as listed on the official website | — |
| DP Charges for Debit | ₹20 + GST per ISIN | — |
| Dematerialisation Charges | ₹20 per DRF + ₹3 per certificate | — |
| Rematerialisation Charges | ₹20 per 100 securities or part thereof, subject to a maximum of ₹5,000, or ₹20 per certificate, whichever is higher | — |
| Margin Pledge / Unpledged for Collateral | ₹25 + GST per transaction | — |
| Margin Pledged | ₹3 + GST per transaction, | — |
| Pledge Creation Confirmation | Not specified | — |
| Failed Instruction Charges | ₹20 per intimation per instruction | — |
| Advance Deposit | ✕ No | — |
| Other Charges | Refer to the latest official demat tariff | — |
| Annual Maintenance Charges (AMC) | — | ₹300 + GST per year |
| 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 First Demat and ICICI Direct.
| Parameter | First Demat | ICICI Direct |
|---|---|---|
| Equity Delivery | Not verified (Not verified) | Up to 100% of trade value (1x) |
| Equity Intraday | Not verified (Not verified) | As per SEBI Peak Margin Rules (Up to 5x*) |
| Equity Futures | As per applicable exchange and broker requirements (Not verified) | SPAN + Exposure Margin (As per Exchange) |
| Equity Options | As per applicable exchange and broker requirements (Not verified) | Premium + Applicable Margin (As per Exchange) |
| Currency Futures | Not verified (Not verified) | Exchange Prescribed Margin (As per Exchange) |
| Currency Options | Not verified (Not verified) | Exchange Prescribed Margin (As per Exchange) |
| Commodity Futures | Not verified (Not verified) | — |
| Commodity Options | Not verified (Not verified) | — |
Features & account
Account type and feature availability across First Demat and ICICI Direct.
| Parameter | First Demat | 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 | First Trade Web, First Mobile | ICICIdirect Web, ICICIdirect Mobile App, Trade Racer, Breeze API |
| Intraday square-off | 3:20 PM | 3:15 PM |
| Other | Free equity delivery, digital onboarding, MTF facility available. | 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 First Demat and ICICI Direct.
| Parameter | First Demat | ICICI Direct |
|---|---|---|
| Trading platforms offered | First Demat Web Trading Platform, First Demat Mobile Trading, First Demat Android App, First Demat iOS App | ICICIdirect Web, ICICIdirect Mobile App, ICICI Direct Markets App, Trade Racer |
| Number of platforms | 4 | 4 |
| Platforms (summary) | First Trade Web, First Mobile | ICICIdirect Web, ICICIdirect Mobile App, Trade Racer, Breeze API |
| Mobile / desktop apps | Web, Mobile, Android, iPhone / iOS | Web, Mobile, Desktop |
User ratings
User ratings for First Demat and ICICI Direct across the key parameters.
| Rated on | First Demat | ICICI Direct |
|---|---|---|
| Fees | — | 4.1 |
| Brokerage | — | 4.2 |
| Trading platform | — | 4.8 |
| Customer service | — | 4.7 |
| Research | — | 4.9 |
| Overall | 5 better | 4.6 |
Investment options
Which investment products First Demat and ICICI Direct let you access.
| Parameter | First Demat | 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 First Demat and ICICI Direct.
| Parameter | First Demat | 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 First Demat and ICICI Direct.
| Parameter | First Demat | ICICI Direct |
|---|---|---|
| SEBI registration | INZ000328330 | INZ000183631 |
| NSE member code | 90479 (NSE membership number) | 07730 |
| Year of incorporation | 2026 | 1995 longer track record |
| Net worth | 6952 | Not Separately Disclosed (Subsidiary of ICICI Bank Limited) |
| Exchange memberships | NSE · BSE · MCX | NSE · BSE · MCX · NCDEX |
| Latest complaint ratio | 0.016% | 0.0031% fewer complaints |
Complaints record
Exchange complaint data for First Demat and ICICI Direct — the ratio matters more than the raw count.
| Parameter | First Demat | ICICI Direct |
|---|---|---|
| Latest financial year | 2025-26 | Latest Available |
| Exchange | NSE | NSE |
| Active clients | 5,00,000 | 19,60,293 larger base |
| Complaints filed | 80 | 61 (Pending SCORES 2.0) |
| Complaint ratio | 0.016% | 0.0031% fewer complaints |
Pros & cons
The main advantages and drawbacks of each broker.
First Demat
▲ Pros
- ✓ Zero online account opening charges.
- ✓ Brokerage of ₹20 per executed order or 0.1%, whichever is lower, on applicable segments.
- ✓ ₹20 per executed order for equity futures and options, according to the official pricing page.
- ✓ Web and mobile trading platforms.
- ✓ AI-assisted market insights and research tools.
- ✓ Option strategy builder and multi-leg strategy tools.
- ✓ Charting and technical indicators.
- ✓ Trailing stop-loss and smart alerts.
- ✓ IPO application facilities.
- ✓ Mutual funds and ETFs, according to the supplied review and platform information.
▼ Cons
- ✕ Brokerage and other fees should be checked against the applicable tariff and account conditions.
- ✕ Call & Trade and auto square-off services attract additional charges.
- ✕ Statutory taxes and exchange transaction charges apply separately.
- ✕ Zero Demat AMC is stated for the first year; charges after the first year should be confirmed.
- ✕ Current active-client figures and net worth have not been independently verified.
- ✕ Individual category ratings and review counts are unavailable.
- ✕ MTF is marked unavailable in the supplied review.
- ✕ A 3-in-1 account is marked unavailable in the supplied review.
- ✕ Some platform features and product availability require confirmation.
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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