Broker comparison

Fyers vs ICICI Direct (2026): Brokerage, API, AMC & Execution Compared

Q: Fyers vs ICICI Direct: which has lower delivery brokerage?

At our last review, Fyers published delivery brokerage as "₹20 or 0.3% per order (whichever is lower)" and ICICI Direct as "0.29% per order on the default MoneySaver plan (lower on prepaid Prime plans)". Plan-based or percentage pricing cannot always be reduced to a single winner — use the official pricing pages linked below.

Q: Does Fyers or ICICI Direct have a trading API?

Both have documented APIs at review time: Fyers (Fyers API), ICICI Direct (Breeze API). Compare pricing and rate limits on each broker's developer page.

Q: Which is faster — Fyers or ICICI Direct?

Fyers publishes p99 < 7 ms (processing, self-reported). ICICI Direct has no verifiable execution-speed figure we could cite.

Q: Is Fyers cheaper than ICICI Direct?

On our four example trades (intraday, delivery, options and futures), Fyers is cheaper on 3, ICICI Direct on 0, and 0 are tied, with the rest not modelled from published pricing. Statutory charges are identical, so any difference comes from brokerage.

Q: 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.

Side-by-side comparison of Fyers and ICICI Direct from published official pricing and features — no affiliation with either broker.

By the Indian Broker Test editorial desk · Published 8 July 2026 · Data last reviewed 14 November 2026 · Independent

3 – 0Cheaper on example trades (Fyers – ICICI Direct)
6 – 4Published features (of 9)

Fyers vs ICICI Direct — published pricing and features (official sources at last review)
Metric	Fyers	ICICI Direct
Delivery brokerage	₹20 or 0.3% per order (whichever is lower)	0.29% per order on the default MoneySaver plan (lower on prepaid Prime plans)
Intraday brokerage	₹20 or 0.03% per order (whichever is lower)	0.029% per order on MoneySaver; ₹20 per order with an iValue subscription
F&O brokerage	₹20 per order (options); ₹20 or 0.03% per order for futures (whichever is lower)	MoneySaver: futures 0.029%, options ₹49 per lot; ₹20 per order with iValue
AMC	₹0 (zero AMC)	₹700 per year (₹300 for iVALUE subscribers)
Account opening	Free (₹0 account opening)	₹0 (free); 3-in-1 account with ICICI Bank
Trading API	Fyers API — Free (per official API page)	Breeze API — Free (per official Breeze page)
Reported execution speed	p99 < 7 ms (processing, self-reported)self-reported	Not Disclosed
Algo support	Yes - free API; TradingView-based platform	Yes - via Breeze API
Platforms	Fyers app, Fyers Web, TradingView charts	ICICI Direct web, ICICI Direct Markets app, Trade Racer
Best for (published)	Chart-driven and algorithmic traders who live in TradingView.	ICICI Bank customers who want research, advisory and one integrated account.

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

Total charges per round trip, brokerage + all statutory charges (NSE)
Trade	Fyers	ICICI Direct	Cheaper
Intraday: ₹1 lakh buy & sell	₹82.97	₹104.55	Fyers (saves ₹21.58)
Delivery: ₹50,000 buy & sell	₹178.98	₹491.09	Fyers (saves ₹312.11)
Options: premium ₹100 × 75	₹66.43	Not modelled	-
Futures: ₹24,000 × 75	₹1,067.15	₹2,253.16	Fyers (saves ₹1,186.01)

Illustrative quantities. Try your own trade in the compare-all brokerage calculator.

Feature check

Feature	Fyers	ICICI Direct
Free delivery	–	–
Zero AMC	✓	–
Free API	✓	✓
TradingView	✓	–
MCX commodity	✓	✓
Mutual funds	–	✓
IPO	✓	–
Research desk	–	✓
Published speed	✓	–

What the published data shows

Fyers publishes an execution-speed figure; ICICI Direct does not on verifiable sources.

Tools & profiles

Related comparisons

Frequently asked questions

Fyers vs ICICI Direct: which has lower delivery brokerage?

At our last review, Fyers published delivery brokerage as "₹20 or 0.3% per order (whichever is lower)" and ICICI Direct as "0.29% per order on the default MoneySaver plan (lower on prepaid Prime plans)". Plan-based or percentage pricing cannot always be reduced to a single winner — use the official pricing pages linked below.

Does Fyers or ICICI Direct have a trading API?

Both have documented APIs at review time: Fyers (Fyers API), ICICI Direct (Breeze API). Compare pricing and rate limits on each broker's developer page.

Which is faster — Fyers or ICICI Direct?

Fyers publishes p99 < 7 ms (processing, self-reported). ICICI Direct has no verifiable execution-speed figure we could cite.

Is Fyers cheaper than ICICI Direct?

On our four example trades (intraday, delivery, options and futures), Fyers is cheaper on 3, ICICI Direct on 0, 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

Fyers - official website - https://fyers.in
Fyers - official pricing - https://fyers.in/pricing/
ICICI Direct - official website - https://www.icicidirect.com
ICICI Direct - official pricing - https://www.icicidirect.com/brokerage