Which is better Groww vs. ICICI Direct?
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- Updated On:17-Mar-2021
- Replies:1
Short Answer
As online trading is getting popular every day, it is becoming even more important to choose the right trading platform. Choosing the best trading platform can give you more flexibility to trade in the various trading market.
Detailed Answer
Trading platforms often have some hidden charges, which are not preferred by many investors as a lot of service charges can reduce the profit ratio. Groww and ICICI Direct both of these are popular among traders, but which platform is better? Let us find out from below.
ICICI Direct
ICICI Direct is a trading platform offered by ICICI Securities. The platform offers a lot of investment options to all types of traders. ICICI Direct started its journey as a Full-Service Broker in the year 2000. Investors can open a 3-in-1 Account and trade-in various exchanges such as BSE and NSE.
ICICI Securities comes under ICICI Group, which is a leading financial service provider offering banking and other financial services all over India. Investors can trade or invest online very easily and in case of any issue, they are very much reachable as there are more than 150 branches.
ICICI Direct trading account opening charge is 0 INR and Demat Account AMC Charges is 700 INR from the second year. The brokerage charges for equity are 0.55% and the intraday is 0.275% and charges around 5000 per Cr. for options trading. ICICI Direct also offers a margin of up to 25x for intraday trading.
Pros of ICICI Direct Account
- A 3-in-1 Account
- Charting
- Online Demo
- Online Portfolio
- Margin Trading Funding
- Margin Against Shares
- Trading Platforms such as website, mobile app, and more
- Bullet Trading
- Can trade in 32 exchanges through Saxo Trader
- Good research capabilities
- A wide range of commodity option
Cons of ICICI Direct Account
- No Automated Trading facility
- SMS Alerts are not available
- High brokerage fee
- Average customer service
Groww
Groww is new in stock trading which started its journey in the year 2016. This Bangalore based Discount Broker service provider is a SEBI registered stockbroker. It is also a member of NSE and BSE. You can invest in multiple equities, IPOs, direct mutual funds, digital gold, US Stocks by using the platform.
The company started offering Equity trading services in the year 2020 itself. Groww doesn't charge any type of fees for account opening or as a Demat Account AMC charge. The brokerage charge for equity is 20 INR per executed order or 0.05% whichever is lower and for intraday, it is 20 INR per executed order or 0.05% whichever is lower. The margin for intraday cash in Groww is up to 8x, which is based on the stock.
Pros of Groww Account
- Charting
- SMS Alerts
- Online Demo
- Online Portfolio
- The trading platform is only the Groww mobile app
- Fewer charges compared to other platforms
- Good customer care
Cons of Groww Account
- No Automated Trading facility
- Margin Trading Funding not available
- Margin Against Shares not available
- Only one trading platform offered
- Fewer research capabilities
- New in this field
- Fewer commodity options available
Groww vs ICICI Direct
So, here we hope you have got some idea regarding both of these trading platforms. ICICI Direct offers a 3-in-1 platform so you can get a saving bank, trading, and Demat account and provide a wide range of commodity options in one place. Groww on the other hand offers fewer commodities than ICICI direct.
So if you are looking for a basic platform to execute your trading and investments then, Groww is the one you should go with. However, if you are more into technical analysis, research, and looking for a platform that offers a wide range of commodity options available for you to invest, then ICICI Direct should be the apt one.
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Discussion (0)
Discount brokers have gained a lot of popularity in the past couple of years. Zerodha is currently India's largest and most trusted discount broker which is also the best option for beginners. It has all the necessary qualities required for a good broker like low commissions, low-maintenance charges, high-quality trading terminal, etc.
Zerodha and Groww are both good players in the Discount Broking space but both have some differences. Zerodha has the largest client base and is the most trusted Broker in India whereas Groww is one of the fastest-growing Discount brokers. Both offer different features to their clients which is discussed in detail below.
ICICI Direct is a reputable stockbroker in the country. However, choosing it as a beginner can be a hurdle as you do need some experience.
ICICI Direct and Paytm Money are both stockbrokers with a high customer base and offer different tools and platforms for executing trades. But then ICICI Direct comes on top given its decades of experience as a full stockbroker and its reliability through its trading tools and investing tips. Paytm Money has the recognition but still has to strive harder to make a mark in the stockbrokers' world in terms of services and trading tools.
The differences between the two stockbrokers are plenty. But getting an up-close difference can help decide which stockbroker might be worth it. We have listed all the differences that one would want to know about the stockbrokers in detail below. Check it out.
Yes, you can invest in US stocks and securities with the HDFC Sky app. Moreover, there are many more investible options provided by them.
Zerodha as well as Groww, both allow investors to invest in Mutual funds. Groww does not charge any Account opening fees or Annual maintenance Charges but Zerodha charges Rs 200 for Account opening and Rs 300 for AMC. This makes Groww a cheaper and better option when it comes to investing in mutual funds.
Comparing the two stockbrokers to see which ones is the best can be a hurdle given that they both have so much to offer. However, if you want to know the broker, is that better? Then we have all the differences and comparisons listed below.
Yes, Zerodha is much better than Paytm money, thanks to the discrete offerings that Zerodha brings to the table. Zerodha has been in the stock brokering business for a decade whereas Paytm money was founded in 2017. The experience, knowledge, tools, and trading options provided by Zerodha are quite prominent and useful when compared to Paytm money.
NRIs living in the United States can invest in Indian Mutual Funds, but there are some hassles that have to be overcome. You will require an NRE, NRO, or FCRN account in order to convert the foreign currency into Indian rupees, post which you can complete the KYC and begin investing in Indian Mutual Funds.