I am using ICICIDirect for past 5 years, I have opened account on 2002 where there was no other broker was offering internet trading. So had no other option to compare but slowly moved to different brokers for various reasons, like:
- Worst Speed: Speed of order execution is worst among all - they have built there own custom application and it takes hell time to open each page. For example, to Buy, you will be moved through 3 pages - unnecessary tim waste. They have connectivity problem half of the time - orders keep pending on queued state, doesn’t reach exchange. All other broker provides trader terminal to customers, ICICIDirect provides TT for people having more than 5L margin.
It happened to me, while having position in NIFTY Future, I want to square off my position and order is not even reaching exchange due to tech problem.
Highest Brokerage: They have dominated market by charging highest brokerage for last 4-5 years, even today they charges highest. As of today(writing this on May 2007), only advantage is if you square derivatives position in intraday, then they charges 5 paisa only on one leg - that comes cheaper. For everything else, you have to pay highest brokerage.
Too tight risk management: Their risk management process is too tight - they square off all intraday position by 3PM, too difficult to do intraday trading.
Overall, it might be good for beginners or casual investors or people who only invest in MFs, They are tied up with almost all AMCs, and have a good portfolio tracker, that other broker dont have, but difficult for traders.