ICICI Direct: Currency Trading: Brokerage, Charges, Reviews: 2024

ICICI Direct is an award-winning stockbroker, an extended wing of the ICICI group. It is one of the popular broking firms in India which provides a broad spectrum of investment to the institutional and retail customers. 

Their website ICICIdirect.com is the most frequently visited investment portal in India which offers a comprehensive suite of investment products such as Online Equity Trading, Derivatives Trading, Mutual Fund & IPO, Home Loans, NCD, wealth products etc. 

Furthermore, they offer three plans to its customers such as Secure Plan, ICICI Direct Prepaid Brokerage Plan and ICICI Direct Prime Plan. 

What is Currency Trading?

The currency market is the largest financial market throughout the world and continues to grow annually. The major part of the world’s currency is traded through this immense, highly decentralized marketplace. Currency traders are also known as forex traders or foreign exchange traders.

It is a 24/7 trading market that is closed only from Friday evening to Sunday evening. There are three currency trading sessions including the United State, European and Asian session. 

Currencies are traded in pairs in the currency future market and the transactions are quoted such as EUR/USD. In a currency pair, there are two distinct prices i.e the base currency and the other one is quotation currency. 

Traders of forex use currency exchange rates to try to get profit from trading foreign currencies. As in relation to each other currencies rise or fall, traders try to predict these changes and sell or buy accordingly. Prices of the currency fluctuate based on the economic situation of the countries involved, trade & financial flows, risk & instability, among other factors. 

How Currency Trading Is Done Through ICICI Direct? 

1.ICICIdirect provides both future and option currency trading in NSE only. 

2.Investors can trade in prominent currencies with ICICI Direct like Yen, Pound, US Dollar and EURO against Indian Rupee. 

3.Due to settlement guarantees by regulated cleaning houses, there is no counterparty risk involved.

4.There are no STT and CTT charges. 

5.Provide daily cash settlement facility in INR vis MTM (Mark to Market).

6.By just paying a % value investors can trade in the currency derivatives called the margin amount instead of the full traded value.   7.The currency leverage calculator provides 4x exposure for future and 1x for options. 

What are ICICI Direct Currency Future and Option Brokerage?

Secure Plan Currency Brokerage Charges

Currency Future - 0.050% and Currency Futures(Intraday) ₹50 Currency Options - ₹25 per lot and Currency Options (Intraday) ₹10 per lot

Prepaid Plan Currency Brokerage Charges

Currency Futures - ₹0 Currency Options - ₹0

Prime Plan Currency Brokerage Charges

Currency Futures - ₹0 Currency Options - ₹0

As we all know that finding winning trading strategies in currency trading takes a lot of practice. Therefore, the iconic brand ICICI Direct offers financial learning virtual classrooms that will help to become a successful currency trader.