Broker comparison
ICICI Direct vs Arrow (2026): Brokerage, API, AMC & Execution Compared
Side-by-side comparison of ICICI Direct and Arrow from published official pricing and features — no affiliation with either broker.
- 0 – 3Cheaper on example trades (ICICI Direct – Arrow)
- 4 – 4Published features (of 9)
| Metric | ICICI Direct | Arrow |
|---|---|---|
| Delivery brokerage | 0.29% per order on the default MoneySaver plan (lower on prepaid Prime plans) | ₹0 (free) |
| Intraday brokerage | 0.029% per order on MoneySaver; ₹20 per order with an iValue subscription | ₹20 or 0.03% per order (whichever is lower) |
| F&O brokerage | MoneySaver: futures 0.029%, options ₹49 per lot; ₹20 per order with iValue | ₹20 per order (options); ₹20 or 0.03% per order for futures (whichever is lower) |
| AMC | ₹700 per year (₹300 for iVALUE subscribers) | ₹0 (individual accounts; ₹500/year for non-individual accounts) |
| Account opening | ₹0 (free); 3-in-1 account with ICICI Bank | ₹0 (free) |
| Trading API | Breeze API — Free (per official Breeze page) | Arrow API — See official docs |
| Reported execution speed | Not Disclosed | 95% < 2.9 ms · 99% < 4 msself-reported |
| Algo support | Yes - via Breeze API | API with Python & Go clients; in-house algo tools “Coming soon” per official site |
| Platforms | ICICI Direct web, ICICI Direct Markets app, Trade Racer | Arrow mobile app (iOS/Android), Arrow web, Python & Go clients |
| Best for (published) | ICICI Bank customers who want research, advisory and one integrated account. | Latency-sensitive and professional traders who prioritise order-execution speed. |
Statutory charges (STT, exchange fees, GST, etc.) are not included. Figures are from official pricing pages at our last review — verify before opening an account.
Cost face-off: what real trades cost
| Trade | ICICI Direct | Arrow | Cheaper |
|---|---|---|---|
| Intraday: ₹1 lakh buy & sell | ₹104.55 | ₹82.97 | Arrow (saves ₹21.58) |
| Delivery: ₹50,000 buy & sell | ₹491.09 | ₹131.78 | Arrow (saves ₹359.31) |
| Options: premium ₹100 × 75 | Not modelled | ₹66.43 | - |
| Futures: ₹24,000 × 75 | ₹2,253.16 | ₹1,067.15 | Arrow (saves ₹1,186.01) |
Illustrative quantities. Try your own trade in the compare-all brokerage calculator.
Feature check
| Feature | ICICI Direct | Arrow |
|---|---|---|
| Free delivery | – | ✓ |
| Zero AMC | – | ✓ |
| Free API | ✓ | – |
| TradingView | – | – |
| MCX commodity | ✓ | ✓ |
| Mutual funds | ✓ | – |
| IPO | – | – |
| Research desk | ✓ | – |
| Published speed | – | ✓ |
What the published data shows
Arrow publishes free equity delivery; ICICI Direct does not (per official pricing at review). Arrow publishes an execution-speed figure; ICICI Direct does not on verifiable sources.
Tools & profiles
- ICICI Direct full profile
- Arrow full profile
- ICICI Direct brokerage calculator
- Arrow brokerage calculator
- Lowest brokerage brokers in India
- All broker comparisons
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Frequently asked questions
ICICI Direct vs Arrow: which has lower delivery brokerage?
At our last review, ICICI Direct published delivery brokerage as "0.29% per order on the default MoneySaver plan (lower on prepaid Prime plans)" and Arrow as "₹0 (free)". Plan-based or percentage pricing cannot always be reduced to a single winner — use the official pricing pages linked below.
Does ICICI Direct or Arrow have a trading API?
Both have documented APIs at review time: ICICI Direct (Breeze API), Arrow (Arrow API). Compare pricing and rate limits on each broker's developer page.
Which is faster — ICICI Direct or Arrow?
Arrow publishes 95% < 2.9 ms · 99% < 4 ms. ICICI Direct has no verifiable execution-speed figure we could cite.
Is ICICI Direct cheaper than Arrow?
On our four example trades (intraday, delivery, options and futures), ICICI Direct is cheaper on 0, Arrow on 3, and 0 are tied, with the rest not modelled from published pricing. Statutory charges are identical, so any difference comes from brokerage.
Are these comparisons independent?
Yes. Indian Broker Test is not affiliated with, sponsored by, or endorsed by any broker. Rankings and comparisons use only published official data; gaps are shown as Not Disclosed.
Sources
- ICICI Direct - official website - https://www.icicidirect.com
- ICICI Direct - official pricing - https://www.icicidirect.com/brokerage
- Arrow - official website - https://arrow.trade
- Arrow - official pricing - https://arrow.trade/pricing