BROKER COMPARISON · FY26
ICICI Direct vs Upstox — which is cheaper + better for you?
We compared ICICI Direct and Upstox 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.
Upstox
Discount broker backed by Ratan Tata — Tiger Global funded, aggressive pricing.
Brokerage rates (FY26)
| Segment | ICICI Direct | Upstox |
|---|---|---|
| Equity delivery | 0.29% | Free |
| Equity intraday | 0.029% | ₹20 or 0.05% (lower) |
| Futures | 0.029% | ₹20 or 0.05% (lower) |
| Options | ₹45/order | ₹20/order |
| AMC / year | ₹700 | ₹150 |
| 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
2012 · Mumbai
Upstox
Platforms
Upstox Pro mobile · Upstox Pro web
API
Upstox Developer API — free tier available, OAuth-based.
Mutual funds
direct
Highlights
- + ₹0 brokerage on equity delivery
- + Free account opening (₹0 AOC)
- + Lower AMC than most peers (₹150/yr)
- + Clean, fast mobile UX
Downsides
- − Smaller educational / content ecosystem than Zerodha
- − Occasional login friction with 2FA flow
Verdict — which one should you pick?
- Long-term delivery investor: Upstox is cheaper. You save approximately ₹58 per executed order at typical turnover.
- Active F&O trader: Upstox is cheaper. You save approximately ₹25 per executed order at typical turnover.
- Lowest ongoing cost (AMC): Upstox (₹150/yr)
- Wants an API: Both. ICICI Direct — Breeze API — free for existing customers.. Upstox — Upstox Developer API — free tier available, OAuth-based.
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.