Broker comparison
Upstox vs ICICI Direct (2026): Brokerage, API, AMC & Execution Compared
Side-by-side comparison of Upstox and ICICI Direct from published official pricing and features — no affiliation with either broker.
- 3 – 0Cheaper on example trades (Upstox – ICICI Direct)
- 5 – 4Published features (of 9)
| Metric | Upstox | ICICI Direct |
|---|---|---|
| Delivery brokerage | ₹20 per order (flat) | 0.29% per order on the default MoneySaver plan (lower on prepaid Prime plans) |
| Intraday brokerage | ₹20 or 0.1% 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 0.05% per order for futures (whichever is lower) | MoneySaver: futures 0.029%, options ₹49 per lot; ₹20 per order with iValue |
| AMC | ₹0 first year, then ₹300 + GST per year | ₹700 per year (₹300 for iVALUE subscribers) |
| Account opening | Free (online) | ₹0 (free); 3-in-1 account with ICICI Bank |
| Trading API | Upstox API — Free (per official developer page) | Breeze API — Free (per official Breeze page) |
| Reported execution speed | ≈ 135 ms (median) | Not Disclosed |
| Algo support | Yes - via Upstox API | Yes - via Breeze API |
| Platforms | Upstox app, Upstox web (Pro) | ICICI Direct web, ICICI Direct Markets app, Trade Racer |
| Best for (published) | Intraday and options traders who prioritise app speed and a free API. | 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
| Trade | Upstox | ICICI Direct | Cheaper |
|---|---|---|---|
| Intraday: ₹1 lakh buy & sell | ₹82.97 | ₹104.55 | Upstox (saves ₹21.58) |
| Delivery: ₹50,000 buy & sell | ₹178.98 | ₹491.09 | Upstox (saves ₹312.11) |
| Options: premium ₹100 × 75 | ₹66.43 | Not modelled | - |
| Futures: ₹24,000 × 75 | ₹1,067.15 | ₹2,253.16 | Upstox (saves ₹1,186.01) |
Illustrative quantities. Try your own trade in the compare-all brokerage calculator.
Feature check
| Feature | Upstox | ICICI Direct |
|---|---|---|
| Free delivery | – | – |
| Zero AMC | – | – |
| Free API | ✓ | ✓ |
| TradingView | – | – |
| MCX commodity | ✓ | ✓ |
| Mutual funds | ✓ | ✓ |
| IPO | ✓ | – |
| Research desk | – | ✓ |
| Published speed | ✓ | – |
What the published data shows
Upstox publishes an execution-speed figure; ICICI Direct does not on verifiable sources.
Tools & profiles
- Upstox full profile
- ICICI Direct full profile
- Upstox brokerage calculator
- ICICI Direct brokerage calculator
- Lowest brokerage brokers in India
- All broker comparisons
Related comparisons
- Zerodha vs Upstox
- Zerodha vs ICICI Direct
- Upstox vs Groww
- Upstox vs Angel One
- Upstox vs Dhan
- Upstox vs Fyers
Frequently asked questions
Upstox vs ICICI Direct: which has lower delivery brokerage?
At our last review, Upstox published delivery brokerage as "₹20 per order (flat)" 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 Upstox or ICICI Direct have a trading API?
Both have documented APIs at review time: Upstox (Upstox API), ICICI Direct (Breeze API). Compare pricing and rate limits on each broker's developer page.
Which is faster — Upstox or ICICI Direct?
Upstox publishes ≈ 135 ms (median). ICICI Direct has no verifiable execution-speed figure we could cite.
Is Upstox cheaper than ICICI Direct?
On our four example trades (intraday, delivery, options and futures), Upstox 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
- Upstox - official website - https://upstox.com
- Upstox - official pricing - https://upstox.com/brokerage-charges/
- ICICI Direct - official website - https://www.icicidirect.com
- ICICI Direct - official pricing - https://www.icicidirect.com/brokerage