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.
| Metric | Upstox | ICICI Direct |
|---|---|---|
| Delivery brokerage | ₹20 or 2.5% per order (whichever is lower) | Plan-based - see official brokerage page (flat ₹20 plans available) |
| Intraday brokerage | ₹20 or 0.05% per order (whichever is lower) | Plan-based - flat ₹20 per order on current flat-fee plans |
| F&O brokerage | ₹20 per order (flat) | Plan-based - flat ₹20 per order on current flat-fee plans |
| 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 — See official Breeze API 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.
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
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Frequently asked questions
Upstox vs ICICI Direct: which has lower delivery brokerage?
At our last review, Upstox published delivery brokerage as "₹20 or 2.5% per order (whichever is lower)" and ICICI Direct as "Plan-based - see official brokerage page (flat ₹20 plans available)". 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.
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