ICICI Direct vs. Paytm Money - Which is better?

Short Answer

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.

Detailed Answer

ICICI Direct - An Overview of the Full-Service Broker

ICICI Direct is a full-service stockbroker offering investment opportunities in almost all segments of the stock market. Being part of the ICICI group provides a unique 3-in-1 account where users can integrate their demat, trading, and savings account as one for seamless transactions.

Moreover, the ICICI group is one of the country's leading financial institutes, with ICICI Securities having more than 20 lakh customers in the country. They have no charges on opening a demat or trading account. Even the maintenance charges on a trading account is zero. However, with the demat account, the maintenance charge is 700 rupees per annum.

Paytm Money - An Overview of the Discount Broker

Paytm Money is an entirely different entity from Paytm, where it offers users to invest in the stock market and mutual funds. It's a discount stock broker that provides trading facilities with the NSE and BSE. Along with stocks, it offers trading in currency, derivatives, ETF's and more. The account opening charges are 300 rupees with Demat account maintenance charges at 250 rupees per annum, and opening/maintaining a trading account is free.

ICICI Direct Account Advantages

  1. Provides a reliable 3-in-1 account for faster transaction and easy handling.
  1. Easy investment in IPO, mutual funds, general insurance, and more.
  1. Engage in sell limit orders for up to 45 days.
  1. A dedicated website for customers having a low bandwidth connection.
  1. BSE and NSE trading facilities.
  1. Different account opening plans to felicitate different investing strategies.

ICICI Direct Account Disadvantages

  1. The packages offered are quite expensive. Even the brokerage fee is high and non-negotiable.
  1. Twenty-five rupees is charged for call and trade after 20 free calls per month are over.
  1. Trading in commodities isn't available, and trading in NCDEX and NCX is absent.
  1. Trading in penny stocks becomes difficult as the brokerage fee per share ranges from 0.5 – 10 rupees.
  1. Brokerage charges are capped at 35 rupees where small traders are hit adversely.

Paytm Money Account Advantages

  1. Low brokerage fee of 20 rupees.
  1. Reliable mobile trading platform.
  1. Support for more than 190+ banks.
  1. Net banking facilities.
  1. The 3-in-1 account is offered.
  1. IPO, commodity, currency, equity, derivates trading facilities.
  1. The highest margins can be availed by customers as high as 20 times the investment.

Paytm Money Account Disadvantages

  1. Regular updates to the portfolio aren't available.
  1. Recommendations offered are weak, with no real information.
  1. The customer care number is absent.

ICICI Direct vs. Paytm Money

Both the stockbrokers are great in their way. ICICI Direct might offer an integrated account with different brokerage plans and trading platforms, but Paytm Money offers extensive trading options with a larger customer base. Depending on your requirements, each one should provide assistance in your trading and investing ventures for a fruitful outcome.

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To open a Paytm Demat Account you do not need to make a lot of efforts. You can simply do it online which spares you from standing in a long waiting queue in the branch of the broker house. These days online and offline account opening has become all the more easy.