BROKER COMPARISON · FY26
ICICI Direct vs IIFL Securities — which is cheaper + better for you?
We compared ICICI Direct and IIFL Securities across the 9 dimensions that actually matter to Indian retail traders: brokerage (equity delivery, intraday, futures, options), AMC, account opening, platform UX, API, research depth, and mutual-fund flow. Rates verified against FY26 official pricing pages.
TL;DR
ICICI Direct
Full-service broker from ICICI Bank — deep bank integration, premium pricing.
IIFL Securities
Full-service broker with research + wealth-management tie-ins.
Brokerage rates (FY26)
| Segment | ICICI Direct | IIFL Securities |
|---|---|---|
| Equity delivery | 0.29% | 0.25% |
| Equity intraday | 0.029% | 0.025% |
| Futures | 0.029% | 0.015% |
| Options | ₹45/order | 0.015% |
| AMC / year | ₹700 | ₹250 |
| Account opening | ₹975 | Free |
On top of brokerage add exchange transaction charges, STT, GST (18% on brokerage + exchange), SEBI turnover fee, and stamp duty. Use our F&O cost calculator for real break-even math.
2000 · Mumbai
ICICI Direct
Platforms
ICICI Direct web · ICICI Direct mobile
API
Breeze API — free for existing customers.
Mutual funds
regular
Highlights
- + 3-in-1 account (savings + demat + trading)
- + Widest research catalog among full-service peers
- + Bank-grade KYC + custody
Downsides
- − Brokerage among the highest on this list
- − Only regular MFs by default (direct via separate flow)
- − AMC ₹700/yr is punishing for small portfolios
1995 · Mumbai
IIFL Securities
Platforms
IIFL Markets app · TT desktop
API
No official API
Mutual funds
both
Highlights
- + Broker-assisted advisory if you want a human
- + Established brand since 1995
Downsides
- − Percentage-based brokerage far more expensive than discount peers for active traders
- − No free API
Verdict — which one should you pick?
- Long-term delivery investor: IIFL Securities is cheaper. You save approximately ₹8 per executed order at typical turnover.
- Active F&O trader: IIFL Securities is cheaper. You save approximately ₹42 per executed order at typical turnover.
- Lowest ongoing cost (AMC): IIFL Securities (₹250/yr)
- Wants an API: ICICI Direct (Breeze API — free for existing customers.)
Neither beats a research team. Whichever broker you pick, Axel Markets is the AI research layer on top — NSE/BSE filings, FII/DII flows, deep-research briefs, tax estimator, all India-native. Start free — no card.